*********** Parliament is still required to cut expenses in preparation for the adoption of the budget during the week

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01/09/2015 19:41



BAGHDAD / Mohammad Sabah

Parliamentary Economic Commission revealed, for the government went to pay off the debts of foreign oil companies through external borrowing by issuing treasury bonds worth $ 12 billion.

With that said, the budget deficit rose to 43 trillion dinars, due to the continued decline in oil prices, the government called for the postponement of the payment of foreign loans worth 3.733 trillion dinars.



Conversely Finance Committee confirmed that it has not been any transfers in the doors of the budget until the completion of retrenchment and discussed, "indicating that in next week's federal budget will be ready to vote."

The Commission has repeatedly accused the government put allocations exaggerated within the current austerity conditions, and said it would ask for reduced security ministries grades, although the circumstances of the war with Daash.

Confirms Jabbar Abdul Khaliq, a member of the Finance Committee, that "the decline in oil prices will lead to significant impacts will occur on the budget, which will increase the percentage of disability."

But Abdul-Jabbar, adds in an interview for the "long", that "experts in the oil sector expected rise in oil prices in the next few months," adding that "the House of Representatives in the ongoing discussion of the budget during the current week."

Explains a member of the Finance Committee said, "Next week will be the federal budget is ready to vote," pointing to his committee "has not been any transfers in the doors of the budget until the completion of the discussion and reduce unnecessary expenditures."


Says Najiba Najib, a member of the parliamentary Economic Committee, said that "the House of Representatives on a daily basis and listen to suggestions and additions made by the political blocs in the hope included in the draft budget for the year 2015 Act."

Predicted Najib, in a statement to the "long", "The House of Representatives ends of the receipt of additions and suggestions on the draft budget in the next session Monday and then will open the way to the Finance Committees and the economy to review the budget items to be submitted to a vote at the earliest."

And emphasizes the economic committee member that "the proportion of the deficit in the draft budget amounted to 43 trillion dinars because of falling world oil prices to $ 44."

They pointed to the non-inclusion of certain financial revenue, wondering, for example, the absence of information about the financial returns "of petroleum products for domestic consumption, in the draft budget" and wondered, "Where is this money goes and how much size and whether can be used to fill some of the shortfall?".

And reveal the Kurdish MP for the "trend in government external borrowing through the issuance of treasury bonds worth $ 12 billion, to pay the expenses of oil companies operating in Iraq," indicating that "the budget law gives the Minister of Finance to resort to the validity of this borrowing."



The former oil minister Ibrahim Bahr al-Ulum stressed the "long" that the Iraqi government is required to pay about $ 27 billion for foreign companies that worked on the development of the southern fields during the past two years, revealing spending foreign oil companies about $ 43 billion over the past two years, and it plans to invest 87 billion dollars until 2016.

The parliamentary Finance Committee revealed the "long" that Iraq will not reimburse the full amount of the companies, due to the financial crisis and the collapse of oil prices, and perhaps provide them with guaranteed bonds worth $ 12 billion only, to postpone the rest.

Demanded Rep. Najiba Najib government to "postpone the payment of benefits and premiums Bzmtha which are estimated at 3.733 trillion dinars, including Paris Club debt and entitlements of the Arab Fund and the International Monetary and benefits of the World Bank settlement of six loans with repayment versions of Money the Old Treasury days of the former regime since, which is estimated at 200 billion dinars. "

Explains Najib said the "size of the premiums Paris Club agreement amounting to 932 billion and 800 million dinars, and the Arab Fund dues amounting to 46 billion and 600 million dinars, and that the premiums of the International Monetary Fund amounting to 839 billion and 500 million dinars, while the six interest on loans amount to 1 trillion and 252 billion dinars."

It draws out that "Total loans and interest on the Iraqi government paid, during the current year, $ 3 trillion dinars and in the form of premiums."



It goes by the Economic Commission for saying "the government's debt and interest put in a special report within the budget to clear us know clearly and precisely," pointing out that "previous governments had refused to send it to parliament for unknown reasons."

A report of the Finance Committee, which submitted it to the parliament that the lack of data tables and private budget in 2015 for the ministries that what the economic principle of government policy is still controlled by the central planning clearly without getting any of the practices of decentralization detailed the role. "

The report adds that "the proposed loans amounted to estimate (22.4) trillion in revenue side devoted mostly to cover the deficit in absolute terms without paint a budget mechanism to use and customize to meet the ongoing consumer spending."


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