The 2022 budget will yield extra financial revenues, official says

Shafaq News/ Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Mustafa Al-Kadhimi, revealed that the budget will yield extra financial revenues in the 2022 budget bill.

Salih told Shafaq News Agency, "The 2022 budget will yield extra financial revenues due to the rise in oil prices."

"The stability of the budget will provide the Iraqi government with a reserve, which helps in facing the fluctuations in the revenues of the general budget in the coming years. In addition, the financial surplus will be spent on investment projects", he added.

In March 2021, the Iraqi parliament approved the country's financial budget for the current year, with a total expenditure of 129 trillion dinars (about $88 billion).

The estimated revenues from crude oil exports were also calculated based on an average price of $45 per barrel, and an export rate of 3.250 million barrels per day.

According to the 2021 budget law, the total expenditures amount to 129 trillion Iraqi dinars, and the planned deficit rate is 28.7 trillion Iraqi dinars (19.79 billion dollars).