Mawazin

Parliament: We will make adjustments to the 2020 budget as soon as it reaches us

The House Finance Committee announced, on Tuesday, its intention to make adjustments to the 2020 budget as soon as it reaches the House.
The committee member, Adnan Al-Zorfi, said, “There are efforts by the financial committee to pressure unnecessary operating expenses and work to maximize the federal budget by allocating funds to investment projects.”

He added, “There are plans to direct the ministries and departments concerned to diversify their revenues for the purpose of reducing total dependence on oil revenues in the federal budget.”

He pointed out that “the oil revenues are not fixed and the oil prices are subject to several setbacks due to political fluctuations and the circumstances that the world is going through recently, such as the Corona virus and others.”

He pointed out that “the budget is still with the Ministry of Finance,” stressing that “if it is sent to parliament, the Finance Committee will make some amendments to it to reduce the large financial deficit in it.”

He continued, “It is necessary for the next government to turn towards developing strategic plans to reduce dependence on oil in the budget, and the trend towards supporting productive sectors to maximize the country’s non-oil financial resources.” Source