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Minister of Finance: Snguetred to pay petro dollars if Parliament approved the issuance of bonds and the most likely to avoid deficit
01/24/2014 01:07
The Minister of Finance Agency purity of net debt, the government would borrow 9 trillion dinars to repay the funds petro dollars allocated to the provinces, if approved by the House of Representatives, stressing that the allocation of petro dollars acquired right and the government is obliged to reimburse remains debt in the event of lack of funds. , and most likely in an exclusive interview with the Center Brief for the Iraqi Media Network (IMN), the issuance of bonds to cover the budget deficit, estimated at 23 trillion dinars. Below is the text of the interview: IMN: Let's start from the debate petro dollars, why did not Tdauha in the draft budget? Net: dollars five Petro dollars acquired right to the provinces and not the validity of the government to change a constant, whether we have mentioned in the budget or not remind him, and previously when he was a customization one dollar, the petro-dollar decision of the cabinet so it was guaranteed the budget law to proceed is implemented, but now we have the Law No. 19, which amended the provincial law No. 21, and approved the allocation of five dollars to the provinces producing oil for every barrel produced every barrel filtered, and for each 150 cubic meters produced from the gas, and this law fixed permanent and clear and must be implemented, and who talked about that, and who talked about we we re-allocation of petro dollars to one dollar, not Bdqiqin, and we have new paragraphs about five dollars Sndifaa to the budget law, the guest part ambiguous from the budget to block the way for stalkers in the murky water, and do not stay the field to dramatize political. IMN: Why did not translate the beginning of this acquired right in the draft budget to the current year budget? Net: failure to allocate five dollars in the budget law does not mean they will be banned, even if the money can not be given back to the Treasury, the allocation of petro dollars stays where it acquired right, usually translated through the accounts of speculative production and filtering in each province, and placed the amounts estimated in the budget then at the end of the year the expense of production and liquidation of actual, and the process is reviewed, Value is the total amount of petro dollars is 9 trillion dollars, but we put 2 trillion just the equivalent of the amount that is calculated for them in the last year, according to the calculation dollars per barrel did its disposal provinces, and will remain right substance In the five dollars they acquired rights to it acquired rights a religion on the government, and if funds are available by 9 trillion Snguetred but borrowing subject to approval by Parliament, because this year's budget is facing difficulties, including the revenue assumed in the past year, calculated revenue 9 trillion dinars from oil exports province Kurdistan, but the region has not given us this money, even though the government paid the region's share in the budget. IMN: So if you ye have received about nine trillion dinars from Kurdistan to Adtrrtm to defer duespetrodollars? both this is not linked inevitable necessity, because the budget where the deficit did not go away Even if the province pay full dues. IMN: Do you agree with me that the ministry Tsenmk proxy accounts linked to the budget that you changed? Net: I do not know. IMN: Thank you for this smile, but who knows? Net: I do not know who said it has issued a fatwa. IMN : And how did the ministry with a budget deficit? Net: we relied on oil by 93%, and we relied on taxes and fees by 7%, did not exceed our revenues the state at 140 trillion dinars, Pima our preliminary estimates of the expenditure of the total allocations of ministries and provinces with Alaptrodola Tjazat 200 trillion, we were forced to reduce expenditure and made it about 163 trillion, leaving a deficit of about 23 trillion, and know the necessity of a balance between revenues and expenditures in the budget, and when we have a deficit we have to show the way funded, and here we say that we finance the deficit of the amounts found in the Development Fund for Iraq and found little amount does not exceed Seven trillions of dinar, and thus we are forced to borrow from the International Monetary Fund, and the use of special drawing rights from the World Bank estimated Petrleonin dinars, as well as expectations of increased production teams and increase prices, if not the price goes up we will resort to the issuance of securities and sell them, and be part of the public debt . IMN: Ptkadirk, you Stljún for this option? Net: Yes, most likely because this year we have a problem. IMN: Where to resolve the dispute with the Kurdistan? Net: disagreement with the Kurdistan befuddled budget, now we have built a budget to calculate the revenues of 400 thousand barrels of exports province Kurdistan, which is estimated at $ 16 trillion and a half, under the current budget share of the region are also estimated at $ 16 trillion and a half, if not enter the region this amount of oil revenues will deficit further in the budget by the share of the region, and so will the deficit to 39 trillion dinars, we addressed us Kurdistan region Quite frankly, they said they did not pay income 250 thousand barrels as agreed in the last year, and then threatened us hold them accountable and non-payment and then we give them in the end, but this year it can not, because the provinces of petro dollars embarrass the government and the press to take the dues, as we are keen to pay the rights of the citizens of region. IMN: Is it the horizon soon to resolve the dispute? Net: now closer to the settlement of the dispute with the territory, and there are fears of the non-fulfillment of the government and we said that it is their right to fear it is our duty to remove these fears, Talibona expenses of production of $ 6 trillion, and we do not mind But we asked them to provide us with billing to be audited by the Audit Court, but they did not submit these invoices, We proposed solution to end the problem of production expenses, that bears the region production expenses of its stake in the budget, the federal government paid the expenses of production in the rest of the provinces of 83% of the budget, Thus, the cost of production becomes far from sovereign expenditure, and within expenditure usual, and in this case would be the share of the Kurdistan region of 19.9 trillion because it would provide for the expenses of production, with decreased what is left of the country.IMN: What's the use? net: Interest will be realized in the long term in the coming years will be reduced production expenses with the exception of the Kurdistan region, because its contracts sharing contracts, but we put controls that there should be export by marketing company National Oil (SOMO), and be in the company's board members of Kurdistan and all producing provinces, but we put representatives even in the export centers, to be achieved Coordination, which calls for the province by. IMN: What aboutfunding? They demanded that the funds Region's exports within the quota, so we agreed, but we stipulated that the implementation of Iraq's obligations towards the UN Security Council that go all the revenues of the Iraqi beginning to the Development Fund for Iraq, to be deducted Kuwait's share , then the Central Bank to withdraw the amount and we we convert it to a branch in Erbil, provided that not more than their share of assessments in the budget, and then will come the liquidation, and the proportion in liquidation also Estelmoha and Iraq will be a single, When the ratio is filtered 15% or 16%, and if it became they need less of this, it is their right to issue what is left and take the revenue, and if they agree to this formula, it will be presented to the Cabinet for amending some of the texts. IMN: So when are recognizing the budget? expect that the budget will be approved within days, and if approved, the budget will be approved after modify some of the texts, and we are keen to finish on a formula showing Iraq are sovereign in front of the outside, and the remaining details with us at home, but may not be issued alone may not be receiving revenue alone. IMN: If so, why do not you demand revenues of 250 thousand barrels agreed to pay in the past year?net: Oil Ministry sent the financial book stating that the amount did not arrive and the Ministry of Finance has, documents that the region must pay this amount but pay other amounts owed to the province and must be settled, but the subject is subject to negotiations. IMN: Ok supposedly economically to be a budget, an annual plan, where is the harmony between the budget and the Five Year DevelopmentPlan? harmony only on paper, but the implementation shows that our budget is still stereotyped and traditional. IMN: Is not it time for the preparation of the budget in a manner programs, to achieve better efficiency? We did not get this up to now, and there is another problem hindering the achievement of economic efficiency, which is the politicization of economic issues, and you noticed what happened to prevent the passage of the infrastructure that had been hoped by speeding up the development process by accelerating the benefits and postpone the costs, payment system on credit as well as contracting with companies global sober. IMN: Why did not Tsttmarwa the remaining funds in the ministries and provincial budgets the past, which is more than the amount you requested to fund infrastructure projects? this can not be because the remaining funds earmarked for projects list. IMN: List a few years ago andfailed? both not enough, but maybe your words will be achieved in the funds that accumulate projects petro dollars, Basra is, for example, have large amounts of petro dollars did their disposal. IMN: the students are waiting for news about giving them accurate, you will pay in the next year? Yeah will be disbursed this year as exists in the budget.
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01/24/2014 01:07
The Minister of Finance Agency purity of net debt, the government would borrow 9 trillion dinars to repay the funds petro dollars allocated to the provinces, if approved by the House of Representatives, stressing that the allocation of petro dollars acquired right and the government is obliged to reimburse remains debt in the event of lack of funds. , and most likely in an exclusive interview with the Center Brief for the Iraqi Media Network (IMN), the issuance of bonds to cover the budget deficit, estimated at 23 trillion dinars. Below is the text of the interview: IMN: Let's start from the debate petro dollars, why did not Tdauha in the draft budget? Net: dollars five Petro dollars acquired right to the provinces and not the validity of the government to change a constant, whether we have mentioned in the budget or not remind him, and previously when he was a customization one dollar, the petro-dollar decision of the cabinet so it was guaranteed the budget law to proceed is implemented, but now we have the Law No. 19, which amended the provincial law No. 21, and approved the allocation of five dollars to the provinces producing oil for every barrel produced every barrel filtered, and for each 150 cubic meters produced from the gas, and this law fixed permanent and clear and must be implemented, and who talked about that, and who talked about we we re-allocation of petro dollars to one dollar, not Bdqiqin, and we have new paragraphs about five dollars Sndifaa to the budget law, the guest part ambiguous from the budget to block the way for stalkers in the murky water, and do not stay the field to dramatize political. IMN: Why did not translate the beginning of this acquired right in the draft budget to the current year budget? Net: failure to allocate five dollars in the budget law does not mean they will be banned, even if the money can not be given back to the Treasury, the allocation of petro dollars stays where it acquired right, usually translated through the accounts of speculative production and filtering in each province, and placed the amounts estimated in the budget then at the end of the year the expense of production and liquidation of actual, and the process is reviewed, Value is the total amount of petro dollars is 9 trillion dollars, but we put 2 trillion just the equivalent of the amount that is calculated for them in the last year, according to the calculation dollars per barrel did its disposal provinces, and will remain right substance In the five dollars they acquired rights to it acquired rights a religion on the government, and if funds are available by 9 trillion Snguetred but borrowing subject to approval by Parliament, because this year's budget is facing difficulties, including the revenue assumed in the past year, calculated revenue 9 trillion dinars from oil exports province Kurdistan, but the region has not given us this money, even though the government paid the region's share in the budget. IMN: So if you ye have received about nine trillion dinars from Kurdistan to Adtrrtm to defer duespetrodollars? both this is not linked inevitable necessity, because the budget where the deficit did not go away Even if the province pay full dues. IMN: Do you agree with me that the ministry Tsenmk proxy accounts linked to the budget that you changed? Net: I do not know. IMN: Thank you for this smile, but who knows? Net: I do not know who said it has issued a fatwa. IMN : And how did the ministry with a budget deficit? Net: we relied on oil by 93%, and we relied on taxes and fees by 7%, did not exceed our revenues the state at 140 trillion dinars, Pima our preliminary estimates of the expenditure of the total allocations of ministries and provinces with Alaptrodola Tjazat 200 trillion, we were forced to reduce expenditure and made it about 163 trillion, leaving a deficit of about 23 trillion, and know the necessity of a balance between revenues and expenditures in the budget, and when we have a deficit we have to show the way funded, and here we say that we finance the deficit of the amounts found in the Development Fund for Iraq and found little amount does not exceed Seven trillions of dinar, and thus we are forced to borrow from the International Monetary Fund, and the use of special drawing rights from the World Bank estimated Petrleonin dinars, as well as expectations of increased production teams and increase prices, if not the price goes up we will resort to the issuance of securities and sell them, and be part of the public debt . IMN: Ptkadirk, you Stljún for this option? Net: Yes, most likely because this year we have a problem. IMN: Where to resolve the dispute with the Kurdistan? Net: disagreement with the Kurdistan befuddled budget, now we have built a budget to calculate the revenues of 400 thousand barrels of exports province Kurdistan, which is estimated at $ 16 trillion and a half, under the current budget share of the region are also estimated at $ 16 trillion and a half, if not enter the region this amount of oil revenues will deficit further in the budget by the share of the region, and so will the deficit to 39 trillion dinars, we addressed us Kurdistan region Quite frankly, they said they did not pay income 250 thousand barrels as agreed in the last year, and then threatened us hold them accountable and non-payment and then we give them in the end, but this year it can not, because the provinces of petro dollars embarrass the government and the press to take the dues, as we are keen to pay the rights of the citizens of region. IMN: Is it the horizon soon to resolve the dispute? Net: now closer to the settlement of the dispute with the territory, and there are fears of the non-fulfillment of the government and we said that it is their right to fear it is our duty to remove these fears, Talibona expenses of production of $ 6 trillion, and we do not mind But we asked them to provide us with billing to be audited by the Audit Court, but they did not submit these invoices, We proposed solution to end the problem of production expenses, that bears the region production expenses of its stake in the budget, the federal government paid the expenses of production in the rest of the provinces of 83% of the budget, Thus, the cost of production becomes far from sovereign expenditure, and within expenditure usual, and in this case would be the share of the Kurdistan region of 19.9 trillion because it would provide for the expenses of production, with decreased what is left of the country.IMN: What's the use? net: Interest will be realized in the long term in the coming years will be reduced production expenses with the exception of the Kurdistan region, because its contracts sharing contracts, but we put controls that there should be export by marketing company National Oil (SOMO), and be in the company's board members of Kurdistan and all producing provinces, but we put representatives even in the export centers, to be achieved Coordination, which calls for the province by. IMN: What aboutfunding? They demanded that the funds Region's exports within the quota, so we agreed, but we stipulated that the implementation of Iraq's obligations towards the UN Security Council that go all the revenues of the Iraqi beginning to the Development Fund for Iraq, to be deducted Kuwait's share , then the Central Bank to withdraw the amount and we we convert it to a branch in Erbil, provided that not more than their share of assessments in the budget, and then will come the liquidation, and the proportion in liquidation also Estelmoha and Iraq will be a single, When the ratio is filtered 15% or 16%, and if it became they need less of this, it is their right to issue what is left and take the revenue, and if they agree to this formula, it will be presented to the Cabinet for amending some of the texts. IMN: So when are recognizing the budget? expect that the budget will be approved within days, and if approved, the budget will be approved after modify some of the texts, and we are keen to finish on a formula showing Iraq are sovereign in front of the outside, and the remaining details with us at home, but may not be issued alone may not be receiving revenue alone. IMN: If so, why do not you demand revenues of 250 thousand barrels agreed to pay in the past year?net: Oil Ministry sent the financial book stating that the amount did not arrive and the Ministry of Finance has, documents that the region must pay this amount but pay other amounts owed to the province and must be settled, but the subject is subject to negotiations. IMN: Ok supposedly economically to be a budget, an annual plan, where is the harmony between the budget and the Five Year DevelopmentPlan? harmony only on paper, but the implementation shows that our budget is still stereotyped and traditional. IMN: Is not it time for the preparation of the budget in a manner programs, to achieve better efficiency? We did not get this up to now, and there is another problem hindering the achievement of economic efficiency, which is the politicization of economic issues, and you noticed what happened to prevent the passage of the infrastructure that had been hoped by speeding up the development process by accelerating the benefits and postpone the costs, payment system on credit as well as contracting with companies global sober. IMN: Why did not Tsttmarwa the remaining funds in the ministries and provincial budgets the past, which is more than the amount you requested to fund infrastructure projects? this can not be because the remaining funds earmarked for projects list. IMN: List a few years ago andfailed? both not enough, but maybe your words will be achieved in the funds that accumulate projects petro dollars, Basra is, for example, have large amounts of petro dollars did their disposal. IMN: the students are waiting for news about giving them accurate, you will pay in the next year? Yeah will be disbursed this year as exists in the budget.
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