The real value of a barrel of oil $ 20 after the deduction of corporate shares
By: wab1
Date: Wednesday, 02-09-15 02:57 am

Baghdad-Basheer Al-araji
The parliamentary Finance Committee revealed serious information concerning Iraq, economy

Which is linked to the sale of oil, as the largest State budget funded lost them $ 350 billion in 12 years of corrupt projects funds went into the pockets of State officials from the first line.
Those funds, according to a member of the parliamentary Finance Committee najeeba Najib, was dedicated to service projects in addition to energy projects, but spent in other areas, such as commissions on lmtnfzein led to the wastage. Najib said in her talk for "Baghdad" that "what we experience today of the problems of financial, economic and social is the inevitable result of the failure to invest the money in place, the planning Ministry has provided us with details of the projects, many of which proved to be opaque, because corruption and special interests and commissions at the horizontal level as employees add to people with high positions", stating that "this has led to the absence of services and wastage of huge financial value exceeded $ 350 billion since 2003.
With regard to the high fiscal deficit ratio more than doubled, according to a member of the parliamentary Finance Committee that "the 2015 budget deficit reached 23 trillion dinars, and rose to 56 trillion dinars, for that amount I expected when oil prices were estimated in the budget, $ 56 per barrel, but the price of oil dropped below $ 40. Najib followed by saying "If you calculate the cost of foreign companies operating in Iraq and that extract oil, barrel value limits of $ 20 which is what goes into the State Treasury from oil money".
The increase in general budget deficit came because of continuing lower oil prices than anticipated in the budget ", asserting that" the existing deficit, pushing the Prime Minister to reduce public expenditure, and to take administrative and financial reforms that will reduce the financial pressure on the budget, including the cancellation of Vice Presidents and Ministers and merge ministries and reduce salaries and curtail protections for officials. "

And parliamentary Finance Committee member stressed that "Iraq now depends on oil exports as a key resource for balanced, other income tax and taxes are not activated well and is not equal to 3% of the value of the balance should be increased to 15% to be able to support the budget additional funds." Najib stressed that "more than expenditures in the State, is war on daash, through the allocation of funds for salaries and equipment and the requirements of combatants on battlefields, in addition to expenditure on the purchase of arms and ammunition in the war is costing huge sums."
She said a member of the Finance Committee that "expenditures in Iraq, low income, and could the Government through reformist actions cover part of the deficit and reduce costs to lower rates, but they will not be able to bridge the deficit with continued low oil prices."