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Sunday, October 18, 2015

Budget 2016 to be Approved Next Week, 18 OCT

  The Council of Ministers has planned to conduct a special meeting next week in order to approve the Iraqi federal budget for 2016. A statement issued by the Iraqi government on Wednesday that today Iraqi Council of Ministers summarized the federal budget draft law for the year 2016 and declared that it needs more time, so they decided to conduct an exceptional session next week in order to finalize the budget draft and submit this draft to the House of Representative for final approval. The Iraqi Finance Ministry announced on 16th September that they have forwarded the budget draft 2016 to the cabinet for further discussion and a copy of this budget draft was published on their official website.
 But on Tuesday, the Council of Ministers clear-cut announced to design a committee to find out how this was leaked out for the media. It is the fact that this draft was published by the Finance Ministry. It is also said that a number of confidential information have been leaked out including crude oil revenue on the average price of 45 U.S dollars per barrel, export of crude oil 3.6 million barrels per day and 2, 50,000 barrels crude oil per day from the Kurdistan region and more than 3, 00,000 barrels crude oil production from the Kirkuk province, and all these revenues are considered as public treasury of the state. It is also said that oil revenues and mineral revenues are estimated at 69 trillion 773 billion and 400 million Iraqi dinars and this amount is 83 percent of the total revenue of 84 trillion Iraqi dinars.

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