Financial: seek to develop price pessimistic "budget in 2016.. 9/26
Financial: seek to develop price pessimistic "budget in 2016.
Economy/Baghdad The parliamentary Finance Committee announced its quest to develop a "pessimistic" estimate the financial budget for 2016.
Commission rapporteur said Tabitha Rashid in a press statement that "the draft budget 2016 is good and where the barrel price is conservative and we proposed to be pessimistic and to strive for it," adding that "the current conservative price is not in the interest of Iraq that oil prices fluctuate between decline and collapse. "We will demand that the price of a barrel in the budget between 30 and 35 barrels of oil because of expected world prices for this rate.
Draft Finance Ministry was to balance the 2016 submitted to Cabinet last week had calculated income resulting from the export of crude oil based on the rate of  dollars a barrel and an export rate of 3.6 million barrels a day. The draft noted that speculative revenues to Iraq of oil sales next year 2016 are estimated at 59 billion dollars, equivalent to 83% of revenues for the federal budget.
According to figures contained in the draft that the oil revenues and mineral resources estimated at 69 trillion and 773 billion and 400 million dinars, equivalent to about 83% of the total revenue the assessor 84 trillion dinars, in addition to the amounts obtained from the evaluator loans to bridge the budget deficit.
Oil revenue is equal to the value of USD 59 billion and 130 million dollars. It also reported the accounts of the Ministry of finance with the budget deficit rising slightly next year 2016 by 1.5% on the balance last year 2015 of 25%.
The draft budget came to a total expenditure of more than 113 trillion dinars, is low by about 6 trillion dinar budget last year which was 119 trillion dinar budget deficit ratio 2016 amounted to 26.5%, i.e. nearly 30 trillion dinars.