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Al-Sudani: The total budget amounted to 197 trillion and 828 billion dinars / Expanded

Baghdad The Prime Minister, Muhammad Shia’a Al-Sudani, announced that the total budget is 197 trillion, 828 billion dinars.

Al-Sudani said in the press conference today: “The operating budget amounted to 150 trillion and 273 billion dinars.”

He added, “Sovereign guarantees were granted to support the private sector in implementing strategic industrial and agricultural projects, indicating that investment expenditures amounted to 47 trillion and 555 billion dinars, while the fiscal deficit amounted to 63 trillion and 275 billion dinars.”

He pointed out: “The total revenues amounted to 134 trillion 553 billion dinars, and oil revenues amounted to 117 trillion and 252 billion dinars based on the price of a barrel of $70.

He said that the rate of oil export reached 3,500,000 barrels per day, of which 400,000 barrels are from the region.

He pointed out: “The budget included allocating one trillion 600 billion dinars to support drug contracts, allocating 500 billion dinars to the liberated governorates and supporting the return of displaced families in their areas of residence, while 50 billion dinars were allocated to the Sinjar Reconstruction Fund.”

He added: “We came out with a comprehensive agreement on the outstanding issues between Baghdad and Erbil and the share of the Kurdistan region. The agreement includes that all the total revenues generated from the oil produced in the fields of the region be deposited in one bank account that includes all oil revenues and its derivatives.” It is subject to the supervision of the federal government and is authorized to spend with the Prime Minister of the region, and all other similar bank accounts are closed.

He continued: “In the event of disagreements, a joint committee will submit its recommendations to the Federal Prime Minister to issue the necessary decisions.

Al-Sudani indicated the allocation of 2.5 trillion dinars to the development of the regions and granting the provinces the authority to recycle the amounts due to them from development until next year.

He added that the general budget included the establishment of the Iraq Fund for Development at an amount of one trillion dinars, directed initially to housing and building schools, and it will be implemented by the private sector.

He said that the implementation of 8,000 schools will be launched at once, according to an economic model similar to payment on credit, and securing farmers’ dues for the current agricultural season amounting to two trillion and 500 billion dinars, which will be spent upon receipt of the agricultural crop.

He pointed to the addition of 400 billion dinars to the fund to support loans and small income-generating projects, and to increase the capital of the Industrial Bank by 400 billion dinars.

Al-Sudani stressed that the draft general budget law enjoys political agreement by all parties and blocs representing the State Administration Coalition, which formed this government.

He pointed out that he would ask the House of Representatives to attend with the Ministers in the second reading session of the draft budget law.

He stressed that this government is ready to discuss all opinions and proposals with the deputies in order to adopt a productive budget law that meets the aspirations of the citizen and the state.

He pointed out that the share of the Kurdistan region in all public budgets is 12.6%, indicating that covering the deficit in the general budget will be from the revenues and treasury bonds.

He explained that the total amount of the budget, 197 trillion dinars, is for one year and is repeated according to needs.

Source: National Iraqi News Agency