Parliamentary Finance determines the fate of the deficit and hints at a surplus in the 2021 budget

Baghdad The Finance Committee in the House of Representatives suggested today, Friday, achieving a surplus in the federal general budget for the current fiscal year 2021, due to the increase in oil export prices above the planned rate in the budget law.

The Committee’s reporter, Ahmed Al-Saffar, said, according to the official News Agency: “Calculating the financial deficit is annually and not monthly, but by calculating oil revenues during the first six months of this year, it is noted that the difference between the selling price of oil and the rate of the planned price in the budget law covers the entire deficit, if we calculate the same rate for the next six months.

Al-Saffar added that “expectations indicate a rise in oil prices, and they are now rising continuously, and perhaps the deficit will be covered and a surplus will also be realized as a result of the rise in oil prices and the change in the exchange rate of the dinar and its reduction against the dollar, which provided the government with sums that can cover the deficit and more.”

Source: National Iraqi News Agency