political Today, 19:26
Baghdad - Conscious - Nassar Al-Hajj
Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih,
ruled out a financial deficit during the current fiscal year 2023, and while
he put forward two reasons, he confirmed that
the financial situation in the country indicates a high degree of stability.
Saleh said, to the Iraqi News Agency (INA), that
"the federal general budget for the years 2023-2024-2025 has taken sufficient precaution for fluctuations in annual budget revenues, specifically oil revenues, as the fiscal policy adopted a hypothetical or precautionary deficit amounting to approximately 64 trillion dinars." He added,
"The federal general budget indicated at the same time in its law a clear precautionary detail for the sources of financing that deficit as well, as its financing sources will be when necessary from the surpluses of the internal financial market,
by dealing with bonds and treasury transfers issued by the government and bought by the banking system and the public from their financial resources." available in order to invest in those government securities and consider them excellent debt instruments. And he continued,
“Despite the foregoing, we do not expect a deficit during the current fiscal year for two reasons: the
first is the existence of a financial surplus of about 23 trillion dinars, and the
second is that the cycle of oil assets is trending upward, as the average barrel of Brent oil touches 85 dollars, which means that there is demand.” increasing global demand for oil. And he added,
"If the situation continues until the end of the current fiscal year, the country's financial situation indicates a high degree of stability in a positive way,
warning at the same time the
importance of imposing financial discipline in managing the state's public expenditures, as well as
maximizing financial revenues according to the timing required to ensure their cash flows."
In a reassuring and proper manner, to ensure the country's financial sustainability.
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