Iraq’s budget for 2014, the highest in the history of the country

Posted: September 30, 2013 in Iraqi Dinar/Politics
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September 30, 2013
Amounted to a source in the Iraqi Ministry of Finance announced today that his ministry has completed the preparation of the draft budget for the country, and sent it to the government as a prelude to discuss the clauses at a future meeting, and forwarded to the House of Representatives for discussion and approval.

He pointed to the size of this budget, which are described above in the history of Iraq between previous budgets, will reach 174.6 trillion Iraqi dinars (150.1 billion dollars) on the basis of calculating an oil price of 90 dollars per barrel, as it is expected that the volume of oil exports for next year to 3.4 million barrels daily. He explained that the next budget than its predecessor in 2013 at about 36 trillion dinars (30 billion dollars). It is noteworthy that the U.S. dollar is equal to 1160 dinars.

The source said that the budget allocated 64 trillion dinars ($ 60 billion) of investment projects. He pointed out that it included the allocation of 132 thousand degrees and careers, including 72 thousand degrees to the owners of contracts, and 60 thousand new degree, explaining that the budget focused on the allocations of financial in-class basis on the energy sector both its oil and electricity, in addition to the security sectors of defense and interior ministries due to instability security, in addition to the housing sector.

For its part, said a member of the Finance Committee parliamentary Magda Tamimi The draft budget has allocated 38 trillion and 901 billion dinars for the energy sector by 11 trillion dinars to the Ministry of Electricity, and 27 trillion and 901 billion dinars for the oil ministry, referring to the allocation of 7 trillion and 960 billion dinars for the Ministry of Commerce, including 5 trillion and 416 billion dinars allocated for the ration card.

She said that the share within the Department of Defense budget has reached 6 trillion and 376 billion dinars, and the Ministry of the Interior 10 trillion and 323 billion dinars, and the National Security Council 302 billion dinars. And so had the security sector and armament assignments reached the amount of about $ 14 billion.

She explained that the workforce of the ministries and departments centrally funded numbered 3,000,063 thousand employees, therefore budget allocated $ 3 trillion dinars salaries of new, as allocated to the agricultural sector the amount of 3 trillion and 248 billion dinars, and the industrial sector 2 trillion and 405 billion dinars, construction and reconstruction trillion and 978 billion dinars.

She said Tamimi said in a statement broadcast center news for the Iraqi Media Network, the official paragraphs budget for next year also included the allocation of $ 99 billion and 240 million dinars for the presidency, and 4 trillion dinars and 153 billion dinars general budget of the Council of Ministers, and 380 billion dinars a counterbalance to the House of Representatives, pointing to allocate 5 billion and 305 million dinars for the Energy Committee, chaired by Deputy Prime Minister Hussain al-Shahristani, and 10 billion dinars Economic Committee, chaired by Deputy Prime Minister Ruz Nuri Shaways, and 14 billion dinars Services Committee, chaired by the Deputy Prime Minister Saleh al-Mutlaq.

The MP said the Iraqi The amount of 10 trillion and 656 billion dinars had been allocated to local administrations (provincial) and investment bodies in the provinces, and 15 trillion and 910 billion dinars debts domestic and international, including the compensation of the State of Kuwait, which amounted to 6 trillion and 511 billion dinars, while the budget territory Kurdistan 18 trillion and 936 billion dinars, including a 17 percent of the budget, which also allocated $ trillion dinars ($ 860 million) for the oil companies operating in the Kurdistan region, which is expected to produce 250 thousand barrels per day of crude oil.

Written five-year challenges
The Iraqi government announced in the middle of this month for five-year plan to diversify the economy instead of relying on oil and to develop the industrial sector, but faces considerable constraints, including the escalation of sectarian violence and political infighting within the coalition government, but if implemented, they would be ushered in a new phase to recover from the effects of war and international economic sanctions, which lasted for decades.

Hussain al-Shahristani said Iraq’s Deputy Prime Minister for Energy, said the government had taken a decision to focus on non-oil resources, as the new plan will focus on the industry. The plan, covering the period from 2013 to 2017 to invest about 357 billion dollars in development projects across the country, and focus on five sectors, namely construction, services and agriculture, education, transportation and energy.

And about 79 percent will come from these investments from the government, and the rest from the private sector, while oil will remain the largest source of government revenue in that period. It is expected that the oil revenues 768.7 trillion dinars (662 billion dollars) in five years, and that non-oil revenue amounting to 43.5 trillion dinars.

And aspires Iraq to raise oil production from 3.2 million barrels per day in 2012 to 9.5 million barrels per day in 2017 and the promotion of exports of 2.6 million barrels per day to six million barrels per day in 2017, assuming that the average price of a barrel of oil of $ 85 over five years.

The five-year plan also includes efforts to promote agricultural production to reduce Iraq’s dependence on grain imports. Where it aims to produce about six million tonnes of wheat in 2017, which will cover domestic consumption, and raise the average barley production of 820 thousand tons in 2011 to 1.2 million tons in 2017.

The plan also aims to increase the total Iraqi production rate of 13 percent per year on average, and reduce the poverty rate from 19 percent in 2012 to 16 percent in 2017, as the government also hopes to help plan to narrow the economic gaps between rural and urban areas.

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