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*****Parliamentary money: the fiscal deficit will be offset from the budgets of ministries and agencies for the current year*****
*****Baghdad, August 29 / August (Rn) - The Finance Committee in the Iraqi Council of Representatives, Monday, that the deficit in the current year budget will be exceeded by the money retained for the ministries and bodies at the end of this year, indicating that the ministries and agencies can not exchange all the money allocated to it within the budget for the year 2011. *****
A member of the Finance Committee Ibrahim al-Mutlaq told the Kurdish news agency (Rn), "The fiscal deficit in the current year budget will be paid through the money will revert to the state coffers of ministries, agencies and institutions that cannot exchange its budget entirely through the year."
Al-Mutlaq said that "all ministries and agencies over the past years has been unable to exchange their funds in full,"
He pointed out that "some of the ministries did not exceed its budget disbursement to 30-40%, thus remaining funds will be returned to the state treasury and be paid the fiscal deficit in the budget."
The Iraqi Parliament approved in its session of the thirty-sixth legislative term in the first of the month of February last, most of those present (240 deputies), the general federal budget for 2011 of $ 82.6 billion with a deficit of $ 15.5 billion Iraqi dinars.
The estimated revenue budget in the amount of (80934790500) thousand dinars (namely eighty thousand, nine hundred and thirty-four billion, seven hundred and ninety million five hundred thousand dinars) with estimated expenditure amount of $ (96,662,766,700) one thousand dinars (Ninety-six thousand, six hundred and sixty-two billion, seven hundred and sixty-six million seven hundred thousand dinars) .
Have been allocated for operating expenses the amount of $ (66596473827) thousand dinars (sixty-six thousand five hundred and Ninety-six billion four hundred and seventy-three million Tmnmaip and twenty-seven thousand dinars) included (14,072,645,224) one thousand dinars (fourteen thousand and seventy-two billion, six hundred and forty-five million two hundred and twenty four thousand JD).
The total planned deficit for the federal public budget for fiscal year 2011 (15727976200) thousand dinars (fifteen thousand seven hundred and twenty-seven billion, nine hundred and seventy-six million two hundred thousand dinars) and cover the shortfall of cash retained from the Federal budget for the year 2010 and internal and external borrowing and the proportion of savings are expected to increase selling prices or increase oil production.
*****Iraq relies to finance its budget on crude oil, which prepared by economists as a risk in the Iraqi economy because of the failure to diversify its sources and development of industrial and commercial sectors and other development. *****
The Ministry of Finance has begun to prepare the budget in 2012 and which will be submitted to the Cabinet in September / September for approval and sent to the House of Representatives for a vote, to adopt the sale price of crude oil on the basis of $ 85 per barrel and exports 2.2 million barrels a day.*****
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