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Iraqi Finance: budget in 2012 will be free from the fiscal deficit
07/08/2011 10:15
Baghdad, August 7 / August (Rn) - The Iraqi Ministry of Finance of the Federal, Sunday, announced that it will file the budget in 2012 to the Council of Ministers in September next and are free of the fiscal deficit.
Komaki haiti, Para, Money The Deputy Minister for Diya Khyoun Kurdistan News Agency (Rn) that "the Ministry of Finance began to prepare the budget in 2012 and which will be submitted to the prime minister in September next month for approval and sent to the House of Representatives for a vote."
He added that "the total amount of the budget is not clear yet, but he adopted the selling price of crude oil on the basis of $ 85 per barrel and exports 2.2 million barrels per day of crude oil."
"The Ministry of Finance and put in place mechanisms to address the budget deficit in 2012 and which will arise from it fully due to the adoption of the ministry on the mechanisms to prevent expansion of the fiscal deficit."
Iraq relies to finance its budget on crude oil, which prepared by economists as a risk in the Iraqi economy because of the failure to diversify its sources and development of industrial and commercial sectors and other development.
The Iraqi Parliament approved in its session thirty-sixth session of the legislative term of the first on the twentieth of the month of February last, most of those present (240 deputies), the federal budget's general in 2011 at $ 82.6 billion dollars after they provided the Finance Committee report on the budget law. "
The Iraqi Council of Representatives had voted on the paragraphs of the budget 47-paragraph, respectively, the most important reduction of the salaries of the three presidencies by 20%, and postpone the reduction of salaries of members of parliament, ministers and vice-presidencies of the three pending the receipt of a special law by the government within the budget year 2011, also voted to cancel the benefits Social presidencies of three fully set forth in paragraph twenty-first part of the budget.
The estimated revenue budget in the amount of (80934790500) thousand dinars (namely eighty thousand, nine hundred and thirty-four billion, seven hundred and ninety million five hundred thousand dinars) with estimated expenditure amount of $ (96,662,766,700) one thousand dinars (Ninety-six thousand, six hundred and sixty-two billion, seven hundred and sixty-six million seven hundred thousand dinars) .
Have been allocated for operating expenses the amount of $ (66596473827) thousand dinars (sixty-six thousand five hundred and Ninety-six billion four hundred and seventy-three million Tmnmaip and twenty-seven thousand dinars) included (14,072,645,224) one thousand dinars (fourteen thousand and seventy-two billion, six hundred and forty-five million two hundred and twenty four thousand JD).
The total planned deficit for the federal public budget for fiscal year 2011 (15727976200) thousand dinars (fifteen thousand seven hundred and twenty-seven billion, nine hundred and seventy-six million two hundred thousand dinars) and cover the shortfall of cash retained from the Federal budget for the year 2010 and internal and external borrowing and the percentage of of savings is expected to increase selling prices or increase oil production.
Iraqi Finance: budget in 2012 will be free from the fiscal deficit
07/08/2011 10:15
Baghdad, August 7 / August (Rn) - The Iraqi Ministry of Finance of the Federal, Sunday, announced that it will file the budget in 2012 to the Council of Ministers in September next and are free of the fiscal deficit.
Komaki haiti, Para, Money The Deputy Minister for Diya Khyoun Kurdistan News Agency (Rn) that "the Ministry of Finance began to prepare the budget in 2012 and which will be submitted to the prime minister in September next month for approval and sent to the House of Representatives for a vote."
He added that "the total amount of the budget is not clear yet, but he adopted the selling price of crude oil on the basis of $ 85 per barrel and exports 2.2 million barrels per day of crude oil."
"The Ministry of Finance and put in place mechanisms to address the budget deficit in 2012 and which will arise from it fully due to the adoption of the ministry on the mechanisms to prevent expansion of the fiscal deficit."
Iraq relies to finance its budget on crude oil, which prepared by economists as a risk in the Iraqi economy because of the failure to diversify its sources and development of industrial and commercial sectors and other development.
The Iraqi Parliament approved in its session thirty-sixth session of the legislative term of the first on the twentieth of the month of February last, most of those present (240 deputies), the federal budget's general in 2011 at $ 82.6 billion dollars after they provided the Finance Committee report on the budget law. "
The Iraqi Council of Representatives had voted on the paragraphs of the budget 47-paragraph, respectively, the most important reduction of the salaries of the three presidencies by 20%, and postpone the reduction of salaries of members of parliament, ministers and vice-presidencies of the three pending the receipt of a special law by the government within the budget year 2011, also voted to cancel the benefits Social presidencies of three fully set forth in paragraph twenty-first part of the budget.
The estimated revenue budget in the amount of (80934790500) thousand dinars (namely eighty thousand, nine hundred and thirty-four billion, seven hundred and ninety million five hundred thousand dinars) with estimated expenditure amount of $ (96,662,766,700) one thousand dinars (Ninety-six thousand, six hundred and sixty-two billion, seven hundred and sixty-six million seven hundred thousand dinars) .
Have been allocated for operating expenses the amount of $ (66596473827) thousand dinars (sixty-six thousand five hundred and Ninety-six billion four hundred and seventy-three million Tmnmaip and twenty-seven thousand dinars) included (14,072,645,224) one thousand dinars (fourteen thousand and seventy-two billion, six hundred and forty-five million two hundred and twenty four thousand JD).
The total planned deficit for the federal public budget for fiscal year 2011 (15727976200) thousand dinars (fifteen thousand seven hundred and twenty-seven billion, nine hundred and seventy-six million two hundred thousand dinars) and cover the shortfall of cash retained from the Federal budget for the year 2010 and internal and external borrowing and the percentage of of savings is expected to increase selling prices or increase oil production.