The expected total spending amount, the potential deficit, and the price of a barrel in the budget for 2025 were all determined today, Friday, by Mazhar Muhammad Salih, the Financial Advisor to the Prime Minister.
Salih stated, “The constants approved in the Federal General Budget Law No. 2025 will not be altered in the budget for the following year in 2025.” 13 of 2023, the government’s three-year budget for the years 2023, 2024, and 2025, particularly in terms of the principles and goals that are in line with the government’s program.
He continued, “Despite this, the hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been approved by law, must be hedged with the budget for 2025; to avoid fluctuations in general budget revenues for the upcoming year, particularly oil revenues, which are affected by oil asset cycle fluctuations and global energy market conditions, so long as the total spending ceiling may reach 200 trillion dinars, depending on the country’s financial and economic circumstances.
He kept, “Spending needs and manageability will stay in all cases in light of a legitimate concern for getting compensations, benefits and social consideration unquestionably, trailed by overseeing costs and global commitments that should be paid, like the public obligation, notwithstanding other significant speculation and improvement factors.”
“The price of a barrel of oil in the three-year budget, to which the budget for 2025 is subject, was set at $70 and an export capacity of 3.4 million barrels per day for the purposes of determining oil revenues in the general budget,” he said.
