IMF warns Iraq’s 2014 budget could be exposed to shocks due to fluctuating oil prices

Posted by on Dec 13, 2013 | Leave a Comment

BAGHDAD / tomorrow Press: confirmed member of the parliamentary Finance Committee Magda al-Tamimi, on Thursday, the International Monetary Fund drew a report on the budget for Iraq in 2014 to the Ministry of Finance and a copy of it to the House and the Finance Committee he refers to the balance of 2014 to be discussed now before the Council of Ministers adopted on very optimistic assumptions about oil revenues.

Tamimi said in a statement seen by “tomorrow’s Press,” said that “what makes the budget vulnerable to shocks is the decline in oil prices and the delay in the increase of oil exports and moreover there is a significant increase in current expenditures.”

It said al-Tamimi said that “the IMF report also pointed to a large deficit in the budget and the deterioration in the public financial management has included a budget laws recently allocation spending unrealistic increasingly,” indicating that “the International Fund expressed concern over the possibility that make the current budget for the year 2014 Iraq’s position is very weak. “

She pointed out that al-Tamimi, “the report warned that the huge withdrawals of the resources of the Development Fund for Iraq, particularly in the second half of the year 2013 which is due to a shortage caused by the unexpected revenue to oil exports coupled with the obligations of the tunnels are great for budget law in 2013.”

The Finance Minister Ali Shukri announced in October 2013, ending the draft federal budget for Iraq for the next year 2014, which will amount to 174 billion U.S. dollars, while confirming they are still parliamentarians at the Council of Ministers.

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