PM:05:53:18/03/2023
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SULAIMANI — Mazhar Mohammed Salih, the financial advisor to
the Iraqi Prime Minister, said on Saturday (March 18) the decline in oil prices
will create a shortfall in the country’s budget.
Salih said oil prices have decreased for two main reasons.
The first is a high economic pullback in industrialized countries causing
western banks to collapse, the slowdown of economic growth and a reduction in
the demand for oil.
The second factor comes from the Russian federation, which
has begun to market its oil in India, China and Asia at less than $20 a barrel
in global oil prices.
Mohammed said the drop in oil prices would affect Iraq's
budget shortfall, which is currently estimated at 63 trillion Iraqi dinars.
He said the entire budget draft is now in front of the
Council of Representatives, which has the duty to consider every possibility
about the budget.
(NRT Digital Media)