Iraqs budget to be acknowledged

[AlohaTime]

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Palm – at a time in which it called non-governmental economic institutions need to accelerate the adoption of the budget next year (2011 m)

And reduce operating expenses, leading to less value deficit, said Iraqi member of parliament for the Iraqi List, Osman Aljehici, that the political blocs agreed among themselves and during the meeting on Saturday to end the formation of parliamentary committees and authorize the Finance Committee to study the budget next year for approval during the few weeks following the day of Eid Al-Adha.

And has already announced that the Iraqi Finance Ministry to provide the completion of the budget next year of $ 86.4 billion dollars, which is higher than the current 14 billion dollars.

The Center for Economic Information in a statement that while welcoming the Centre healing held the House of Representatives, the next task which is supposed to fall on his shoulder is the rapid formation of special committees to perform the tasks, including the Economic Committee, which is their job to read the general budget and the preparation of the proposed amendments to its vocabulary, which has become necessary to put forward for discussion and approval in order to avoid delays in the budget last year, in addition to requiring the Ministry of Finance prepare a budget concluding after each fiscal year to clarify the magnitude of Almdorat financial and size of the actual costs and mechanisms to cover the budget deficit, which is proper mechanisms must be followed in the calculation of the budget to accurately estimate the deficit is real and objective.

He added: PCHR urges the Council to speed adoption of the budget, he appealed in the same time, further scrutiny of the items of expenditure, operational and trying to reduce operating expenses, including not affect the performance of State-General, to reach the lowest value deficit as possible in the budget, under the Declaration advance for the possible arrival of the budget deficit to 18 trillion dinars (more than 15 billion U.S. dollars) for the current year, despite predictions of growth of Iraq’s oil exports, and thus the growth of revenues from oil sales. Detection and Undersecretary of the Ministry of Finance, the Iraqi Fadel, a 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 that the adoption of the budget next year should have been recognized by a month from now (a month ago), 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 sufficient consideration by the Finance Committee to amend The additions and deletions, then read on first reading of 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 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 every respect citizens, pointing out 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.

For his part, said an expert CBI appearance of Mohammed Saleh, told «Middle East» that «the subject of speculation Iraq’s budget for next year a very complex issue, and adopt a number of scenarios, including expected daily average for the capital markets and oil markets, and prospects for the next stage was between (80-85 dollars) a barrel within a market (OPEC), and in Iraq less than a rate of $ 7 for the global market expectations.

He pointed out that Iraq’s budget relies primarily basic sale of petroleum, that is, with one source, and last year was expected sale of 2.15 million barrels a day, and current rates of production are still low, and without two million for many reasons related to export and transmission lines, etc. ».

And on exaggerated expectations next year budget, said the appearance: «There are two items in the budget, the two share operational and investment, and here we must think about how much we will be able to reduce in the first and lifting the second for the purposes of development and investment in particular, and we set the growth rate of 9.4, a rate that ambition is converging with the rate of China .

The current government is also facing a wave of criticism over the failure to submit the final accounts of the budgets of government since 2005 and until now, there are claims to refer the subject for regulators and the judiciary, because these accounts must be discussed and ratified by Parliament. It also asked the Ministry of Electricity and the allocation of 7 trillion and 806 billion dinars (6.7 billion dollars), within the next year budget, to cover the expenses of the project, approved by the Government in the development of the electricity sector.

This was announced by Sri Musab, a teacher at the official spokesman for the ministry, adding that the Ministry of Planning has proposed the allocation of five trillion and 266 billion and 650 million Iraqi dinars ($ 4.5 billion) investment as a counterbalance to the Electricity Ministry, promised a big budget, compared to previous years. He emphasized that the amounts are insufficient to accomplish the investment projects of the Ministry, pointing out that there are amounts owed by the ministry, within the projects carried out during the current year and prior years, including two billion and 925 billion dinars from the treasury, and it must be returned to the state treasury in the next year, as that the ministry is obliged to pay other amounts due and payable in 2011.

[SteveI]

Very positive news article. The pieces of the puzzle are almost completed! Thank you for sharing this with us.

God Bless and Happy Holidays to all.

[Maynard57]

Very positive news article. The pieces of the puzzle are almost completed! Thank you for sharing this with us.

God Bless and Happy Holidays to all.

Yes very good find. Lots of substance in this one.

Maynard

[jfv]

Great Article...thx for posting

Janine

[Pegleg]

Thank you for the post AlohaTime

[honugirl]

Awesome news....thanks for posting AlohaTime!

[cjbiggs]

thanks for the post!