Finance Committee reduces the price of a barrel of oil in the budget to 56 $

The member of the Committee , Faleh al-Sari told “Shafaq News", that "The Committee took the decision to reduce the price of a barrel of oil in the federal budget for the fiscal revenue and realistic figures, having seen the price drop in global markets."

He added that " to prevent the rise in the fiscal deficit in the balancing project after reducing the sale of oil prices to 56 $ , the Finance Committee decided to cut for every one dollar from the price of a barrel cut 1.3 trillion dinars."

The Finance Committee in the Parliament decided last Wednesday, to cut 5 trillion dinars from the fiscal deficit in the budget of 2015, but indicated that the deficit is still high due to the very low prices of selling oil.

The Finance Committee also confirmed not selecting a financial number within 17% of the budget as a financial budget to Kurdistan Region, noting that the region will receive a financial budget in the form of monthly payments according to the earned financial income.