Budget passed!! ***first post***

[nydinardj]

UPDATE 2-Iraq lawmakers approve 2011 budget of $82.6 bln

By Suadad al-Salhy | Reuters – Sun, Feb 20, 2011 10:27 PM IST* Iraq budget projects $13.4 billion deficit

* OPEC producer looks to oil revenue to repair war damage

(Adds details, background)

BAGHDAD, Feb 20 (Reuters) - Iraq's parliament gave final

approval on Sunday to an $82.6 billion budget for 2011 based on

an average oil price of $76.50 per barrel and 2.2 million

barrels per day in crude exports.

The deficit was projected at $13.4 billion, although Iraqi

officials have said the shortfall would be eliminated if world

oil prices remain at current levels. About 95 percent of Iraq's

government budget comes from oil revenue.

Budget shortfalls challenge Iraq's ability to rebuild after

years of conflict following the 2003 U.S.-led invasion that

ousted dictator Saddam Hussein.

The budget allocates $25.7 billion for investments. Iraqi

officials have announced massive projects to build hundreds of

thousands of new homes and to boost electricity generation.

Current power production is just 7,000 megawatts compared to

demand of 12,000 megawatts. Iraq's master plan for electricity

says the sector needs $77 billion of investment by 2030.

The 2011 budget also allocates $2.05 billion to pay oil

firms' investment costs.

The OPEC producer has signed deals with global oil firms

that could boost its output capacity to 8-12 million bpd,

rivalling top producer Saudi Arabia, in about six years. Current

production is 2.7 million bpd.

The budget foresees crude production of 100,000 bpd from

Iraq's semi-autonomous northern Kurdish region.

Iraqi Kurdistan began pumping oil again earlier this month

after a halt of more than a year due to a dispute with the

central government in Baghdad over contracts the region signed

with foreign oil companies.

The Kurdish region had ramped up production to about 80,000

bpd by Friday, sources at Iraq's North Oil Company told Reuters,

but only about 50,000 bpd were being exported, with the rest

feeding domestic refineries. [iD: nLDE71H1OS]

Passage of the budget was held up for months by political

haggling.

Iraq has been hit by a series of protests in recent weeks,

many aimed at pressuring the government to improve power and

other basic services, and to alleviate food shortages.

Politicians have taken a number of steps to ease public

anger. They diverted $900 million from the purchase of F-16

combat jets to the national food ration programme, made big

purchases of sugar and wheat to bolster rations, and proposed

cutting lawmakers' salaries by 50 percent.

http://in.news.yahoo.com/iraq-approves-82-6-bln-budget-2011-20110220-070358-428.html

[paj1985]

Thanks mate.

[jg1]

Looks like your the first to post that the budget did pass, good job.

BAGHDAD, Feb 20 (Reuters) - Iraq's parliament approved an

$82.6 billion budget for 2011 on Sunday, based on an average

world oil price of $76.50 per barrel and 2.2 million barrels per

day in crude exports.

The deficit was projected at $13.4 billion.

(Reporting by Suadad al-Salhy; Editing by Serena Chaudhry)

[CAP1]

http://in.news.yahoo.com/iraq-approves-82-6-bln-budget-2011-20110220-070358-428.html

LOOKS LEGITIMATE TO ME. REUTERS POSTED!!

[tim5400]

how did Rueters get that info before one of our peeps lol

[diligent1]

Excellent find, and thanks for the link also !

Very professionally played.

Now we are talking......

[k98nights]

Approval and ratification are two different things aren't they? I hope this means it's ratified!

[Upgradable]

Holy crap!!!

Who would have thought the first confirmed news was from Yahoo.com????

[nydinardj]

No problem. So far so good. Now we wait on the rate

[wingsofhope]

Thanks!!!!!

[Upgradable]

http://www.reuters.com/article/2011/02/20/iraq-budget-idUSLDE71J01G20110220

Here's the Reuter's link!!!!!!!!!!!!!!!!!!!!!!!!!!!1

[nydinardj]

http://af.reuters.com/article/energyOilNews/idAFLDE71J01K20110220

Haha beat me

[quadraph0nic]

Approval and ratification are two different things aren't they? I hope this means it's ratified!

I second what woody said.

We need to read that they have ratified this thing.

[dflake]

I have been looking everywhere else, have not found a release of ratification "yet".

[diligent1]

Approval and ratification are two different things aren't they? I hope this means it's ratified!

I wondered as well....However it does read "final approval"

Lets hope" ratification" is interpreted as such!

[crazy joe]

Has anyone else noticed that all the article state that iraqs approved budget is in billions not trillions...?

[Silence Dogood]

I noticed at the bottom of the Yahoo article it still said 1$ = 1170 dinar but it was all by itself. Reason?

[Cash187]

It is my understanding that they had to vote for the third time then they will post in the gazette. They couldn't post in the gazette until the third reading. We should be seeing in posted later today or tomorrow, which will mean its ratified!

Somebody correct me if I am wrong, thanks!

[dflake]

It is my understanding that they had to vote for the third time then they will post in the gazette. They couldn't post in the gazette until the third reading. We should be seeing in posted later today or tomorrow, which will mean its ratified!

Somebody correct me if I am wrong, thanks!

I believe you have made a very valid point here. Will propably see some news about it, but does have to be in Gazette for 3 publications.

[nydinardj]

Its on forex too!

[Carrello]

I have been looking everywhere else, have not found a release of ratification "yet".

Ditto....

[Cash187]

Its not live on the Forex though!

[Mongo]

HOLY CRAP .......Batman what does it all mean?(Batman: The JOKER is up to his old tricks again........To the batmobile ROBIN we must save Gothem city

[par72]

if the oil price stays at 85.00 dollars a barrel as it is now their budget is set for 76.00 a barrel leaving a 13billion deficet 85 a barrel will make up the deficit and leave them a 7 billion overage at 2.2 mill barrels a day.

[tbush]

Also on CNBC

http://www.cnbc.com/id/41691215