A settlement with IMF on budget year 2012

[TonyDownTheShore]

Iraq: a settlement with the IMF on the budget year 2012

October 26th, 2011 09:31 am · Posted in NEWS (Iraq & World Currency)

Al-Watan , Iraqis wait benefits added to the withdrawal of the U.S. military is to reduce the operating budget to 55% for the year 2012, which directly affects the employees’ salaries and appointments and the distribution of food through the mechanism of the ration card, and confirms the parliamentarians for «home» The Ministry of Finance reached a settlement with the Fund World Bank on the budget next year after the bow to demands to reduce the price fixed for the Berlmal oil to $80 after that was $85.

A member of the Finance Committee representative Hassan al-Bayati said the settlement had occurred between the Iraqi Ministry of Finance and the World Bank to pass the budget for the year two thousand and twelve, after a request from the Iraqi government to reduce the operational budget from 65% to 55% or 60% after the Bank was objecting to the lack of budget investment amounting to 35% of the total budget and the comments come Bayati MP for Diyala Province, after talking about the ongoing budget amounting to one hundred and thirty trillion Iraqi dinars for the coming year and how will it shape.

http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&sl=ar&tl=en&u=http://almowatennews.com/news_view_28994.html

[TonyDownTheShore]

budget amounting to one hundred and thirty trillion Iraqi dinars for the coming year and how will it shape

Does anybody believe this amount.

[steveflex7]

budget amounting to one hundred and thirty trillion Iraqi dinars for the coming year and how will it shape

Does anybody believe this amount.

I don't believe it for a second

[TonyDownTheShore]

I don't believe it for a second

Me neither, smoke and mirrors

[wpsmit]

Me neither, smoke and mirrors

Smoke on the waters

And mirrors in the sky

[IchDien]

Smoke and mirrors about what? I'm confused...what's the problem and/or issue here

[uncirculd]

Notice they say "benefits". They also say it affects their salaries. They are also waiting for Parliament to return. Maybe to pass that 45 day licensing permit. 55% is huge. So, they lack 35% investments. They say it is a budget at 130 trillion dinars and that is roughly 854 million dollars. So, it sounds like they have been down this road before. Needing more investments. This doesn't seem so bad. Read this article from July, 2011.

So if they need more investments, they need to attract investors, time to RV make the money worth something, get parliament to pass the law to speed up process to 45 days. (If it hasn't) That would attract investors!! Agree??

http://www.iraq-businessnews.com/2011/07/27/iraq-aims-to-lift-2012-investment-budget-to-51bn/

Iraq Aims to Lift 2012 Investment Budget to $51bn

Posted on 27 July 2011. Tags: Budget

Iraq needs to boost its 2012 investment budget to as much as 60 trillion dinars ($51 billion) from a planned 40 trillion dinars, to allow funds for new projects, the Planning Minister, Ali al-Shukri (pictured), told Reuters in an interview on Monday.

“What is being put forth is 40 trillion Iraqi dinars (as the investment budget). We are now trying to increase it to a minimum of 55 or 60 trillion dinars.”

Finance Minister Rafie al-Esawi [Rafi Hiyad al-Issawi, Rafia al-Issawi] said in May the 2012 budget would allocate 40 trillion ($34 billion) for investment projects, with the rest of the proposed 115 trillion dinars budget allocated for government spending.

The proposed change would need to be approved by cabinet and parliament. Shukri said the Finance Ministry had sent the investment budget to the cabinet for discussion.

He said the suggested investment budget for 2012 was not enough to finance existing projects or launch new ones.

The 2011 budget, which was approved in February, allocated $25.7 billion for investment.

“We want to increase it in order to pay for the ongoing (projects) and to create new ones,” Shukri said. “Our goal is to increase the investment budget by 4-5 percent each year.”

(Source: Reuters)

Edited October 27, 2011 by uncirculd