Parliament: distribution of 25% of the surplus oil revenues will not come

Date: Saturday, 30-06-2012 01: 13 am



Baghdad/term
Parliamentarians said that the allocation of 25% of the surplus oil revenues will be achieved this year, landing in pneumonia that the reason oil prices that have reached $ 74 per barrel. Member of the Finance Committee in the Chamber of Deputies Haitham Al-Juburi as/Al baghdadia news,

To distribute 25 percent of surplus oil revenue approved by deputies during the vote on the budget 2012, will be realized only after closing the budget deficit of 12 billion dollars, indicating that the Government and even the current month will not reach the plug to 30 percent which significantly affect the supplementary budget is supposed to reach the Parliament this month, so that this point would be empty of content.

The Ministry of planning and finance was supposed to submit the report of the Committee formed to study the distribution of income and did not complete a bit of work, despite the passage of more than four months after the adoption of the budget ".

Said Committee member Abdul Hussain abtan economic decline world oil impact greatly on the supplementary budget, considering that this error was due to the Government adopted the selling price of oil $85 a barrel, while Parliament's insistence on selling price under budget by $72 to avoid any problem to the oil market.

and between the oil Ministry and abtan Deputy Prime Minister for Energy Affairs Hussain Shahristani bear the burdens of the delayed arrival of supplementary budget to Parliament as well as the possibility for distribution Approved by Parliament and 25 percent of surplus oil revenues, noting that Shahristani persuaded Parliament to sell barrels of oil will reach $100 a barrel and a production capacity of up to 3.5 million almilon per day with energy production today did not arrive until 2 million and 900 BPD."

He is a member of the Finance Committee in the Chamber of deputies by Hadi (aknews) we are on the Finance Committee, we discussed the issue of financial abundance and a work programme for the distribution of abundance but existing indicators are not encouraging, we bridge the fiscal deficit in the budget only".

Hadi said that the priorities of financial abundance is the budget deficit for this year and then go to the implementation of the remaining financial abundance programs."

And the federal budget passed to 2012, which amounted to some 100 billion dollars in February, after the voice of 43 items.

The most prominent proposals which were included in the budget are raising loans from citizens and staff, and grants for 6 months for salaried retirees less than 400,000 dinars (330 dollars), and benefits from the Government and private banks to distribute 25% of surplus oil sales directly to citizens.

The House approved during its vote on budget 2012 to allocate 25 of surplus proceeds of the sale of oil on the Iraqi people by project and not block the liberal vote on the budget without the inclusion of this paragraph and vote on approval.

House of representatives voted on 24 February this year, the General State budget amounting to 100.5 billion dollars on the basis of the average price of a barrel of oil and $85 average exports reached 2.6 million barrels per day in deficit b 12.6 billion dollars would fill the bulk of surplus in Iraq Development Fund account to the Federal Reserve Bank in New York.

Recalled that Iraq, which relies heavily on income to finance 95 percent of its budget, seeks to increase its oil production capacity to more than eight million barrels per day by 2017 with the help of foreign oil companies.