$18 billion cut from 2011 Iraqi budget
Friday, October 15th 2010 10:11 AM
Erbil, Oct. 15 (AKnews) – An Iraqi official said on Thursday that some $18 billion will be reduced from Iraq's proposed budget for next year. Posted Image
Speaking to AKnews, Fadhil Nabi, the deputy for the Iraqi finance minister told AKnews that the requested budget for 2011 amounts to over $87 billion but the income of the country falls short of such a sum.
The general budget of the country reached over $71 billion in 2010 while, if ratified, the budget for the coming year may drop to $69 billion.
The education, interior, defense, oil and electricity ministries are prioritized in the budgetary allocations, he said. The budget must first be ratified by the council of ministers and then by parliament.
Iraq depends mainly on oil exports, customs tariffs and taxes for income.
More than seven months after the March parliamentary elections the parliament has not formed the new government but to avoid further complications the current government was announced as a caretaker administration which is not authorized to pass any new bills, including the budget.
Reported by
Lh/Ka/AKnews
http://www.aknews.com/en/aknews/2/188468
Friday, October 15th 2010 10:11 AM
Erbil, Oct. 15 (AKnews) – An Iraqi official said on Thursday that some $18 billion will be reduced from Iraq's proposed budget for next year. Posted Image
Speaking to AKnews, Fadhil Nabi, the deputy for the Iraqi finance minister told AKnews that the requested budget for 2011 amounts to over $87 billion but the income of the country falls short of such a sum.
The general budget of the country reached over $71 billion in 2010 while, if ratified, the budget for the coming year may drop to $69 billion.
The education, interior, defense, oil and electricity ministries are prioritized in the budgetary allocations, he said. The budget must first be ratified by the council of ministers and then by parliament.
Iraq depends mainly on oil exports, customs tariffs and taxes for income.
More than seven months after the March parliamentary elections the parliament has not formed the new government but to avoid further complications the current government was announced as a caretaker administration which is not authorized to pass any new bills, including the budget.
Reported by
Lh/Ka/AKnews
http://www.aknews.com/en/aknews/2/188468