Baghdad The Economic Expert, Jalil Al-Lami, confirmed that the next year’s budget will most likely depend on the price of 75 dollars per barrel of oil.
He told the National Iraqi News Agency (NINA): There are considerations or estimates in the budget that are taken into account when preparing it, as the budget is subject to three considerations. The first is the average expected oil prices in the global market during the next year. The second consideration is the non-oil revenues expected to be collected next year as well.
Al-Lami added: The third consideration is the expected government spending ceiling, to determine whether the budget is headed toward equilibrium or toward a hypothetical deficit and how much that deficit is as a percentage of GDP.
He explained: On this basis, it is expected that the government will set its estimated price for a barrel of oil at (75 dollars) and put in place items for expansion of spending, especially in the field of investment and job creation, given the surplus that has been achieved in Iraq in recent months.
Source: National Iraqi News Agency