Moeen Al-Kadhimi, a member of the Parliamentary Finance Committee, emphasized today, Monday, the significance of reducing the financial deficit by diversifying revenues from sources other than oil.
“The volume of expenditures in the 2024 budget amounted to only 120 trillion dinars out of 211 trillion dinars, so the 2025 budget tables submitted by the government to Parliament must be realistic tables before the end of this year,” Al-Kadhimi stated in a statement to
He emphasized “the importance of diversifying non-oil revenues as a means of reducing the financial deficit, in addition to the revenues generated from self-financing institutions” and “the need to formulate the 2025 budget schedules realistically, with what is needed in the operational and investment aspects, away from the increase that occurred this year.”
He said, “Relying on oil sales as a major source for the Iraqi treasury still represents a major challenge, but in return there are efforts to increase non-oil revenues during the next phase.” He was referring to the situation in Iraq.
Mazhar Muhammad Salih, the Prime Minister’s financial advisor, previously stated that the Ministry of Finance is working on the general budget tables for the year 2025 and highlighted the most significant pillars that will be included in the budget for the following year.
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