Iraqi parliament approved the budget worth 100.5 billion 2012 dollars

24/02/2012 07:39

Baghdad, February 24 (Rn) - Iraqi Council of Representatives approved on Thursday the budget in 2012, worth 100.5 billion dollars after a delay of weeks because of disagreements on how it was spent, which is usually accompanied by the adoption of state budget finances.

The House proceeded to vote on budget items yesterday afternoon and continued the session until midnight in the presence of 248 deputies, and headed by Osama Najafi.

And approved the budget on the basis of the average oil price of $ 85 a barrel and an average crude exports of 2.6 million barrels a day.

The budget forecasts a deficit of $ 12.6 billion will be funded from the bulk of the surplus in the calculation of the Development Fund for Iraq at the Federal Reserve Bank in New York.

The Fund was set up after US-led invasion of Iraq in order to guide the oil revenues to finance reconstruction and nutritional programs for Iraqis. Iraq and is filed the bulk of the proceeds of oil sales in the Fund.

The budget allocates $ 31.7 billion for investment projects, salaries and support system of food commodities, and $ 14.7 billion for Iraqi security forces.

And put the budget on the basis of an average oil exports this year of 2.6 million barrels per day, including 175 thousand barrels per day of the Kurdistan region.

The average oil exports last year's 2.165 million barrels per day and fell to 2.106 million barrels per day in January January

Iraq is trying to - a member of OPEC - the reconstruction of its economy ravaged by years of war, sanctions and relies heavily on oil revenues, which funds about 95 percent of its budget.

The budget for Iraq in 2011 amounting to 82.6 billion dollars on the basis of an oil price of $ 76.50 per barrel and average exports of 2.2 million barrels a day.

The MP for the Kurdistan Alliance bloc longings dry, told the Kurdish news agency (Rn) that "all revenue actually will go into the Development Fund for Iraq or any other form last replaced after deducting 5% of compensation for Kuwait war, or any other rate determined by the Security Council and repaid to the United Nations .

Dry and stressed that the people's representatives in the Council have made unremitting efforts for the adoption of the budget legislation, describing the budget as "good news for the Iraqi people."

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