Iraq's parliament approved budget of 2012 worth $ 100 billion

[yota691]

Iraq's parliament approved budget of 2012 worth $ 100 billion

23/02/2012 - 19:07

Economics and Business

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Sumerian News / Baghdad

Was approved by the Iraqi parliament, on Thursday evening, the federal budget for the year 2012 the value of one hundred and seventeen thousand one hundred and twenty-two thousand Iraqi dinars, equivalent to $ 100 billion, was calculated according to the export of crude oil based on the average price of $ 85 per barrel and an average export of 2.6 million barrels of exports, including the Kurdistan region.

It was the vote on the budget law for 2012, a majority of 196 votes out of 223 deputies who attended the session.

The law prescribes the budget revenues hundred and two thousand and three hundred and twenty-six billion Thmnmaúh and Ninety-eight million, was calculated according to the export of crude oil based on the average price of $ 85 per barrel, and an average export of 2.6 million barrels per day, including 175 thousand barrels per day from the amount of oil crude oil produced in the province of Kurdistan. "

As stated in the law that all revenue generated will fund the development of Iraq or any other form is replaced, after deducting 5% of compensation for Kuwait war, or any other rate determined by the Security Council and repaid to the United Nations. "

The allocated budget law the amount of 117 122 billion, 930 million and 150 thousand Iraqi dinars, or the equivalent of U.S. $ 100 billion for the expenses of the fiscal year 2012, that goes from $ 37 thousand, and 77 billion,, 897 million, 13 thousand dinars, or about $ 31.8 billion for investment projects, while the amount allocated 79 000, and 954 billion, 30 million, and 137 thousand dinars to or the equivalent of $ 68.6 billion for operating expenses, in addition to the allocation of two hundred and fifty billion dinars as a contingency reserve.

The estimated amount of the budget deficit for the fiscal 2012 budget of 14 thousand, and 796 billion, 32 million and 150 thousand dinars, or $ 12.7 billion.

And allocated operational budget for the security sector and defense $ 17 thousand, and 171 billion, 802 million, 50 thousand dinars, while devoted to the energy sector, $ 20 thousand, and 460 billion, and 594 million, 721 thousand dinars, and $ 317 billion dinars for the Supreme Judicial Council.

The Iraqi parliament voted in its meeting of 25, on Thursday, the abolition of social benefits for the three presidencies and the granting of 600 thousand dinars for retirees who earn less than 400 thousand dinars, and as part of the paragraphs of the vote on the budget items for the year 2012.

And had already called for House Speaker Osama Najafi in (November 28, 2011), the need to expedite the completion of the annual budget for 2012 during a short period, stressing the need not to prejudice the rights of the provinces in pumping money into ventures and investments, as he emphasized the International Fund to be working on reduction and reduce the current budget in the budget for Iraq in 2012.

http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=ar&tl=en&u=http://alsumaria.com/ar/Iraq-News/1-65566-.html

Edited February 24, 2012 by yota691

[Lotusflower]

I like it. !!! Let's get on with it!!

[yota691]

117 image that right on the Number!!

[precious1]

[size="6"]The allocated budget law the amount of 117 122 billion, 930 million and 150 thousand Iraqi dinars, or the equivalent of U.S. $ 100 billion for the expenses of the fiscal year 2012, [/size]

It's starting to look like...like....great numbers ahead!!!!

[TXNOLE]

[size="6"]The allocated budget law the amount of 117 122 billion, 930 million and 150 thousand Iraqi dinars, or the equivalent of U.S. $ 100 billion for the expenses of the fiscal year 2012, [/size]

It's starting to look like...like....great numbers ahead!!!!

Can someone recall what last year's budget was? Thanks!

[Houston1099]

Adam said this is NOT done earlier .... am I missing something? Is it okay for me to get excited now? Tell me this is true!

[drc85260]

[size="6"]The allocated budget law the amount of 117 122 billion, 930 million and 150 thousand Iraqi dinars, or the equivalent of U.S. $ 100 billion for the expenses of the fiscal year 2012, [/size]

It's starting to look like...like....great numbers ahead!!!!

Well, the number of 1171 to the 1 dollar is the same as it is now...actually a bit higher than the 1165

The budget passed is a good step but it does not mean that their is a RV.

There is a chance before this gets listed in the Gazzett that an RV can occur. They then have to write an addendum to reflect the new value.

[KNTIME]

What a day!! Love it... I agree with you Yota, 117?????? How bizzare is that?? Exciting times

[yota691]

What a day!! Love it... I agree with you Yota, 117?????? How bizzare is that?? Exciting times

And then you have this

As stated in the law that all revenue generated will fund the development of Iraq or any other form is replaced, after deducting 5% of compensation for Kuwait war, or any other rate determined by the Security Council and repaid to the United Nations. Just even better

[precious1]

You ROCK Yota the NEWSHOUND of the year!

[bamagirl]

Well, the number of 1171 to the 1 dollar is the same as it is now...actually a bit higher than the 1165

The budget passed is a good step but it does not mean that their is a RV.

There is a chance before this gets listed in the Gazzett that an RV can occur. They then have to write an addendum to reflect the new value.

I am willing to bet there is an addendum already typed up and locked in a safe somewhere.....

[Shelley]

Yota, I'm all out of +'s I ran out early today, with all the great news coming in !!! I'll get the drinks in Vegas

[rockhound60]

Iraq's parliament approved a budget of $ 100.5 billion dollars in 2012

23-02-2012 | (Voice of Iraq) ) BAGHDAD (Reuters)

Iraq's parliament approved on Thursday a budget of 100.5 billion dollars in 2012 on the basis of an average oil price of $ 85 a barrel and an average crude exports of 2.6 million barrels a day.

The approval came too late on the budget because of frequent disagreements among the members of Parliament. Under the power-sharing deal was the division of ministries between the blocs in Iraq, Shiite, Sunni and Kurdish.

The budget forecasts a deficit of $ 12.6 billion will be funded from the bulk of the surplus in the calculation of the Development Fund for Iraq at the Federal Reserve Bank in New York.

The Fund was set up after US-led invasion of Iraq in order to guide the oil revenues to finance reconstruction and nutritional programs for Iraqis. Iraq and is filed the bulk of the proceeds of oil sales in the Fund.

The budget allocates $ 31.7 billion for investment projects, salaries and support system of food commodities.

The budget also allocates $ 14.7 billion for Iraqi security forces.

And put the budget on the basis of an average oil exports this year of 2.6 million barrels per day, including 175 thousand barrels per day of semi-autonomous Kurdistan region. . The average oil exports last year's 2.165 million barrels per day and fell to 2.106 million barrels per day in January.

In London, finished crude Brent session up 72 cents to 123.62 dollars a barrel.

Iraq is trying to - OPEC member - to rebuild its economy ravaged by years of war, sanctions and depends mainly on oil revenues, which funds about 95 percent of its budget.

The aim of Iraq - which has the fourth largest oil reserves in the world - to increase production capacity to 8-8.5 million barrels per day by 2017, which could jump to the first row by the producers of the world.

The deficit in the budget for Iraq in 2011 amounted to 82.6 billion dollars on the basis of an oil price of $ 76.50 per barrel and average exports of 2.2 million barrels a day.

Read more: http://translate.goo...Q#ixzz1nGnD3Bm1

[wavggg]

I could care less about the budget - that is the account set designed for maintaining indebtedness and leveraging the Iraqi People's worth - I want to know what is on the "off-book ledger" - the equivilant of our CAFR funds here in USA - that is where the wealth is hiding and that is where you'll never know if you keep thinking that everyone playes "Cricket" and keep looking where they tell you to look -

I am sooooooo waiting for everyone to wake up - it's gonna be a maelstrom!

LUV!

Greg

[zul]

Iraq's parliament approved a budget of $ 100.5 billion dollars in 2012

23-02-2012 | (Voice of Iraq) ) BAGHDAD (Reuters)

Iraq's parliament approved on Thursday a budget of 100.5 billion dollars in 2012 on the basis of an average oil price of $ 85 a barrel and an average crude exports of 2.6 million barrels a day.

The approval came too late on the budget because of frequent disagreements among the members of Parliament. Under the power-sharing deal was the division of ministries between the blocs in Iraq, Shiite, Sunni and Kurdish.

The budget forecasts a deficit of $ 12.6 billion will be funded from the bulk of the surplus in the calculation of the Development Fund for Iraq at the Federal Reserve Bank in New York.

The Fund was set up after US-led invasion of Iraq in order to guide the oil revenues to finance reconstruction and nutritional programs for Iraqis. Iraq and is filed the bulk of the proceeds of oil sales in the Fund.

The budget allocates $ 31.7 billion for investment projects, salaries and support system of food commodities.

The budget also allocates $ 14.7 billion for Iraqi security forces.

And put the budget on the basis of an average oil exports this year of 2.6 million barrels per day, including 175 thousand barrels per day of semi-autonomous Kurdistan region. . The average oil exports last year's 2.165 million barrels per day and fell to 2.106 million barrels per day in January.

In London, finished crude Brent session up 72 cents to 123.62 dollars a barrel.

Iraq is trying to - OPEC member - to rebuild its economy ravaged by years of war, sanctions and depends mainly on oil revenues, which funds about 95 percent of its budget.

The aim of Iraq - which has the fourth largest oil reserves in the world - to increase production capacity to 8-8.5 million barrels per day by 2017, which could jump to the first row by the producers of the world.

The deficit in the budget for Iraq in 2011 amounted to 82.6 billion dollars on the basis of an oil price of $ 76.50 per barrel and average exports of 2.2 million barrels a day.

Read more: http://translate.goo...Q#ixzz1nGnD3Bm1

This will increase spending ==> resulting increase in liquidity ===> increase in prices ==> increase in inflation. And this where CBI will steps in with their monetary policy to control inflation. And for CBI to be effective with their policy, they have to ensure dinar is used extensively in the market; AND for that to happen.......the exchange rate of dinar will have to be ENHANCED.

I hope they would do that real soon rather later....

[wavggg]

zul-

a whole lot of undocumented presumtions there -

I contend that not one of those is an axiom that must occur

+1 for hopefull thinking

however - in the future - bring data to back up your presumptons or you may find yourself discredited...

Best!

Greg

[jeepguy]

ohhhhhh let see the budget is based on 86.oo a barrel oil at 2.6 million barrels ---- i think the price of oil is around116. a barrel now because of iran , and iraq is pumping 6 million barrels ,,, i think this is why they are bickering over the budget,,, a few bucks are lost in translation ,, but at least they passed a budget thanks rock- lady

[yota691]

Yota, I'm all out of +'s I ran out early today, with all the great news coming in !!! I'll get the drinks in Vegas

I think everybody ran out + , looking forward to Vegas

[HopefulTxn]

ohhhhhh let see the budget is based on 86.oo a barrel oil at 2.6 million barrels ---- i think the price of oil is around116. a barrel now because of iran , and iraq is pumping 6 million barrels ,,, i think this is why they are bickering over the budget,,, a few bucks are lost in translation ,, but at least they passed a budget thanks rock- lady

They won't be hitting 6 million barrels for quite some time... Their exports in January were 2.145 million barrels per day...

[Stryker365]

ohhhhhh let see the budget is based on 86.oo a barrel oil at 2.6 million barrels ---- i think the price of oil is around116. a barrel now because of iran , and iraq is pumping 6 million barrels ,,, i think this is why they are bickering over the budget,,, a few bucks are lost in translation ,, but at least they passed a budget thanks rock- lady

Your thoughts are pointed in the right direction but they are not at 6 million bpd.

This is the part that interests me though:

The approval came too late on the budget because of frequent disagreements among the members of Parliament. Under the power-sharing deal was the division of ministries between the blocs in Iraq, Shiite, Sunni and Kurdish.

It looks to me that the Power Sharing Deal is what took so long to agree on. Did they sneak something in on us?

Edited February 24, 2012 by Stryker365

[rockhound60]

Iraqi Parliament endorses 2012 federal budget

2/24/2012 11:08 AM

BAGHDAD / Aswat al-Iraq: The Iraqi Parliament endorsed the federal budget of 2012 including all 43 paragraphs, following months of discussions and differences.

A parliamentary source told Aswat al-Iraq that there are suggestions within the coming meetings of the parliament to cancel profits on loans granted to the citizens and officials, and giving a grant to the retired who earn salaries less than 400.000 dinars.

According to the Parliament's electronic site, the budget reached to 102.326 billion and 898 million dinars, which was calculated on the oil exports base of 85 dollars per barrel, with an export capacity of 2.6 million b/d, including Kurdistan oil exports that reach to 175.000 b/d.

The total deficit in the budget reached to 14.796 billion dinars.

http://en.aswatalira...e&id=147088&l=1