Iraqi-U.S. Cost-Sharing: Iraq Has a Cumulative Budget Surplus, Offering the Potential for Further Cost-Sharing

Abstract

GAO analysis of 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. Adjusting for $40.3 billion in estimated outstanding advances as of September 2009 reduces the amount of available surplus funds to $11.8 billion. In April 2010, a senior Ministry of Finance official stated that advances should be deducted from the budget surplus because they are committed for future expenditures or have been paid out. According to this official and Board of Supreme Audit reports on Iraqs financial statements, advances include funds for letters of credit, advance payments on domestic contracts, and other advances.

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Document Details

Document Type
Technical Report
Publication Date
Sep 01, 2010
Accession Number
AD1173077

Entities

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  • Joseph A. Christoff

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  • United States Government Accountability Office

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