Saturday July 12, 2014 - 11:10
Expected economic expert and teaching at the College of Management and Economics at the University of Basra, Mustafa Mahdi said Iraq monthly total loss due to a failure to approve the budget for the year 2014 more than 12 billion dollars a month.
Mustafa said in a statement to Radio tow the daily loss of Iraq will be more than 400 million dollars a day and this will reflect negatively on the living standards and economic reality of the country.
Mustafa added that the only budget that was approved at the time the 2005 budget year and the percentage rate of 40% and wondered about the rate of exchange in the budget did not acknowledge to this day.
And the voice of the Iraqi cabinet, in 15 of the January 2014 to approve a bill the federal budget for the Republic of Iraq for the fiscal year 2014, and forwarded to the House of Representatives based on the provisions of Article (61 / I and item 80 / item II) of the Constitution, taking into account some Amendments approved by the Council, including the fact that the export of crude oil produced in Kurdistan by SOMO "exclusively" by multifactorial and approved with the participation of representatives of the region in the pricing committee.
It also provides for adjustments to exclude amounts contracts for oil companies, federal, (16 trillion dinars), and companies territory, (900 billion dinars), of sovereign expenditure, and that is re-calculated the share of the region on the basis of 17 percent of the amount of investment firms and be this paragraph permanent.
The parliamentary Finance Committee announced on 30 September 2013 to the current 2014 budget, amounting to 174.6 trillion dinars, indicating that the bulk of which was allocated to the energy sector and security.
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