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Finance Minister: Budget will reach cabinet next Monday


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Finance Minister: Budget will reach cabinet next Monday

  •  Published on Thursday, 18 December / 1 December 2014 13:04 Written by: Mohammed Saleem Hits: 294

photo_1318438852839-1-0_s660x390.jpgBAGHDAD / Center Brief for the Iraqi Media Network  (IMN)  - informed the Finance Minister, Hoshyar Zebari, Center Brief, on  Thursday, that the ministerial committee in charge of preparing the budget, completed its work, and will provide the general budget in its final form to the Council of Ministers next Monday .

 

Zebari said for  (IMN) , "It was supposed to be held today a special meeting of the Council of Ministers regarding the budget, but the occurrence of developments on the oil prices in the global markets, budget review again summoned and will be submitted to the Council of Ministers as the final next Monday."

He continued that "the government is determined to provide financial budget for next year, before the end of 2014".

 

It is hoped that the House of Representatives cut the legislative recess, and will hold a special meeting, if he took the general budget, to be read and approved .

From: Farah Adnan, the Open: Laith Mohammed Reza

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Sweet !!!  I saw a report that the most resent U.S. Congress 113th pass less legislation than any other in U.S. history.  I wish Abadi was Kenyan .... then maybe he could run for President?!?!

This is excellent. More legislation means more rules and less control you have and less businesses can grow. More government means less growth means less jobs. Less jobs means smaller economy and less money in everyone's pocket. More rules less control you have over your own life meaning less freedoms and rights you have. The President can only offer legislation to Congress and the president cannot control how and when Congress passes legislation. The Founder's actually designed our three branch institution this very specific way. The fall of Rome was not on the government but on the people who became increasingly apathetic to the government.  

 

If everyone got what they wanted then no one would get anything.

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Or until the price of oil falls another 20% and the budget gets held up again. 

 

When the budget is passed and there substantial concrete evidence it was, then and only then will I believe the budget reached its destination. They keep chasing the rabbit and keep giving us false hopes. Cry wolf 1 too many times and no one believes you when you actually do see the wolf. 

 

Let's hope they send the budget and gets passed before January. Just because its sent doesn't mean its passed. There could be another 12 weeks of discussion on the passage of the budget. God only knows and god willing. Or should I make that Allah? LOL

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Special / Iraqi government prepared a four copies of the budget based on world oil prices

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 BAGHDAD - Iraq Press - December 20 / December: A senior source revealed on Saturday, said the government was prepared until now four versions of the budget in 2015 and he has been dealing with all the draft at a different price for a barrel of oil ranged between $ 60-70.

 

 

 

The source told / Iraq Press / "The Council of Ministers has vowed not to repeat the failure to approve the 2014 budget and that the current discussions are focused on the choice of the draft, which commensurate with global oil prices, including not expand the deficit circle," denying "the outbreak of any political dispute between Baghdad and the Kurdistan region or the rest of the political blocs on the project because most of the parties want to deal positively with the current circumstances the government to be able to provide their services. "

 

 

 

 "The parliamentary Finance Committee met with the finance minister, Hoshyar Zebari, and I discussed with him on the budget file has been discussed on a $ 50 price for a barrel of oil to avoid any emergency can be avoided by the adoption of a supplementary budget." Admiral ended 

 

Special / budget will be approved before the end of this year

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 BAGHDAD - Iraq Press - December 20 / December: The Office of the Prime Minister, on Saturday, the operational allocations of the budget is exhausted about two-thirds of the state budget to meet the obligatory exchange expenses not brook delay mostly for salaries and services, operation and commodities investment and other doors.

The director of the Prime Minister's Office, Mahdi Keywords, L / Iraq Press / he "expected to be approving the budget before the end of the current year as a result of coordination between the Ministry of Finance and the Committee of Ministers problem in this regard from a financial point and the Parliamentary Committee on the other hand, and the share of the operating budget will remain as is it in recent years, "adding that" the Council of Ministers is seeking to pursue to maximize financial resources and to improve the performance of government and service enterprises, including in particular the policy. "

He pointed out that the relationship "that exceeds the operating budget rate on the investment performance of the weakness of the state and the inability of government institutions to develop and exploit their resources investment index as is the case in many developed countries, but the government has forced millions of Iraqis living as a result of it."

He concluded by saying that the relationship: "The government is trying to eliminate the output from the expansion of the operating budget by reducing corruption doors exchange under Taelt some officials" ./anthy Admiral 

 

Araji: Monday or Tuesday next cabinet will vote on the budget

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BAGHDAD - Iraq Press - December 20 / December: After the announcement of the Speaker of Parliament, Saleem al-Jubouri, ready House of Representatives to convene an extraordinary session in the event of the arrival of the budget to him, pointing out that "the government is facing challenges in this regard," said the Deputy Prime Minister, Bahaa al-Araji Saturday, the Council of Ministers held an extraordinary session, on Monday, to discuss the next financial budget, as will be voted on Monday or Tuesday.

 

Araji said that "in the event it was agreed upon to vote and if they are not going to vote the next day, a Tuesday," pointing to "the lack of impediments to voting with the exception of some technical things," he described. Admiral ended

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Emirates was considered a successful model in the diversification of income sources                                                                                                                      Iraqi Oil Minister for «Union»: Baghdad is able to cope with the difficulty of declines in oil prices

 
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Adel Abdul Mahdi, Iraq's oil minister during his speech (Photo by Hamid Hahol)

Posted: Monday, December 22, 2014

Abdul Rahman Ismail

Adel Abdul Mahdi, Iraq's oil minister attributed the decline in the current oil prices to enter a lot of producers in the market, pointing out that his country is ready to coexist with great difficulty with this effect of the decline, he said in an interview with the «Union» on the sidelines of the tenth Arab Energy Abu Dhabi conference yesterday, The Iraqi budget prepared a month ago on the basis of the price of $ 70 a barrel, and now prices dropped to $ 60, which invited us to cover the difference through supplementary budgets, although we hope that the market reaches equilibrium point.

He explained that the global oil markets affected by the entry of a lot of producers in the market, but with OPEC's decision to install its production ceiling, the prices are stabilizing, and is now moving toward stopping the decline, amid expectations that up to reasonable rates of production costs are then fixed and stable. Mahdi said that the shale oil, especially in the United States negatively impact on the show, but will have this quality of oil producers to stop production quantities of oil high costs compared to current prices. He said Iraq's oil minister that the current circumstances in the oil markets, encourage private sector investment, ruling that the declines in oil prices affect the decline in investments of foreign companies in Iraq, saying there are commitments by these companies under signed with the Iraqi government contracts, and are difficult to undo These contracts.

He called the Mahdi in his speech to the conference to develop a comprehensive Arab policy is based on the exploitation of Arab oil wealth to diversify their economies away from the fact that oil as the only source of income, and praised the UAE experience in this field, which he said had succeeded in increasing oil production, and in that time has worked to improve the balance trade and balance of payments.

 

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He added that Iraq has proven oil reserves estimated at 150 billion barrels, which puts it in third or fourth globally, and is expected, according to experts estimate that up to 200 billion barrels of oil in the event of completed explorations.

 

He explained that the oil contributes about two-thirds of GDP, and 90% of the federal treasury comes from oil, which reveals a clear imbalance in the structure of the Iraqi economy.

The Iraqi minister said that the successive wars on Iraq and the situation of the currently caused the deterioration of the oil production of 3.5 million barrels per day, the mid-seventies to two million barrels per barrel beginning of the year 2003, the anticipated that Iraq's oil production up to 4 million barrels per day, with the agreement with the province the Kurdistan region of Iraq to export oil through the federal government, as well as the export of oil through the Kirkuk region to the Turkish ports up to 600 thousand barrels.

Mahdi pointed to the entry of international and Arab companies to invest in Iraq's oil sector, he mentioned Dragon UAE and Kuwait Energy Company, as well as Egyptian, Lebanese and Qatari companies.

He stated that his country is currently being coordinated with Jordan pipeline for oil and gas up Basra in Aqaba, with the existence of negotiations with the Government of Egypt through Jordan to the possibility of extending the line to Egypt, which is the line that resembles the pipeline is stalled and that was connecting the oil fields in the Red Sea across Saudi Arabia. The Iraqi minister called for a joint Arab projects connecting oil fields to each other, in order to develop the Arab economies, and the absorption of Arab labor.

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