2016 budget austerity in expenditure and an increase in the deficit and devoid of grades

BAGHDAD / JD / .. likely a number of experts and specialists in the financial and economic affairs, free federal budget for 2016 of grades and investment projects and will suffer from the fiscal deficit is estimated at 29 trillion dinars, noting that it austerity and most operating expenses. He says economic expert on behalf of Jamil, that the 2016 budget will be no different from conventional previous budgets, in particular the 2015 budget because of the lack of financial revenue as a result of lower oil prices. He said Jamil told / KD / The drop in oil prices posed a significant obstacle to the development process and make the federal budget lacks the projects through which built the Iraqi economy because of the lack of investment expenditure, expected to be next year's budget austerity in terms of expenses. He called the economic expert to prepare a supplemental budget in the event of improved oil prices to compensate for deferred implementation of projects or stalled due to lack of revenue in the original budget. For his part, confirmed the decision of the Finance Committee Ahmed Hamma Rashid, that "the 2016 budget without new grades except the Ministry of Defence which is not new, but is originally
vacant but need legal cover," noting that "in 2014 was appointed the Ministry of Defense affiliates in 10 thousands of degrees and careers, but not provided for in the 2015 budget which transfers got her, but the Federal Court rejected this, so this has been allocated for the transfer of defense budget to 2016 jobs. " Rashid said in his speech told / Dnnar / "The Council of Ministers returned the draft 2016 budget to the Finance reduce costs to No. viable," he said. "According to our information from the ministry had been some reduction in costs and that means reducing the deficit." He pointed out that "the federal government is waiting for the arrival of a delegation from the Kurdistan region to see how the region's participation in the budget of 2016 and express his opinion in the figures, the amount of oil in the budget planned by the oil, according to the agreement, a 550 000 barrels." He ruled out the decision of the Finance Committee "delay in approving the next working budget in parliament," noting, "I do not think this budget will be delayed in the approval being the reality of the budget and austerity and everyone knows the economic situation of Iraq, so I do not need more time for discussion as the parliamentary finance committee is able to be studied in timings specified time ". As a member of the Committee on Economy and Investment Rep. Najiba Najib, has made it clear that "the government put three proposals to determine the price of oil in the budget of 2016, of which less than $ 45 a barrel and the second $ 45 a barrel and the third more than $ 45 a barrel and this depends on the studies and international expectations and casting that oil prices the next will increase or decrease, or stay the $ 45 level. She said Najib told / JD / that "Iraq's budget usually be optimistic where is the price of oil optimistic doing much of what lead to the Zeya budget deficit financial ones problems unlike some countries, including the Gulf, where lay an oil price pessimist very much for fear of a big drop in oil prices to levels, stressing that the budget will be similar to the 2015 budget in terms of expenditure and the fiscal deficit. The Ministry of Finance has announced that in 16 of last September it had delivered the draft 2016 budget to the cabinet for approval as published in its official website a copy of the draft, but the Council of Ministers decided in its meeting last Tuesday to form a committee to investigate how the leak of this draft to the media. And calculated this draft - also published by the Ministry of Finance - Revenue from export of crude oil on the basis of the average price of $ 45 per barrel and the rate of export of 3.6 million barrels per day, including 250 000 barrels per day of product quantities of crude oil in the Kurdistan region and 300 000 barrels of oil amounts raw product by the province of Kirkuk, and that all revenue actually income once the public treasury of the state to account. She noted that the draft budget to the speculative revenues from Iraq's oil sales for the next year in 2016 estimated $ 59 billion is equivalent to 83% of federal budget revenues. According to figures contained in the draft that the oil revenues and mineral wealth is estimated at 69 Trliuna and 773 billion and 400 million Iraqi dinars, equivalent to about 83% of the total revenue conjecture 84 trillion dinars and add to it the amounts Estimated obtained from the loans and the other to cover the deficit in the budget. This is equivalent to oil revenues, the value of the dollar 59 billion and $ 130 million.