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Finance Minister: studying the sale of oil on credit to cover the budget deficit
March 5, 2015
BAGHDAD / News Network Iraq said Finance Minister Hoshiyar Zebari said Iraq looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the expected huge budget deficit this Am.
otrajat government revenues with the fall in oil prices at a time waging the Iraq expensive militants organize an Islamic state in the northern and western provinces military campaign, which resulted in a potential shortfall of approximately $ 25 trillion mortgage dinars ($ 21.4 billion) .
oltamoal deficit Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to Sndhat.
orbma also considering raising funds through sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years. Officials say the council of ministers headed by Haidar al-Abbadi sees the proposed interest rate at nine percent too high. And payment of the sharp drop in oil prices Zebari to review the budget for the year 2015 several times to ensure each of them a reduction in the expected revenue from crude exports.
I assumed the final version of an oil price of $ 56 a barrel and exports of 3.3 million barrels Yumia.
ola Iraq's oil exports still since the beginning of the year without the 2.6 million barrels per day due to reasons such as bad weather at the southern export terminals and major exports disappointing from the north through a pipeline operated by Kurds.
But Zebari said that the quantities Ttzaad.oukal Zebari said from his office in Baghdad, "I think people now realize that this budget realistic." He said the proposal to transfer 50 percent of the state banks, the assets of the Central Bank to bonds Seder about five billion dollars and will use Iraq also have rights special drawing for a $ 1.8 billion through the IMF also Ata.
ostafrd government taxes on imported cars and cards, mobile phones and the Internet. And hopes to borrow six billion dollars from state banks and provide two billion dollars by reducing the rewards of government employees who earn Mrtfh.
oukal Zebari salaries "generally try projected deficit through our own resources to cover."
He added Zebari, a Kurd, said the authorities in the capital and the Kurdistan Regional Government quasi independent in the north of the country is still committed to the agreement to export oil despite disagreements about the amount of exports and the Kurds Almedfoat.
oastki that Baghdad did not comply with its obligations to pay them part of government spending, while Baghdad says that only a small fraction of the northern oil fields is transported for export across Trkiya.
oukal Zebari "dealing with different expectations and a lack of confidence. But the agreement coherent and continuous talks. "
He added that the government has turned 250 trillion dinars for the Kurds since the beginning of the year, a small fraction of the amount originally expected.
He hoped to pay the other part, and soon a new round of talks.
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March 5, 2015
BAGHDAD / News Network Iraq said Finance Minister Hoshiyar Zebari said Iraq looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the expected huge budget deficit this Am.
otrajat government revenues with the fall in oil prices at a time waging the Iraq expensive militants organize an Islamic state in the northern and western provinces military campaign, which resulted in a potential shortfall of approximately $ 25 trillion mortgage dinars ($ 21.4 billion) .
oltamoal deficit Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to Sndhat.
orbma also considering raising funds through sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years. Officials say the council of ministers headed by Haidar al-Abbadi sees the proposed interest rate at nine percent too high. And payment of the sharp drop in oil prices Zebari to review the budget for the year 2015 several times to ensure each of them a reduction in the expected revenue from crude exports.
I assumed the final version of an oil price of $ 56 a barrel and exports of 3.3 million barrels Yumia.
ola Iraq's oil exports still since the beginning of the year without the 2.6 million barrels per day due to reasons such as bad weather at the southern export terminals and major exports disappointing from the north through a pipeline operated by Kurds.
But Zebari said that the quantities Ttzaad.oukal Zebari said from his office in Baghdad, "I think people now realize that this budget realistic." He said the proposal to transfer 50 percent of the state banks, the assets of the Central Bank to bonds Seder about five billion dollars and will use Iraq also have rights special drawing for a $ 1.8 billion through the IMF also Ata.
ostafrd government taxes on imported cars and cards, mobile phones and the Internet. And hopes to borrow six billion dollars from state banks and provide two billion dollars by reducing the rewards of government employees who earn Mrtfh.
oukal Zebari salaries "generally try projected deficit through our own resources to cover."
He added Zebari, a Kurd, said the authorities in the capital and the Kurdistan Regional Government quasi independent in the north of the country is still committed to the agreement to export oil despite disagreements about the amount of exports and the Kurds Almedfoat.
oastki that Baghdad did not comply with its obligations to pay them part of government spending, while Baghdad says that only a small fraction of the northern oil fields is transported for export across Trkiya.
oukal Zebari "dealing with different expectations and a lack of confidence. But the agreement coherent and continuous talks. "
He added that the government has turned 250 trillion dinars for the Kurds since the beginning of the year, a small fraction of the amount originally expected.
He hoped to pay the other part, and soon a new round of talks.
[You must be registered and logged in to see this link.]
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