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Iraq builds its budget without considering the financial future of high oil prices
12/08/2011 13:01
Baghdad, August 11 / August (Rn) - The Central Bank of Iraq on Friday, said he agreed with the Finance Ministry to build the budget in 2012 without taking the high oil prices into account to ward off financial problems at low prices on a sudden. and usually delayed the preparation of financial budgets in Iraq and voted on in the House of Representatives, but the Iraqi Finance Ministry confirmed earlier that it will file the budget in 2012 to the Council of Ministers in September / September and are free of the fiscal deficit. The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Ministry of Finance and the Central Bank agreed to adopt the budget in 2012, without regard to the high prices of OPEC oil in order to get rid of any financial problems facing the budget if oil prices fell during 2012." Iraq has the fourth-largest oil reserves in the world and form oil imports about 95 percent of the state budget finances. Saleh added that "the central bank will maintain the stability of the Iraqi dinar and develop pilot schemes to reduce inflation and to prevent any confusion Mali in the budget in 2012 and coordination with the Finance Ministry to expand the coordination price of imports of Iraq's oil ". "The budget in 2012 will depend on the details of the investment projects and promoting investment spending rather than on projects consumption to increase production capacities and expanding economic development." The value of the current year budget approved on 20 February, 82.6 billion dollars, including $ 25.7 billion of investments, building to estimate the price of a barrel of oil at $ 76.50, and exports will reach 2.2 million barrels a day, a budget the largest in the history of Iraq, while the expected deficit of $ 13.4 billion. and beyond the OPEC basket price is currently $ 100 per barrel. Iraq has suffered from infrastructure crumbling in the overall sectors as a result of long years of siege and war during the last two decades of the last century. Despite the passage of eight years to topple the former Iraqi regime could not Iraqi governments to provide basic public services for citizens, often protesting the lack of it. of Jafar Wanan, the Open: Abdullah Sabri
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