Finance: Iraq's budget for 2010: 86.4 billion dollars

[carlablum]

Finance: Iraq's budget for 2010: 86.4 billion dollars

Wednesday, 17 November 2010 10:35 | |

Detect and Deputy Minister of Finance, the Iraqi Fadel prophet, in previous statements that his country «proposed budget for next year worth 86.4 billion dollars». He added that the Prophet «Iraq has proposed the initial draft budget for 2011 of $ 102 trillion dinars (86.4 billion dollars)» assuming global price of oil at $ 70 a barrel.

Iraq relies on oil revenues to finance about 95 per cent of its budget, and Iraq signed a member of the Organization of «OPEC» agreements with international oil companies could increase production capacity in as little as (6-7) years to 12 million barrels per day from 2.5 million barrels a day at the present time, which may make it a rival to Saudi Arabia, the largest producer of crude in the world. As far as assurances and Undersecretary of the Ministry of Finance «The budget currently before the Council of Ministers and will be submitted to parliament after the formation of committees».

For his part, MP for the Iraqi List, Dr. Osman Aljehici «Middle East» to «Adoption of the budget next year should have been recognized by a month from now, but the delay of its meetings and the crisis in the formation of the government prevented this, as everyone knows that the adoption of the budget requires study sufficient by the Finance Committee for amendment, additions and deletions, then read on first reading by the House of Representatives and again, and then voted upon, and these paragraphs certainly need for a time, and that is not owned by the new parliament ».

He also revealed that «all the groups had agreed at the last meeting on the importance of expediting the formation of commissions after the day of Eid al-Adha, and also send a letter from the House of Representatives to the Government requesting the removal of the budget to parliament for approval, and here is the budget of the priorities of our work now is of importance, and prevent the disruption of the wheel of the government all the citizens, noting that the delay in approving the budget in 2010, was due to intersections of the blocks because of the proximity between the elections and the government turned to the conduct of the business, and delayed negative impact on all aspects of the state, we do not want the ball back again ». Parliament passed in January (January) 2010 budget, which amounted to $ 72.4 billion deficit of $ 19.6 billion, assuming an oil price of $ 62.50 a barrel.

http://www.theiraqio...--2010864-.html

Edited November 17, 2010 by carlablum

[lechesuerte]

Thanks carla!!! GO RV in 2010!!!

[wmawhite]

Finance: Iraq's budget for 2010: 86.4 billion dollars

Wednesday, 17 November 2010 10:35 | |

Detect and Deputy Minister of Finance, the Iraqi Fadel prophet, in previous statements that his country «proposed budget for next year worth 86.4 billion dollars». He added that the Prophet «Iraq has proposed the initial draft budget for 2011 of $ 102 trillion dinars (86.4 billion dollars)» assuming global price of oil at $ 70 a barrel.

Iraq relies on oil revenues to finance about 95 per cent of its budget, and Iraq signed a member of the Organization of «OPEC» agreements with international oil companies could increase production capacity in as little as (6-7) years to 12 million barrels per day from 2.5 million barrels a day at the present time, which may make it a rival to Saudi Arabia, the largest producer of crude in the world. As far as assurances and Undersecretary of the Ministry of Finance «The budget currently before the Council of Ministers and will be submitted to parliament after the formation of committees».

For his part, MP for the Iraqi List, Dr. Osman Aljehici «Middle East» to «Adoption of the budget next year should have been recognized by a month from now, but the delay of its meetings and the crisis in the formation of the government prevented this, as everyone knows that the adoption of the budget requires study sufficient by the Finance Committee for amendment, additions and deletions, then read on first reading by the House of Representatives and again, and then voted upon, and these paragraphs certainly need for a time, and that is not owned by the new parliament ».

He also revealed that «all the groups had agreed at the last meeting on the importance of expediting the formation of commissions after the day of Eid al-Adha, and also send a letter from the House of Representatives to the Government requesting the removal of the budget to parliament for approval, and here is the budget of the priorities of our work now is of importance, and prevent the disruption of the wheel of the government all the citizens, noting that the delay in approving the budget in 2010, was due to intersections of the blocks because of the proximity between the elections and the government turned to the conduct of the business, and delayed negative impact on all aspects of the state, we do not want the ball back again ». Parliament passed in January (January) 2010 budget, which amounted to $ 72.4 billion deficit of $ 19.6 billion, assuming an oil price of $ 62.50 a barrel.

http://www.theiraqio...--2010864-.html

I don't have a calulator with me. But I believe this is the rate................102 trillion divided by $86.4 billion.

[Crookednose23]

I don't have a calulator with me. But I believe this is the rate................102 trillion divided by $86.4 billion.

that be $1.18. while i would be happy with this i think it will come in higher but not much more around the $2 mark.

(side note* the 102,000,000,000,000/86,400,000,000=1180.55, so my 1.18 could be off. wasn't sure where to put the decimal lol)

Edited November 17, 2010 by Crookednose23

[tired_of_waiting]

1180.5555 is not what I've been waiting for

[4000]

Its Trillions to Billions. Not Billions to Billons - Sorry!

[tired_of_waiting]

Then it would be $8.47 and thats fruity

[Crookednose23]

ya, 8.47 would be "fruity" lol

[jerryskinz]

this preliminary budget number is based on the current rate, not the rate of an RV. I guess we were misinformed about the budget reflecting the RV rate. Or maybe they know that if they release the real number based on the RV today that the speculators could eat them alive? I don't really know right now. Should be interesting to see what they say when they formally anounce the budget.

[Crookednose23]

ya...looking at the math again looks more based on the current value lol. oh well waiting some more

[4HisGlory]

This budget number is somewhat compareable to last years budget (if my memory serves me correctly). So now there is a gov't that is formed, plus the contracts, plus the people that are to be compensated, implying the outgoing expenses will be quite a bit higher. just maybe this is still on the old $$ value and on the announcement after is multiplies the RV will be seen. Strictly my opinion! Be Blessed! Go RV!!!!! thanks for the post!!

[is it Monday yet]

I thought we were waiting on the 2011 budget? Wasn't 2010 over and done with in October? I am so confused......

[rick_jb]

Thanks for the poast Carla. GO RV

[SAG]

When Scooter did his analysis (I believe it was the 3rd in the series) he had highlighted that their 2010 budget had been created using the Bahraini rate which was 2.58 at the time of the budget was being created. It's clearly stated it in their article. Yesterday the Bahraini Dinar rate is $2.6391.

Tuesday, November 16, 2010

1 US Dollar = 0.37893 Bahraini Dinar

1 Bahraini Dinar (BHD) = 2.63901 US Dollar (USD)

[pourit]

Thanks Carla...appreciate it. POURITFORWARD