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The central bank describes the budget in 2011 as largest in the history of Iraq and criticized the questioning the integrity of the Investment Authority
2011-01-10 20:26:37
Posted: January 10, 2011 by CURRENCY NEWSHOUND – Just Hopin
Alsumaria News / Baghdad

Description of the Central Bank of Iraq, on Monday, Iraqi state budget for the current year 2011 as the largest in the history of Iraq amid weak development activities, questioning, criticizing the integrity of administrative leaders responsible for implementing the investments, calling on the Iraqi parliament to take a legislative decision to protect them.

The adviser said the Central Bank of Iraq the appearance of Mohammed in an interview with “Alsumaria News”, “The current year budget is the largest budget in the history of Iraq,” noting that “the roof Alinvaki some $ 73 trillion and the share of the investment budget by 32% a big number for the international levels “.

Saleh pointed out that “the problem lies in the end of the fiscal year for the implementation of the material that the budget does not exceed 20 or 25%,” asserting that “The fact that these achievements in the development activity could be weaker than in the history of Iraq.”

The minister was planning a former Mahdi al-Hafez criticized in an interview earlier “Alsumaria News”, on Sunday, the financial budget of the Iraqi state for the current year 2011 to non-reliance on scientific facts and realistic, calling for a reconsideration of what can provide justification for these numbers and financial allocations.

The “Alsumaria News” I got a copy of the draft general budget of the Federal Republic of Iraq for the Financial Year 2011, as amended, the final preparation for submission to the Parliament for a vote.

The bill provides that the estimated revenues of the federal budget for fiscal 2011 amount (according to the 78.705.237.500.000 main accounts, as stipulated in the calculation of income resulting from export of crude oil based on the average price of $ (73) dollars per barrel and the rate of export of (2.250. 000) barrels per day from (150.000) barrels per day from the revenues from export of crude oil through the territory of Kurdistan.

He said the central bank adviser that “this resulted in problems and causes of transition experienced by Iraq,” noting that “disabled person who is witnessing the largest country in the present time is to create administrative leaders rely on themselves without fear.”

He pointed out that the benefit of “the leaders responsible for the implementation of existing investments currently lives in a state of terror and fear and is ready to bring to the charges of corruption,” revealing “the existence of unnamed projects have been stalled for three years for administrative reasons.”

He called on the central bank adviser of the Iraqi Parliament to “take legislative decision to protect the administrative leaders of the implementation of investment projects without doubts, and be accountable to later,” criticizing the “put doubts in front of these leaders before the implementation of the project, because it is a bit of a panic and does not conform with the construction investment.”

The Iraqi parliament earlier passed, in October 2006, the investment law, but he did not give investors the right to ownership of the property the project, also equated the Iraqi investors and foreign investment in each concession, with the exception of real estate ownership, while giving foreign investors the right to lease the land for 50 years, of renewal.

The Council amended the House of Representatives on 13 October 2009, the Investment Law so that gave the right of the investor Iraqi and foreign ownership of land and property belonging to the State allowance determined in accordance with special regulations, as well as give him the right to own land and property belonging to the mixed and private sectors to establish housing projects exclusively.

The cabinet approved, earlier this month, the general budget for 2011 a deficit of $ 12 billion will be covered by the amounts retained from the previous year’s budget and borrow internally and externally, noting in a statement that the projected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, a shortfall of $ 12 billion, and pointed out that the calculation of income resulting from export of crude oil at a rate of $ 73 a barrel at a rate of 2.00025 million bpd, of which 150 thousand barrels of crude oil exported from the territory of Kurdistan.