Government consultant: The budget is hedged by the price of oil at $70 and the deficit is 64 trillion dinars, 5 dec

 Government consultant: The budget is hedged by the price of oil at $70 and the deficit is 64 trillion dinars

The Financial Advisor To The Prime Minister, Mahar Mohammed Saleh, Confirmed On Wednesday That “The Federal General Budget No. 13 For The Year 2023 (The Tripartite Budget) Is Hedged With A Price Of A Barrel Of Oil Of $70.

Saleh told {Euphrates News} that “any rise in oil prices assuming the quantities of production and export are constant will lead to a reduction in the default deficit gap in the budget of 64 trillion dinars.”
He explained that “despite the above, reducing Iraq’s share of production within OPEC + is supposed to remove any possible glut in the supply of crude oil in the energy market, which leads to making prices above what is estimated in the budget and may even compensate for the shortage in the quantities of oil produced simultaneously.”
The House of Representatives is scheduled to start its session tomorrow, Thursday, on the second reading of the amendment of the tripartite budget law.
Prime Minister Mohammed Shia Al-Sudani, during his hosting in today’s session, called on the House of Representatives to speed up the amendment of the budget law.