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Strategy for future budgets. Reduce the level of disability and extinguish loans and
July 9 2011
Mechanism for protecting Iraq funds abroad
Baghdad Al-Sabah
In search of the sixteenth meeting of the Special Committee to develop a mechanism to protect the funds of the Iraq issue alternative to the Development Fund for Iraq, Senior Economic Affairs Committee examines the strategy of the federal budget for the next three years.
According to a statement by the Office of the Deputy Prime Minister for Economic Affairs, received the "morning", said the meeting which was chaired by Roj Nuri shawis as well as research into the mechanisms of action of the Fund after international protection on 30 June last, in the light of the US presidential protection these funds until the end of the year.
It was discuss the disappearance of 17 billion dollars in Iraqi funds during the period of the Coalition, where it collects the information available to the ministries of Foreign Affairs and finance and the Central Bank and the Office of financial supervision for the purpose of preparing a detailed report to be submitted to the Iraqi Government. "
In the meantime, the Economic Affairs Committee, discussed at a meeting chaired by shawis federal budget strategy for the next three years (2012-2014).
According to a statement by the Office of the Deputy Prime Minister that the Economic Affairs Committee, which includes the Ministers of finance, oil, trade and Agriculture and President of the Office of financial supervision and the President of the national investment Commission, Deputy Secretary-General of the administrative and financial affairs and representatives of the Ministry of finance, industry and minerals and the Ministry of planning and the Central Bank of Iraq discussed during the meeting the President of the federal budget lines provided by the Ministry of finance.
The statement said the new budget strategy provided by the Ministry of finance tend towards reducing the deficit gradually go into investment and stimulate the private sector in order to create jobs instead of creating career levels to address the problem of unemployment and reducing the relative size of current expenditures for investment budget for the purpose of access to balanced investment constitute 50 percent of the total expenditure ".
As indicated in the outline budget lightning strategy they tend to support the new balancing State transition from a single-source to a diversified economy where private economy sources play an important role. "
Stratigic also include financial allocations to extinguish loans accumulated since 2008 and until this year, including loans to finance public sector companies and loans Department of Commerce, Treasury bond issues and other expenses without customization, and outstanding seeking to extinguish all commitments by 2014.
And adopt a conservative oil price design similar to the budgets of previous years and this is in line with government policy aimed at reducing the risk of unexpected price decline and this estimate is in line with suggestions for the Organization of petroleum exporting countries (OPEC) by 2010 and extended until 2030 and set a long term oil price somewhere between 75-85 $ per barrel.
Further suggests the actual surplus made during the financial year to build the Iraqi Development Fund reserves as a source for financing the deficit made that year, especially if oil prices decline on the estimated price.
Strategic forecasts for fiscal balance and steady increase Commission estimated in oil exports as it depends on the basis of the implementation of the investment programme is linked to the contracts signed with international companies and projects implemented by the Ministry of oil.
The Committee recommended that in the context of the budget strategy to train officials to develop provincial budgets by the competent departments in the ministries of planning and finance and a study submitted to the Cabinet document the reasons for the continuing low proportion of non-oil revenue and obtain international technical advice with respect to the subject of obtaining tax, fines and fees from mobile phone companies and further recommended that prevents budget law of ministries and exchange units enter into contracts and projects prior to review by the ministries of finance and planning, adoption of the road map for the reform of public enterprises.
In a statement that you received "morning," a copy of it: the stratigic recommended the formation of an Ad Hoc Committee for the purpose of determining the amount of accumulated advances (27) trillion dinars and find radical solutions, with the controls and mechanisms of funding postpaid contracts. It has a recommended strategic co-financing mechanism for coordination and cooperation with the international community and donor countries and institutions of Iraq, and called on the Government and Parliament in consultation with the ministries of finance and planning prior to the introduction of changes and the text of the draft annual budget law.
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July 9 2011
Mechanism for protecting Iraq funds abroad
Baghdad Al-Sabah
In search of the sixteenth meeting of the Special Committee to develop a mechanism to protect the funds of the Iraq issue alternative to the Development Fund for Iraq, Senior Economic Affairs Committee examines the strategy of the federal budget for the next three years.
According to a statement by the Office of the Deputy Prime Minister for Economic Affairs, received the "morning", said the meeting which was chaired by Roj Nuri shawis as well as research into the mechanisms of action of the Fund after international protection on 30 June last, in the light of the US presidential protection these funds until the end of the year.
It was discuss the disappearance of 17 billion dollars in Iraqi funds during the period of the Coalition, where it collects the information available to the ministries of Foreign Affairs and finance and the Central Bank and the Office of financial supervision for the purpose of preparing a detailed report to be submitted to the Iraqi Government. "
In the meantime, the Economic Affairs Committee, discussed at a meeting chaired by shawis federal budget strategy for the next three years (2012-2014).
According to a statement by the Office of the Deputy Prime Minister that the Economic Affairs Committee, which includes the Ministers of finance, oil, trade and Agriculture and President of the Office of financial supervision and the President of the national investment Commission, Deputy Secretary-General of the administrative and financial affairs and representatives of the Ministry of finance, industry and minerals and the Ministry of planning and the Central Bank of Iraq discussed during the meeting the President of the federal budget lines provided by the Ministry of finance.
The statement said the new budget strategy provided by the Ministry of finance tend towards reducing the deficit gradually go into investment and stimulate the private sector in order to create jobs instead of creating career levels to address the problem of unemployment and reducing the relative size of current expenditures for investment budget for the purpose of access to balanced investment constitute 50 percent of the total expenditure ".
As indicated in the outline budget lightning strategy they tend to support the new balancing State transition from a single-source to a diversified economy where private economy sources play an important role. "
Stratigic also include financial allocations to extinguish loans accumulated since 2008 and until this year, including loans to finance public sector companies and loans Department of Commerce, Treasury bond issues and other expenses without customization, and outstanding seeking to extinguish all commitments by 2014.
And adopt a conservative oil price design similar to the budgets of previous years and this is in line with government policy aimed at reducing the risk of unexpected price decline and this estimate is in line with suggestions for the Organization of petroleum exporting countries (OPEC) by 2010 and extended until 2030 and set a long term oil price somewhere between 75-85 $ per barrel.
Further suggests the actual surplus made during the financial year to build the Iraqi Development Fund reserves as a source for financing the deficit made that year, especially if oil prices decline on the estimated price.
Strategic forecasts for fiscal balance and steady increase Commission estimated in oil exports as it depends on the basis of the implementation of the investment programme is linked to the contracts signed with international companies and projects implemented by the Ministry of oil.
The Committee recommended that in the context of the budget strategy to train officials to develop provincial budgets by the competent departments in the ministries of planning and finance and a study submitted to the Cabinet document the reasons for the continuing low proportion of non-oil revenue and obtain international technical advice with respect to the subject of obtaining tax, fines and fees from mobile phone companies and further recommended that prevents budget law of ministries and exchange units enter into contracts and projects prior to review by the ministries of finance and planning, adoption of the road map for the reform of public enterprises.
In a statement that you received "morning," a copy of it: the stratigic recommended the formation of an Ad Hoc Committee for the purpose of determining the amount of accumulated advances (27) trillion dinars and find radical solutions, with the controls and mechanisms of funding postpaid contracts. It has a recommended strategic co-financing mechanism for coordination and cooperation with the international community and donor countries and institutions of Iraq, and called on the Government and Parliament in consultation with the ministries of finance and planning prior to the introduction of changes and the text of the draft annual budget law.
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