Planning Ministry extends recycling funds

[Stillw8n]

Planning Ministry extends recycling funds

Baghdad, Nov. 16 (AKnews) – Government funding will continue at 2011 levels until mid-February. The Council of Ministers has approved the Planning Ministry’s proposal to keep ministerial funds at present levels for an extra three months.

The Minister of Planning Ali Shukri said delaying the budgetary process will allow ministries and provincial councils to implement strategic projects in the 2011 budget and provide basic services.

“The Planning Ministry agreed with the Finance Ministry to recycle the funds of the 2011 budget and continue their disbursement to the ministries and government institutions.”
The Iraqi Central Bank (ICB) said that the 2011 budget has helped developed the country’s oil sector.

The Iraqi government says that the 2011 budget was a preliminary budget for 2012 budget and was able to attract international contractors companies to operate in Iraq and break the economic blockade.

The 2012 budget is estimated to be $112 billion USD (IQD134,176 billion), including $17 billion USD (IQD20,366 billion) for security and arms. It is an increase of 36% on last year, but there remains a deficit of $20 billion USD (IQD23,960 billion).

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