US GAO: Iraq has $52b cumulative budget surplus in 2009

BAGHDAD / IraqiNews.com: The U.S. Government Accountability Office (GAO) said that Iraqi government data showed that Iraq generated an estimated cumulative budget surplus of $52.1 billion through the end of 2009. This estimate is consistent with the method that Iraq uses to calculate its fiscal position. In a statement posted online, the GAO recommended that the U.S. Departments of State and the Treasury should work with the Iraqi government to further identify Iraqi resources available for future spending. “This should include assisting Iraq in completing two reviews required under Iraq’s arrangement with the IMF,” the release said. It explained that first; State and Treasury should assist Iraq in completing a review of its outstanding advances to determine whether some of these advances may be recoverable and available for future spending. Second, State and Treasury should help Iraq complete a review of its central government accounts so that it can return any idle balances to the central Iraqi Treasury. MH (P)/SR 1