Where does the surplus oil money go? .. Parliamentary finance clarifies: There is no supplementary budget in the constitution

  •  Time: 05/04/2021 20:41:56 
  •  Read: 897 times 
Where does the surplus oil money go? .. Parliamentary finance clarifies: There is no supplementary budget in the constitution

{Economist: Al Furat News} The Parliamentary Finance Committee clarified, on Tuesday, that the surplus oil revenues go to the sovereign fund. 

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A member of the committee, Muhammad Al-Shabky, said in a televised statement, “Oil prices are not stable and cannot be built upon in the financial abundance.”
He added, “The Financial Management Law stipulates the transfer of the financial surplus from oil prices to the sovereign fund and adding it to future budgets.”
“There is no supplementary budget in the constitution, and the surplus funds may go to fill the fiscal deficit in locations according to the studies of the Ministries of Finance and Planning, and a vote on it by the Council of Ministers,” Al-Shabaki indicated.
A member of the Finance Committee concluded by saying, “The government has the right to appeal the budgetary articles to which the increased amounts have been added and it has full authority to stop these materials.” And the Iraqi Ministry of Oil announced today, Tuesday, that its oil revenues have increased from one billion to 6 billion dollars per month, while it renewed its commitment to the decisions of the “OPEC” organization.
“Iraq is keen to abide by the OPEC + agreement to reduce production and work to restore balance to the oil market, which has been subjected to a major jolt due to the repercussions of the spread of the Corona virus, which led to a recession in the global economy,” the ministry’s spokesman, Assem Jihad, said in a press statement.
He stated, “Iraq aims to increase the financial value of its exported oil, and adhere to the quotas set by OPEC +, until the reasons leading to this are clarified, which require a collective decision and commitment from the producers in OPEC and OPEC +, and this is what led to its success in absorbing a large part of the surplus.” Oil in global markets. ”
Jihad pointed out, “This commitment led to an increase in the price of a barrel of oil from less than 10 dollars a month ago, to more than 65 dollars at the present time, and Iraq’s revenues increased from one billion dollars to 5-6 billion dollars a month.”
Wafa Al-Fatlawi



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