Finance Ministry Considers Adding 42,000 Jobs to Budget

The parliamentary Finance Committee said on Sunday that it is considering adding 42,000 jobs to the 58,000 allocated in the 2012 budget, according to AKnews.

On Jan. 5 the Iraqi government approved the 2012 budget of $100 billion USD (117 trillion IQD) with a deficit of up to $13.5 billion USD (20.5 trillion IQD), based on an oil price of $85 USD (99,400 IQD) per barrel and an export rate of up to 2.6 million bpd.

More than 90% of the Iraqi government’s revenue is raised through the oil industry, so the oil price the government uses to predict its income in the coming year is of vital importance.

Both Forbes and the Wall Street Journal estimate the price of oil to remain above $100 USD (117,000 IQD) a barrel. The government expects this disparity would wipe more than $10 billion USD (11.7 trillion IQD) off the deficit.

Committee member Najiba Najib told AKnews the Finance Committee is looking for financial resources to allocate for the new jobs without affecting the operating and investment budgets.

The Iraqi government says the rate of unemployment in the country does not exceed 15%, but local and international organizations put it at more than 30%.

The United Nations Mission in Iraq announced last November that the poverty rate in Iraq is 23%.

(Source: AKnews)

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