9 TRILLION DINARS TO THE PROVINCES OIL
BAGHDAD – Shaima Rasheed government has allocated about 9 trillion dinars for the implementation of development projects and housing to the provinces producing oil on according to the law “Alaptrokhmsh dollars.” According to the General Budget Law for the year 2014 amended by the Council of Ministers on December 29 last,
the government has allocated 8 trillion and 743 billion dinars as projects to producing provinces out of the customizations with the granting of the province the right to dispose of and use no more than (50 percent) of allocations for the purpose of import of electric power, or provide services to the provinces, cleaned and current expenditures, including wages for new contractors, according to the needs of the province.
identified government «priority spending areas hardest hit by the production, oil refining and environmental protection projects through the conduct transfers required coordination with each of the ministries of finance and planning federated equivalent (5) dollars for each barrel of crude oil producer in the province, and (5) dollars for each barrel of crude oil bis refineries in the province and (5) dollars for each 150 cubic meters a producer of natural gas in the province to be distributed by the production of each province and Muslim to the federal government to be an accounting adjustments after audited by the Supreme Audit the Federal budget of the following year ».
Expenditures for the year 2014 according to the new amendment, more than (170) Trliuna divided into a total investment of about 70 Trliuna and operational about 99 Trliuna, while allocated the remaining for capital expenditures and emergencies.
identified budget share of the Kurdistan region with 17 percent of the total expenditure, as allocated of the province some 20 trillion dinars. as total planned budget deficit of more than 30 trillion dinars covers of cash retained in the Development Fund for Iraq, DFI, andinternal and external borrowing and the ratio of the abundance of the expected increase selling prices or increased oil production.