Baghdad Member of Parliament for the National Approach bloc, Hussein Al-Oqabi, said that the ongoing financial deficit cannot be covered even if oil prices stabilize for a whole year.”
Al-Oqabi said in a statement to the National Iraqi News Agency (NINA) that if the price of a barrel of oil reaches nearly $ 70, it will meet the necessary expenses of salaries for employees, retirees, social care, people with special needs and other expenses for investment projects.”
He added, “the financial deficit that we cannot cover even if the price remains constant for an entire year,” noting that we are waiting for a rise in oil prices to cover the necessary expenses without looking for other resources is a disaster.”
Oil prices witnessed a rise during the recent period after a decline and a recession that lasted for many months, and clearly affected the country economy and financial position.
Source: National Iraqi News Agency