The Ministry of Finance of Iraq, Wednesday, that the government is preparing for the preparation of a supplemental budget in 2012, likely approval by the Cabinet next week for submission to the House of Representatives, while noting that the size of the budget for next year 2013 did not identify so far.
He said Finance Minister Rafie al-Issawi said in an interview for “Alsumaria News”, “The Iraqi government is preparing to launch a supplemental budget during the current year 2012,” noting that “the ministry has provided four to five principles for the preparation of this budget due to be launched end of this year.”
He suggested that al-Issawi, “acknowledges the Council of Ministers this supplementary budget next week for submission to the House of Representatives for the purpose of discussion and approval,” adding “you do not specify amounts for this budget to this day because of the obligations of the Ministry of Finance.”
The Minister of Finance that “the obligations of the ministry concerning the advances ministry staff, amounting to ten trillion and 800 billion dinars, in addition to the existence of debts to the Ministry of Finance of the Rafidain and Rasheed on behalf of the public sector companies from the ministries of electricity and industry related to their salaries and their activities and Moisnthm operational, amounting to more than 11 trillion dinars, as well as from the resolutions of the Council of Ministers, which is approaching ten trillion dinars. “
Issawi said that “there are about forty trillion dinars need to be addressed in the coming period, within the operating budget,” pointing out that “the abundance of Finance expected from the oil price is not sufficient to meet these payments and therefore, the ministry will seek to delay payment of some debt and private debt of the Rafidain and Rasheed as local banks. “
The al-Issawi that “the size of the budget for next year 2013 did not specify so far as it is still under discussion between the Ministries of Finance, Planning and other ministries,” asserting that “all procedures for the preparation of the budget for next year 2013 ready, but the final figures of the budget has not been proven so far until the approval of by the Council of Ministers. “
The majority of companies and the Ministry of Industry of 75 companies the process of borrowing from the Ministry of Finance for the rest of the companies of others capable of self-sufficiency to cover the expenses and salaries of its members, mostly due to suspension of work due to looting hit by flooding the local markets and goods.
The Ministry of Finance has announced that in (8 December 2011), that the Iraqi cabinet approved the budget for Iraq in 2012 the size of 117 trillion dinars and a deficit of 14 trillion dinars.
The operational budget was 80 trillion dinars, compared to 37 trillion dinars Kmizanih investment, and by the inability of 14 trillion dinars, which represents 10 percent of GDP and 12 percent of the total budget.