Iraqi gov't approves 2008 supplementary budget-statement
Baghdad - Voices of Iraq
Thursday , 10 /07 /2008 Time 2:19:04
BAGHDAD, July 8 (VOI) - The Iraqi government spokesman on Tuesday said the Council of Ministers approved a supplementary budget of 21 billion Iraqi Dinars (ID) for the calender year 2008.
"The Council of Ministers endorsed the transference and amendments of Iraqi ministries and offices, bringing the total for the 2008 budget to 70 billion ID, the highest in Iraq's history," Ali al-Dabagh, spokesman for the Iraqi government, said in statement received by Aswat al-Iraq - Voices of Iraq - (VOI).
Earlier, the spokesman noted "the Finance Ministry had tabled the 21 billion supplementary budget for 2008."
The announcement pointed out "7.4 billion was allocated as investment budget, while 13.6 was appropriated as an operational budget for the Iraqi government ministries and provinces." .
"The supplementary budget will be debated at the economic committee of the Council of Ministers to incorporate any necessary amendments and adequate transference in cooperation with the concerned ministries," he added.
The spokesman highlighted "the final version of the budget would be presented to the Council of Ministers for a special voting session before its referral to the Parliament for debate and endorsement."
Al-Dabagh attributed "the rise of the total Iraqi budget to extra revenues from oil exports in the global markets."
He expected "the rise would make positive changes in Iraq's economy and services."
Oil experts put Iraq's oil reserves at 115 billion barrels—10 percent of the world's total—and it is estimated as the third oil-richest in the world after Saudi Arabia and Iran. The most important resources are in the Majnoon and West Qurna fields, close to Basra in the south of the country, which contain nearly a quarter of Iraq's proven reserves.
AM/SR
