Approval of the draft budget for fiscal 2016 Act
By Ziad al-Haidari 5 hours ago 10-18-2015

Roudao - Erbil

Iraq's cabinet approved on Sunday 10/18/2015 the financial budget for the 2016 law, in its extraordinary day.

According to the draft budget that the total expenditure of more than 113 trillion dinars, which is low by about six trillion dinars from the budget last year, which was 119 trillion dinars The 2016 budget deficit ratio stood at 26.5%, or about 30 trillion dinars.

According to the Ministry of Finance accounts, up slightly for the budget deficit next year in 2016 by 1.5% from last year's budget in 2015, which was of 25%, has calculated the revenues derived from the export of crude oil on the basis of the average price of 45 dollars 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 product quantities of crude oil through the Kirkuk province, and that all revenue actually a final revenue of 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.