Economist: 2016 budget depends on the export of 3.6 million barrels per day

BAGHDAD / Center Brief for the Iraqi Media Network IMN)) - Alkhbayralaguetsada confirmed on behalf of Jamil Antoine, that the budget in 2016 was based on the export of 3.6 million barrels per day, including 550 000 barrels of Kurdistan 300 000 barrels of Kirkuk.

Said Antoine's (IMN) - check that the sale income of $ 70 trillion dinars on the basis of the price of $ 45 per barrel, with an additional 14 trillion dinars of government fees and taxes, leaving a budget deficit of $ 29.500 trillion dinars.

Antoine said that "the Council of Ministers re-edit the process and cut costs so that it can reduce the budget deficit, which reduces the deficit to 23 trillion dinars, which offset a fait accompli." Noting that "there is not a financial crisis and an economic crisis because it can be the oil that fills the needs and expenses of the State Department but the investment budget has become paralyzed and there is no share of the private sector in it."

He continued Antoine, "there will be a loan from the central bank development banks to lend to the private sector and stimulate industrial, commercial and tourism sectors, services, and this is a good gesture to transfer the economy from oil yield economy into a productive economy to achieve self-sufficiency at home."

Antoine pointed out that the "economy productive contributes to run the manpower and reduce unemployment and poverty and is thus a step forward, but it's not easy, there is a crisis of resources and we hope that the increase in oil prices may be up to 60 or 70 dollars to create us an opportunity to re-draw our policy earlier."

The Council of Ministers has approved yesterday the draft federal budget for fiscal year 2016 Act.