* AK News: Parliament ratified 2011 Iraqi budget (Details Given)

[Cash187]

February 21, 2011 09:37 am · Posted in NEWS (Iraq & World Currency) · Comments Off

Parliament ratified 2011 Iraqi budget

Monday, February 21st 2011 9:00 AM

Erbil, Feb.21 (AKnews)- A Kurdish deputy said Iraqi 2011 budget was ratified at 82,006,000,000 U.S. Dollars Sunday, based on the $76.50 for one barrel of oil and export of 2.2 million barrels per day. He added all financial demands of Kurds were fixed in law.

Said Rasul Khonshnaw told AKnews the bill which contained 48 articles was finalized Sunday, adding $25.7 billion is devoted to 2011 investment.

As for reimbursing the oil exploring foreign companies in the Kurdistan Region, some $2.05 billion has been set in the budget law, according to the lawmaker.

Earlier the Iraqi government did not recognize Kurdistan oil contracts “legal”, therefore, it declined to reimburse the companies. However, Kurds pushed so hard through negotiations at high levels to convince the Iraqi part in this regard.

Kurds further demanded recognition of their armed forces as official and hence required budget for them. “All Kurdish financial demands were met in the budget,” the Kurdish lawmaker said, without giving further details.

Some 150 lawmakers, mainly from Sadr Current, had threatened in case 15% of the budget is not allocated specifically to the Iraqi public, they will not vote the budget. However, the budget was ratified by majority, though that term was not incorporated.

The budget deficiency for 2011 was estimated to be around $13.4 billion.

Iraq lies on the third crude oil reserve in the world and depends on the natural resource for 95% of its budget.

The squabble over power share in the newly formed government as well as disagreements over the share in budget contributed to the delay in 2011 general budget ratification.

The 2011 budget for Iraq is up from $71 billion in 2010.

Reported by Karzan Kanabi

Lh/AKnews

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[Jasperpous]

That's gotta be a good thing; wouldn't you say?

[Crow]

Jas...this is a great thing!!!!!!