Parliament starts work on 2012 Budget

[Great199]

Parliamentary committee gets to work on 2012 budget

10/07/2011 13:40

Baghdad, July 10 (AKnews) – The parliamentary committee for financial affairs has started working on the 2012 federal budget bill in consultation with key ministries, says a committee member.

MP Najiba Najib told AKnews that the budget is being drafted on the assumption that Iraq will export - on average - 2.5 million barrels of crude oil per day at $85 per barrel.

Najib assured that the fluctuating price of crude oil on international markets has been taken into account.

The committee is determined to have the bill ready on time, Najib said, as any delay would negatively affect the work of the council of ministers.

Parliament only finalized the 2011 budget bill (standing at $82.6 billion with a $13.3bn deficit) in mid-February after a dispute-driven nine-month delay in the formation of the current government.

Iraqi sits upon the fourth biggest oil reserves in the world which constitute 95% of the country’s economy.

The Oil Ministry recently announced Iraq exported 2.274 million bpd in June, compared to 2.249m in May.

By Haidar Ibrahim

Lh/Ka/AKnews

[easyrider]

so to start a new budget already they have to know what the rate will be for the dinar i mean it only makes sense and implement it before the budget is passed.

Edited July 10, 2011 by easyrider

[steveflex7]

Good point easy...makes sense to me

[paj1985]

so to start a new budget already they have to know what the rate will be for the dinar i mean it only makes sense and implement it before the budget is passed.

That was stated on last years budget easy, but iraq dont do logics. I dont think it will be any different this time.

[Dinar Buddy]

Bogus... Where the link. We need to also tracking overtly post that claims is it is news.

Wake up everyone.

[11 Bravo]

so to start a new budget already they have to know what the rate will be for the dinar i mean it only makes sense and implement it before the budget is passed.

Unfortunately not.

Completed thisyears budget and everyone used that logic proclaiming the RV.

Did not happen.