BAGHDAD: Iraq’s cabinet on Monday approved a 2021 draft budget of 150 trillion Iraqi dinars ($103 billion) as the country wrestles with an economic and financial crisis due to low crude prices.
The budget deficit would be estimated at 63 trillion dinars ($43 billion), two government sources said.
The draft 2021 budget is based on a world oil price of $42 a barrel and expected oil exports of 3.25 million barrels per day (bpd), including 250,000 bpd from the Kurdish region, the officials said.
But despite approval of the budget, which should be referred to parliament for final approval, disputes between the central government and semi-autonomous Kurdish region are still unresolved, a government senior economic adviser said.
“Differences between Baghdad and Kurdish delegates are still persisting over Kurdish oil exports and the region’s debts. It’s too complicated for now to reach an agreement,” said a senior government adviser.
Hit by squeezed revenues, Iraq’s central bank on Saturday increased the sale price of US dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.
The finance ministry supplies the central bank with dollars based on a price of 1,450 dinars against the dollar, Central Bank chief Mustafa Ghalib said in a statement.
Iraq has the world’s fourth-largest oil reserves and depends on oil revenues to fund 95 percent of its national budget.
($1 = 1.45 Iraqi dinars)
Iraq’s cabinet approves 2021 draft $103 billion budget
https://arab.news/9erxu
Iraq’s cabinet approves 2021 draft $103 billion budget
- The budget deficit would be estimated at $43 billion
- The draft 2021 budget is based on a world oil price of $42 a barrel
Military coalition in Yemen condemns attack on commander’s convoy
- Al-Maliki also said the coalition is committed to supporting Yemeni security efforts and pursuing those involved in the attack and bringing them to justice
RIYADH: The Coalition to Support Legitimacy in Yemen condemned on Wednesday an attack that targeted the convoy of a senior commander.
The attack in the Jaoula area of Lahj governorate targeted vehicles under the command of Brigadier General Hamdi Shukri, who heads the second division of the Giants Forces.
Coalition spokesman Major General Turki Al-Maliki said there were numerous deaths injuries and called the ambush “a criminal act that is contrary to all human and moral values.”
He said the coalition, which includes Saudi Arabia, will continue coordinating with the relevant authorities to ensure the security of citizens and maintain stability, Saudi Press Agency reported.
He called for people to work with the Yemeni government and military authorities to confront any sabotage attempts or terrorist operations targeting the security and stability of liberated governorates.
Al-Maliki also said the coalition is committed to supporting Yemeni security efforts and pursuing those involved in the attack and bringing them to justice.
