Finance Minister: Government plans to borrow to pay the allocations of petrodollars
Finance Minister: Government plans to borrow to pay the allocations of petrodollars
1/25/2014 0:00
Likely to pass the general budget of the country during the next few days,
Baghdad morning
revealed the Minister of Finance Agency purity of net debt, the intention of the government to borrow 9 trillion Iraqi dinars to repay the funds petro dollars allocated to the provinces, if approved by the House of Representatives, stressing that the allocation of petro dollars acquired right and the government is obliged to reimburse The remains have them in the event of lack of funds.
was likely the net in his speech for the “Center Brief for the Iraqi Media Network,” the issuance of bonds to cover the budget deficit, estimated at 23 trillion dinars, noting that this year’s budget is facing difficulties, including the revenue assumed in the past year, calculated revenue 9 trillion dinars from oil exports of the Kurdistan region, but the region did not give this money, even though the government paid the region’s share in the budget.
and how to handle the Ministry of Finance with the budget deficit, noted Net that the ministry relied on oil by 93 percent, and taxes and fees by 7 percent , did not exceed the state revenue of 140 trillion dinars, while the initial estimates of the spending total on the allocations of the ministries and provinces with the petro-dollar exceeded 200 trillion, and it has been to reduce the expenditure to reach the limits of the 163 trillion and remained the deficit by about 23 trillion dinars.
was likely the minister the option of borrowing from The International Monetary Fund, and the use of special drawing rights from the World Bank estimated Petrellna dinars, as well as expectations of increased production teams and increase prices to cover the deficit, noting that in the case did not rise prices will be resorting to the issuance of securities and sell them to be part of the public debt, pointing to the to finance the deficit of funds in the Development Fund for Iraq was not enough because the amount does not exceed seven trillion dinars. predicted net that is approving the budget within days, stressing at the same time that the student grants will be disbursed this year, as stipulated in the budget.
and Financial problems with the province, said net that “disagreement with the Kurdistan confused budget,” he said, adding that this year’s budget was built on the calculation of revenues of 400 thousand barrels of exports from the Kurdistan region which is estimated at $ 16 trillion and a half trillion dinars, pointing out that in the event did not enter the territory This amount of oil revenues will deficit further in the budget by the share of the region, noting that the administration of the province did not pay income 250 thousand barrels agreed last year.
expressed Net hoped the imminent settlement of the dispute with the region, especially after the proposal, which stated that the bear region production expenses of its stake in the budget, the federal government paid the expenses of production in the rest of the provinces from 83 percent of the budget, and so the cost of production is far from sovereign expenditure, and within expenditure usual, and in this case would be the share of the Kurdistan region of 19.9 trillion because it would provide for the expenses of production.
alsabaah.iq
