Iraqi Dinar Discussion Board

[ema-266]

January 26, 2010

Iraq's parliament approved a budget of $ 72.4 billion dollars for 2010

BAGHDAD (AFP) - Iraqi parliamentarian said that the parliament on Tuesday approved the 2010 budget the size of federal spending by 84.7 trillion Iraqi dinars (about 72.4 billion U.S. dollars), while a deficit of 22.9 trillion dinars (19.6 billion dollars).

According to the budget law, the budget deficit is 27 percent of the total spending is expected to be funded through the surpluses of previous years and also through domestic borrowing and external.

Sami al-Atrushi Kurdish lawmaker and member of parliament's finance committee that the council approved on Tuesday the budget 2010.

The Budget Act contains a mandate to allow Iraq of attempting to reach a financing arrangements totaling $ 4.5 billion with the IMF and the other two billion dollars with the World Bank.

The total government revenue by about 61.7 trillion Iraqi dinars (52.8 billion dollars).

Iraq relies on crude oil exports to earn more than 95 percent of government revenues.

And the disruption to approve the budget for weeks because of the negotiations on increased spending.

Lawmakers said the political deals played a role in that as well.

They said the rival Prime Minister Nuri al-Maliki tried to obtain government approval for a law that would prevent the use of any of the Maliki government resources in the election campaign, scheduled to be held on the seventh of March, in return for approving the budget.

AFP Global