Iraq News - Local News - Baghdadpost

2019 draft budget likely to be completed in January: Qaddo

The Parliamentary Finance Committee suggested that preparation of Iraq's 2019 draft budget will be completed at the end of January 2019.

Committee member Hunain al-Qaddo said in a press statement that the Parliament began the first and second reading of the 2019 draft budget, adding that the Finance Committee holds continuous and intensive meetings to study the possibility of including further suggestions in the budget.

Qaddo said that the Finance Committee will hold ongoing meetings with ministers and heads of prominent institutions to discuss the financial allocations in the new budget.

He pointed out that the Kurdistan Region has some objections concerning Kirkuk oil, salaries of Peshmerga and employees, money obtained from customs and ports and the delivery of oil revenue to the government.

Iraq's parliament on Thursday reportedly finished the first reading of the draft of the budget for the fiscal year 2019, in the presence of 246 deputies and Electricity Minister Loay al-Khatib.

The revenues of the 2019 budget is estimated at about 150.6 trillion Iraqi dinars according to the estimated revenues from the export of crude oil on the basis of the rate of $56 per barrel, and an export rate of 3,880,000 barrels per day.

The estimated expenditures amount at about 133.1 trillion dinars, while the total deficit planned estimated at 27.5 trillion dollars.

During the session, the parliament, headed by Mohamed al-Halbousi, voted on the functions and competencies of the different parliamentary committees.

Khatib said that a plan has been prepared during the past 50 days including the agreements concluded with the banks, noting that the ministry is about to conclude agreements with the concerned authorities in the electricity sector in less than a month.

Khatib announced that the ministry during the first quarter of next year will develop the strategy and plan of the ministry for the year 2019-2020 as well as the development of energy plan to extend until 2030.

Member of the Parliament's Finance Committee Ahmed Rashid revealed details of Iraq's 2019 budget, pointing out that the percentage of education and health sectors in the budget of 2019 was reduced.

The budget is non-developmental, Rashid said, adding that financial allocations for education and health had significantly declined in the new year's budget, while the financial allocations had significantly increased.

He also denounced the share of the Kurdistan region of the budget, saying that the region deserves 14% of the total budget instead of 12%. The share of the liberated governorates and Basra is very small, compared to what was allocated to the military system, national security and intelligence, he added.

Rashid said that observers may easily think that Iraq is still at war after they reviewed the allocations of the budget, as it allocates about 9 trillion dinars to the Ministry of Defense, 2.5 trillion dinars to IMIS, and 700 billion dinars to the Counter Terrorism Service. This means that what is allocated to the military system is about 14 trillion dinar, he concluded.
Last Modified: Wednesday، 26 December 2018 08:09 AM