Parliamentary Finance expects the size of the 2023 budget and its deficit percentage

  • Time: 11/30/2022 09:38:31
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Parliamentary Finance expects the size of the 2023 budget and its deficit percentage

  {Economic: Al Furat News} The Parliamentary Finance Committee expected the size of the federal financial budget for the year 2023 and the percentage of deficit in it.

Committee member Jamal Cougar said, in a press statement, that: “The budget for next year 2023 ranges from 100 to 120 billion dollars, in light of oil prices in the current global markets.”
He explained that “after the decline in oil prices in global markets, the budget amounts will decrease as well,” expressing his belief that “the budget will be between 100 to 120 billion dollars.”
As for the expected deficit in the next budget 2023, Cougar indicated that “according to the Financial Management Law, no more than 7.5 billion dollars are allowed, given that it is 3% percent of the national product, and the national product is estimated at about 250 billion dollars.”
He pointed out, “And on the fifteenth of next December, we will enter the legislative season recess, so the budget should be sent before this date to Parliament, so that we can read it first, and then a second reading after three days, and the parliament enters into a legislative recess, and we as representatives In the Finance Committee, we will enter into our discussions.”
It is noteworthy that Prime Minister Mohamed Shia Al-Sudani directed in two ministerial meetings during this month the need to expedite the completion of the 2023 budget bill and send it to the House of Representatives for approval.
He stressed “the importance of the budget being at the level of ambition, and that it puts in its priorities meeting the needs of citizens in terms of services, as well as taking it upon itself to effectively address the problem of electricity shortages, which greatly affected the life of citizens and the economic sectors in the country.”


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