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Finance minister sets 2007 budget at $33b
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Gulf News - [9/7/2006]
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Iraq's finance minister on Wednesday unveiled a draft 2007 budget totalling $33 billion a lower figure than sought by fellow cabinet members who want more spending to stimulate the economy.
The draft has been subject to intense debate within the Shiite-led government of Prime Minister Nuri Al Maliki, who has promised to strengthen the economy and create jobs to stem a descent into civil war.
"The budget is about $33 billion," Bayan said, adding that the final figure was still under discussion by the cabinet prior to being sent to parliament. The 2007 draft compares with a 2006 budget of $34 billion.
Last month, government spokesman Ali Al Dabbagh said the draft budget was close to $39 billion.
In a recent interview, Deputy Prime Minister Barham Salih, the government's economy supremo, said he was pushing to see more money pumped into the economy in 2007 and that Jabor was being overcautious in his revenue projections.
Jabor admitted differences among cabinet members over the 2007 budget, which along with a bill to attract investment into the oil sector, will be showcased to international institutions under a UN-backed plan to win economic support for the next five years.
"There were two opinions when we discussed the budget. At the end we reached a middle-ground solution and closed the door of discussion," he said.
Jabor gave no details about how much borrowing, if any, would be included in the government's 2007 fiscal plans.
He said the government would spend $10.7 billion on reconstruction, up from $6 billion in 2006, and that it had allocated $4 billion to build oil refineries and improve ageing infrastructure.
He gave no deficit estimates for 2007 but last month he said he expected a deficit of some $5 billion in 2006.
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