Parliamentary Finance expects the arrival of 2016 budget to parliament next month and suggest "the biggest financial crisis"

Author: AB, HH, MK
Editor: AB, HH
09/15/2015 12:18



Long-Presse / Baghdad

Finance Committee in the Iraqi Council of Representatives revealed on Tuesday that the Finance Ministry is nearing the completion of the financial budget for the next year in 2016, and is expected to reach the budget to the House of Representatives during the October next month, and as pointed out that the budget will be the budget, "the need for" the size of 60 billion dollars in the event of export four million barrels of oil a day, suggested the face of the biggest financial crisis in the coming year.

He said the Finance Committee in the House of Representatives member Haitham al-Jubouri said in an interview to the (long-Presse), "The Ministry of Finance is nearing completion of the general budget for 2016 and will send it to the Cabinet," expected to "up to the House of Representatives in the month of October next."

He said al-Jubouri, that "the Ministry of Finance calculated the price of a barrel of oil speculative in the budget on the basis of 60 dollars," noting that "the Commission will reject that price and speculative calculated price of $ 40 instead of it."

He Jubouri, 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," pointing out that "it will call to pressure the operating budget dramatically and treatment of the salary scale and the salaries of the three presidencies."

The al-Jubouri, that "next year's budget in 2016, will be balancing the need without the investment or entertainment or hospitality balancing the budget or dispatch," likely that "Iraq faces greater than those it now faces a financial crisis," attributing the cause to "free the budget next year funds Interior loans represented by Treasury bonds. "

He was an economic advisor to the prime minister counting, in (24 August 2015), falling world oil prices to around $ forty is a matter of "great concern" for Iraq, while between the treatment that should be done by pressing the spending and borrowing for the establishment of productive projects, stressed the need to support and attribution the private sector through legislation and legal procedures to facilitate transactions.

The press reports that, US crude fell below $ 40 a barrel, the first time since the 2009 financial crisis, after reaching nearly $ 120 last summer 2014.

It is noteworthy that a member of the Parliamentary Finance Committee, Haitham al-Jubouri, warned in (the 22 of August the current 2015), of the consequences of the collapse of the Iraqi economy as a result of the possibility of declining world oil prices.

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