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Iraqi Oil Revenues Reach US$17,092 Billion Dollars, Yet Still Not Enough to Meet National Budget

Chairman of the Committee Abdul Basit Turki added that a meeting was held with KPMF Company to discuss the draft of the auditing company's

Baghdad/  Iraq TradeLink: The Iraqi Governmental Financial Experts Committee disclosed the oil revenues during the first six months of 2016, pointing they reached nearly  to US$17,092 billion dollars.

 
Chairman of the Committee Abdul Basit Turki added that a meeting was held with KPMF Company to discuss the draft of the auditing company's report, which is due to be published according to a joint contract.

Turki pointed that  the revenues reached to about 17.092 billion dollars, while the expenditures reached 17.434 billion dollars, which meant that there is an increase in the expenditures in comparison to the revenues.

He added that the implementation percentage in the works of the Iraqi oil ministry reached to 100%.

Turki pointed out that the company finished the auditing of the accounts of 8 ministries, with expectation to complete the rest of the ministries, 5 provinces and the Kurdish region at the end of August, 2016.

The committee was formed by the Iraqi Cabinet and commenced its work on 1 April, 2007 to substitute the international auditing council, which supervises, now, on the Iraqi expenditures of oil revenues according to UN Security resolution.


This Iraqi account was given an international immunity against international tribunals and cases filed against the previous regime before 2003.

Source: Iraq TradeLink

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