Parliamentary financial stresses the need to comply with the objections of the International Monetary Fund to balance the 2012
15/10/2011 13:08

Baghdad, October 15 (AKnews) - The Finance Committee of the Iraqi Council of Representatives, Saturday, she is studying the objection made by the International Monetary Fund deficit schematic of the federal budget law for 2012

The Committee member Haitham al-Jubouri told the Kurdish news agency (Rn), "The Finance Committee will hold a meeting early this week to study the objection of the International Monetary Fund, which focuses on the acquisition of the high proportion of the budget at the expense of Lot investment budget."

He Jubouri that "the Finance Committee in the House of Representatives will host the economists Iraqi and international reach to see mature to address the objection IMF, which conditioned its continued support for Iraq to reduce the proportion of the operating budget and raise the proportion of the investment budget in the law of the federal budget for next year."

He stressed, saying that "Iraq is obliged to respect the observations made by the International Monetary Fund if Maarad continued financial support for that will seek the House of Representatives together with the Government to reduce the operating budget of 72% paid 28% of the budget investment of the total budget in 2011 to 67% operating compared to 33% investment in the budget of 2012, despite the difficulty of the task that the government and the House of Representatives required to do the move before losing an important element in support of fiscal policy in Iraq in reference to the International Monetary Fund "

Experts are critical in the affairs of the economy the high proportion of the budget operating at the expense of the investment budget in Iraq, which witnessed the budgets the past years, figures and described Balkiesah regardless of public funds in accordance with the budgets of operational witnessed the 2007 budget 79% operating against 21 investment fell in 2009 to 76% operational for 24 % investment.

He Jubouri "IMF objected also to the price speculative oil and adopted by the Ministry of Finance to guess the general budget for 2011 is $ 85 per barrel and not situation into consideration the volatility of expected oil prices in the global market especially with the political and economic upheavals taking place in the world and called for a price my guess another commensurate with those fluctuations expected "

The International Monetary Fund has expressed his objection in a letter sent to Prime Ministers and the House of Representatives on the mechanics of the drafting of the federal budget for 2011, which was characterized by helplessness diagram according to the vision of the International Monetary Fund,
The Ministry of Planning has announced earlier that the budget in 2012, up an estimated 36 percent from the previous year but the budget deficit estimated at $ 20 billion.