After the oil jump... Economist: Do not waste money and go to the sovereign
economic Last update 01/18/2022 | 2:11 pm
The economic expert, Basem Antoine, warned, on Tuesday, of losing huge sums of money due to the disbursement of profits from the rise in oil prices in unimportant projects,
calling for the formation of a sovereign investment fund to increase financial resources at a time of low oil prices.
Antoine said in a statement to "The Information", that "international oil prices rose to more than 86 dollars, an amount that exceeds the estimates of the Iraqi government, which estimated oil prices at 56 dollars per barrel during the budget, that is, by recording a surplus of 30 dollars per barrel."
He added, "The budget surplus and the failure to record a deficit does not mean the end of the financial crisis,
but rather requires the government to launch a sovereign investment fund in order to support future generations, as well as expand non-oil activity in Iraq."
Antoine pointed out that "the volume of private sector debt exceeds 60 trillion dollars,
and the government must disburse these amounts as soon as possible in order to revive the private sector and the labor market to provide new job opportunities."