CBI Thirty Trillion Dinar Surplus Budget Frozen

[rocketman2010]

http://don't promote other sites.wordpress.com/2010/12/27/cbi-30-trillion-dinars-surplus-budgets-frozen-by-banks-government-financial/

[cgbrown]

your link is incomplete: copy and paste the article is the best way to share it.

[sortarius]

NOTE: I did not see a link to a "news" article where this originated.

Close to Maliki, it says the consequences of «final accounts» and demands that the House of Representatives discussing

The source said a senior central bank, on Sunday, and there are at least 30 trillion dinars surplus money held by the Ministry of Finance in the government banks, called for a parliamentary close to Prime Minister Nuri al-Maliki, the House of Representatives to discuss the frozen funds in conjunction with the introduction of the general budget, noting to be part of a file final accounts which is still unresolved.

And said Osama al-Chairman of the Board of Representatives at a meeting on Sunday to postpone the discussion the first reading of the draft budget of 2011 to today’s meeting Monday to make way for the purpose of the Finance Committee a draft of proposed amendments to the project.

The government passed an early December the current budget deficit in 2011 amounted to 12 billion dollars will be covered by the amounts retained from the previous year’s budget and borrow internally and externally.

He said a government statement that the projected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, also pointed out that the calculation of income resulting from export of crude oil at a rate of $ 73 a barrel at a rate of 2.00025 million bpd, of which 150 thousand barrels from the territory of Iraqi Kurdistan.

A senior source at the central bank said in a statement to “the world” on Sunday, “there are at least 30 trillion dinars (about $ 27 billion) surplus money from the successive budgets, maintained by the Ministry of Finance in the government banks.”

He preferred not to be named to the sensitivity of the information given by that “most of the ministries and state-owned enterprises with funds deposited in state banks away from the eye of control and not subject to scrutiny and accountability”, calling for “re-launch of these funds huge within the next budget instead of talking about external borrowing to meet the deficit.”

The source pointed out that “the reserve requirement imposed by the central bank to banks and the 15% of the deposits, confirmed the presence of this huge amount at the disposal of the Ministry of Finance,” saying “run away for a declaration that something is unhealthy, and must be addressed clearly.”

He denied that the fiscal surplus is a central reserve, emphasizing the “possibility to fill the money frozen a large part of the deficit announced by the government in the general budget.”

The source attributed the high survival of billions of dinars under wraps to “poor financial management, because the deficit units in the Ministry of Finance does not know the size of cash flows owned by the ministry, and this is due mainly to the failure of the accounting system in Iraq, which should speed up development.”

The official said the Central Bank in his speech for “the world” by saying that “the central bank is under pressure from many sides,” asserting that “the Iraqi constitution does not allow lending to the government of the Central Reserve only in case of emergency too.”

The Office of Inspector General, the U.S. opposed the Iraq given financial assistance to support and train the security forces, noting in a report released last summer to acquire Baghdad backed up significant financial does not deserve him any U.S. aid, but that the Iraqi government denied having money than those deposited at the Central Bank.

For his part, called on Deputy Prime Minister close to the House of Representatives to “the need to discuss the frozen funds in government banks,” pointing to it as “a file from the consequences of closing accounts that are still unresolved.”

While not denying the existence of surplus funds, said the National Alliance MP Abdul-Hadi al-Hassani said “the House of Representatives to claim the final accounts to illustrate the size of government expenditures since 2003,” but he admitted “it could not link the approval of the final budget accounts.”

Hassani said that “the parliamentary session witnessed repeated claims directed to the Ministry of Finance to submit the final accounts of the past years, but many circumstances have prevented the achievement of this requirement.”

He attributed that to several reasons, most importantly, “the security situation, and the conflict between the government bureaucracy and the Iraqi constitution, which encourages investment and reconstruction in the country.”

He said a member of the National Alliance that “the state institutions failed during the past years to encourage the private sector, but rather looks at him with suspicion, and this is what has hampered the growth of the private sector, and stressed from the grip of institutions on financial allocations to the provinces that lack turn to the human resources to implement their plans.”

Hassani said that “mental central governing institutions of the state contrary to the Constitution, which encourages decentralized market economy, and gives wide powers to the parties, all that we missed many opportunities to develop the country and invest financial and human resources.”

“We must at the House of Representatives to answer for the frozen funds that have not been cashed from past budgets in conjunction with the discussion of the budget in 2011.”

And on the feasibility of external borrowing, the government intends to use him to fill the projected shortfall in the general budget, “said MP close to Prime Minister” borrowing is not negative all the time, especially if not accompanied by significant benefits and conditions as expensive as in the case of loans provided by international financial institutions for Iraq “.

He added, “Add to this that the loans include a dimension to help Iraq’s economy to achieve further growth, institutions international help economies and promising of our domestic economy.

And some begging for loans, while these institutions are offering to give Iraq loans soft like a grant.”

He stressed that “the world is betting on the experience of Iraq, does not allow failing because it has the dimensions of political and security are linked to international peace and security.”

[Jim1cor13]

http://don't promote other sites.wordpress.com/2010/12/27/cbi-30-trillion-dinars-surplus-budgets-frozen-by-banks-government-financial/

Sorry for the long post...but I think this is the text of his link attempt...it is from currency newshound, not meaning to promote

any other site...oooops...sorry, did not see the previous post...thank you!

Close to Maliki, it says the consequences of «final accounts» and demands that the House of Representatives discussing

The source said a senior central bank, on Sunday, and there are at least 30 trillion dinars surplus money held by the Ministry of Finance in the government banks, called for a parliamentary close to Prime Minister Nuri al-Maliki, the House of Representatives to discuss the frozen funds in conjunction with the introduction of the general budget, noting to be part of a file final accounts which is still unresolved.

And said Osama al-Chairman of the Board of Representatives at a meeting on Sunday to postpone the discussion the first reading of the draft budget of 2011 to today’s meeting Monday to make way for the purpose of the Finance Committee a draft of proposed amendments to the project.

The government passed an early December the current budget deficit in 2011 amounted to 12 billion dollars will be covered by the amounts retained from the previous year’s budget and borrow internally and externally.

He said a government statement that the projected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, also pointed out that the calculation of income resulting from export of crude oil at a rate of $ 73 a barrel at a rate of 2.00025 million bpd, of which 150 thousand barrels from the territory of Iraqi Kurdistan.

A senior source at the central bank said in a statement to “the world” on Sunday, “there are at least 30 trillion dinars (about $ 27 billion) surplus money from the successive budgets, maintained by the Ministry of Finance in the government banks.”

He preferred not to be named to the sensitivity of the information given by that “most of the ministries and state-owned enterprises with funds deposited in state banks away from the eye of control and not subject to scrutiny and accountability”, calling for “re-launch of these funds huge within the next budget instead of talking about external borrowing to meet the deficit.”

The source pointed out that “the reserve requirement imposed by the central bank to banks and the 15% of the deposits, confirmed the presence of this huge amount at the disposal of the Ministry of Finance,” saying “run away for a declaration that something is unhealthy, and must be addressed clearly.”

He denied that the fiscal surplus is a central reserve, emphasizing the “possibility to fill the money frozen a large part of the deficit announced by the government in the general budget.”

The source attributed the high survival of billions of dinars under wraps to “poor financial management, because the deficit units in the Ministry of Finance does not know the size of cash flows owned by the ministry, and this is due mainly to the failure of the accounting system in Iraq, which should speed up development.”

The official said the Central Bank in his speech for “the world” by saying that “the central bank is under pressure from many sides,” asserting that “the Iraqi constitution does not allow lending to the government of the Central Reserve only in case of emergency too.”

The Office of Inspector General, the U.S. opposed the Iraq given financial assistance to support and train the security forces, noting in a report released last summer to acquire Baghdad backed up significant financial does not deserve him any U.S. aid, but that the Iraqi government denied having money than those deposited at the Central Bank.

For his part, called on Deputy Prime Minister close to the House of Representatives to “the need to discuss the frozen funds in government banks,” pointing to it as “a file from the consequences of closing accounts that are still unresolved.”

While not denying the existence of surplus funds, said the National Alliance MP Abdul-Hadi al-Hassani said “the House of Representatives to claim the final accounts to illustrate the size of government expenditures since 2003,” but he admitted “it could not link the approval of the final budget accounts.”

Hassani said that “the parliamentary session witnessed repeated claims directed to the Ministry of Finance to submit the final accounts of the past years, but many circumstances have prevented the achievement of this requirement.”

He attributed that to several reasons, most importantly, “the security situation, and the conflict between the government bureaucracy and the Iraqi constitution, which encourages investment and reconstruction in the country.”

He said a member of the National Alliance that “the state institutions failed during the past years to encourage the private sector, but rather looks at him with suspicion, and this is what has hampered the growth of the private sector, and stressed from the grip of institutions on financial allocations to the provinces that lack turn to the human resources to implement their plans.”

Hassani said that “mental central governing institutions of the state contrary to the Constitution, which encourages decentralized market economy, and gives wide powers to the parties, all that we missed many opportunities to develop the country and invest financial and human resources.”

“We must at the House of Representatives to answer for the frozen funds that have not been cashed from past budgets in conjunction with the discussion of the budget in 2011.”

And on the feasibility of external borrowing, the government intends to use him to fill the projected shortfall in the general budget, “said MP close to Prime Minister” borrowing is not negative all the time, especially if not accompanied by significant benefits and conditions as expensive as in the case of loans provided by international financial institutions for Iraq “.

He added, “Add to this that the loans include a dimension to help Iraq’s economy to achieve further growth, institutions international help economies and promising of our domestic economy.

And some begging for loans, while these institutions are offering to give Iraq loans soft like a grant.”

He stressed that “the world is betting on the experience of Iraq, does not allow failing because it has the dimensions of political and security are linked to international peace and security.”

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Hope that helps.... Thank you rocketman for enough info to find it with a little digging.

All my best to everyone!

Jim

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Edited December 27, 2010 by Jim1cor13

[tjmunson]

Any chance these 30 trillion dinar are the smaller denomination notes that will be put in play once the RV takes place? hhmmmmm.....

[Chip Chandler]

Transparancy is a new concept for Iraq.