Allocating one trillion dinars in the 2021 budget for the petrodollar fund
Economy News – Baghdad… The Parliamentary Oil and Energy Committee revealed, on Saturday, the allocation of one trillion dinars to the petro-dollar fund for oil-producing provinces, while confirming that the accumulated amounts of petrodollars for previous years are estimated at 25 billion dollars.
A member of the committee, MP Sadiq Al-Sulaiti, said, “The petrodollar is an entitlement for the oil-producing and refined crude and gas-producing governorates, indicating that the project allocates 5% of the oil revenues to improve the infrastructure of those governorates,” according to “WAA”.
He pointed out that “the petrodollar did not enter into force during the previous years despite its confirmation in the budgets, due to the failure to allocate the funds by the ministries of planning and finance, under the pretext of a financial deficit or the lack of sufficient liquidity,” stressing that “there have been accumulations of petrodollar sums during previous years that are estimated. About 25 billion dollars. ”
Al-Sulaiti pointed out that “his committee sought during the current year to amend and include the section on petrodollar allocations in the budget, by establishing a fund after the budget is approved,” indicating that “accounts for the fund will be opened to be fed monthly from oil revenues.”
He explained that “a trillion dinars have been allocated for the amounts of petrodollars,” noting that “in the event that the Ministry of Finance does not open accounts for the fund and feed it with revenues, the ministry will be exposed to legal accountability, whether by the provinces or members of Parliament, for not applying the most important provisions of the budget.”