Iraq's proposed USD118b budget for 2013 on cabinet's table

Okay I just saw this, and that first sentence caught my eye... look at the amount where it says a projected USD15.5 Billion deficit....

Is this about the amount that Iraq owes Kuwait? whom knows time

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Iraq's proposed USD118b budget for 2013 on cabinet's table

Iraq's
Ministry of Finance has submitted a 2013 preliminary budget of USD118
billion to the cabinet for approval, with a projected USD15.5 billion
deficit, Reuters reported.
Deputy Finance Minister Fadhil Nabi said that the budget was
based on oil exports at 2.9 million bpd, including 175,000 barrels from
the Kurdistan region, and an oil price of USD90 per barrel.

He added that the suggested budget includes USD45.5 billion allocated for investment projects.

Nabi said also that the government has allocated USD644 million for companies working in the autonomous Kurdistan region.

Iraq holds the world's fourth-largest oil reserves and currently exports an average of 2.5 million barrels per day.

The country depends on oil revenues to fund about 95 percent of its budget.

Source: MENAFN

PUKmedia 26-09-2012 11:25:26


http://pukmedia.co/english/index.php/economy/2444-iraq-s-proposed-usd118b-budget-for-2013-on-cabinet-s-table

This is what is left that Iraq owes Kuwait




PR/2012/5
26 July 2012
PRESS RELEASE
UNITED NATIONS COMPENSATION COMMISSION PAYS OUT US $ 1.3 BILLION
Today, the United Nations Compensation Commission made ​​available approximately $ 1.3 billion to
the Government of the State of Kuwait. Payment is being made ​​in respect of the remaining six claims with
outstanding balances, all awarded to Kuwait and approved by the Governing Council between 1999 and
2003: four claims in category E (claims of corporations and public sector enterprises) and two claims in
category F (claims of Governments and international organizations, including environmental claims). With
today's payment, approximately $ 14.7 billion now remains outstanding to five awards.
Pursuant to UNCC Governing Council decision 267 (S/AC.26/Dec.267 (2009)), the remaining
claims are paid on a quarterly basis in rounds of $ 10 million, in the order in which they were approved by the
Governing Council.
The Compensation Commission has so far made ​​available $ 37.7 billion to over 100 Governments
and international organizations for distribution to 1.5 million successful claimants in all categories.
Successful claims are paid with funds drawn from the United Nations Compensation Fund, which is
funded by a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum
products. This percentage was set at 5 per cent under Security Council resolution 1483 (2003), and
reaffirmed in a number of subsequent resolutions, most recently under Security Council resolution 1956
(2010).
Further information about the Commission, including the text of Governing Council decisions, can
be found on the United Nations Compensation Commission website located at www.uncc.ch.



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