Iraqi News publishes FB of 2013 law draft endorsed by Government publishes FB of 2013 law draft endorsed by Government

Baghdad ( The Iraqi Government’s spokesman, Ali al-Dabagh, announced that “The Council of Ministers approved at its 46th regular session today a draft law of the federal budget for the year 2013 with the amount of [138] trillion Iraqi dinars, which shows an increase of 18% from last year’s budget.”

Dabagh said in a press statement received by Iraqi News ( that “The total federal income amounted to IQD [119.3] trillion were the result of calculating the revenues from exporting crude oil at an average price 90 USD per barrel and exporting capacity of up to [2.9] million barrels per day, including the quantity produced and exported from the Kurdistan Region at the amount of [250] thousand barrels per day,” noting that “The oil revenues will be saved at the Development Fund for Iraq after deducting [5%] for compensations of Kuwaiti war.”

The Iraqi investment budget reached IQD [55] trillion and the operating budget is IQD 83 trillion, distributed on the institutions, ministries and all State’s departments, where public expenditure will be distributed according to population ratios after excluding allocations of the federal ministry center and sovereign expenditures, as shown in the following table:

1- Security and Defense IQD 19.86 trillion 14.37%

2- Education IQD 12.71 trillion 9.2%

3- Power IQD 29.45 trillion 21.31%

4- Environment and Health IQD 6.82 trillion 4.94%

5- Social Services IQD 17.7 trillion 12.81%

6- Water, sewage and sanitation IQD 4.2 trillion 3.04%

7- Transport and Communications IQD 1.32 trillion 1.82 %

8- Agricultural sector IQD 2.68 trillion 1.94%

9- Industrial sector IQD 1.71 trillion 1.24%

10- Construction and housing IQD 1.57 trillion 1.14%

11- Culture, Youth and clubs and associations 2.22 trillion 1.61%

12- International Obligations, debt and commitments IQD 10.3 trillion 7.45%

13- Central public administrations IQD 12.76 trillion 9.24%

So the budget deficit by reached IQD 18.8 trillion dinars that will be covered by cash retained from the budget of 2012 and the Development Fund for Iraq and domestic borrowing by the treasury transfers and external, as well as from the savings expected from the increased sale prices of oil or increase production or borrowing from the International Monetary Fund and the World International Bank which will be empowered and Federal Minister of Finance the power to continue borrowing from the International Monetary Fund which complements the amount of [4.5] billion US dollars and the World Bank which complements the $ [2] billion during the year 2013 and using special drawing rights [SDR] to cover up to [1.8] billion dollars of the shortfall in the federal budget.

Dabagh said that “The share the Kurdistan Region has reached [14.3] trillion dinars, i.e. [17%] of the total operating expenses and expenses of the investment projects of the general budget of the Federal Republic of Iraq.

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