October 29, 2010Iraqi 2011 budget postponed to next week
Baghdad,The adviser in the Iraqi government announced on Wednesday, that the Council of the prime ministers postponed the reading of the 2011 budget to next week, in order to address the problem of the difference of oil price between the finance and oil ministries.
The Economic Adviser, Salam Qureshi told AKnews that “the Presidency of the Ministers converted 2011 budget file to the Economic Commission to study it well and provide a suitable platform in transferring the funds of the financial budget to the ministries and government service institutions after agreeing on the oil prices.”
“The major obstacle to the 2011 budget is the instability of the price of Iraqi oil, so the Economic Commission will be discussed with the Ministry of Oil and Ministry of Finance next week ways out of this problem and activate a distinct budget that supports the Iraqi economy.”
“The budget in 2011 was $ 86 billion and $ 400 million, assuming the price of oil is $ 70 per barrel, it is facing a real threat because of the insistence of the Ministry of Oil to keep the price of thw exported barrel of oil $ 65, which confuses the budget in 2011.”
The outgoing Iraqi government announced last Friday that it will discuss the country’s general budget for 2011 later this month after the Ministry of Finance finishes from its preparation.
“2011 budget advantage is that it is trying to deal with inflation and the distribution of funds mainly on service projects such as energy, housing and construction, as well as tacklingunemployment and supporting investment.”
The Iraqi Finance Ministry announced last month the finalization of the draft budget for Iraq in 2011, the new budget allocates a large share for investment and supporting the government’s development strategy that will continue for the next four years.
The initial budget for Iraq in 2011 is about 86 billion and $ 400 million, assuming the price of oil is $70 per barrel, an increase of up to 14 billion dollars from the last budget.
In addition to the existing concerns from the delay in issuing the budget for the lack of parliament sessions because of the government crisis, the experts in economists argue that the budget did not address inflation issues.
Many feel that the delay in the adoption of the budget would put the country in another crisis that will reflect negatively on service projects and investment in the country.
The preparation of the financial budgets in the country and its approval delays by the government and parliament is usually taken place because of the many objections and criticism of certain paragraphs like exchange and the financial allocations for some government institutions and the three presidencies.
The parliament had previously acknowledged last January 2010 budget at 72 billion and $ 400 million with a deficit of $ 19 billion and $ 600 million, assuming the price of a barrel of oil at 62 dollars and 50 cents.
http://www.aknews.com/en/aknews/2/191682/
The Economic Adviser, Salam Qureshi told AKnews that “the Presidency of the Ministers converted 2011 budget file to the Economic Commission to study it well and provide a suitable platform in transferring the funds of the financial budget to the ministries and government service institutions after agreeing on the oil prices.”
“The major obstacle to the 2011 budget is the instability of the price of Iraqi oil, so the Economic Commission will be discussed with the Ministry of Oil and Ministry of Finance next week ways out of this problem and activate a distinct budget that supports the Iraqi economy.”
“The budget in 2011 was $ 86 billion and $ 400 million, assuming the price of oil is $ 70 per barrel, it is facing a real threat because of the insistence of the Ministry of Oil to keep the price of thw exported barrel of oil $ 65, which confuses the budget in 2011.”
The outgoing Iraqi government announced last Friday that it will discuss the country’s general budget for 2011 later this month after the Ministry of Finance finishes from its preparation.
“2011 budget advantage is that it is trying to deal with inflation and the distribution of funds mainly on service projects such as energy, housing and construction, as well as tacklingunemployment and supporting investment.”
The Iraqi Finance Ministry announced last month the finalization of the draft budget for Iraq in 2011, the new budget allocates a large share for investment and supporting the government’s development strategy that will continue for the next four years.
The initial budget for Iraq in 2011 is about 86 billion and $ 400 million, assuming the price of oil is $70 per barrel, an increase of up to 14 billion dollars from the last budget.
In addition to the existing concerns from the delay in issuing the budget for the lack of parliament sessions because of the government crisis, the experts in economists argue that the budget did not address inflation issues.
Many feel that the delay in the adoption of the budget would put the country in another crisis that will reflect negatively on service projects and investment in the country.
The preparation of the financial budgets in the country and its approval delays by the government and parliament is usually taken place because of the many objections and criticism of certain paragraphs like exchange and the financial allocations for some government institutions and the three presidencies.
The parliament had previously acknowledged last January 2010 budget at 72 billion and $ 400 million with a deficit of $ 19 billion and $ 600 million, assuming the price of a barrel of oil at 62 dollars and 50 cents.
http://www.aknews.com/en/aknews/2/191682/
*** Budget Next Week ~ Activation of a Distinct Budget that Supports the Iraqi Economy" ...
+ Links - Iraq's Currency and Monetary Policy - "Remove Zeros" ...
