Iraq Decides to review the budget of 2012 at the light of the observations of the International Monetary Fund
19/10/2011 08:58


Iraq Decides to review the budget of 2012 at the light of the observations of the International Monetary Fund

Baghdad, October 19 / October (Rn) - The economic adviser in the Iraqi government federal, Wednesday, the cabinet decided to review the draft budget in 2012 of the comments of the International Monetary Fund.

The chancellor said Salam al-Quraishi, told the Kurdish news agency (Rn) that "the Iraqi government decided to review the draft budget in 2012 before approval of the Council of Ministers for evaluation, taking observations of the International Monetary Fund and in particular the increase in operating expenses, which amounted to 80%."

He added that "the balance of 2012 will be more liberal and economic benefit of the budget in 2011 and will implement the projects for economic development and contribute to the support of the local private sector and create jobs."

He explained that he "hoped that the final image to be passed before the holiday Eid al-Adha and sent to the House of Representatives for discussion and approval before the start of next year."

He noted that "the International Monetary Fund criticized the budget in 2012 he submitted last week for failing to raise the level of the value of capital expenditures compared to the value of operating expenses, which are supposed to be 30% instead of 20% is becoming a valuable operational 70% instead of 80% within the budget 2012 "

He said the government will discuss the mechanisms to support fiscal policy in Iraq and raise the level of development. "

A number of analysts and experts in economic affairs that the objections of the International Monetary Fund to finance the Iraqi budget for 2012 assumes a logical and modified from the government before they vote and sent to the House of Representatives.

The Iraqi government announced that Iraq's budget for next year 2012 will amount to $ 112 billion, up 36% from the current budget year 2011, but a deficit of $ 20 billion and he has been allocated $ 17 billion for security and armament.

The government spokesman Ali al-Dabbagh has made a press statement earlier last month (18/09/2010) that the Cabinet discussed at its extraordinary bill the federal budget for 2012 noting that he has been allocated $ 131 trillion Iraqi dinars ( $ 112 billion) total federal counterbalance an increase of 36% from last year.
Al-Dabbagh said that "total federal income amounted to 107.7 trillion dinars (about $ 92 billion) deficit total of $ 23.3 trillion Iraqi dinars (20 billion dollars) are covered by the amounts of cash retained from the current year budget 2011 is internal and external borrowing and the proportion of of the savings expected from the increase in selling prices or increased oil production or borrowing from the IMF and the World Bank. "

Dabbagh said that the budget include: allocation of $ (20) trillion Ddinrltaziz security, stability and capacity-building of military and security .. And $ (11) trillion dinars and expenditures for compensation and the amount of debt (15) trillion dinars for support to social groups and the amount of (4.3) trillion dinars for support to public companies and self-funded bodies.

He explained that he was allocated an amount of (570) billion dinars for the agricultural sector and the amount of (5) trillion dinars for the industrial sector, energy and the amount of (269) billion dinars for the transportation sector and $ (10.5) trillion for the education sector. How much was allocated an amount of (4.3) trillion dinars for reconstruction and development projects, regions and provinces and the amount of (1.6) trillion for projects related to petro-dollars to the provinces producing oil and rotate the amounts that are not disbursed in 2011.

Al-Dabbagh that the draft budget includes the exemption of all citizens of the amount of interest on loans granted to them by each of the (Real Estate Bank, Agricultural and Housing Fund) and to continue to grant these loans without interest to citizens. "
Economists and experts predict that delayed the budget in 2012 in the House of Representatives because of political differences between the parliamentary blocs typically arise with a discussion of financial budgets annually.

Iraq relies is a member of OPEC on oil revenues to finance about 95% of the annual budget

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