27/12/2010Governor of the Central Iraqi government warns of borrowing
BAGHDAD - A considered Iraqi Central Bank Governor Sinan al-Shabibi, that «the government's borrowing from the bank damage his reputation and performance», calling for the «use of the surplus in the previous budgets, to supplement the current budget», while the proceeds of Iraqi oil for December (Dec) current $ 4.6 billion , the highest in 2010.
Shabibi said on the sidelines of a meeting of the Finance Committee in the Iraqi parliament in the presence of representatives from the Ministries of Finance and Planning: «lending to the government by the CBI involves damage and significant risks to the bank's reputation and performance, and contributes to the weakening of its ability», calling for the «use of the surplus in the previous budgets, to supplement budget in 2011 ». He explained that «the central right to interfere in the development of investment projects through, inter alia, the issuance of treasury transfers.
The meeting discussed the subject of the government's intention to borrow from the central bank five billion dollars to supplement the general budget for 2011, and the issue of investment plans for next year and appointments made in the budget law, as well as projects for the development of regions and raise the standard of living of citizens in the provinces.
The Iraq this month approved the general budget deficit for 2011 reached $ 12 billion, to be covered by the amounts retained from the previous year's budget and borrow internally and externally. The statement said the Iraqi government that the calculation of revenue which is estimated at 66.7 billion due to export of crude oil at a rate of $ 73 per barrel at a rate of 2.00025 million barrels a day.
Furthermore, he stressed adviser to the CBI the appearance of Mohammed Saleh said that the bank plans to build the largest center of financial information and credit transactions for the management of banking and financial affairs, and raise the level of monetary policy and maintain the stability of the Iraqi economy and make it economical to build based on the strong potential-oriented market economy in the sectoral public and private sectors.
On the other hand, Iraq declared that its oil revenues in the month amounted to 4.618billion dollars, which means they are larger this year. According to a statement by the Iraqi Oil Ministry that Iraqi Oil Marketing Organization (SOMO) has sold the crude it produces an average monthly price of $ 80.089 dollars a barrel compared with 77.10 dollars a barrel a month ago.
The statement pointed out that Iraq had issued 1.910 million barrels per day in November (November). This announcement coincided with an invitation, an economist MP Abdul Hadi al-Hassani to increase allocations to the Ministry of oil in the budget next year to develop infrastructure and increase storage capacity and rehabilitation of export outlets, commensurate with the expected increase in oil production in coming years. He warned that Iraqi oil production than eight million barrels per day in the next five years, pointing out that the global market will not absorb such an increase possible.
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