***Watch For Iraq's 2012 Budget Revisions (IMF Recommendation) To Council of Ministers next week (Lets Hope By the 5th) ...

Could Be Related .. Monday, December 5th Central Banks in Joint Action to Boost Liquidity to Markets .. Also .. last month's article ~ November 15th ~ 2012 budget in line with the aspirations of Iraq's economic and will Enhance the Value of Iraqi Dinar" ... And .. December 1st ~ Iraq 2012 Budget Being Revised at IMF Request ~ Expected To Be Sent to the Council House of Representatives in Two Days, Dec. 1st?

02/12/2011

Iraq to cut the size of its budget for next year's general recommendations of the International Monetary Fund

Deputy Chairman of the Finance Committee in the Iraqi Council of Representatives, the Iraqi government's decision to reduce the size of the general budget of the country for the next year of 131 trillion dinars to 125 trillion on the back of recommendations from the International Monetary Fund, pointing out that it will forward the draft Law of the decision of the reduction to the House of Representatives during the coming period.

Ahmed said Jaoshin told the Kurdish news agency (Rn), "The Iraqi government decided to reduce the size of the general budget of the country for the next year from 131 trillion Iraqi dinars to 125 trillion dinars on the back of recommendations from the International Monetary Fund ...

Noting That "will forward the draft law the decision of the reduction to House of Representatives after approval by the Council of Ministers next week. "

He Jaoshin to "reduce the size of the general budget of the country for the next year will affect the share of the Kurdistan region of that budget, which amounted to 17%," explaining that "the region's share of the general budget of the country would be about 13% of the budget after the pre-deductible expenses sovereign and operating them."

For its part, said a member of the Finance Committee parliamentary Najiba Najib's (Rn), that "the general budget of Iraq for the next year is guessed depending on the reach of oil exports of the country's borders 2.0006 million barrels of oil per day at $ 85 U.S., while the adopted current year budget 2.0002 million thousand barrels of daily oil exports of the country at the same price."

She explained Najib that "the Iraqi government's decision to reduce the size of the budget year for the country for the next year at $ 6 trillion dinars came in implementation of the recommendations made by the International Monetary Fund," noting that "the decision of the reduction was a must for Iraq can borrow from the Fund in case the need arises In addition to the need for foreign companies investing in Iraq to deal with the Fund, which will not swim by the latter in the case of Iraq did not meet the recommendations."

Iraq has the fourth largest oil reserves in the world, and seeks to improve the quality of production by foreign companies operating in the oil fields, and access to the production of 12 million barrels in 2017.

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