Economist to NINA: One and a half billion dollars in oil revenues per month… and the government should invest it to bridge the budget deficit

 

Baghdad An economic expert, Maladh Al-Amin, confirmed that the rise in crude prices to $77 is a good indicator of the recovery of global markets due to the recession that hit them due to the Corona pandemic.

Al-Amin said in a statement to the National Iraqi News Agency (NINA) that “locally, Iraq sells its oil at prices ranging from 66 to 72 dollars per barrel, while the current budget recorded a price of 45 dollars per barrel and an export capacity of more than 2 million and 500 thousand barrels per day, meaning that the surplus of export revenues Monthly, it will exceed one and a half billion dollars more than what was recorded in the 2021 budget.”

The economic expert stressed that the government should take advantage of this surplus to develop a supplementary budget to fill the deficit in the budget with debts, in addition to directing the surplus to implement productive projects that contribute to the development of the economy, reduce imports and provide new job opportunities for the unemployed.

Source: National Iraqi News Agency