Cancel billions of dollars in expenses and consultant Abadi speaks of a new financial thought to 2015 budget 11/22/2014 Range / Baghdad Prime Minister for Economic Affairs Advisor to detect the appearance of Mohammed Saleh said that the government would begin discussing the draft budget law of 2015 the beginning of the month of December next to its numbers are commensurate with the circumstances and the economic and security challenges. He said the government will go towards reducing its current expenditures, which was costing the federal budget each year, including nearly 45 billion dollars. He noted that the 2014 budget data will be submitted to Parliament with the budget next year. To the Parliamentary Legal Committee confirmed that the government has decided to calculate the price of a barrel of oil of $ 80 in the next budget, warning of talk about higher prices amid oil market crisis. He says the appearance of Mohammed Saleh, an economic advisor to the Prime Minister, during a meeting with the long, The Ministry of Finance engaged for some time to prepare a draft budget law of 2015 in accordance with rules prescribed by the Financial Management Act of public debt No. 95 of 2004, which defines the concepts of the preparation of any budget. Article (6) First of the Public Debt Law, the Ministry of Finance to prepare the federal budget on economic development plans and the pursuit of macroeconomic stability and economic policy and applicable laws and regulations, taking into account the desire required to ensure the strengthening of the financial situation of Iraq, and to reduce volatility in government spending, and the completion of the accumulation of gross income taking into account in particular the wise and moderate price forecasts for petroleum and petroleum products, tax and customs revenues. He adds that in favor of next years budget is heading towards limbering and reduce current expenditures and some of the projects by a large financial burden with the lifting of some other exports outside the oil sector and to address the projected shortfall. And explain the expert economic adviser reasons for delay in approving the budget year 2015 in the Council of Ministers to the existence and security conditions problems experienced by Iraq, stressing the existence of emergency conditions faced approve the federal budget for next year and the latter end of them falling world oil prices and determine the amount of oil produced and exported as well as the challenges Alerharb. Saleh believes that the preparation of the budget next year will serve as a financial re-thought in Iraq under difficult circumstances and face the challenges of terrorism and the decline in oil prices. Economic Adviser to the Prime Minister and draws out that the Ministry of Finance did not specify to which oil now will depend on next years budget as well as the quantities of exported oil prices, likely conversion of grades for the current year to the next budget. The oil minister, Adel Abdul Mahdi, most likely, while hosted in the House of Representatives, is expected to be calculated in the price of oil in the construction budget for 2015 by about $ 80 per barrel. Mahdi and linking improved performance of the Iraqi economy in the correct orientation of financial resources through pressure unnecessary expenses. It notes that in favor of wages and salaries cost the state budget about $ 45 billion a year as well as the ongoing consumer spending, such as furniture, cars and deputations, and other services, and that up to 45 billion dollars. And expresses regret economist fiscal policy followed during the last years of the ongoing expenses acted obscene and large, believe that the expansion of the financial budgets during the financial period was unreasonable expansion, which included consumer ongoing expenses that strained budgets, large sums of money. Notes in favor of that, the recent agreement with the Kurdistan region will address many of the budget problems that are related to the lifting of the production, export and marketing of oil to world markets, expected to be discussing the general budget in the next month within the Council of Ministers and then sent to the House of Representatives. The Federal Government and the Government of Iraqs Kurdistan region and reached an agreement provides for the conversion of the federal government $ 500 million in exchange for a commitment to Arbil, 150 thousand barrels of crude oil per day at the disposal of the federal government. But economic adviser to Prime Minister al-Abadi believes that Drawing the federal budget is dependent on the completion of the agreements with the Kurdistan Regional Government and oil processing differences fully. He suggested that the investment budget will focus on the task of investment projects and re-projects lagging, expected to be the budget year 2014 data with the next years budget submission to the House of Representatives. In the same vein, Secretary Baker, MP for the Kurdistan block change, for there is no intention at the federal government calculates the price of oil in the budget next year B80dolar revealed. Baker shows the long that the Council of Ministers will send the budget year 2015 to the Parliament before the end of the current year for the legislation on time, adding that the trend is to reduce the consumption expenditure in order to control the projected budget deficit ratio. Explains the legal committee member, said the reasons for the adoption of the calculation or the price of oil to $ 80 in order to cover the deficit and filled through the equation between expenditure and income, but he acknowledges that the adoption of this price is risky because of the decline in world oil prices.
Posted on: Sat, 22 Nov 2014 20:03:10 +0000
Trending Topics
Recently Viewed Topics
© 2015