Sahor Saleh: No salary crisis and financial reserves cover the entire liquidity
Mazhar Mohammed Saleh, financial and economic adviser to Prime Minister Mohamed Shia Al-Sudani, denied the existence of a salary crisis in the country, stressing the existence of large financial reserves covering the required liquidity.
Saleh said in a press statement that “there is speculation that has occurred recently about oil prices, a liquidity crisis and so on,” adding that “at the end of the fiscal year there is a financial audit process, and therefore there may be a simple delay in the issuance of salaries for a few days, according to calculation matches.”
The Prime Minister’s adviser stressed that “there is no salary crisis, and what is going on here and there in this regard is imaginary, no more and no less.”
The monthly salaries of employees were delayed in the last month of 2024, while finance usually paid the wages of self-financing companies starting from the middle of each month, as well as to the employees of the ministry and banks, while the salaries of other ministries are released starting on the 23rd of each month.
Regarding the size of the monetary mass outside the Central Bank, Mazhar explained that it is “in the range of 100-105 trillion dinars,” noting that “the size of the monetary mass within the banking system is less.”
He stressed: “We have large foreign cash reserves that completely cover this liquidity, which is estimated at $105 billion.”
Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), relies heavily on oil revenues, with the hydrocarbon sector accounting for the vast majority of export revenues and about 90% of the state’s financial revenues.
Iraq raised its budget in 2024 even after a record volume of spending in 2023 when more than half a million new employees were hired in the public sector.
The 2024 budget rose to 211 trillion dinars ($161 billion) from 199 trillion dinars ($153 billion) in 2023 with a deficit of 64 trillion dinars.
The government budgeted $70 a barrel as an oil price in 2024, about $6 less than the weighted average price.
https://alforatnews.iq/news/مظهر-صالح-لا-أزمة-رواتب-والاحتياطات-المالية-تغطي-السيولة-بالكامل
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