| Financial committee to reconsider 2010 speculative budget |
| Financial committee to reconsider 2010 speculative budget |
| Aswat Al Iraq - [7/29/2009] |
| The Financial Committee in the Iraqi Parliament on Tuesday said that it is currently reconsidering a speculative budget for 2010 that is based on an oil price of $60 U.S. dollars. “The committee is interested to develop the budget,” a member of the committee, Shaza al-Moussawi, told Aswat al-Iraq news agency. “It is wrong to base the budget on high figures, even though oil prices are currently on the rise,” Moussawi noted. “The government will be unable to adhere to its commitments if oil prices fall,” she explained. On July 22, the Iraqi minister of finance, Bayan Jabr al-Zubeidi, said that a committee set up to plan the 2010 budget had assumed a crude oil price of $60 a barrel. The minister noted that the figure was based on a thorough analysis of international markets. Iraq’s 2009 federal budget, totaling $62 billion U.S. dollars, had been based on an oil price of $80 a barrel, which was later scaled down to $50 in the aftermath of the drop in international oil prices. The minister had indicated that the boom in Iraqi oil exports, which he said are expected to reach 2.15 million barrels per day (bpd), in addition to the increase in tax and customs revenues, will help support the country’s federal budget |
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