Today, Thursday, Adviser to the Prime Minister, Mazhar Muhammad Salih, determined the average oil revenues for the current world 2022, while he expected the financial reserve to reach 40 billion dollars in the event that the current fiscal year ends without enacting a budget law.
Saleh told the Iraqi News Agency, “It is not possible to pass any law by the government before the executive authority completes its constitutional entity according to the results of the 10-10-2021 elections.”
He added, “The recent Federal Court decision cut off the way even for the House of Representatives itself in discussing any bill unless it is passed in accordance with the constitutional contexts, and from a government that is produced by the election results.”
He pointed out that “the caretaker government will work hard to support Iraq’s food security through what is available to it of financial actions determined by the current Financial Management Law No. 6 of 2019, the amended, until the legislation of the Federal General Budget Law for the year 2022 in accordance with the constitutional paths that do not conflict with the court’s decision. Federal.
Saleh added that “the annual government spending in the general budget constitutes nearly half of the gross domestic product, which means that economic activity depends in its greatest weight on government spending.”
And he indicated that “the most important thing in total government spending is the investment part of the spending that drives the demand for productive market resources, specifically the labor market and human skills, which at the same time increases the growth of national income through mechanisms called (the economic accelerator).”
He pointed out that “important investment accelerators are linked to the budget law for the year 2022, through the new investment spending doors and new investment programs, and not by spending 1/12 of the actual current expenditures in 2021, which are mostly related to limited operational spending affecting the growth of GDP. “.
And he indicated that “average oil revenues for the year 2022 will increase by no less than 60% of oil export revenues for the year 2021, which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars in the event that the current fiscal year ends without enacting a budget law and restricting it.” Exchange within the scope of the law.