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The budget for 2009 and the global financial crisis

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Economics: The budget for 2009 and the global financial crisis

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الاقتصادية : موازنة العام 20092009 والأزمة المالية العالمية
Economics: The budget for 20092009 and the global financial crisis

(This Article Headlined 27/10/09)
Hilal Taan
Should emphasize the fact receive the Iraqi economy to the effects and implications of the global financial crisis must, therefore, the adoption of treatments necessary for a number of issues, particularly the decline in crude oil prices and their impact on the federal budget for 2009.

Should be recognized that the global financial crisis led to a review of the total federal budget in 2009 and reduced revenues anticipated in the first of the 80 billion to $ 67,5 billion, assuming an export price for Iraqi oil source of 62,5 dollars per barrel instead of the assumed price of previously $ 80 dollars a barrel.
It was then a second reduction to 62,5 billion U.S. dollars and then got the third to the reduction of 58,5 billion dollars on the basis of the price of oil $ 50 a barrel by exporting 2 million barrels a day.
Therefore, the deterioration of oil prices make thinking turns in another direction, Vemoazinp 2009, was corrected several times with the drop in oil prices in the sense that the Iraqi budget fluctuate as oil prices fluctuated in the world, despite the increase in non-oil revenues.
This means that the oscilloscope budgetary policy suffers from difficulties in the light of oil price fluctuations is known that the budget assigned by the fixed and variable cost fixed Falclv difficult unshakable, because it includes wages and salaries and bonuses pension allocations with the ration card and the amount of aid Moving so be on the changing costs.
حيث بلغت نسبة التخفيض 29% في الموازنة التشغيلية فيما بلغت 15% في الموازنة الاستثمارية.
There are many sectors were not affected by cutting the budget for 2009, namely:
1 the salaries of employees and retirees.
2 compensation displaced evacuees and confiscated money and property by the former regime of any funds allocated to the property disputes.
3 mortgage loans, commercial and Trade Bank of Iraq is on commercial loans and the Rafidain Bank and other banks that give loans, business and housing departments of the self-financing and Atatmd on the federal budget as companies and the Ministry of Industry and Minerals and oil.
So we think that, barring extraordinary collapse in the world and Iraq are on the current situation will not affect the scope of the financial situation because it has a fiscal surplus, and if committed to balancing without additions, everything will go fine, after the improvement in crude oil prices higher installed to $ 60 per barrel.
Can also be considered as components of the general budget constraint on monetary policy as monetary policy is a restriction on the general budget and the relationship syndrome and therefore must be consensus between monetary and fiscal policy.
The positive thing in the 2009 budget is the lack of political deals for approval and received in the previous budgets.
Were not the Ministry of Finance is responsible for the delay in ratification of the budget has been prepared by the Ministry was sent to the cabinet under the letter of the Ministry of Finance No. 7530 in 2009/9/17 before the scheduled approximately two months under the law of financial management, public debt, No. 95 of 2004, which provided to send the budget to the Council of Ministers by 15 / October of the year preceding the budget.
The reasons for the delay in approving the budget for 2009 due to the difficulties and challenges, some of them technical because the global financial crisis and some political because of political disputes between the parties involved in the political process.
Also did not release specific amounts of the budget due to delays in the leadership selection process provincial councils, which only ended after a period of three months from the election.
The estimated budget by $ 50 per sand at a rate of 2 million barrels daily average of export was the Ministry of Finance is correct in its estimate of the price of a barrel of oil where the price of a barrel of oil higher installed to $ 60 a barrel, so the estimate was realistic and not according to wishes and dreams and away from the fact data is also expected some of the wrote messages to phishers in troubled waters.
Everybody should know that the deficit is located in the 2009 budget deficit is planned and not an actual deficit and thanks to the increase in the volume of exported crude oil and the price of oil has been eliminated the deficit and would be issued a supplemental budget of $ 3 billion of the surplus generated in the event that oil prices remain at What is it now.
2009 budget aims to achieve the following:
1 to achieve stability and security and law enforcement throughout the country
2 satisfy the basic needs of citizens.
3 to increase human capital by paying attention to the Ministries of Education and Health.
4 focus on the reconstruction of infrastructure that provide the necessary economic construction and basic services.
5 to tackle unemployment through the implementation of investment projects.
6 continue to give small loans and affordable for unemployed graduates to enable them to find investment opportunities and the elimination of unemployment.

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