The financial adviser to the government, the appearance of Mohammed Saleh, the government directed towards providing a supplementary budget in conjunction with the increase in oil prices, stressing that the procedure would turn the deficit from real to virtual.
“The provisions of the Financial Management and Public Debt Law No. (95) of 2004 gave the executive authority represented by the Council of Ministers the authority to submit a supplementary budget to the federal budget for the fiscal year,” Saleh said in a statement quoted by the newspaper Al-Sabah Al-Jadid.
He added that “this budget can be obtained in the light of the increase in the price of a barrel of oil, and therefore the new price will be determined on the basis of the full year,” explaining that “the government may raise the price of $ 20 on what was approved in advance in the budget of 2018, According to the vision of the state. ”
“The continuation of the increase in oil prices will transform the current deficit plans to the budget to a default deficit and can repay itself by the additional flows that will be achieved for us from oil revenues,” noting that “the government succeeded in dealing positively with the crisis of the collapse of oil prices and today Is in the process of reviving the Iraqi economy after the price increase again. ”
Saleh said that “Iraq has emerged from the neck of the bottle and the appropriate solutions and the testimony of the countries of the world in complex circumstances is what happened in oil prices as well as continued spending on the war against terrorism.
Source: Economy News