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Al-Kazemi's Financial Advisor Talks About Changing The Exchange Rate

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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that the financial surplus from the rise in oil prices will cover three important axes, also commenting on the adjustment of the exchange rates of the dollar against the Iraqi dinar.

Saleh said in a statement to the official agency, followed by NRT Arabia today (October 18, 2021), that "the financial surplus achieved from the rise in oil prices and its reaching $75 per barrel will cover at least three axes," noting that "the first axis is covering the planned deficit in The general budget for the year 2021, amounting to 29 trillion dinars, as for the second axis, it is related to covering the real additional deficit gap, which is less than 10 trillion dinars, resulting from the failure to estimate non-oil revenues, which do not achieve only 40% of their estimates placed or planned in the budget, which unfortunately causes pressure on spending The planned annual budget and its ceilings, which are the result of the backwardness of the financial collection institutions in the country.

He added, "The third axis goes towards supporting faltering projects whose operation is intended to continue, and for which many business contractors demand an adjustment in implementation costs (spare parts) due to the exchange rate change before the initial contract or other changes in the operating costs of ongoing projects," noting that "the disposition of With financial surpluses, it is not easy due to the large number of restrictions and obligations within the general budget itself, including postponing the payment of many expenses that are payable and were not spent in previous years.