04/10/2011 13:24
Baghdad, October 4 (Rn) – Iraqi Central Bank announced on Tuesday that the budget in 2011 has made development in the oil sector in the country.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the budget in 2011 has achieved the desired development in the oil sector and was able to promote in its projects well.”
He added that “the budget in 2011 was a preliminary budget to balance in 2012 and was able to attract international contractors and international companies known to operate in Iraq and break the economic blockade.”
He continued that “the budget in 2011 is carried out properly Emtemhaah with the monetary policy implemented by the Central Bank of Iraq and the translation of the interaction between monetary policy and financial.”
Iraq seeks to raise oil production to 3 million b / d after three rounds held to raise the level of production.
Government figures indicate that Iraq’s budget for next year will amount to 131 trillion Iraqi dinars (about $ 112 billion), up 36% from the current year budget and a deficit of 23.3 trillion Iraqi dinars (20 billion dollars).
The government says the deficit will be met from cash retained from the current year budget 2011 is internal and external borrowing and the rate of savings is expected to increase selling prices or increased oil production or borrowing from the IMF and World Bank.
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