Finance: the amount of budget deficit 19 trillion dinars and the increase in oil prices contributed not to borrow

Economy News _ Baghdad

The Ministry of Finance confirmed on Thursday that the real budget deficit for the current year 2018 amounted to more than 19 trillion dinars, not 12 trillion, while noting that the high oil prices helped the government not to go to borrow.


The Ministry of Finance Undersecretary Dr. Maher Hammad Johan said in a statement received by "Economy News" that "the deficit referred to is the result of increasing the volume of expenditures and reduce tax revenues by about 300 billion dinars, as well as spend trillions dinars to secure the suspension of the deduction rate of 3.8% The state that was in place during the past years, "pointing out that" the security expenditure of 1.4 trillion dinars has not been reduced, as well as increased quotas of provinces from the border crossings to more than trillion dinars. "


"There are amounts that did not appear in the budget, which are more than 500 billion dinars, and these guarantees should be paid to their owners," Johann said, adding that "emergency allocations of 3 trillion dinars had to be launched on October 1, Requirements of services in the provinces ".


He pointed out that "the Ministry of Finance is repaying the debts and the benefits borrowed by the government during the financial crisis to provide salaries of state employees and the amount paid during this year 12 trillion dinars as a result of increased debt payments and dues."


He pointed out that "the volume of oil exports of 100 million barrels per month and a daily production rate of 3.2 million barrels per day at a price of $ 64 a barrel and these prices are $ 7 less than the price of Brent crude standard and determined by monthly contracts that are affected by global prices, and we did not receive Something from the oil of the Kurdistan region. "


He pointed out that "the dues of oil companies are paid in kind of oil and not through the proportion of deficit planned in the budget," noting that "the increase in oil prices at the rate of $ 64 a barrel helped the government not to go to borrow."


The Undersecretary of the Ministry of Finance, said that "his ministry is providing an amount of at least 6 trillion dinars in anticipation of the worst circumstances and this amount would secure the salaries of state employees and other important expenses for three months in the event of emergency," calling on the parliamentary committees competent or control or audit to audit all The figures are highly transparent.


"The state is now moving toward restoring support to the private sector and moving the economic cycle in order to change the course of imports, which are draining a lot of money," he said.


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