MOF: Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars

Baghdad-INA 

Finance Minister Ali Abdul Amir Allawi ruled out, on Friday, resorting to borrowing, and revealed the size of the surplus from selling oil.

Allawi said in an interview with Al-Arabiya TV, which was followed by the Iraqi News Agency (INA): "Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars," stressing that "in light of the current financial abundance, it is unlikely to resort to borrowing.".

He added that "Iraq has begun to feel the positive effects of changing the dollar exchange rate," noting that "the 2021 budget is unable to cope with economic fluctuations.".

Allawi explained that "the Food Security Law aims to address the rise in global markets," noting: "The ministry is committed to the decision of the Federal Court and that the court took its decision based on the concept of judges and away from any pressure.".

He added, "The law submitted by Parliament is similar to the Food Security Law presented by the government," stressing that "there are alternative plans in case the Security Law is not legislated in Parliament."