Member of Finance Committee: develop a plan to meet the fiscal deficit in the case of low price of a barrel of oil without (85) dollars

On: Sun 04/03/2012 12:10

Baghdad (news) .. Ruled out by the Finance Committee MP / National Alliance / Secretary Hadi Abbas, the use of the cash reserve is located in the Central Bank at the low price of a barrel of oil without (85) dollars, noting that his committee has developed a plan to meet the financial shortfall of the public budget in the event of it. 
Abbas said (of the Agency news) said on Sunday: The Finance Committee, the parliamentary and placed in their accounts may lower the price of oil without (85) dollars in the global markets as a result abnormal circumstances experienced by the world from the threats of international economic sanctions or pumping large quantities of some oil-producing countries in global markets , leading to lower oil prices in the trading world. 
He added that the State can not act in the cash reserve is located in the Central Bank, which amount to more than (60) billion dollars because it affects the exchange rate of Iraqi dinar, and the national economy in general. 
explained : If the low price of a barrel of oil without the price scheduled to balance public finances, the state will go towards the abolition of the financial allocations is necessary and the postponement of some projects to balance the year (2013), in order to avoid economic problems in the country. 
said: Although the possibility of lower oil prices at a time the current is weak, but should be taken into consideration because it is a supplier of financial most of the country. 
The Iraqi Council of Representatives had voted on the financial budget for the current year of $ (100) billion dollars, equivalent to (117) trillion Iraqi dinars, and a deficit estimated ( 14) trillion dinars placed on the basis of the price a barrel of oil (85) dollars. / Finished / 8. d.
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