World Bank: fiscal surplus of Iraq in 2011 with a $ 20 billion

22/02/2012 15:11

Baghdad, February 22 (Rn) - The World Bank said on Wednesday that the value of the surplus in the fiscal budget for Iraq for 2011 past $ 20 billion, warned at the same time of the introduction of payment on credit.

Iraqi cities and need money desperately to build its infrastructure destroyed by years of war, sanctions and violence, and protesting citizens on an ongoing basis on the lack of basic services that have not been able to successive Iraqi governments have made available, despite a lapse of almost nine years to overthrow the former regime.

But the violence and corruption deprived Iraq of investments during the years of conflict that followed the fall of the former regime in the spring of 2003, while moving slowly rebuilding process.

The expert at the World Bank Majid picture, told the Kurdish news agency (Rn) that "the value of fiscal surplus to the budget in 2011 amounted to $ 20 billion, one of the budgets of the provinces that did not happen by 85%."

He added that "the Iraqi government has to take advantage of fiscal surpluses since 2004 to 2011, which amounts to about $ 80 billion."

He pointed to the picture that "the payment system on credit is not successful and the government not to work on it because it hinders projects of investment and economic development in the country and increase the debt of Iraq."

The Central Bank of Iraq said on Wednesday that the government encourages the introduction of payment on credit, that he attributed to contributing to the promotion of international companies to enter the Iraqi market, stressing that monetary policy is not affected by the application of this method.

It is expected to pass the House of Representatives during the next few days the country's budget for the current year, which amount to 100 billion dollars (about 117 trillion Iraqi dinars) and a deficit of up to $ 13.5 billion (about 17 trillion dinars).

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