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Central Bank: 20 trillion dinars budget deficit in 2012
On: Wednesday 25/1/2012 7:36
□ Baghdad / term follow up
of the Central Bank announced that the budget deficit in 2012 is 20 trillion dinars, or 10% of GDP, confirming that the budget deficit by default and can be treated through the stabilization of world oil prices remain above $ 104.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, according to (Rn) that "the budget deficit in 2012 of 10% of the gross domestic product any $ 20 trillion dinars a deficit Default does not require any economic worries because he put on the basis of the price up to $ 85 and energy export 2.6 million per day and the economic outlook indicates that the price of a barrel of oil may fall to below $ 104. "
and added that "the stability of oil prices at this level confirms that Iraq will address the deficit planning in the budget without using any international loans or other."
The benefit of that "the central bank hopes that rising oil production and stabilize the price per barrel and that the institutions implement government investment map well and as planned without any failure and not to return the money allocated for investment, as happened in the budget of previous years.
and announced that the Finance Committee in the House that Iraq will not need to borrow from the IMF, which is hoped to give him $ 4 billion.
The government acknowledged in its emergency meeting in (12/05/2011) budget in 2012 by $ 100 billion (about 117 trillion dinars) and a deficit of up to $ 13.5 billion (about 17 trillion dinars).
It was hoped to proceed with the House of Representatives after the discussion of budget items in preparation for approval by the emergence of political problems hit the legislative institution a kind of inertia. For his part, warned that economic peace Sumaisem of an economic problem, the so-called "stagflation" in the country in the event delayed adoption of the budget leads to lack of absorption of unemployment and delayed implementation of investment projects.
The Sumaisem's Agency (news): The late adoption of the budget and not release financial allocations their time specified will lead to economic problems, many in the country, including the so-called "stagflation" as a result of worsening unemployment and lack of absorption, in addition to their direct impact on investment plans developed by the ministries and departments through the non-release of allocations of the investment budget to it and the continued disbursement of the financial allocations of the things operational.
She Sumaisem: that local markets today are rising prices materials as a result the gap between the supply and aggregate demand, asserting that the delay in adoption of the budget will affect the implementation of many investment projects needed by the country, which would make there is inflation in the markets and the recession in the economic process.
and called for the need to accelerate the adoption of the financial budget for this year to launch financial allocations early to the provinces. and ministries for the implementation of investment projects and avoid a lot of economic problems in the country.
This is today's Iraq is a state of tension in the political arena, making economists worry the impact of political crisis on economic issues at a time when the country is in dire need to implement strategic projects and service it.
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