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Thread: Budget in 2010 2/24/2010

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    Budget in 2010 2/24/2010

    Wednesday, February 24, 2010
    Budget in 2010 .. ?????? ???? ?????? ????? ?? ????? ?????? The most controversial and magnitude of the deficit in the history of Iraq
    February 24, 2010

    Budget in 2010 .. ?????? ???? ?????? ????? ?? ????? ?????? The most controversial and magnitude of the deficit in the history of Iraq

    After that created a sensation in government and parliamentary elections, the Presidency Council approved the 2010 budget, which is the largest in the history of Iraq, in the amount exceeded the 84 trillion dinars (approximately the $ 71 billion), which are divided by 23.6 trillion dinars for the expenses of the investment projects and the amount of $ 60.9 trillion for operational expenditure.

    In spite of the magnitude, but the current year's budget deficit is also regarded as the most, as it does not exceed the revenues of 61,5 trillion, compared to a deficit of about planned 23 trillion dinars, which is the most innovative being included clauses that were not present in the budgets approved after 2003 , most notably giving the border provinces and producing oil and gas specific ratios of Aadiat oil and customs revenue that is contributed by the State.

    The budget is also the most controversial, has approved the provision of 115 new job opportunities in government jobs, but provided for the freezing of these posts until the formation of the Federal Civil Service Council, which will only be achieved after the elections quite some time, according to expectations.

    Considered leaders of the Iraqi National Coalition, led by Ammar al-Hakim that the purpose of the freezing of posts is to prevent the exploitation of the political blocs career appointments during the campaign. "In his view, Congress rival Shi'ite Alliance, a coalition led by the rule of law Nuri al-Maliki, to restrict the release of jobs would deprive the unemployed career opportunities for a period of several months, which will increase the suffering. "Maliki said that" paying citizens to complain, and to say that the government is unable to serve. "

    It is supposed to cover the budget deficit this year, some $ 23 trillion dinars, through three methods, first by the amounts retained from last year and achieved a result of high oil prices to more than $ 70 a barrel after it has been calculated out of the budget on $ 50 a barrel , as well as internal and external borrowing.

    It seems that the specialists differed in advance for the possibility of such methods to fill the gap without causing negative effects on the Iraqi economy. ??????? ????? 2010.

    The most likely Vice-President of Oil and Gas Committee of Parliament Abdul Hadi al-Hassani said "cover oil imports for the current year, in addition to the amounts retained from last year's budget, financial resources disbursed for the year 2010.

    It was made clear Hassani: "It is expected that the record price of oil, no retreat, but it may also rise, so the deficit will not be much about the price of oil, which was adopted by the government, a 62.5 per barrel (the current rate of more than $ 75).

    On the other hand, sees the Institute of economic reform is contrary to the goldsmith, "to meet the shortfalls in the budget, depending on oil prices is just not true, as the circumstances of linking global supply and demand and thus presents the budget to the negative impacts, citing the example of" what happened during the global financial crisis of 2008, which negative impact on the budget for 2009. "

    Does not encourage the government to use the goldsmith to pay the budget deficit through foreign loans, saying that "the disadvantages of more positive aspects, even if payment for long periods," because the jeweler sees this as "tying the country's capabilities and it is linked with the outside world which would lead to great paradoxes.

    He jeweler conviction that Iraq is "in need of economic policies that contribute to the development of the economy in general in the future in terms of increasing the gross domestic product, and not reliable to rely on international potential."

    And authorized the budget law for 2010, the Federal Minister of Finance the power to borrow from the IMF up to $ 4.5 billion and using special drawing rights SDR.

    It's up to $ 1.8 billion (which is a global organization consisting of 186 countries intervene to lend any of them suffering from dementia balance of payments), and the World Bank up to $ 3.8 billion (which is a global organization specializes in providing financial and technical assistance to third world countries with low interest rates and concessional terms and with a view reduce poverty in middle-income countries and poor), to cover the projected shortfall in the federal budget, in addition to the domestic borrowing by the treasury transfers.

    He warns many economists Iraqis that foreign borrowing would not be feasible to Iraq, because it will under the pressure of restructuring which is one of the most important conditions of international borrowing, under which support is to reduce the size of certain proportions to ensure repayment, which will show the ration card system, which depends by Iraqi families to meet their food since 1990, to the reduction.

    According to specialists, the budget for 2010 has not prejudice the positives from the new obtained by some provinces, accounting for in Article 42 of the budget law allocated 5% of the total revenue actually border points (land, air and sea) with the exception of sovereign revenues, to offset the border provinces As will be converted one dollar for every barrel of crude oil producer in the province or have been refined in the refineries, and for each 150 cubic meters of natural gas produced from its territory, to the budget of the province in accordance with Article 43.

    The approval came in view of the article are his oil-producing provinces of the serious environmental effects as a result of some greenhouse gases from oil fields and the need for projects to prevent these effects, which contribute to mitigating the effects of environmental pollution and development of health care workers in the oil fields and the inhabitants of those provinces, according to the statements governmental organizations.

    Ur News Agency


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    Re: Budget in 2010 2/24/2010

    Thanks for the post.

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