Iraqi Finance: the overall size of the budget for 2016 will be $ 60 billion


By Roudao 12 minutes ago
وزارة المالية العراقية
Iraqi Finance Ministry

Roudao – Agencies

Parliamentary Finance Committee expects the arrival of 2016 budget to parliament next month for discussion and approval, and while alluded to the continuing financial crisis in Iraq next year, and showed that the value will reach $ 60 billion in the case of export 4 million barrels of oil a day. The Ministry of Finance has submitted a draft 2016 budget law to the Cabinet.

Finance Committee in the House of Representatives and declared that “the Ministry of Finance calculated the price of a barrel of oil speculative in the budget on the basis of $ 60,” indicating that “the Commission will reject that price and speculative calculated price of $ 40 instead of it.” The Commission noted, that “the overall size of the budget would be $ 60 billion in the event of Iraq’s production came from oil to four million barrels per day,” noting that “this call to pressure the operating budget dramatically and treatment of the salary scale and the salaries of the three presidencies.”

The Committee stressed that “next year’s budget in 2016, will be balancing the need without the investment or entertainment or hospitality balancing the budget or dispatch”, Iraq faces a greater than those it now faces a financial crisis, “and the reason is due to the absence of next year’s budget funds the Interior, represented by loans, bonds Treasury “.

The decline in oil prices a big problem for Iraq, which relies on oil revenues, mainly as a source of income at a time when facing major internal challenges of Baktale with organizing “Daash” and the need to provide the necessary basic services funds, which suffers from a significant shortage.

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