Baghdad The Expert in the Economic Affairs, Maladh Al-Amin, confirmed that the stability of oil prices at the level of 70 dollars per barrel will enhance the revenues of the producing countries, including Iraq, stressing the need for the Iraqi government to prepare a financial budget for 2022 after preparing a supplementary budget before next October to take advantage of surplus oil revenues.
Al-Amin said in a statement to the National Iraqi News Agency NINA that the stability of oil prices at the level of 70 dollars per barrel will enhance the revenues of the producing countries, including Iraq, stressing that the government should use these increases to fill the budget deficit, close the debt file and move towards improving services and implementing Investment projects such as the construction of giant oil refineries and huge factories to reduce imports and provide wide job opportunities for young people.
He added, “the measures taken by the OPEC + countries have succeeded in controlling oil production, and consequently it was able to achieve an increase in its prices to serve the importing and producing countries alike. Over the past months, it was able to gradually raise the price of a barrel from 45 dollars to more than 70 dollars, and this result would not have happened without the commitment of the member states to the decisions of OPEC +.
He continued: The Iraqi government should prepare a financial budget for the year 2022 after preparing a supplementary budget before next October to benefit from the surplus oil revenues and to include in its accounts the provision of aid to poor families that were affected by the increase in the exchange rate of the dollar against the dinar in addition to providing services and implementing projects important investment.
He pointed out that “raising the dollar exchange rate contributed to expanding the poverty line in the governorates of Diyala, Muthanna, Dhi Qar and Maysan, which obliges the government to take urgent measures with their help, including disbursing salaries to them within the Social Welfare Fund while providing job opportunities for those who are able to work and enabling them to obtain their livelihood with their families.”
Source: National Iraqi News Agency