Oil Minister Adel Abdul Mahdi invites Parliament to launch a campaign to encourage investment in oil sectors


expected high rates of oil production for the year 2016 with about 3 million and 700,000 barrels ended House thirty-eighth regular meeting held Tuesday to read the report and discuss the budget in 2016. The Presidency said in a statement that "the Council also voted on a resolution obligating members to follow procedures to amend the law on the national card, specifically article 26 II thereof in accordance with the provisions of the Constitution." The statement said the Parliament postponed the vote on the draft law, submitted by the institution of the martyrs and victims and political prisoners, human rights, and legal hearing next Thursday to address some of the disputed paragraphsAs he finished reading the report of the Council and discuss federal budget bill of the Republic of Iraq for the fiscal year 2016, and from financial and legal committees. And between the Committee's report that the total expenditure budget for 2016 reached {106} trillion dinars compared with $ {119} trillion dinars for the year 2015, i.e. a drop of 11%, indicating that next year's federal budget deficit of capacity {22, 7} trillion dinars, the equivalent of {%} from total expenditure. Oil Minister Adel Abdul Mahdi, during a session of Parliament to launch a campaign to encourage investment in oil and other sectors, as well as promote national investments to offset the shortfall in the budget, increase State revenues. The oil Minister predicted that oil production rates are for 2016 with about 3 million and 700,000 bpd, calling for amendments to licensing contracts, being concluded at a time when oil prices are high. For his part, Finance Minister hoshiyar Zebari on the Government's commitment to provide budget 2016 schedule, adding that the Government had exceeded real concerns on the disabled state, and non-compliance with its obligations to pay staff salaries and other entitlements. Zebari indicated that the Government was able to reduce the deficit from 25% to 22%, adding to the intense meetings with international financial institutions, including the International Monetary Fund, noting that the Council of Ministers would submit an amendment to the budget bill 2016 soon to reduce the deficit by issuing bonds. With planning Minister Salman Al-jumaili of the existence of 4012 investment projects implemented by the provinces through balancing the development of the territories, in addition to the investment projects implemented by 2726 ministries concerned, pointing to the lack of inclusion of new projects on a budget General for 2016, in addition to delete and freeze some investment projects, announcing near termination benefits contractors, and the subject of projects reluctant. With the adjournment of the meeting House Thursday.