Iraqi Finance reveal send 400 million dollars to oil companies in Kurdistan

Twilight News / Ministry of Finance revealed on Saturday that it had sent more than 400 million dollars to the Kurdistan Regional Government for the payment of oil to international companies operating on it, pointing out that the deficit will decline in the budget to five trillion Iraqi dinars out of the 14 trillion.

The Finance Minister Rafie al-Issawi said in a statement received for the "Twilight News", a copy of which he was a "positive agreement between central government and the Kurdistan Regional Government has sent the Ministry of Finance $ 427 million for the Kurdish government, so far this year for the payment of international oil companies operating in the region."

The al-Issawi that "the budget deficit will drop to five trillion Iraqi dinars (four billion dollars) by the end of 2014 from 14 trillion dinars (12 billion dollars) expected in 2012 with the benefit of the country to increase oil revenues," noting that "the deficit, according to the ministry's plan in three years until 2014, will decline steadily with the growth of production and exports of oil. "

Baghdad has signed several deals with international oil companies to increase oil output capacity to 12 million barrels per day by 2017 from 2.95 million barrels a day currently, and this would put paid to the ranks of Iraq's largest oil producers in the world.

The Minister of Finance said that "the proposed budget for 2012 which is estimated at one hundred billion dollars, which is still awaiting approval was based on forecast growth rate of five percent in the gross domestic product and inflation at the level of five percent during the year."

And budget deficits of the challenges that limit the ability of Iraq's reconstruction after the conflict that followed the US-led invasion of the country in 2003.


The Iraqi government approved the draft budget in 2012 and is due to the adjournment of parliament within days of final approval.

An official from the Iraqi Central Bank said last month that Iraq's core inflation fell to 6.9 percent in October from 7.3 percent in September.

Iraq and recovering after years of war, sanctions and the oil still dominates the economy and represents 95 percent of government revenue. And began to rebuild aging infrastructure and the need for investments in sectors already divorced.