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Council of Ministers discusses 2011 budget tomorrow


VIZIOIRAQI
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Council of Ministers discusses 2011 budget tomorrow

22/11/2010

al_maliki_meets_oil_and_electric_ministries_staff_2103008.jpg

Baghdad / November 22 (Rn) - The adviser in the Iraqi government, on Monday, the Cabinet meeting on Tuesday will read the terms of the budget in 2011.

The Economic Adviser peace Qureshi told the Kurdish news agency (Rn) that "a meeting on Tuesday to the Council of Ministers will read the details of the budget in 2011 is then sent to the House of Representatives for discussion and approval before the start of next year."

"The presidency of the Council of Ministers over the final details of the budget in 2011 in both its operational and complementary and dependent on monetary policy and adopt it by the Ministry of Finance and International Monetary Fund."

Announced that the Ministry of Planning and Development Cooperation in the earlier budget that in 2011 had not been made extensive changes to the part where they relate to the operational standard of living of Iraqis.

Quraishi and that "the budget will take a long time in the House of Representatives for discussion and access to a comprehensive picture of them in particular with regard to the implementation of investment projects in the country."

He pointed out that "most of the obstacles that stand behind the delay in the vote on the budget in 2011 is the request of the Ministry of Finance and other ministries to reduce expenditures and a variation on the selling prices of crude oil, which recently agreed to $ 73 per barrel of oil."

The head of the House of Representatives Osama Nujaifi in a hearing on Sunday that the government would send over the next week the budget in 2011 and will be discussed by the Iraqi Council of Representatives as soon as they arrive.

The Iraqi Finance Ministry announced last month that the finalization of the draft budget for Iraq in 2011, and the new budget allocates a large share of investment, and to support the government's development strategy that will continue for the next four years.

The initial budget for Iraq in 2011 about 86 billion and $ 400 million, an increase of up to 14 billion dollars in the last budget.

The House had previously acknowledged last January that the 2010 budget at 72 billion and $ 400 million deficit of $ 19 billion and $ 600 million, assuming the price of a barrel of oil at 62 dollars and 50 cents.

According to the Financial Administration Act, No. 95 of 2004, the government should prepare a budget for the following year, in September of each year, in preparation for discussion at the House of Representatives for approval.

And warns the Ministry of Planning of the consequences of delay in approving the budget in 2011 that this puts Iraq on the test of a serious economic.

http://www.akhbaar.o...122-100576.html

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Thanks Viz...great find. I hope they actually have more of a fire lit under them then this kind of implies.

Quraishi and that "the budget will take a long time in the House of Representatives for discussion and access to a comprehensive picture of them in particular with regard to the implementation of investment projects in the country."

Hopefully now that the IMF looks to be standing firm this will be expedited...pronto!

Peace

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Now thats a piece o news you can feel good about there...Great post lets hope it goes through the house without a hitch because inside that article lies the floor for more delays...and i quote

"the budget will take a long time in the House of Representatives for discussion and access to a comprehensive picture of them in particular with regard to the implementation of investment projects in the country."

If we can keep this in mind then when the delays start up we wont get so bent

Read more: http://dinarvets.com/forums/index.php?app=forums&module=post&section=post&do=reply_post&f=5&t=42398#ixzz161z4BM1y.

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This is good news to see that they will be discussing the budget tomorrow but I won't lie, seeing the two words "long time" in a news article scares the hell out of me. :lol:

Seriously, especially since "soon" means months...what does a long time in their mind mean? Let's stay hopeful, positive, but realistic too!

Edited by Nicovetter71
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Thank you for the good information. Now it would seem that the people of Iraq are the ones that need this buget the most since they are not getting paid. Now the government is out of funds to support the people of Iraq so it would seem that the government would really have to pass the 2011 buget or the people of Iraq will have nothing right? Please comment.

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I suspect that the country operating on vapors as they have not passed a budget that this WOULD be a priority and it WOULD be dealt with swiftly and accurrately with the concept of maximizing the benefit of the Iraqi people in mind. Wait, wait, wait... that's me thinking again, sorry. I expect that there will be more political horse trading back and forth while the common Iraqi suffers to scratch out food and water for their families once more. That the politicians will pay lip service to the UN, NATO, IMF, and whom ever could hold the accountable, while they let their people suffer and call it 'politics'. Iraq has had eight months of 'politics'. Maybe we should export some of our 'Change' to Iraq and see how that works for them...

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"The presidency of the Council of Ministers over the final details of the budget in 2011 in both its operational and complementary and dependent on monetary policy and adopt it by the Ministry of Finance and International Monetary Fund."

"Dependent on monetary policy" This is great, are they admitting that there is a change in monitary policy in the budget?....PERFECT! LOVE IT!

Edited by RVDinar4MyFamily
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I expect that there will be more political horse trading back and forth while the common Iraqi suffers to scratch out food and water for their families once more. That the politicians will pay lip service to the UN, NATO, IMF, and whom ever could hold the accountable, while they let their people suffer and call it 'politics'. Iraq has had eight months of 'politics'. Maybe we should export some of our 'Change' to Iraq and see how that works for them...

that sounds about right ... hope they do get it togather though

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I've read posts elsewhere that stated the budget has to be done before the end of Dec according to their constitution, so if that's true, then they couldn't drag it out too long. Hopefully, the RV is in it, as many expect.

I read one good post by an economist, who was analyzing the money supply available in Iraq, taking into account all the large bills they have already taken back, in light of the budget of 86+ billion they have already stated. His calculations indicated that they could only support a budget of that amount if the dinar had a value of around $3.22 or more. Hopefully, he is right, and the GOI was already aware of that when they discussed a budget of that amount and are planning for an RV of that amount at least.

If you've listened to all the interview segments on youtube with Ali of dinartrade and don't promote other sites, Ali mentions that it he thinks (but is just his opinion, no insider info according to him) that the rate will be fazed in. He mentions the Kuwait example, starting at something like 14 cents and then gradually increasing to it's present value. Hopefully they don't start as low as Kuwait did. With all the assets they have, they could easily support a much higher rate, as the economist stated. Who really knows, but I keep saying my prayers, as I believe a more logical amount would be at least $2-3, especially since the people are suffering financially and the higher rate would help to solve that much sooner. Lets hope the GOI is as logical as many of the experts we believe in.

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