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01-26-2012, 05:00 AM
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Budget 2012: the issues of financial / economic and institutional in Iraq

On: Wed, 26/01/2012 14:18



Dr. Ali Mirza
Introduction

Received in the media and in official statements draft budget figures for 2012. He stated that the Council of Ministers approved the project and sent to the House floor in preparation "for approval. In fact, the details of the draft budget is published official documents are available. It is not available on the website of the Ministry of Finance and the bills presented for discussion at the site of the House of Representatives.Accreditation will be for that, in this article, on any available figures and tables contained in the media.

First ”: numbers: The First balanced budget figures
This project comes to represent the largest size for balancing the Iraqi public. This project comes to a larger size to balance the Iraqi public. As the number when spending allocations amounting to 117 trillion dinars, equivalent to 100 billion dollars. It said the figure of the spending allocations of 117 trillion dinars, equivalent to $ 100 billion. At this juncture oil price level of a sense of financial abundance where the average price of Iraqi oil in the first weeks of 2012 about 105 dollars per barrel. At this juncture of the oil price level there is a sense of financial abundance with an average price of Iraqi oil in the first weeks of 2012 about 105 dollars a barrel. It will resume exporting oil in 2012 in 2011. As oil exports will surpass the 2012 level in 2011. In all cases, the sense of abundance or fiscal deficit would depend on what happens in the international oil market and the ability of oil sector in export volumes planned. In any case, the sense of abundance or the fiscal deficit will depend on what happens in the international oil market and the ability of the oil sector in the export quantities planned. Table (1) customizations expenditures and income shares of 2011 and 2012 and budget deficits and estimate my guess for the actual figures for 2011. The table shows (1) allocations of income and expenditure budgets of 2011 and 2012, budget deficits and guestimate the actual figures for 2011.
Table (1) federal budget, trillion dinars Table (1) federal budget, trillion dinars
2012 2012
2011 2011



Sources: budget 2011: website of the Ministry of finance. Sources: 2011 budget: the website of the Ministry of Finance. Balancing 2012: http://anm-news.net/index.php/permalink/7608.html (http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Fanm-news.net%2Findex.php%2Fpermalink%2F7608.html)niozm atk,. As well as articles appearing in multiple websites. Budget 2012: Uzmatk, Http://anm-news.net/index.php/permalink/7608.html (http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Fanm-news.net%2Findex.php%2Fpermalink%2F7608.html). as well as articles appearing in multiple sites. Actual/preliminary figures 2011: assessed in the light of actual 2011 oil revenues oil and gas production and refining the actual site of the Iraqi oil Ministry. 2011 actual numbers / Raw was assessed in the light of the 2011 actual oil revenues and oil and gas production and refining actual site of the Iraqi Oil Ministry. In light of estimated damages (5%) The petrodollar and projected expenditures. In light of estimated compensation (5%) and projected expenditure for the petrodollar. "petrodollar is producing governorates paid customizations for oil and gas, oil and the liquidator by dollars per barrel or 150 m3 of gas. Petro-dollar allocations are paid to the provinces producing oil and gas and oil by Almsfih dollars per barrel or per 150 m 3 of gas. Notes in the table in the collection of paragraphs of non-conformity with the total shown because of rounding. Noted in the table in the collection of non-compliance with the paragraphs set out the total due to rounding.
Note: exchange rate equals 1170 dinars to the dollar. Note: Sarabv equal to 1.170 dinars per dollar.
Perhaps the first to bring attention to the budget of 2012 is the size of salaries and allowances and social benefits. Perhaps the first thing that brings attention to the budget of 2012 is the size of salaries, grants, subsidies and social benefits. At a State workers ' salaries allocations and pensions about 40.1 trillion dinars, while paragraph grants, subsidies and social benefits of 11.6 trillion. The paragraph of allocations in the state workers' salaries and pensions of about 40.1 trillion dinars, while the paragraph grants, subsidies and social benefits 11.6 trillion. Most of the second paragraph, except for some foreign commitments and others under “ grant ”, subsidies and social benefits (including ration and public sector enterprises subsidies). Most of the second paragraph, except for certain obligations of State and others under the "grants" are subsidies and social benefits (including the ration subsidies and public sector entities). If we assume that 75 percent of the second paragraph represents the subsidies and social benefits, total up first and 75% of total second 48.8 trillion dinars. If we assume that 75 percent of the second paragraph represent subsidies and social benefits, the total Aafiqrh the first and the second 75% of the total 48.8 trillion dinars. This is equivalent to $ 41.7 billion.[i] This is equivalent to 41.7 billion. [I]
These salaries and allowances and social benefits that are affecting all Iraqi families. These salaries, subsidies and social benefits that affect almost all Iraqi families. It has between the Deputy Prime Minister for energy in an interview with Iraqi space ” “ channel on 16/12/2011, the number who receive salaries from the State is 2.75 million and the number of retirees is 2 million and receive subsidies and social benefits million. We have the Deputy Prime Minister for Energy, in an interview with the "Iraqi" space in the 16/12/2011, the number who receive salaries from the state is 2.75 million and the number of retirees is 2 million and that receive subsidies and social benefits reached a million. The total number of 5.75 million. In other words, the total number of 5.75 million people. In the light of the average number of family members in Iraq which is 6.9 people [ii] and an estimated population of 34.3 million in mid-2012, the number of Iraqi families of 5 million. In light of the average number of family members in Iraq, 6.9 people [ii] and an estimated population of 34.3 million in mid 2012, the number of Iraqi families $ 5 million. We must mainly related in one way or another of the recipients of government payments (5.75 million). It must be mostly related to more or less government payments recipients (5.75 million). Although the likelihood of recurrence in income recipients whose names the State (as a result of corruption) and reiterates staff or recipients of retirement benefits in the same family but could this saying, in light of these indicators, that Iraqi families that almost all depend on the State budget! Despite the possibility of a recurrence in the names of recipients of income from the state (due to corruption) and reiterates employees or recipients of retirement benefits in the same family but it can be argued that, in the light of these indications, that the Iraqi families that are almost all based on the state budget!
Secondly ”: cyclical fluctuations in oil revenues and budget II ": periodic fluctuations in oil revenues and the budget
Marked oil prices on the international market during four decades similar courses that range from cycles up and down ” ” on directional lines rising the periods 1970-1978, 2000-2011 and directional line descending from 1979-1999.[Iii], and in turn rise and prices fall, along with oil revenues. Were characterized by oil prices in the international market during the past four decades, including courses like cycles, which had ranged up "and down" on the lines of directional bullish for the periods 1970-1978 and 2000-2011 line directional descending for the period 1979-1999. [Iii] In each cycle of rise and fall along with prices oil revenues. When the make the necessary arrangements for the compensation of the expenses of the customizations are price volatility to volatility hurts the budget development process and adversely affecting economic climate ”. And when they do not make the necessary arrangements to compensate for the volatility of prices are the expenses of the budget allocations to the detriment of the volatility of the process development and negatively affect the "economic climate. Since the draft budget in the year preceding the year in question, the level of prices for oil at the time of preparation of the budget asadrat, affect the size of the customizations. Since the draft budget is in the year preceding the year in question, the level of export of goods of oil prices at the time of preparing the budget, affecting the volume of customizations. But Iraq has continued to rise in spending allocations budgets for the years 2009 and 2010, compared with 2008, despite the drastic decline of oil prices during the period from November 2008 to April 2009. But in Iraq continue to rise the volume of spending allocations in the budgets of two years 2009 and 2010, compared with 2008, despite the very low oil prices during the period from November 2008 to April 2009. This is due to three factors. This is due to three factors. The first is the combined budget surplus since 2003 which permitted the financing of the most particular deficit in 2009. The first is the budget surplus accumulated since 2003, which allowed most of the funding deficit, especially in 2009. The second is the difficulty of reduced current spending and populist for electoral reasons. And the second is the difficulty of reducing the current expenditure for electoral reasons and populist. The third is that the substantial drop in oil prices but was short on a criterion extended ” drop historic especially those that lasted from 1981/1982 to the end of the 1990s. The third is that the decline in oil prices but was short "step down after the standard term historical decline that occurred, especially those that lasted from 1981/1982 to the end of the nineties the past.
However, volatility in public expenditure with fluctuating oil revenues will occur in Iraq if the longer prices oil earnings and surplus approached exhausted aggregatable. However, the volatility of public spending with the volatility of oil revenues going to happen in Iraq if the long period of low prices of oil revenues, and getting closer to running out of accumulated surplus. Usually the first victim in the spending cuts are investment allocations. And usually the first victim in spending cuts is the investment allocations. It was difficult getting started with the reduction in current expenditures due to the difficulty of reducing the entry of the majority of the population for political reasons. Getting started is difficult, as the reduction in current expenditure owing to the difficulty of reducing the population and the majority of entry for political reasons. That this should be paid attention to the issue of avoiding future volatility, spending as much as possible. This command should be paid to the care of the issue to avoid future volatility in spending, as much as possible. Although there are other possible arrangements to avoid price volatility and oil revenues as a precautionary action in the international financial market hedging as well as mutual funds price stability for producers of raw materials, international experience and now common in most oil States are configured and used oil reserve funds. Despite the presence of other arrangements as possible to avoid the volatility of prices and then oil revenues as measures of hedge hedging in the international financial market as well as mutual funds to stabilize prices for groups of countries producing raw materials, the international experience now common in most oil-producing countries is to configure and use the reserve funds of oil. This is the topic of the next paragraph. This is the subject of the following paragraph.
III ”: oil reserve fund III: "Oil Reserve Fund
To demonstrate the importance of having an account or Fund budget surpluses which, appropriate to the purpose of description, interview and a comparison of the net balance of payments and net budget. To demonstrate the importance of having an account or fund which maintains a budget surplus is appropriate, for the purpose of description, an interview and compared between the net balance of payments and the net budget. In balance of payments which records all State receipts and payments, foreign currency in a given year, if the receipts of payments the difference (surplus) go to the account or fund called foreign exchange reserves. In the balance of payments which records all receipts of the state and foreign currency payments, in a given year, if the increased receipts of payments on the difference (surplus) or go to an account called the Reserve Fund in foreign currency. This account is managed by the Central Bank and published score ” there annually rules for its management and use. This account is run by the Central Bank published its score each year, "There are rules for the management and use. Since most saves as short-term deposits abroad it generates back also ”. ” As the most saves in the short-term deposits abroad, it will yield a "well." the important point here is that this account is unknown and his rules for the use, control and auditing. The important point here is that this account has known the rules of use, control and audit. And while increasing payments to foreign currency receipts in a given year usually resort to various procedures to finance the deficit including the withdrawal of foreign currency reserves and/awalaktrad. When the increase of receipts of payments of foreign currency in a given year normally resort to several measures to finance the deficit, including withdrawals of foreign currency reserves and / Oaloguetrad outside. If the balance in Iraq, no account or Fund clear Save budget surpluses. In the case of the budget in Iraq, there is no account or fund a clearly defined budget surpluses are kept. When getting the actual income over expenditures as happened during the period 2004-2008 and 2011 there is a similar fund or account placed such surpluses and publish data about assets in foreign currency reserves. When the actual increase revenue over expenditure, as happened during the period 2004-2008 and 2011, there is no similar fund or account into which these surpluses and publish data on its assets as in the foreign exchange reserves. Everything we know about the status of the accumulated surpluses are “ roundnose prior year balance cash ” in the budget law every year. All we know on the status of the accumulated surplus is the phrase "round the cash from the previous year's budget," which are contained in the budget law each year. Of course, the accumulated surpluses retained in the accounts for the benefit of the Ministry of finance at the Central Bank of Iraq or Iraq Development Fund Development Fund of Iraq, DFI. Of course, the accumulated surpluses are kept in the accounts for the benefit of the Ministry of Finance Central Bank of Iraq or the Iraq Development Fund, Development Fund of Iraq, DFI. However, these accounts were not published by indicating the size of the surplus nor on how to manage and dispose of and how to follow-up and accountability of management. However, these calculations do not publish what it refers to the size of the surplus or from his conduct and dispose of it or how to follow up and accountability management.
It is therefore appropriate to change this reality. Therefore, it is appropriate to change this reality. In most States there is oil or account go budget surplus fund and its management methods decide and investments and regulators for its follow-up and its accountability. In most oil-producing countries there is an account or fund goes to him and decide the budget surplus and investment management methods and regulatory requirements for follow-up and accountability. And is subject to parliamentary control and non-parliamentary and publish assets annually ” so that you know as well as him and dragging him. It is subject to parliamentary control and non-parliamentary and publishes its assets each year, "added so that you know him and drag him. Perhaps oil reserves funds that proliferated in most oil States attests to the importance of this topic. Perhaps the oil reserves funds that have spread in most of the oil the best proof of the importance of this subject. To leave it unpublished accounts of the Ministry of finance does not serve the transparency and good management of the accumulated surpluses. The leave it to the published accounts of the Ministry of Finance does not serve the transparency and good management accumulated surpluses. The Minister of finance and Central Bank Governor in a letter of intent [iv] sent to the Director General of the International Monetary Fund on 3 March 2011 male fide rebuilding financial stocks “ ” it to save financial buffers in which part of the surplus in 2011. It will be recalled that the Minister of Finance and Central Bank Governor in a letter of intent [iv] sent to the Director-General of the International Monetary Fund on 3 March 2011 a male intention to re-build a "financial stocks financial buffers" to protect the part of the surplus of 2011. However, the letter did not specify what these stocks are in the faith made a reserve fund or keep accounts of the Ministry of finance. However, the letter did not specify what these stocks and whether the intention to make it a reserve fund or accounts remain of the Ministry of Finance. Then who is administered and controlled by wetkorralet additions and withdrawals? Then is the body that will be managed and monitored and Torteuralah add to and draw from them?
The States differ in the addition and withdrawal of funds. It is noted that countries differ in the mechanism of addition and withdrawal of funds. For example, in Norway the budget surplus is added automatically to the Reserve Fund (Fund of the State Government's Retirement Pension Fund-Global). For example, in Norway is added automatically to the budget surplus reserve fund (Government Pension Fund Government Pension Fund-Global). In Chile, Libya is predicting the price of oil before the beginning of the year budget and forecast price is called “ ” reference price. In Chile, Libya is to predict the price of oil before the beginning of the budget and called on the price predicted by the "reference price". At the end of year budget added the difference between the reference price and the price achieved by the Fund. At the end of the budget is added the difference between the price of the reference price and accrued to the Fund. In Kuwait, Alaska and Alberta deduct a percentage of proceeds from ” and added to the Fund. In Kuwait, Alaska and Alberta deduct a percentage of revenue, beginning "and add to the fund. Either drag it varies depending on the different institutional frameworks ”, ” but they are all used to finance the budget deficit.[v] The clouds varies depending on "the different institutional frameworks, but they are all" used to finance the budget deficit. [V]
IV annual horizon: ” and the outermost horizon IV ": the annual horizon and the horizon longer
The absence of serious financial/economic perspective and long-term average in Iraq raises the question of sustainability of the current fiscal path and high risk of future crises had shown by experiences in Iraq and in other countries. The absence of an economic perspective / Mali serious medium and long-term in Iraq raises the question of the sustainability of the current fiscal path and the high probability of falling in future crises shown by experiences in Iraq and in other oil countries. The only annual perspective in budgeting, in particular for investment expenditure and the lack of attention long-term sustainability of oil revenues is evident from the absence of proper planning. The exclusive perspective in the development of the annual budget, particularly for capital spending and lack of attention to long-term sustainability of oil revenues is a state of clear cases of lack of proper planning.
It has become a medium/long-term budget is necessary to avoid future crises. Budgeting has become a medium / long-term is necessary to secure to avoid future crises. Where organized in this budget current expenditures on investment and resources required on the other hand, a future perspective appropriately, so that you can boot the volatility of expenditures in concert with the rise and decline in oil revenues. As organized in this budget current expenditure and investment on the one hand and the resources required on the other hand, a future perspective appropriately, so that it can pave the volatility of expenditures in concert with the rise and decline in oil revenues. I have taken the various countries, particularly oil following this practice. We have taken various countries, especially the oil to follow this exercise. Financial authorities have realized/cash in Iraq and promised his followers in the “ ” letter of intention referred to above. Authorities have recognized the financial / cash in Iraq this matter, and promised his followers in the "letter of intent" referred to above. However, the application may impede in Iraq now can be outlined as follows: However, what may hinder the application could be in Iraq now total of the following:
· Absence indicates a medium/long-term with the Ministry of finance. · Absence suggests a look at medium / long term with the Ministry of Finance.
· National development plan 2010-2014 issued by the Ministry of planning do not contain useful process criteria and indicators for current expenditure and investment for the medium term. · The National Development Plan 2010-2014 released by the Ministry of Planning does not contain the criteria and process indicators are useful for the organization of current expenditure and investment for the medium term. On the one hand investment expenditures to total plan contains (sectoral funds) investment expenditure for the plan period and there is no list of projects (and the cost and timing) in the plan so that you can guide the medium-term budget. The one hand, investment expenditure plan contains a total (and the amounts of sectoral) for investment expenditures for the plan period and there is no list of projects (and mandated and timing) in the plan so that you can budget to guide medium-term. The painful truth is that since a 1976-1980 list coverage was abandoned projects in the plan document. The sad truth is that since the 1976-1980 plan was abandoned for the inclusion of a list of projects in the plan document. This error was repeated successively ” then also reiterated in ” plan 2010-2014. This error was repeated in succession "after that and also repeated" in the plan of 2010-2014. As there are no specific steps to implement the policies and the timing of their implementation and those responsible. Nor is there specific steps to implement the policies and the timing of implementation and those responsible for them. Any national development plan is a document without means and practical policies and projects for implementation.[vi] This means that the National Development Plan is a document without the means and practical policies and projects for implementation. [Vi]
· There is no agreed long-term perspective of oil production and oil revenues. · There is no long-term perspective of the agreed-upon production of oil and oil revenues. This is worthy of note. This is worthy of observation. One of the most important principles of sound financial/economic in State oil is to try to diagnose almsaralmtoka oil revenue to span between 20 and 25 years. The most important principles of economic / financial sound in oil country, is to try to diagnose Almsaralmtouka of oil revenues for the time span between 20 and 25 years old. This path allows the composition of the so-called ceiling/roof petroleum resources resource ceilings or envelope. Such a process allows the formation of what is called the roof / ceilings oil resources, resource ceilings or envelope. This in turn determines which adhere to this expenditure ceilings (plus the non-oil resources ”), any sustained spending sustainable. This allows, in turn, determine the expenditure which is committed to these ceilings (plus "non-oil resources), any expenditure sustainable sustainable. Thus you can upload the actual revenue annual variances and spending sustained Fund reserves if greater resources and sustained spending shortfall (or mostly) from the reserve fund if the contrary. And thus can deposit the annual differences between actual revenue and expenditure sustained in a reserve fund if the oil resources of the largest sustained spending and to meet the shortfall (or most) of the Reserve Fund if the opposite happened. In Iraq there are no clear vision of the future is not a serious attempt to configure an oil reserve fund. In Iraq, there is no clear vision for the future and a serious attempt to create an oil reserve fund. To do this exercise is designed to comply with the ceilings literally ” but configure general framework and future indicators useful to anticipate crises and to avoid as much as possible. Doing this exercise is not aimed Commitment numbers ceilings literally "formation, but a general framework and indicators are useful for predicting future crises and to avoid as much as possible.
· Probably explains the lack of attention to this general feeling that the future Iraq on oil production and huge will future returns more than enough without the need for planning. · And perhaps explains the lack of interest in this general sense is that Iraq is on the verge of a massive production of oil and that future returns will be more than enough without the need for planning. That such a view as unproductive as they lead to wasteful and access to credit lead to dire consequences when the collapse of oil prices or low production/export. Such a view is productive because it leads to waste and access to adoption lead to serious consequences when the collapse in oil prices or lower production / export.
Fifthly: disability and financing ” V ": the deficit and its financing
Deficit 14.8 trillion dinars in balancing 2012 ” component about 12.6% of the expenditure allocations. Deficit of 14.8 trillion dinars in the 2012 budget component "of about 12.6% of the spending allocations. After you select the customizations, the main reason for this deficit was due to the size of oil revenues. After determining the allocations, the most important reason for this deficit is due to the size of oil revenues. Oil revenues have been estimated on the basis of the price of 85 dollars per barrel and the export of 2.60 million barrels/day. It has estimated oil revenues at a rate of $ 85 a barrel and export 2.6 million barrels / day. This compares with $ 105 price and export 2.17 million barrels/day in 2011. This compares with the $ 105 price and export 2.17 million barrels / day in 2011. The use of 2.60 million barrels/day in accounts ” appears reasonable. The use of 2.6 million barrels / day in the calculations appear reasonable. "In an interview with the website Iraq Oil Report on 9 December 2011 the Iraqi oil Minister said that the production (and therefore export) oil in 2011 was less than the production capacity and select which production is limited energy export facilities. In an interview with the website Iraq Oil Report on 9 December 2011 The Minister of Iraq's oil production (and hence export) of oil in 2011 was less than energy production, although it set a production which is the limited energy export facilities. The work is ongoing to increase export capacity to an average of 2.60 million barrels/day in 2012. He said that work is underway to increase the export capacity to an average of 2.6 million barrels / day in 2012.
On the other hand, using the price of 85 dollars a barrel may be conservative ”. On the other hand, the use rate of $ 85 a barrel in the calculations may be conservative. "And with that the reservation requires proper planning and careful not to assume low price of $ 20 in 2012 for 2011 may contain Shea ” exaggeration.[Vii] while referring to the large uncertainty surrounding price forecasts available, the outcome does not see substantial ” ” likely lower prices in 2012 for 2011. However, the reservation takes careful planning and proper but that the presumption of low price of twenty dollars in 2012, about 2011 may include the "Xia exaggeration. [Vii] Despite its reference to the large uncertainty surrounding the price, the outcome of the expectations that are available do not see the likely" significant "for the low prices in 2012 the 2011. Us energy information Administration expects the EIA projection for 2012 that West Texas crude price of 95 dollars per barrel in 2011 to $ 100 in 2012 (knowing that the average price of Iraqi oil was higher than the price of crude West Texas in 2011). The Department of Energy Information Administration EIA expects the drop in 2012 to increase the price of West Texas crude of 95 dollars a barrel in 2011 to $ 100 in 2012 (with the knowledge that the average price of Iraqi oil was higher than the price of West Texas in 2011). Either drop the annual IEA International Energy Agency in November 2011, it is likely to rise in oil prices in the short term “. ” The drop and the International Energy Agency IEA annual report in November 2011 it is likely to rise in oil prices in the "short term". Meanwhile, the conservative party dropped the annual OPEC in November 2011 assumes a range of prices ranging from 86 to 96 dollars per barrel during the decade beginning in 2012.[Viii] in light of this expectation becomes a barrel oil price higher than that assumed by balancing 2012 (85 dollars) justified ” where estimated deficit becomes exaggerated ”. The other hand, the reserving party, the drop OPEC annual report in November 2011 assumed a range of prices between 86 to $ 96 a barrel during the decade beginning in 2012. [Viii] In light of this it becomes expected price of a barrel of oil at the top of the price that assumption adopted budget 2012 ($ 85) justified "and becomes the estimated deficit overstated" it.
I've mentioned the draft budget law for 2012 that one source of financing the deficit will be “ revolving cash balance 2011 “. It said the draft budget law for 2012 to a deficit funding sources will be "round the cash balance of 2011." but what is the size of the cash balance 2011 recycled? But what is the size of the circular cash balance of 2011? Here we are confronted with the problem to which we referred earlier ” is the lack of official data on combined surplus (cumulative) since 2003 and until the end of 2011. Here we face the problem that we have mentioned previously, "a lack of official data on the accumulated surplus (cumulative) since 2003 until the end of 2011. But with that data is available in the report of the consultations of the fourth paragraph of the International Monetary Fund with Iraq for 2009 indicate that the size of the budget surplus at the end of 2009 stood at aggregatable approximately 11.7 trillion dinars.[Ix] the 2010 consultations report shows that the budget had a surplus during the first half of 2010.[X] on the other hand, budget 2011 stated that one of the sources of financing of the deficit will be “ roundnose cash balance 2010 “. But with the available data in the report of the consultations of the fourth paragraph of the IMF with Iraq in 2009 show that the size of the budget surplus accumulated reached the end of 2009 some 11.7 trillion dinars. [Ix] The report of the consultations for the year 2010 shows that the budget achieved a surplus in the first half of 2010. [X] On the other hand, the 2011 budget stated that the sources of funding for a projected deficit would be "critical round of the 2010 budget," all this means that surpluses accruing at the end of 2010 were positive. All this means that the accumulated surplus at the end of 2010 were positive. If we add to this budget surplus achieved at the end of 2011, which we as shown in table (1) above by more than 8 trillion dinars indicated that at the end of 2011, the budget surpluses of aggregatable (in the accounts of the Ministry of finance and/or Iraq Development Fund DFI) has ranged from 8 to 20 trillion dinars. If we add to that the budget surplus achieved in the end of 2011, which we appreciate, as shown in Table (1) above by more than 8 trillion dinars shown that in the end of 2011, the aggregate of the surpluses of the budget (in the accounts of the Ministry of Finance and / or fund the development of Iraq's DFI) may range between 8 to 20 trillion dinars. This means that the Ministry of finance, most likely will not resort to borrowing from the Central Bank or other banks or from the International Monetary Fund. This means that the Ministry of Finance and most likely will not resort to borrowing, whether from the central bank or other banks or from the International Monetary Fund. However, the uncertainty of the size of the surplus or unused rules use makes this expectation itself is subject to uncertainty also ”. However, the uncertainty of the volume of accumulated surplus or rules of use make this prediction is subject to the same uncertainty as well. "
VI ”: war reparations Kuwait and external debt servicing VI: "Kuwait war reparations and foreign debt servicing
Iraq pays annually ” 5 percent of its oil exports to pay war reparations Kuwait. Iraq to pay an annual "5 percent of its oil exports to pay war reparations Kuwait. These annual payments are deducted from the deposit before ” remaining in Iraq Development Fund DFI. And deduct the annual payments starting "before the deposit remaining in the Iraq Development Fund, DFI. You have reached the compensation which had been ratified by the United Nations Compensation Commission about 52.4 billion dollars. You have reached the compensation which was ratified by the United Nations Committee for the compensation of about $ 52.4 billion. At the end of 2011 was 346.0 35.1 billion States and remaining 17.3 billion. At the end of 2011 amounted to 35.1 billion which hit countries and the remaining 17.3 billion. Notes from the table (1) the compensation allocated in 2011 is 3.59 trillion dinars. It is noted from the table (1) that was allocated for compensation in 2011 of 3.59 trillion dinars. However, the actual amount paid is 4.85 trillion dinars ($ 4.1 billion). However, the actual amount of the payment of a 4.85 trillion dinars (4.1 billion dollars). The reason for the difference that these reparations represent 5% of estimated oil exports (exports) in 2011 with a low level compared with the value realized ”. The reason for the difference is due to this compensation, representing 5% of oil exports which were estimated (ie, the value of exports) in the 2011 budget a low level compared with the value already achieved. "What will pay compensation in 2012 will be higher than allocated (4.7 trillion dinars, or 4.0 billion dollars) when oil prices rise on those built for the 2012 budget accounts. What to pay compensation in 2012 will be higher than the ad hoc (4.7 trillion dinars, or 4.0 billion dollars) when oil prices rise for those built by the accounts of the budget 2012.
On 1 July 2011 began servicing the external debt and will continue for 28 years until mid-2039. On July 1, 2011 began the service of foreign debt and will continue so for 28 years until mid-2039. In contrast to the amount of damages does not have precise information on the amount of total external debt on Iraq despite almost seven years to limit indebtedness. In contrast to the amount of compensation is not available accurate information on the total amount of foreign debt on Iraq, despite the passage of nearly seven years to limit the indebtedness. Uncertainty about the total debt situation derives from the Persian Gulf. The uncertainty about the total debt situation stems from the Gulf. As well as consultations on the reports of the fourth paragraph of the International Monetary Fund with the annual Iraq notes a clear figures on Paris Club debt reschedulings and debt and commercial debt non-Gulf especially post-conflict stages in 2008/2009. And familiarized themselves with the reports of the consultations of the fourth paragraph of the annual IMF with Iraq, notes the existence of clear figures on the Paris Club debt and commercial debt and debt is the Gulf, especially after the expiration stages of reduction in 2008/2009. But because of the uncertainty of the debt of the Gulf there is no clear figure on the total debt. But because of the uncertainty of the debt of the Gulf there is no clear number for the total debt. Despite the unresolved debt is the Gulf reports mentioned UNFPA continue assuming that GCC will get debt reduction next year ” “ “. Although debt is not resolved, the Gulf-mentioned reports of the Fund to continue the assumption that the reduction in debt will the Gulf, "" in the coming year. "and when you don't get that pushes it to the next, and so on. And when it does not get paid to be the year that followed, and so on. For example, in the report of the consultations 2008 WordPress at p. 30, total external debt was 102 billion dollars at the end of 2007 and will become 32 billion at the end of 2008 and 33 billion at the end of 2009. For example, in the 2008 report of the consultations mentioned in p. 30 that the total external debt was $ 102 billion at the end of 2007 and will become a 32 billion at the end of 2008 and 33 billion at the end of 2009. But in the report of the consultations 2009 WordPress at p. 16 that total in 2009 is $ 137 billion and it will be 47 billion in 2010. But in the 2009 report of the consultations mentioned in p. 61 that the total in 2009 is 137 billion dollars and it will become 47 billion in 2010. In the report of the consultations 2011 which was released in March said at p. 25, total external debt at the end of 2010 is 107 billion dollars will be 37 billion at the end of 2011. In 2011, the report of the consultations was released in March stated in p. 25 that the total external debt at the end of 2010 is $ 107 billion and will be 37 billion at the end of 2011. But the debt did not decrease after 2011. But 2011 did not reduce the debt elapsed Gulf.
This uncertainty that has also affected the budget numbers ”. The uncertainty of this must have also hit the "budget figures. Noting from the table (1) be allocated to foreign debt servicing stood at 3.32 trillion dinars ($ 2.8 billion) in budget 2011 and 4.65 trillion dinars (4 billion dollars) in 2012. Noting from the table (1) that was allocated to external debt service amounted to 3.32 trillion dinars (2.8 billion dollars) in the budget of 2011 and 4.65 trillion dinars (4.0 billion dollars) in the budget of 2012. Since the debt service (interest and parent) rely on debt (interest rate) is difficult to know the size that is calculated on the basis of these customizations. As the debt service (interest and principal) depends on the size of the debt (interest rate) it is difficult to know the size that was calculated on the basis of these customizations.
It has been proved the interest rate is calculated on the basis of debt servicing, ”, level 5.8 percent. It has been proved that the interest rate is calculated on the basis of debt service, in advance, "the level of 5.8 percent. To install the interest rate has more advantages. The fixed rate of interest has advantages and disadvantages. When the severity of inflation tends to different States raise interest rates. The increase in inflation when different countries tend to raise interest rates there. Thus be installed price useful ”. Thus, the price to install useful. "But at the moment the dollar interest rate approaching from scratch and in the light of the world's efforts to revive the different economies are not expected to raise interest rates in the foreseeable future. This seems to be the interest rate used to calculate the debt service on Iraq high ” ” ” is very.
VII ”: budget and inflation
I've had inflation in the years prior to 2008 the function of the security situation and the accompanying special commodity supply shortages in fuel and petroleum products. This is in addition to imported inflation, especially food price inflation. Since 2003 has played an essential role in fuel prices in ” ” escalate inflation until 2007 (the severe shortage of fuel) and therefore reduced thereafter, when the security situation improved and taken action to change the prices of fuel and actions increase its width.[Xi] has inflation of about 35.9% p.a. ” during the period 2002-2007 dipping up to negative inflation (lower prices) of-2.8% in 2009 then climb moderately to 2.2 in 2010 and 5.5 percent in 2011. Table (2) the evolution of inflation (as is scaled by the relative change of consumer prices) since 2003 and the contribution of the various expenditure sections.
Table (2) inflation in Iraq and the contribution which the spending clauses
Contribution of paragraphs spending in inflation
The annual inflation rate,%


Source: calculated from the consumer price indices, the Central Bureau of statistics. Compound annual rate of inflation for the period 2003-2007 calculated between 2002 and 2007.
Note: before 2010 comparisons between standard based on 1993 figures. Since 2010 compared to the basis of 2007. Knowing that the Central Bureau of statistics provides figures for 2009 both.
Have been marked by the period 2008-2011 with moderate inflation did not play a role much demand pressure ” ” in pushing prices upward. Perhaps the most important indicators of the degree of change demand pressure, especially on investment, is the magnitude of changes in rates of services such as transportation, rent and other services. During this period, as in previous periods, the impact of changing prices for services (covered in another paragraph in table 2), except for rental, moderate ” ” it was negative in 2009. Either high rental rates change relative importance since 2003 inflation as it appears from the table it back to security situation disconnection (segmentation) real estate markets rather than the impact of demand pressure. It was the main paragraphs in consumer price change during the period 2008-2011, as in the previous period, is the fuel, rent and food.
Inflation moderation points during the last four years that the determinants of absorptive unescaped despite higher public expenditure in the budget. In the relatively stable security situation, the most important indicators of access ” to or beyond the absorptive capacity are first accelerated inflation ”, ” acceleration services prices in the second. Both of which are still mild comparatively ”. ”
But that may not last long ” especially when tssttb the security situation and unite some markets sheared apart currently ” (as the real estate market) so you can be the experience of the 1970s. Increasing the size of the annual expenditure and the arrival of his assignments to 117 trillion dinars in 2012 and official statements by the desire to implement investment projects faster than the previous as well as start petroleum investments in various parts of Iraq could lead to escalation of the degree of demand pressure. This must be cautious in this area through planning seriously to decrypt once bottlenecks occur through inter-ministerial coordinating groups and different regions and in particular points of import and export ports, roads, etc. It should move away from the intentions and statements announcing the start of “ new ” explosive plan which holds the content lack of interest of potential bottlenecks. What happened in explosive plan of the 1970s was unleashing all kinds of investments and current expenditure and at the same time altmahl in decoding the bottlenecks quickly and seriously. And had aggravated the situation then keep quantity protection and administrative restrictions on foreign currency import and restrictions on private sector activity. And drew attention to the State of Iraq had no significant sea ports and this will inflate the bottlenecks. This reverse States having maritime ports can use to decode bottlenecks ports and equipment from abroad.
VIII ”: governmental use, trap rental
One of the most important manifestations of economic rent-seeking is the magnitude of Government use. It is mostly in oil style States, especially Iraq and Libya and Algeria, etc. The size and proportion of total use in Government use in the oil States represents the most important and most difficult traps the rentier States. In Iraq in addition to the conditions imposed by the rental increase employment, the State now based on achieving social peace and opposing groups and through amplification. In addition, maintaining proportions almhasset in use on many levels contribute effectively to the increase in the number of State employees. In addition to 2.75 million employee of the State, balancing 2012 will add 59 thousand others. In successive years popular pressure will grow for greater government use in greater numbers.
It is therefore not expected to solve this problem in Iraq in the foreseeable future. Most of what can be done now is to look at the credibility of Government use numbers and verify the existence of persons employed. Believing that there is a fictitious names for categories receive salaries from May. This is also found in other oil countries ”.
IX ”: subsidies and poverty
In a survey by the Central Bureau of statistics on poverty in 2007, the results show that poor people representing about 23% of the total population in Iraq (i.e. who fall under the poverty line, “ ”).[Xii] there are no data available on the proportion of the poor for years later. There are some reasons to doubt the applicability of these for the time being. As indicated earlier, ” the number of people receiving income ” State now salaries or social benefits may include most Iraqi families. Salary allocations and subsidies also in social funding for 2011 and 2012 reached 41.5 and 48.8 trillion dinars, respectively [xiii] (35.5-41.7 billion dollars). Even with the substantial disparity in salary subsidies and widespread corruption, the average income of these customizations (including ration on volatility) is capable of satisfying substantial minimum caloric food for most people. This minimum is, by the way, the basis of the poverty line, which was built on the basis of the proportion of the population were below the poverty line in 2007. I think also there ” overestimated the same poverty line in 2007. The reason for this belief using clear that year minimum calories of 2337 price/person/day. This limit is the poverty line. What is usually used to estimate poverty line is less about 2000-2100 kcal/person/day. Therefore, using this border will reduce the proportion of the population were below the poverty line.
However, poverty survey data to show that the regions of Iraq vary in proportion of population below the poverty line. In the three Kurdish provinces which were characterized by a high degree of security in comparison to the rest of Iraq in 2007, the proportion of the population ranged from below the poverty line from 3% in Erbil and Sulaymaniyah to 9% in Dahuk. But in Baghdad reached 19% skyrocketing to 40-41% in Salahaddin, Babil and 49% at Muthanna.
The allocation of subsidies and ration balancing involves a dilemma to be resolved a thoughtful and careful. I've continued subsidies, ration to prevent malnutrition in the past. But the other side of the dilemma is that corruption and smuggling to exhaust whatever ” ” part of rationing which leads to loss does not benefit the poor and the budget burdens increasingly ”. Therefore, we must study how to distribute grants to beneficiaries actually ”. If the ration can be converted to the benefits received by its beneficiary actually both ” coupons or cash payments directly to eligible this solution suitable if avoiding corruption and loss without negative impact on the beneficiaries.
X. ”: federal budget and the territories and regions
Because of the lack of clarity in the interactive relationship between the Federal Ministry of finance and financial authorities in the regions in the preparation and implementation of and follow-up to the budget (interaction from top to bottom and vice versa), this paragraph represent the questions and queries rather than an analysis of the reality of unknown ”.
There is an overlap in the role of the Ministry of finance as a federal institution and the role of the various regions and Kurdistan. This is a reflection of the overlapping of competences in the Constitution (for example, article 114). There are national projects undertaken by federal ministries and regional and local authorities by geographical area. According to articles (112, 121 and 125) of the Constitution distributed oil revenues to regions and territories by population. Has developed the so-called by the petrodollar is additional financial allocations in the budget for producing areas of oil, gas and refined oil. Any addition of customizations by population. As there are customizations to the development of the territories funded by the federal Treasury. It is not entirely clear how customizations are report ” in the budget actually ” to comply with all these rules and laws. In the absence of evidence and instructions published and known as well as in the absence of a clear national plan and plans regional and geographical area may become involved in ” the negotiating power of the regions and the different political groups. Perhaps the clearest situation is the bargaining power of Iraqi Kurdistan, where they received their share of 17% of the budget and apparently current and investment expenditures decides. Other regions, there is no known specific rules about how to dispose of POPs and to decide their distribution between various paragraphs spending. It also raised a question about local resources to regions and how to behave and what is the role of the Ministry of finance in a local budgets and implementation? That lack of clarity in federal/provincial relationship and low levels of technology may lead not only to humbly implementation and monitoring and efficiency but also to the spread of corruption, financial and technical.
XI: budget preparation and implementation and follow-up, evaluation and dissemination
Although expenditure equivalent to College customizations one hundred billion dollars of the budget in Iraq was systematic and clear-methods and paths of outside observer. There is evidence of manuals, handbooks published on official documented methods of preparing and stages and institutional deliberations and finalization. It is not known the existence of programming the timing of the implementation of the various paragraphs of the current investment and ensure the availability of cash or bank credit needed for implementation. If we compare this situation with the budgets of some Arab States where expenditure allocations amounted to considerably less than in Iraq, where budgets are different classifications in a coherent and consistent manner. In addition, these States include balancing criteria for follow-up and timing for implementation of the various paragraphs of the budget. Add this to regulate banking mechanism to provide cash or credit at the time you need those involved in implementation. All this through institutional financial/banking using electronic mechanism. It also extended to include some budgets evaluation indicators useful for monitoring the effectiveness of expenditures and reach the target groups.
Beyond what leaked to some or all of the schedules, the draft budget, in Iraq, withholds from circulation until formally ratified by the House of representatives passes authentication not little. Which is available after the expiry of this period is the budget law that contains less information and instructions, without schedules. And then publish the law in the law section of the House of representatives website. Either available details are available in the location section, Ministry of Finance of unformatted tables closest to nonconsecutive drafts and sometimes through the pages of gap ” does not exist.
The continued prevailing methods in the preparation, discussion and implementation and evaluation leading to reduced efficiency and absence of transparency. The scale of expenditure involved Government procurement and contracts will be given a broad ” ” for corruption in the absence of details and classifications are interrelated and clear help follow-up and monitoring. So it should work on preparation of competent technical staff to prepare the budget through sophisticated institutional benefit from international standards and applications. For example, that Iraq's commitment to apply the methodology of the Government financial statistics manual “ GFSM 2001 “ [xiv] in government accounting requires progressively ” to achieve clear between budget classifications interview and classifications contained in this guide. The sections should also be provided to and follow the published volumes of budget and made available to specialists and citizens ' real interest from the implementation of the budget with the highest efficiency possible.
Thanks: I would like to thank all of Dr. Fadel Mehdi wood. With thinner inch to review the article and providing helpful suggestions for its improvement. I also thank Dr. thinner on the chart at the beginning of the article.


-------------------------------------------------------------------------------- -------------------------------------------------- ------------------------------
1 beyond a salary subsidies and social benefits in balancing 2012 (41.7 billion dollars) the volume of gross domestic product of Tunisia in 2008 amounted to $ 40.2 billion. Tunisia's GDP derived from:
UNDP (2010) Human Development Report 2010.
[Ii] WordPress family size in both surveys issued by the Central Bureau of statistics: “ survey of living conditions in Iraq 2005 ” in Arabic and social/economic survey ” IHSES-2007 ”. Family amounted to 6.8 people in the first survey and 6.9 persons in the second survey.
[Iii] in one of its paragraphs covering the following source behavior of oil prices until 2010. I update the period for the purpose of this article until 2011 (with respect to nominal oil prices).
Merza, A. (2011), 'Oil revenues, public expenditures and saving/stabilization fund in Iraq', International Journal of Contemporary Iraqi Studies 5: 1, pp. 47–80, doi: 10.1386/ijcis.5.1.47_1.
[Iv] see IMF (2011) Iraq Second Review Under the Stand-By Arrangement, Requests for Waiver of Applicability, Extension of the Arrangement, and Re-phasing of Access — Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq, IMF Country Report No. 11/75, March.
[V] see: Merza, A. (2011), Op cit..
[Vi], Mirza (2011) “ reviews on planning in Iraq: institutional structure and functions, Journal of economic studies ”, Pete wisdom-Baghdad, number 25.
[Vii] to enter the export market for Libya after interruption in 2011 may lead to lower prices, but not to the extent shown assuming 2012 budget accounts. On the other hand, the escalation of the crisis with Iran, then the likelihood of confrontation in the Gulf could lead to escalating prices. But on the other hand may lead to the interruption of exports through the Gulf.
[Viii] the following sources, in turn, ” to the US energy information administration, International Energy Agency and OPEC:
US Energy Information Administration (2012) Short ‐ Term Energy Outlook, January.
International Energy Agency, IEA (2011) World Energy Outlook 2011, Executive Summary, November.
OPEC (2011) World Oil Outlook 2011, November.
[Ix] see IMF (2010) Iraq: Staff Report for the 2008 Article IV Consultation and Request for Stand-By Arrangement, Report No. 10/72, March, Page 9.
[X] see IMF (2010) Iraq: First Review Under the Stand-By Arrangement, Request for Waiver of Performance Criterion of Non-observance a, Waiver of Applicability, and Re-phasing of Access, Report No. 10/316, October, Page 3.
[Xi] see: Merza, A. (2010), “ Fuel Prices and Inflation in Iraq: The Rise and Fall of a Supply Shock ”, Middle East Economic Survey, April.
[Xii] Central Bureau of statistics and information technology (2009) report poverty profiles and poverty line in Iraq, the Ministry of planning and development cooperation, Baghdad, March, p. 11.
[Xiii] as indicated above ” both equal numbers, in the year concerned, the total of the salaries and pensions plus ” a 75 percent of subsidies and grants and social benefits in table (1).
[Xiv] see IMF (2001) Government Finance Statistics Manual, 2001, Washington DC.

NAT and social benefits in balancing 2012 (41.7 billion dollars) the volume of gross domestic product of Tunisia in 2008 amounted to $ 40.2 billion. Tunisia's GDP derived from:
UNDP (2010) Human Development Report 2010.
[1] IHSES-2007 ” .9 people in the second survey.
[1] 2010.
Merza, A. (2011), 'Oil revenues, public expenditures and saving/stabilization fund in Iraq', International Journal of Contemporary Iraqi Studies 5: 1, pp. 47–80, doi: 10.1386/ijcis.5.1.47_1.
[1]IMF (2011) Iraq Second Review Under the Stand-By Arrangement, Requests for Waiver of Applicability, Extension of the Arrangement, and Re-phasing of Access—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq, IMF Country Report No. 11/75, March.
[1]Merza, A. (2011), Op. cit.
[1]US Energy Information Administration (2012) Short ‐ Term Energy Outlook, January.
International Energy Agency, IEA (2011) World Energy Outlook 2011, Executive Summary, November.
OPEC (2011) World Oil Outlook 2011, November.
[1]IMF (2010) Iraq: Staff Report for the 2009 Article IV Consultation and Request for Stand-By Arrangement, Report No. 10/72, March, Page 9.
[1]IMF (2010) Iraq: First Review Under the Stand-By Arrangement, Request for Waiver of Non-observance of a Performance Criterion, Waiver of Applicability, and Re-phasing of Access, Report No. 10/316, October, Page 3.
[1] Merza, A. (2010), “Fuel Prices and Inflation in Iraq: The Rise and Fall of a Supply Shock”, Middle East Economic Survey, April.
[1] IMF (2001) Government Finance Statistics Manual 2001, Washington DC.



http://translate.googleusercontent.com/translate_c?hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://almowatennews.com/news_view_34426.html&usg=ALkJrhiiawp6ZJ1mpLtdOS1VPzNI3ALSEA (http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Ftranslate.googleusercontent.com%2Ft ranslate_c%3Fhl%3Den%26rurl%3Dtranslate.google.com %26sl%3Dar%26tl%3Den%26u%3Dhttp%3A%2F%2Falmowatenn ews.com%2Fnews_view_34426.html%26usg%3DALkJrhiiawp 6ZJ1mpLtdOS1VPzNI3ALSEA)

(http://www.microsofttranslator.com/)
Original

Budget 2012: the issues of financial / economic and institutional in Iraq

tudor
01-26-2012, 10:22 AM
Thanks for posting Brewbaby. I can read some of it, but not the funny squiggles, lol.

alk4316
01-26-2012, 11:41 AM
here is a translation of the source link

http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fanm-news.net%2Findex.php%2Fpermalink%2F7608.html&act=url

thanks for posting brew :)

Brewbaby
01-26-2012, 12:45 PM
Thank you alk4316, I posted before I went to work, could not get rid of arabic due to timing and my computer locked up. Thank you for the link, my link did not have the arabic except in the end, but it posted it all when I copied and pasted. Will try to clean it up when I get home.

guardian
01-26-2012, 01:56 PM
There are double sentences...i get that too after translating, but it's more detailed then anything we've seen so far...Thanks brewbaby!

Bam Bam
01-26-2012, 06:36 PM
ok i have got it translated.. Wow that was exausting.. My eyes are red and i am missing clumps of hair

guardian
01-26-2012, 07:07 PM
Ha haaaa! Is $1.00 = 1.17 dinars! Sarabv???


Note: exchange rate equals 1170 dinars to the dollar. Note: Sarabv equal to 1.170 dinars per dollar.

Thank You! Brewbaby and Bam Bam!

aattv68
01-26-2012, 07:58 PM
very nice brew.......you ugly.....but boy r u worthy of love........me luv u.....lol

guardian
01-27-2012, 10:53 AM
Look at the original link below, this part is not in it, but it is posted in the article above:

Note: exchange rate equals 1170 dinars to the dollar.

http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Ftranslate.googleusercontent.com%2Ft ranslate_c%3Fhl%3Den%26rurl%3Dtranslate.google.com %26sl%3Dar%26tl%3Den%26u%3Dhttp%3A%2F%2Falmowatenn ews.com%2Fnews_view_34426.html%26usg%3DALkJrhiiawp 6ZJ1mpLtdOS1VPzNI3ALSEA

Only this part is in the link:

Note: Sarabv equal to 1.170 dinars per dollar.

dooda
01-27-2012, 12:14 PM
Boom! I like it.

The Hawk
01-27-2012, 10:08 PM
I don't see any change???????????????????????????????????????????

guardian
01-28-2012, 03:29 AM
Here's another news source showing:

Note: Sarabv equal to 1.170 dinars per dollar.




http://translate.google.com/translate?hl=en&langpair=ar|en&u=http://www.sotaliraq.com/mobile-item.php%3Fid%3D102698 (http://translate.google.com/translate?hl=en&langpair=ar%7Cen&u=http://www.sotaliraq.com/mobile-item.php%3Fid%3D102698)

SallyDS
01-29-2012, 12:01 PM
Thanks, guardian...

Perez
02-01-2012, 12:15 PM
Great post! I like the forethought they are placing on the foreign reserves, keeping it under cbi's oversight, yet wanting to regulate what ultimately happens to it.

doolittle63
02-01-2012, 07:07 PM
wow thank God for my I pad it's like reading my book thx BB....

Perez
02-02-2012, 03:52 PM
Brewbaby thank you for finding this post. It has some real gems in it. :)