Oil demand recovery might introduce amendments to the fiscal law, MP says

Shafaq News / The recovery of oil price in the global market will introduce changes in the draft of the fiscal deficit law, according to the Parliamentary Finance Committee.

A member of the committee, Abdul Hadi al-Saadawi, told Shafaq News agency, "The recovery of oil prices, which reached $50 a barrel, will contribute to reducing the fiscal deficit in the general budget for 2021 after the value of the deficit was estimated at 50% of the total amount of the budget."

He added, "the government is considering raising oil prices in the general budget draft with the current price of oil on world markets," noting, "the budget was previously prepared at $ 41 per barrel."

Al-Saadawi said, "The government can raise oil prices in the budget law from 41 to 49 dollars," noting, "there is no specific date for approving the budget law in the Council of Ministers."