Kadhim Al Shammari, the Head of the National Coalition stressed that perfect implementation of next year’s budget 2016 should be monitored and controlled by the Board of Supreme Audit and Parliamentary Integrity Commission.
Al Shammari further added in his press statement that Iraqi federal budget 2016 is considered an extraordinary budget. The expenditures are restricted and bounded because Iraqi economy experienced critical conditions due to high level of expenditures in the last budget. Consequently, everything added in the federal budget is according to its need and importance, so it has decreased the involvement of institutions. So, any kind of mishandling would increase the level of damages in the Iraqi economy.
He further added that support for the crowd of people and displaced persons are the most important issues because both are friendly, helpful and essential for the development in the country. So, the allocated amount for them should be significant. All the tasks and allocations defined in the federal budget must be delivered in time and in a perfect manner in order to decrease the ratio of problems, mistakes and corruption as the country experienced in the previous Iraqi federal budget. Al Shammari stressed the increasing of the importance for the role of Financial Supervision by the Iraqi Parliamentary committees and the Integrity Commission is efficient in this regard.
The Iraqi House of Representatives has approved the next year’s budget 2016 on Wednesday 16th December 2015. The total revenue is estimated 81 trillion and 700 billion Iraqi dinars with expenses volume of more than 105 trillion and 890 billion Iraqi dinars at 22.8 percent deficit. The oil revenues added in the Iraqi federal budget are 69 trillion and 773 billion Iraqi dinars which is at least 85 percent of the total revenues. More than 11 trillion and 927 billion Iraqi dinars have been added from non-oil revenues and it is 13.6 percent of total revenues.