Speaking to Shana, he noted that the government is expected to reduce the share of oil revenue in the total revenues of the budget and raise its tax revenues while reducing current expenditure.
He added: "It is difficult to remove oil revenue from the budget at once but the government should reduce the share of oil revenue in the total budget by several percentage points each year so that the country will achieve a free oil-revenue budget in a 3 or 4 year period.
According to the Chamber of Commerce official, the government should restore the budget planning mechanism, under which the budget is prepared based on tax incomes by the Ministry Of Economic Affairs and Finance.
“As long as we look at oil as a commodity for collecting revenues not as a capital good, fluctuations in the world oil market will influence our economy”, Farnam concluded.
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