Is there a deficit in the 2024 budget? Parliamentary Finance answers

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Is there a deficit in the 2024 budget? Parliamentary Finance answers

The Parliamentary Finance Committee confirmed on Sunday that the budget for next year will be implemented in the first month of the new year. Additionally, the committee expects the 2024 budget to be deficit-free due to two reasons.

MP Moeen Al-Kadhimi stated that the Ministry of Finance will initiate the 2024 budget to distribute funds to the ministries and governorates in January 2024.

Al-Kadhimi stated that if there are any amendments, they will be presented to Parliament on numbers rather than the 78 articles of the tripartite budget approved by the House of Representatives.

He mentioned that the Finance Committee would promptly study and submit its recommendation to the House of Representatives without the need for lengthy discussions.

According to Al-Kadhimi, next year’s budget is expected to be deficit-free because of the inclusion of retained and surplus amounts resulting from the increase in oil prices. This increase exceeds the $70 per barrel that was initially specified in the budget.

The Financial Budget Law for the years 2023 to 2025 was approved by the House of Representatives on Monday, June 12, 2023. After several months of negotiations between the government and the parliamentarians, the budget was finally approved. The increase in oil revenues, which make up 90% of the country’s revenues, led to a rise in expenditures and investments.