Al-Dabbagh: the Iraqi Government submits a draft Supplementary Budget for 2008 worth $21 billions

The Government of Iraq Spokesman, Dr. Ali Al-Dabbagh announced that the Iraqi Ministry of Finance has submitted to the Council of Ministers a draft Supplementary Budget for 2008 worth around $21 billion U.S. dollars. It consists of $7.4 billions of capital investment funds and $13.6 billions of operational budget serving Iraq’s Ministries and Provinces. This Supplementary Budget raises the total for Iraq’s 2008 Budget to around $70 billions, the biggest in its history.

Al-Dabbagh added that the draft Supplementary Budget will be subject to extensive discussions within the next couple of days at the Council of Ministers Economic Committee which will make the necessary amendments in coordination with the relevant Ministries. The draft will then be discussed and finalized during a Council of Ministers special session held in the next few days. It will then be passed to the Council of Representatives.

Al-Dabbagh noted that Iraq’s Federal Budget for 2008 that was passed by the Council of Representatives was worth more than $48 billions with a 17% increase from the previous year. The addition of the Supplementary Budget will make this year’s one of around $70 billions a huge leap in the history of Iraq’s financial budgets. This enhanced Budget that results from the stability in Iraq’s oil exports and the increase in oil export revenues will have tangible positive effects on the economic situation and the provision of basic services in the country.

END