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Shafaq News / Today, Thursday, the Parliamentary Finance Committee revealed a parliamentary move to change the price of a barrel of oil in the Iraqi state budget bill in 2021.
Committee member Shirwan Mirza told Shafaq News, “The price of a barrel of oil specified in the draft budget law is $ 42 and has not changed yet, at the same time global prices exceed $ 55 per barrel of oil.
He added that “there is a move by the Parliamentary Finance Committee to change the price of oil in a way that helps reduce the fiscal deficit in the draft budget.”
On December 21, 2020, the Iraqi Council of Ministers approved the country’s fiscal budget for 2021 and sent it to Parliament for discussion and voting.
According to the draft budget, the value of the budget amounts to 91 trillion and 790 billion, 155 million and 429 dinars, with a deficit of more than 58 trillion.
The budget estimated, according to the draft, the price of a barrel of oil on the basis of the price of 42 dollars a barrel, and an export rate of 3 million and 250 thousand barrels per day, including 250 thousand barrels exported from the Kurdistan region.
The budget also estimated the exchange rate of the dinar at 1450 per dollar, according to what was announced by the Central Bank, while the region’s share of it was determined at about 12 percent.