Parliamentary committee to raise the alarm: State Fund in three billion Dollars

Parliamentary committee to raise the alarm: State Fund in three billion Dollars

Posted 21/09/2014 01:11 PM

Parliamentary committee to raise the alarm - State Fund in three billion DollarsHe said members of the parliamentary finance committee that the government admitted to them that the fund, which kept the oil revenue is not where currently only three billion dollars, while the Council of Ministers says he has a six billion dollars last month.

Usually found in the Development Fund for Iraq “EDF Aye” about 10 billion dollars to ensure salary payments and government expenditures, and critics say the government’s policies that it took advantage of the absence of law for the budget and involved spending more than the normal limit, amid ambiguity about the expenses of war and emergency conditions, and warnings of bankruptcy Fund returns and the state’s inability to meet financial obligations.

Confirmed that “the ministries of defense, interior and displaced them up most of the budget in 2014 and noticed stop new investment projects and the launch of the ongoing funding, which led to only change the shape of the operating budget and the investment side.”

She explained that the “Minister of Finance and agency purity of the net as much as the exchange rate or the expenditure side of the operational and investment to the end of the current year B110 trillion dinars,” noting that “the Finance Committee awaiting the arrival of data from the Ministry of Finance to see expenditures formal and precise.”

It pointed out that “the Minister of Finance and agency purity Net said in August that there are six billion dollars in the fund, and then returned during hosted in the House of Representatives recently mentioned that the remaining balance in the fund is (3) billions of dollars” in contradiction up to half.

She noted that “according to the minister said that the net where the state treasury only $ 3 billion,” noting that “the Finance Committee and the interim because of inconsistencies in the numbers and the amounts mentioned by the minister Net requested the Ministry of Finance to provide us with details of the amounts of this fund.”

She said the fund amounts dfi At the beginning of 2013 was 10 billion dollars in oil revenues and the ongoing filings in the Fund.

Experts fear that covet the government to borrow from the cash reserve at the central bank, estimated at up to 60 billion dollars, warning that it has many consequences, including the collapse of the exchange rate of the local currency.