The President of Iraqi Republic Fuad Masum has signed on the Iraqi federal budget bill for the year 2016.
It was approved on 16th December 2015 by the Iraqi Parliament. It was announced by the official spokesman from the Presidency of Iraqi Republic Khalid Huani in a press statement. He said in his press statement that Iraqi President Fuad Masoom has signed on the Federal Budget Law No. 1 for the year 2016. He further explained that Iraqi President confirmed that it was much necessary for the adhesive adjustments for unnecessary expenses and considering the low income social services and to deliver the basic services in the current critical situation through which the country is being experiencing. Khalid Huani further said that the President of Iraqi Republic forwarded his thanks and acknowledgement for any kind of hard work and struggle that participated in the study, review and discussion in the project completion of the Iraqi Federal Budget 2016.
All performed a crucial role whether the legislators are from the Iraqi government, the media or the Iraqi House of Representatives. It is important that Iraqi House of Representatives approved the Iraqi Federal Budget 2016 in their session held on 16th December 2015. The budget is has total expenditure of more than 105 trillion 891 billion Iraqi dinars deficit which is approximately 22.8 percent. The total revenues are amounted at 81 trillion 700 billion Iraqi dinars by the revenues of Iraqi oil exports. The total amount 69 trillion 774 billion Iraqi dinars. The non-oil revenues are amounted at more than 11 trillion 928 billion Iraqi dinars with the increase of 85 percent in the total revenues.