Iraqi Dinar 123 News:– There are number of different reports regarding the approval by the Iraqi Council of Ministers for the Iraqi budget 2016. It was announced that Iraqi Federal budget 2016 has been approved by the House of Representatives. Abdul Qadir Muhammad Omar a member of the Iraqi Finance Committee in the House of Representatives issued a press statement that Iraqi House of Representatives have not yet received the budget draft 2016. A member of the committee said that the budget draft would be returned to the Finance Committee after reading and finalizing discussion in the House of Representatives within two weeks. This draft will be received by the Iraqi Finance Committee for more suggestions and discussion on the observations by the Parliament.
The Council of Ministers approved the budget draft last week and forwarded it to the House of Representatives for discussion and voting. The budget draft 2016 includes total amount 106 trillion Iraqi dinars for expenses and 23 trillion Iraqi dinars for deficit. A spokesman from the Iraqi Prime Ministers information office Saad Al Hadithi said that Council of Ministers approved the budget draft law for the year 2016 in their special conducted session. The Iraqi Prime Minister Haider Al Abadi is the head of Council of Ministers. The suggested price for oil at 45 U.S dollars per barrel was included in the budget draft 2016. The daily export amount also added at 3.6 million barrels oil per day. The Iraqi Finance Minister also said that all revenues and expenses in the budget 2016 are according to the exchange in operational and investment sector.