Iraq announces 2011 budget; Will borrow from IMF, World Bank and use SDR’s cover defi

.Iraq announces 2011 budget; Will borrow from IMF, World Bank and use SDR’s cover defi
December 5th, 2010

Baghdad – Arab Online: According to Iraqi reports said on Sunday that the general budget of Iraq in 2011 decided that the 93 trillion Iraqi dinars, based 83 percent on income earned from exports of Iraqi crude oil.
According to the newspaper “Sabah” Iraqi governmental governmental organizations, the draft budget provided to inform the budget next year some 93 trillion dinars, of which 29 trillion dinars allocated for the expenses of the investment projects, while the operating expenses 64 trillion dinars by a financial deficit of more than 14 trillion dinars covered from the cash retained from the Federal budget for the year 2010 and the internal and external borrowing.
The newspaper pointed out that the text of the draft budget entitled “The Minister of Finance to borrow from the International Monetary Fund estimated at 5.4 billion dollars, and the World Bank $ 2 billion, and by using special drawing rights at about 8.1 billion dollars to cover the projected shortfall in the budget, in addition to the domestic borrowing by the treasury transfers” .
It also includes “The budget proposed and approved by the Council of Ministers on 30 of last month, the allocation of about six trillion dinars to secure the ration card items and Trliunin and 700 billion dinars for the expenses of medication and monitoring around Trliunin and a half the trillion dinars in support of electricity from non-Ministry’s budget and monitoring of more than 13 trillion dinars for the expenses of defense, security and more than 12 trillion dinars to support the expenses of the social strata and two trillion dinars for the construction and housing, services, and about eight trillion dinars of Education. “
The newspaper pointed out that the budget was built on the basis of “calculating the revenues from export of crude oil based on the average price of $ 73 per barrel and the rate of export of 25.2 million barrels per day, of which 150 thousand barrels of crude oil revenues from export of crude oil through the territory of Kurdistan, the region and compel the transfer of income to the Fund for the reconstruction of Iraq after the deduction of 5 percent of compensation for the Kuwait war, or any other rate determined by the Security Council and paid to the United Nations.

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