Al-Kadhimi’s advisor sets a condition for depositing the financial surplus in a sovereign fund

BAGHDAD-INA

financial advisor to the Prime Minister, Mudhhir Muhammad Salih, set Sunday a condition for depositing the financial surplus in a sovereign fund, while indicating that spending on social spending and addressing poverty will be the first priority.

 Salih told the Iraqi News Agency (INA): "Based on the text of Article 19 / Second of the amended Federal Financial Management Law No. 6 of 2019, if the actual revenues exceed the total expenses or expenditures, including financing the planned deficit in the annual budget, the surplus amount is deposited in a (sovereign fund) provided that a budget law is available, otherwise the said financial surpluses will be deposited in a reserve account and will undoubtedly be an opening balance in financing the federal general budget for the year 2023 in whole or in part and according to the exchange chapters and its future priorities.

Ministry of Oil announced, earlier, that the revenues last month amounted to more than 10 billion
dollars.

A statement by the ministry, received by the Iraqi News Agency (INA), stated that "the amount of crude oil exports achieved for the month of March, according to the final statistics from the Iraqi Oil Marketing Company (SOMO), amounted to (100) million and (579) thousand and (612) barrels With revenues amounting to (10) billion and (913) million and (197) thousand dollars.”

He continued, "The average price per barrel amounted to (108,503) dollars, pointing out that "additional revenues were achieved from selling quantities of shipments of exported crude oil at a price premium, as the total revenue for them reached (273.804,794) million dollars."