Secretary of the parliamentary Finance Committee Mr. Hadi has commented that the expectation is, the budget of next year will be bigger than that of this year because of the higher amount of oil export.
In a statement on Sunday, Hadi has said that the budget of the next year will be about 100 billion dollars more than the current year budget and the whole thing is the result of the higher amount of oil export and the amount of higher income from it. He also added that the Council of Minister has stated in its closing account that the amount of money is expected to offset the next year too.
Hadi has further added that the final accounts have reached the parliamentary Finance Committee, but every year problems happen regarding this account because the initial advances and expectations do not match the final account. If the financial committee treats the final account properly with the help of Financial Control through the development of a certain mechanism, then the final account will be ready for submission with the House of Representatives.
The government of Iraq has approved the budget of 100 billion dollars and has provided priority to the oil and electricity sectors in the draft budget. The World Bank has objected with the proportion of the budget deficit in the year 2012 (which was 16%). This is a high rate when compared to the budgets of the neighboring countries. At the same time, the nearest ratio of budget deficit in Islamic Republic of Iran is only 8%.
Source [Al Mowaten]