Cabinet gives full five dollars for the provinces of the petro-dollar oil project

Urgent...Cabinet gives full five dollars for the provinces of the petro-dollar oil project

01/28/2014 AD - 14:00 |

A parliamentary source revealed that the General Secretariat of the Council of Ministers sent the books to the House of Representatives formally confirms the Council of Ministers in response to the demands of the oil-producing provinces to pay the full amount of five dollars within the petro-dollar project.


The House of Representatives has received about two weeks ago the budget bill for fiscal 2014 as the finance minister said agency purity of net debt that "the law of petro $ 5 to take a guaranteed share of oil-producing provinces, gas, and this is her right, but because of the pressure and the budget deficit for the current year of [23] trillion dinars have been allocated just one dollar for oil-producing provinces within the project of petro $ 5 to keep the federal government owed four dollars, given advances in the event of local governments need money. "


The source said that "the Cabinet official and his book-oriented parliament confirmed calculated amounts of petro-dollar project to be five dollars as stipulated by the law, not one dollar, according to what is stated in the budget bill for 2014."


The oil-producing provinces was held last Saturday, a conference to discuss the government's decision on the draft petro $ 5 issued several recommendations, including his claim Parliament not to approve the budget for fiscal year 2014, while the government's commitment to the implementation of the law.


The law governorates not organized province, No. 21 of 2008 amended provision in Article 44 of the calculation of the amount of five dollars instead of one dollar, each province produced, but the budget submitted to the House of Representatives in 2014 allocated one dollar per barrel of oil product from the province, infuriating sons producing provinces.


For his part, Minister of Finance announced the agency purity of net debt that "the government would borrow 9 trillion dinars to pay off the petro-dollar project funds allocated to the provinces, if approved by the House of Representatives," likely "the issuance of bonds to cover the budget deficit, estimated at 23 trillion dinars

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So it looks to me like the headline is a little misleading. The article is a little confusing, but if I am parsing it correctly, the provinces are up in arms because only one petrodollar per barrel is allocated to the provinces instead of the five legislated. It also appears that the cabinet has told the parliament to fix this and that they are willing to borrow money to make it right. If so, this is a good thing.