Parliamentary Finance announces raising the price of a barrel of oil in the budget and reducing total expenditures

01/29/2021 17:32

The number of readings 56

Section : Iraq

Baghdad / Obelisk: The Parliamentary Finance Committee announced today, Friday, January 29, 2021, to raise the price of a barrel of oil in the budget to $ 45 

The committee’s reporter, Representative Ahmed Al-Saffar, said in a statement to the media that the committee reduced the total expenditures from 164 trillion dinars to below 130 trillion, in the draft Federal Budget Law for the fiscal year 2021, pointing out that the committee continues its sessions daily and for about two weeks, and the first review For all the articles included in the draft budget, and the final reading has begun.

He added that the committee has reached Article 12 and there are clear changes in the overall, and also there are proposals, as well as maximizing public revenues according to raising the price of a barrel of oil from 42 dollars to 45, thus reducing the deficit to more than 57%, i.e. less than 30 trillion.

He pointed out that there are other articles that remained pending, and usually remain for the last days in relation to the reduction and the transfer between the chapters, the inclusion of the budget, job grades, if any, and the region’s share.

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Parliamentary Finance: The budget will be ready for voting next Monday

money and business

Economy News _ Baghdad

The Parliamentary Finance Committee clarified, on Friday, that all the difficulties that went through auditing the country’s general budget, except for the share of Kurdistan, have been overcome, pointing out that next Monday’s session in which the budget will be ready for voting, especially after a meeting that will be held tomorrow between the leaders of the political blocs and the committee.

“The budget is currently in its recent negotiations, and most of the financial allocations have been agreed upon, except for the share of the Kurdistan region,” said a member of the committee, Representative Jamal Cougar, in a press.

He added, “The next meetings of the committee will discuss non-oil revenues such as collection and income taxes such as mobile phone taxes and others.”

Cougar stressed, “Next Monday’s session will be the budget ready to vote pending the completion of the meeting of leaders of political blocs with the Finance Committee in order to agree to pass it and determine the proportion of the Kurdistan region in it.