Financial situation in Iraq is much better due to Oil Prices: Saleh

One of a senior government adviser to the Iraqi Prime Minister Haider Al-Abadi issued a statement about the Iraqi financial situation and foreign loans & debt. The economic adviser to the Iraqi Prime Minister, Muhammad Saleh said in a press statement that the Iraqi government has the ability to handle the financial crisis, deficit problems, debt, and external borrowing. He added that Iraq has been managing its financial crisis by the financial improvement in the budget 2018. It was successfully achieved due to a significant amount of rising in the global oil prices. He stressed that the global oil prices have been increased and reached 64 U.S dollars per barrel. He pointed out that an increase in the oil prices in the global oil market helped in solving the problems of deficit and borrowing. Saleh added that the situation has become more reliable as compared to the last several months. He added that the Iraqi government has forwarded a supplementary budget to the Iraqi Parliament for approval after adding new oil prices.

Continuous Rise in the Oil Prices

Saleh also explained that the other material in the current budget will not be changed. It is due to a guaranteed draft budget law and it will be changed in the next financial budget. The major reason is that the Iraqi parliament has ended its current session, so there isn’t any guarantee for an approval of the supplementary budget. He said that new Iraqi parliament is expected to be formed within next 2 months and the supplementary budget law will be delivered to the new Iraqi parliament for approval. There is a possibility to talk about the figures of this surplus and the surplus achieved in the current year’s budget until after the end of the fiscal year 2018. Saleh pointed out that Iraq has exceeded the point of parity in which the federal budget in the case of balance-free deficit after the price of oil barrel to more than 60 U.S dollars.

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