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Parliamentary Finance Reveals Where Should The Financial Abundance, Achieved From The Rise In Oil Prices In Budget, Goes

The Parliamentary Finance Committee has reassured citizens about the financial abundance achieved from the rise in global oil prices in the federal general budget 2021, noting that it is awaiting the decision of the Federal Court to consider the government’s appeal against the budget law.

Member of the Committee, MP Sadiq Al-Sultani, stated, in a statement to the National Iraqi News Agency (NINA), that “the draft general budget law 2021, which was voted on by the House of Representatives, included a paragraph that states, “If the price of a barrel of oil rises from what is based in the original budget of $45, there will be 5 % of the price difference goes to the petrodollar fund of the oil-producing governorates.

He added, “The remaining financial differences will be spread to fill the financial deficit in the budget and cover the first and second government borrowing,” noting that “in the event of another abundance added, there will be a supplementary budget to complete the entitlements of the ministries and governorates in the current year 2021.”

The House of Representatives voted on the budget for the current year 2021 at the end of last March, then the Council of Ministers decided, in its session held on April 20, to authorize its president to appeal to the Federal Court with a number of articles of the General Budget Law, where the Federal Court decided, last July, postponing the date of appealing the Federal General Budget Law for the fiscal year 2021, to the current month




Source: National Iraqi News Agency