The Financial Committee in the Iraqi Parliament confirmed today, Saturday, that salaries for employees, retirees, and social welfare beneficiaries will be secured despite the global decline in oil prices.
Committee member Ma'in Al-Kadhimi stated, "The price set for a barrel of oil in the three-year budget is $70, whereas a few months ago the global oil price was above $80, and now it is being sold at $70 per barrel or slightly less."
Al-Kadhimi explained that "according to this, the monthly oil production is 3,400,000 barrels. Therefore, the oil revenues are projected to be 120 trillion dinars for this year, a figure that will be achieved through ongoing exports, in addition to non-oil revenues estimated at 27 trillion dinars. We expect that the total revenues for the year 2024 will be 145 trillion dinars, which will cover the salaries of more than four million employees, three million retirees, and three million families covered by social welfare."
He added, "The total needs amount to about 85 trillion dinars, which is secured for this year. However, other operational expenditures for electricity, oil, and others, as well as investment and regional development expenditures for the reconstruction of provinces, will be affected by the decline in oil prices."