According to government data: the size of the budget deficit in 2014 to reach more than [60] billion dollars

Statistics for [where] According to government data: the size of the budget deficit in 2014 to reach more than [60] billion dollars

Friday, 20  December 2013 09:31

the size of the budget deficit in 2014 to reach more than 60 billion dollarsReport: Ammar al-Masoudi

[Baghdad – where]

A statistic conducted by all of Iraq [where] on the basis of data and government figures for the fiscal deficit in the current budget year, the state for the year 2014 exceed [62] billion dollars.

According to what declared by the Iraqi Oil Ministry a month of data on the size of crude oil exports and fiscal revenue only shows that since the month of January last in 2013 and until the month of November last year, the volume of exports to the outside during the months of [11] years of any since the beginning of this year [779] million and [700] thousand barrels financial revenues amounted to [81] billion [100] million, at an average price ranges from the [100] dollars per barrel. In the chart below, according to the oil ministry declared identifies the amount of exports and revenues:

According to this rate of monthly production and imports of Finance according to data from the Oil Ministry official, it is possible to estimate the oil exports for the month of December the current rate of [70] million barrels and revenues [7] billion dollars, so Iraq’s oil production for the current year amount may exceed [84] million barrels and imports up to [88] billion dollars, with reference to the amount of revenue this month, subject to increase or decrease until the issuance of the Oil Ministry data size Alsadarat and amounts of finance for the current month, but has been calculated process on the monthly average for 2013.

We conclude from these statistics that the fiscal deficit seen in next year’s budget in 2014 [which depends largely based on oil revenues by up to 95%] estimated at more than [60] billion dollars, after the announcement by the parliamentary Finance Committee that the draft budget of the year 2014 from the Ministry of Finance to the General Secretariat of the Council of Ministers of [174] trillion and [649] billion Iraqi dinars, equivalent to the [150] billion dollars.

For his part, said economic expert on behalf of Jamil Antoine’s [where] that “the head of the advisers in the prime minister Thamer Algadan he [There will be a deficit of nearly 30% of the budget] but the fact is that Almoisanat which begins deficit ends with a surplus because many of the ministries and provincial councils do not can act amounts allocated to them, and so there will be a surplus, mostly from the past Almoisanat to the lack of accurate calculations with the absence of the final accounts that lack of professionalism and accuracy in the accounts. ”

Antoine pointed out that “there are rounded amounts in excess of 57 trillion dinars in state banks Kalravedan and rational return to previous budgets.”

He said the “budget deficit is a significant gap if there were accurate and precise calculations in the budgets of what happened this deficit or may reach the ratio to 2 or 3%, while the rate of 30%, this large number, and always affects Almoisanat investment because the operating expenses of salaries and Furniture and other behavior easily, either they belong to the implementation of investment projects and urban service and not slowing down when it gets feat in time there will be leftovers from the process, and this deficit will affect the budget allocated for investment in order to fill this deficit. ”

He added that “it is possible to borrow Iraq from the World Bank or the issuance of bonds of the Central Bank of Iraq to fill this deficit,” pointing out that “it is not possible that the government borrows from the central bank’s reserves as amounts are not permitted to bank lending cash unless a change was made to its law. ”

The oil imports about 95% of Iraq’s budget, but so far no country’s law regulating its affairs after the failure of the House of Representatives Bdortih past and present to pass the law of oil and gas, which was expected to rise oil situation if approved. Ended.