Baghdad The economic expert, Nabil Al-Marsoumi, confirmed that: the rise in oil prices will cover the budget deficit of the current year.
He told the National Iraqi News Agency (NINA) that the oil revenues achieved during the first five months of this year amounted to 26.249 billion dollars, or about 38.061 trillion dinars.
Al-Marsoumi added: The estimated oil revenues in the 2021 budget amount to 33,821 trillion dinars for the same period, and this means that the cash surplus between the achieved and estimated oil revenues is only 4.240 trillion dinars, indicating that this surplus goes to cover the expenses of foreign oil licensing companies.
Al-Marsoumi continued: If a larger surplus occurs in the coming months of this year, it will go to cover part of the budget deficit, which amounts to 28.672 trillion dinars.
Source: National Iraqi News Agency