A famous and senior economic expert Nabeel Jafar said in a press statement on Wednesday that Iraqi budget issues are still there, but most of them are internal issues and problems.
More than 90 percent of Iraqi economy is depending on the revenues generated by Iraqi oil exports. So, the Iraqi financial budget is based on the oil export revenues. The authorities that are preparing Iraqi budget, they are trying to distribute revenues generated from Iraqi oil exports. They will distribute this amount to different productive sectors. He pointed out that oil revenue for Iraqi financial budget was overestimated and decided 45 U.S dollars per barrel fixed for the next year’s budget.
He further added that all the economic indicators, economic and financial studies worldwide, and all the international oil companies have predicted that previous and current situation is indicating that next two years will experience massive downfall in the global oil prices or at least a complete survive. But, a number of Iraqi officials said that these predictions are being announced without complete study. All these predictions are to be considered as self or private thinking. We are expecting with a solid ground study that oil prices would become normal in next two years and we hope that global oil price would become at the level of 2012-13 and then Iraqi economy would be more strengthened.