Parliamentary Finance: $ 40 oil in 2017 and the budget deficit rate of 20%

Tuesday, August 23, 2016 - 9:52

Parliamentary Finance Committee revealed that the government set the budget for fiscal 2017 on the basis of the price of a barrel of oil to $ 40. He said the decision of the Committee, Ahmed al-Haj, that "the 2017 budget deficit remains at about 20% with the government to determine the price of a barrel of oil on the basis of $ 40 reduces the deficit ratio slightly, compared with the 2016 budget, which set the price of a barrel on the basis of $ 45."

He predicted "not affected grades budget in 2017, but there is follow-up and audit conducted by the Office of Financial Supervision about taking a staff of more than salary has been checked three ministries in this regard and the process is ongoing as part of Iraq's agreement with the International Monetary Fund."

For his part, member of the Committee, Ahmed Sarhan, said that "the budget deficit in 2017 will remain for the continuation of the same financial crisis with the survival of low oil prices will be next year's budget a replica of the budgets of 2015 and 2016 with a slight difference in the infiltration of the numbers or the amount of oil exports."

He pointed out that "leaks confirm that he has been calculated by the price of a barrel of oil in the budget of 2017 on the basis of $ 40 has the same amount of exports to be 3.6 million barrels per day, as well as the deficit of at least 20 trillion dinars, which is comparable to previous years."

"The operating expenses of the staff and other salaries will remain as they are, it would be paid on time and can not be delayed and the government will continue to pay the salaries."

He Sarhan that "the delay in providing the government final accounts of the budgets of previous years is the legal and constitutional violation and the reason for this is due to the lack of strict supervision and lack of legal accountability," noting that "those multiple controls are not effective as required and not negligent and penal laws accountable and there are emboldened the charge accountability for negligence because of nepotism and clientelism. "

He was a member of the parliamentary finance, for "not optimistic of imports of state-of-sectors other than oil according to the government's reform plans due to lack of practical application of promises and words."

He is scheduled to discuss the Council of Ministers in its meeting, Aom Tuesday, the draft general financial state budget law for 2017, after taking drafted by the Ministry of Finance on Wednesday.