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Syrian Finance Minister Kinan Yaghi said that the increase in the deficit in various sectors is due to the high exchange rate of the Syrian pound, in addition to the blockade and sanctions, especially the Caesar Law.
During the discussion of the government’s declaration on the general state budget for next year in front of the People’s Assembly (parliament), Yaghi said that one of the reasons for the high deficit of the “fuel” company in the next budget is the high exchange rate of the dollar against the pound from 435 to 1250 pounds per dollar (the official rate).
Added to this is the high percentage of material costs for imported petroleum derivatives “due to economic sanctions and the Caesar Law.”
The daily “Al-Watan” quoted Yaghi as saying that the “fuel” company’s expenses were estimated at 4 trillion pounds in the budget for next year, while its revenues were estimated at 2.5 trillion pounds, for cover the overdraft account with the Central Bank.
Yaghi indicated that the subsidy for petroleum derivatives in next year’s budget amounts to 3.5 billion pounds, in addition to 1.8 billion for electricity.
The Syrian minister attributed the reasons for the increased supply of the flour deficit to the high price of buying Muslim wheat from farmers, the high exchange rate of 435 to 1,250 pounds to the dollar, in addition to the high cost of producing yeast.
The minister added that the food subsidy rose to 700 billion pounds in next year’s budget, after 337 billion pounds in the current year’s budget.
Support from the National Welfare Fund increased to £ 50 billion in next year’s budget, after £ 15 billion in current year’s budget.
On wages and salaries, Yaghi said his appropriations were estimated at 1018 billion lire, a 49 percent increase over the current year’s budget allocations.
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Yaghi said that among the reasons for the increase in these funds is the issuance of two legislative decrees to increase the wages of workers in the state and retirees, and an increase in the estimate of the exchange rate of the dollar against the pound of 435 at 1,250 pounds per dollar, in addition to the issuance of some decrees and laws that regulate compensation.
The Syrian Finance Minister concluded by noting that one of the financial risks of the budget project is the increase in the Central Bank’s debt, noting that his ministry “is willing to reduce it.”
Source: “Al Watan”
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