Iraqi budget will provide oil revenue sharing to the citizens
Iraqi budget will provide oil revenue sharing to the citizens
Posted, 21 Jan 2014
Iraqi ministry of finance has announced the allocation of five dollars from each barrel of oil-producing provinces in the federal budget for the current year, afterthought inability to pay the amount at once.
In a news conference, attended by the correspondent of the Euphrates, Finance Minister stated, “The law guarantees issued share of oil-producing provinces and gas law, a right to take it.”
He also added, “Because of the pressure and the budget deficit for the current year has been allocated just one dollar for oil-producing provinces within the petro-dollar project that remains owed by the federal government four dollars and given advances in the event of local governments need money.”
According to him, the budget deficit of present year for Iraq is around 23 trillion dinars. In a meeting, held on Wednesday, the cabinet had given its ratification on the budget bill for 2014, which amounted to about 150 billion dollars. After that the House of Representatives also ratified the bill.
iraqdirectory.com
