Parliamentary committee gets to work on 2012 budget
10/07/2011 13:40
[link to www.aknews.com]
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
10/07/2011 13:40
[link to www.aknews.com]
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