The Expert in Economic Affairs, Malath Al-Amin, confirmed that the delay in approving the budget will cause a delay in the completion of important investment projects that constitute an important link in non-oil economic independence, noting that the approving of the budget on time, which is the first quarter of each year, is an urgent need to contribute to the establishment of giant economic projects that will be an important link in the lives of future generations after the depletion of oil.
Al-Amin said in a statement to the National Iraqi News Agency / NINA /: “According to the draft general budget law for the year 2023 presented by the Ministry of Finance, the total general budget amounts to 136 billion dollars, with a deficit of 43 billion dollars, of which oil revenues constitute 87 percent, indicating:” The financial revenues from oil exports amount to 7 billion dollars per month, and accordingly, in the event that the budget approval is delayed until after the second half of the current year, the law allows the government to spend the money based on last year’s budget at a rate of 1/12 per month.
He explained: “The delay in approving the budget will cause a delay in the completion of important investment projects that constitute an important link in non-oil economic independence, which the government is pursuing to diversify sources of income away from oil through reviving productive sectors such as agriculture, industry and transport.”
Source: National Iraqi News Agency