Economic expert, Malath Al-Amin, confirmed today, Wednesday, that the 2023 tripartite budget will contribute to supporting the private sector to implement productive projects and provide various types of consumer goods, which enhances the local economy and reduces imports.
Al-Amin said in a statement to the National Iraqi News Agency (NINA) that “the total budget amounts to more than 197 trillion dinars (151.5 billion dollars), and more than 150 trillion dinars (115 billion dollars) were allocated to the operational budget, and the price of a barrel of oil was relied on at $70, with an export capacity of about 3.5 million barrels per day, including 400 thousand barrels per day through the Kurdistan region, and this budget will be repeated for three years (2023, 2024 and 2025) as part of the government’s plan to support financial stability.
He pointed out that “the budget law granted the provinces the right to rotate the amounts allocated to them, and the draft law of the Iraq Fund for Development was also included and the allocation of one trillion for it, which will be directed to the private sector and contribute to the implementation of eight thousand schools at once.”
The Economist stressed, “This law gave privacy to the governorates in building and keeping the funds allocated to them in the event that they were not disbursed during the allotted time period, and this matter is done through legal financial control mechanisms and under the supervision of the Financial Supervision Bureau, so the surplus amounts from the governorate budget can be directed towards Investment projects such as the establishment of factories or production projects and the development of border crossings or tourist sites that contribute to the opening of new job opportunities and financial revenues for the governorate X, and so it works for other governorates by benefiting from its location and wealth in coordination with the central government, which will not hesitate to provide financial and logistical support for the success of investment projects.
Al-Amin added, “The budget will contribute to supporting the private sector to implement productive projects and provide various types of consumer goods, which enhances the local economy and reduces imports, while creating a positive competitive atmosphere among the poles of national industries that lead to the improvement and development of the local product to enable it to compete with the imported.”
Source: National Iraqi News Agency