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Iraqi Government proposed a budget of 79 Billion Dollars for 2009
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Translated by IRAQdirectory.com - [9/19/2008]
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The Iraqi Finance Ministry stated on Tuesday that it proposed a record budget of $ 78.88 billion dollars in 2009 with the allocation of 18.62 billion dollars of that amount to investments in development projects.
The budget for 2008 totaled $ 48 billion originally but in subsequent of an increase in oil revenues , the parliament approved a supplementary budget of $ 21 billion dollars last month to spend on basic services and reconstruction.
Iraq seeks to benefit from high oil prices and growing income to be spent on rebuilding the infrastructure that was destroyed by decades of war and UN sanctions and neglect.
A statement by the Ministry of Finance, indicated that the ministry's budget management has completed on Tuesday a consolidated budget for 2009 as a whole to reach 78.88 billion dollars.
The ministry added that 60.26 billion dollars earmarked for operating expenses and $ 18.62 billion for investment.
The ministry stated that five billion dollars of investment funds will be allocated for the development of the Iraqi governorates and will be divided according to population of each province.
It added that 2.49 billion dollars spent on electricity as the country suffers from chronic shortages in supplies and $ 2.55 billion from the budget allocated to develop the oil industry.
It was unclear when the budget will be submitted to Parliament.
The ministry said that the budget for 2009 were based on an assumed oil price of 80 dollars for a barrel and exporting two million barrels per day.
The average of Iraqi oil exports 1.83 million barrels per day in August according to Reuters data.
The decline of violence in Iraq to its lowest level in four years made the officials hope to adopt a general and large spending program to be spent on basic services such as energy, sanitation and drinking water.
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