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IMF: 2018 Iraqi draft budget won't 'cover the needs' of Kurdistan


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money and business

 

 

Economy News _ Baghdad

Member of the Finance Committee MP Hossam Aqabi, on Thursday, the Council of Ministers to expedite the sending of the budget 2018 to the House of Representatives, stressing the need to cancel the deduction of salaries of employees and stop borrowing.

"The Council of Ministers must adhere to the constitutional dates for the date of sending the general budget to the House of Representatives," he said in a statement, "the need to stop borrowing from the International Monetary Fund or foreign banks and the abolition of the deduction Employee salaries ".

"The stability of oil prices and reaching 50 dollars per barrel is enough to meet the need of the government of public expenditures and salaries of employees and retirees of civilians and military and social welfare salaries and some of the needs of ministries, as well as pay the dues of foreign companies operating in the oil fields, Which is estimated at less than a third of oil revenues. "

"After paying the financial dues to the oil companies, it is unlikely that we need additional loans and bear future financial burdens," he said, noting the need to "prepare a future plan with specific timing for repayment of loans and benefits in subsequent years."

He pointed out, "the importance of there are investment projects that serve the financial side and reuse the amounts of oil for the purpose of recycling funds through investment companies," adding that "the budget of 2018 will provide all salaries for the security forces and popular mobilization and employees and retirees and care network Social".

He pointed out that "the Finance Committee is waiting for the budget because the constitutional times stipulated that the government is committed to send to the House of Representatives before the date of 15/10 to take the House of Representatives time to discuss its paragraphs and vote on them within a period of 45 days."

 

 

Views 474   Date Added 05/10/2017

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  • yota691 changed the title to Abadi stresses the importance of reducing expenses in the budget of 2018
 
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Economy News Baghdad:

Prime Minister Haider al-Abadi said on Monday the importance of reducing operating expenses by 2018 budget, stressing that the necessary supplies must be provided to sustain the means of production in the basic sectors.

Abadi said in a statement received by "Economy News" that "the Prime Minister Haider Abadi chaired a meeting to review the draft budget for the year 2018, and attended the meeting a number of officials and owners advanced in the Ministry of Finance."

Abadi stressed the importance of reducing operating expenses to ensure that sufficient resources are available to cover the salaries of state employees and to provide pensions and social protection benefits to maintain the living standards of citizens and stimulate the economy in the private sector.

Abadi stressed that "the necessary inputs to sustain the means of production in the basic sectors," directed "during the review of budget details tightly other objects of expenditure and work to maximize non-oil revenues."

 

 

Views 665   Date Added 09/10/2017

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Editorial Date: 2017/10/9 21:55 • 424 times read
Abadi and Finance discuss the budget next year and reduce operating expenses
Prime Minister Haider al-Abadi discussed with a number of officials and owners advanced in the Ministry of Finance draft budget law for the year 2018.

 
A statement by the Information Office of the Prime Minister today that "Abbadi presided over a meeting to review the draft general budget for 2018, Abadi stressed the importance of reducing operating expenses 
He said Abadi stressed that reducing operating expenses will ensure the provision of adequate resources to cover the salaries of employees in the state and secure pensions and protection benefits To maintain the living standards of citizens and to move the economy in the private sector. " 

Abadi stressed that "the necessary supplies must be provided to sustain the means of production in the basic sectors." 

During the review of the details of the budget tightened the aspects of other expenditures and work to maximize non-oil revenues.
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Prime Minister Dr. Haider al-Abadi heads a meeting to review the draft general budget law for the year 2018

 

 

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9 - October - 2017

 

 


Prime Minister Dr. Haider al-Abadi has a meeting to review the draft general budget for 2018. 

The meeting was attended by a number of officials and advanced owners in the Ministry of Finance. 

Dr. Haider Al-Abbadi stressed the importance of reducing operating expenses to ensure the provision of sufficient resources to cover the salaries of employees in the state and the provision of pensions and social protection benefits to maintain living standards of citizens and move the wheel of the economy in the private sector. 

He stressed that the necessary supplies to sustain the means of production in the basic sectors.

During the review of the details of the budget, Dr. Haider al-Abadi, tightened the aspects of other expenditures and work to maximize non-oil revenues.


 

Prime Minister 's Media Office 
9 October 2017
 

 

 

http://pmo.iq/press2017/9-10-201702.htm

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http://journaliraq.com/مستشار-الحكومة-الاقتصادي-يكشف-عنها-هذ/.....

Economic adviser to the government reveals: These are similarities between the budget of 2018 and the budget this year

 

BAGHDAD - Economist economic 
adviser to the Prime Minister Dr. Mohammed Saleh appearance of the arrival of the financial budget for 2018 to the House of Representatives in about three weeks. Saleh said in a press statement: "The budget was discussed within the Council of Ministers and recorded some notes and will be amended and sent to the House of Representatives in a period of nearly three weeks." 
On the form and size of the budget, Saleh said that "the budget next year will not differ in direction from the budget this year, but will be more disciplined by reducing expenses and maximize non-oil resources and the expansion of the deficit." 
"Saleh said that" the work followed in the development of the budget went in two directions first, maximizing non-oil resources at the base level and the second non-expansion of the deficit by reducing expenditures and reduce financial borrowing "
On the size of the budget expected Saleh said that "the budget next year will be close to the budget this year and may reach 107 trillions dinars or more or less and it will orbit in this figure and will not be far away from it a lot, whether ascending or descending." 
An IMF report, published recently, predicted that the Iraqi government's debt in 2018 would rise to more than $ 132 billion. 
"Iraq's debt for 2013 was $ 73.1 billion, while its debt in 2014 rose to $ 75.2 billion, and in 2015 it became $ 98.0 billion, while in 2016 it was $ 114.6 billion, rising in 2017," the report said. To 122.9 ". 
"Government debt will rise next year to $ 132.4 billion, which confirms that government debt is on the rise," the report said.
The Republic of Iraq reached an agreement with IMF experts on the draft budget for 2018, in line with the credit arrangement agreed by the Fund in July last year, the International Foundation said in a statement. 
Last year, the IMF Executive Board signed a $ 5.34 billion credit arrangement to support the government's economic reform program. 
The IMF-supported economic reform program in Iraq aims to meet the urgent balance of payments needs, reach expenditure consistent with the decline in world oil prices, and ensure that debt remains sustainable.
Iraq's discussions with IFAD came within the framework of the third review of the credit standoff agreement. The IMF said in a report in August that Iraq was facing a "double shock" due to lower oil prices and the cost of its conflict with the organization of the terrorist advocate. 
The International Organization predicted a near-steady performance of the economy this year, compared to last year, with oil production falling by 1.5 percent, in an agreement with OPEC countries to reduce production and a slight recovery in non-oil sectors. 
Iraq's reserves of foreign exchange have fallen as global oil prices plummeted to $ 45 billion by the end of 2016, compared with $ 54 billion in 2015, while fiscal pressures continued to hit the country with the country's budget deficit hitting 12 and 14 per cent of gross domestic product In 2015 and 2016, respectively.
The IMF expects Iraq's economy to contract by 0.4 percent in 2017, but sees growth prospects for the country as positive in the medium term, with growth expected to range from 2 percent to about 3 percent over the next five years. 
The IMF is betting on the recovery of non-oil sectors, supported by improved security stability and the implementation of structural economic reforms, the report said. 
The credit rating agency Fitch, in a report issued, highlighted the political risks in Iraq after a referendum in the Kurdistan region on the separation from the country. The referendum could put the country at risk of violent confrontation or ethnic conflict, but the status quo between the Baghdad and Kurdistan governments could also remain largely unchanged, the agency said.
The results of the September 25 referendum showed that 93 per cent of Kurds supported the independence of Iraqi Kurdistan, but the Kurdish leadership had declared that the referendum would not lead to an immediate declaration of unilateral independence. 
The parliamentary Finance Committee said that the budget of 2018 will differ significantly from the budgets that preceded it in terms of increasing the proportion of investment expenditures and the increase in the import index due to the recycling of the funds of some provinces and departments in the hot areas allocated to investment projects, as well as the relative increase in oil prices, likely high oil prices Next year to more than $ 60 a barrel.
The committee member Ahmed Rashid said in a statement that there is a proposal for the abolition of deductions in salaries of employees and retirees allocated to the displaced on the grounds that oil prices began to improve and there are expectations of low level of displacement next year in light of the operations carried out by the security forces in hot areas to restore From the control of elements calling up the terrorist. 
He added that the parliamentary proposal included the deletion of some paragraphs of the budget in 2017 and the most important deduction of salaries of employees and retirees, 3.8% This request was raised to the Ministry of Finance. 
Experts believe that the budget of 2018 will focus on investment projects to compensate for the "lean" years that saw military operations and the depletion of human and financial resources and a sharp decline in oil prices, which have greatly affected the economic level in the country.

 
 

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http://www.almaalomah.com/2017.....10/243707/

Work: Applications for inclusion in social protection and full-time appointments are currently suspended


14:16 - 10/10/2017
 
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On Tuesday, the Ministry of Labor and Social Affairs renewed its insistence on the suspension of requests for inclusion in the social protection and full-time appointments, noting that the ministry included more than 328 thousand new families with social benefits despite the difficult economic situation.

"The ministry continues to provide its services and care for the poor and the needy according to the rules and regulations," ministry spokesman Ammar Menem said in a statement. "The ministry included more than 328,000 new families with welfare benefits despite the difficult economic situation. As well as the existence of more than one million old inclusions. "

He added that "the ministry worked hard and effort of the Minister Engineer Mohamed Shiaa Sudanese to increase the amounts of subsidy salary in accordance with Law No. 11 of 2014 and that the ministry and as a result of the depletion of funds allocated within the budget in 2017, it announces to everyone for the cessation of inclusiveness social welfare benefits and salary full-time until the beginning of next year And until the availability of financial allocations within the budget of 2018.

He called for the inclusion of needy and poor families in the social welfare allowance or the request to include the full-time staff member in the care of people with disabilities and the special needs of the ministry, taking humanitarian work as an attribute of their work. The request in the event of approval and then take data to be visited by the social researcher and send the information form to the Ministry of Planning to decide whether or not to include sufficient amounts before publishing any information through their pages in social networking sites J. "

"The Minister of Labor has included a number of names that they provide and people are informed that their transactions have been completed and the fact that they have made the application only, so we call on them to be responsible and put things in their facts. The Ministry of Labor, represented by the social protection and care for people with disabilities and special needs continues to launch payments of salaries for registered residents in its database. 

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Council of Ministers follows its decisions on the referendum and announces a significant reduction in budget expenditures 2018 [expanded]

Release date: 2017/10/10 21:33 
 
[Ayna-Baghdad] 

The Council of Ministers in its meeting held on Tuesday, chaired by the President of the Council Haider Abadi, the previous resolutions regarding the illegal referendum in the Kurdistan region.

"The council has been briefed on the military achievements of our heroic forces in liberating Hawija and its approach to the liberation of all Iraqi territory and the security of the border, and the needs of civilians and the return of the displaced have been reviewed," a statement from the Prime Minister's Office said. 

The statement added that "the vote was taken on the fairness of the private industrial sector through the establishment of the Committee on Economic Affairs to prepare a study on the debt of the state and the private sector [individuals and companies], and how to address and make recommendations to the Council of Ministers and to approve the Ministry of Planning to wait for the implementation of the judgments issued for its benefit Pending receipt of the above study. " 

The Cabinet voted "to protect domestic products, including suspended aerial wires, and discussed the financial budget for 2018, which was based on the reduction of expenses significantly." 

The Council of Ministers instructed the Ministry of Finance to finance the Ministry of Education for the purpose of printing the textbooks. The study was also directed to study the agricultural plan in the provinces where the crop was planted by the Ministries of Agriculture and Water Resources and the concerned governorates. . 

The Cabinet also "examined the five-year plan for the youth sector to raise the level of reality for this important group in society." 

The council agreed to "double emergency allocations and pay 50 percent of the supplement to the social protection network under the amended supplementary budget law for 2017." 

The cabinet voted "on the recommendations of the gold and precious metals importation meeting and contracted the anti-terror agency with the French company Odense Armaments to train the border and desert and western borders to combat terrorist groups and protect the border." 

The Council of Ministers also endorsed the recommendation of the Standing National Committee for International Humanitarian Law, which is established by Decree No. 10 of 2015 on the implementation of Security Council Resolution 2379 (2017) on the collection of evidence of crimes committed by the terrorist. 
 
 

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Attention to tourism and the production of the most prominent means of financial reform

   
 

 
 


11/10/2017 12:00 am 

The budget deficit is shown when the expenditure exceeds total public revenues 
Baghdad / Imad Emirate

The process of reforming the public finance sector includes a set of measures and measures to address budget, expenditure and income deficits. The state works to improve public spending and use new technology to optimize its resources and reduce unjustified spending without harming the poor. Calls for diversifying revenues and reducing dependence on international oil prices in financing the public budget; this calls for - according to specialists - to carry out a set of tasks and more effectively.



 Structuring revenue 
academic economist , Dr. Imad al - Ani confirmed the "morning" the need to restructure the public revenues being dependent only on oil revenues, and think about the strategy clear to activate other productive sectors that can provide government revenues and private agricultural sectors and Alsnaaa.obin al - Ani said the main problems faced by The budget in Iraq lies in government spending, which requires a more disciplined and achieves the required goals. They call for the use of a special technique to control and optimize spending in order to obtain the highest productivity for public spending in terms of financial and economic returns. Social issues.
Al-Ani added that the impact of external shocks on economic activity has put pressure on public revenues, especially the changes in global oil prices, resulting in the instability of revenues, which constitute oil revenues, the largest part of them, as well as crises affecting the global economy such as the recent global financial crisis. Al- Ani pointed out that the reform of the financial sector contributes to reducing the budget deficit by starting to exploit the available resources, especially mineral and natural gas, to achieve the largest revenues. He pointed out the need to raise the level of management of public properties of the state in terms of efficiency and efficiency. The geographical location of Iraq and more attention to religious tourism, and the management of public institutions and companies according to the economic fundamentals and modern accounting standards and supply of the share of government surplus profits first Powell is the most prominent means of reform of the financial system.




The general budget represents a document that includes estimating government expenditures and estimating the revenues needed to finance them and their sources for a future year in order to achieve specific economic and social goals according to economic policies or plans that reflect the state's philosophy of managing the economy. 
The academic economist d. Qusay al-Jabri explained to the "morning" the importance of the general budget for citizens, it shows the projects and services to be provided by the state and the means of distribution of wealth to the groups of society. 
Al-Jabri hinted that it represents the work program of the Executive Authority for the coming year, as well as being a tool of control of the legislative authority on the work of the executive authority in terms of the legitimacy of spending funds on the basis of assignments and verify the efficiency and effectiveness of this spending.
Al-Jabri said that the government budget can work to distribute the output between consumption and investment, and to affect economic objectives by providing the incentive to increase or reduce production in certain economic sectors by directing allocations to priority sectors according to the economic policies followed. 
He added that the general budget aims to reduce volatility and achieve economic stability through the so-called automatic stability tools in the structure of the budget, as well as the possibility of being used as an effective tool to correct structural imbalances in the balance of payments. 
The budget deficit is shown when the total expenditure exceeds total general revenues in a given year, while the surplus is realized when the opposite occurs. Moderate balance



He added that if the public revenues are equal to the public expenditures then the budget will be balanced, and the government should balance its expenditures and revenues, in light of the funding options available to them, such as funding government bonds or funding issuing cash. Al-Jabri said that the budget deficit is determined by factors and economic variables require On the economic file taken into account in the formulation of fiscal policies to achieve internal and external balance, stressing the need to diversify sources of income so as not to be the Iraqi economy depends on fluctuations in crude oil prices and policy affecting the global oil market By stimulating export support policy and moving towards investment in the real sector.
Al-Jabri called for providing an environment conducive to attracting foreign investment through the enactment of appropriate legislation and laws to stimulate foreign investment and providing adequate guarantees through the adoption of the method of partnership between the foreign investor and the local investor, while maintaining the Iraqi identity to activate the role of national capital to integrate with foreign capital High growth rates, the privatization of losing projects that are a burden on the Iraqi budget, and support to the private sector to increase its contribution to the composition of GDP.

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Parliament is considering canceling deductions in 2018

 Journal  October 11, 2017

 

Baghdad - Journal News 
The parliamentary finance committee denied on Wednesday the cancellation of deductions from salaries of employees, stressing that it will work to cancel the budget next year.

"There is a misunderstanding of the recent statement by the Federal Court on deductions from employees' salaries amounting to 3.8 percent," said committee member Hossam al-Aqabi. "The court's view of canceling deductions is unconstitutional."

He added that "the Federal Court explained that the statement has interpreted the subject wrongly after the overlap between the articles of the federal budget," pointing out that the Finance Committee will work to cancel deductions in the budget of 2018.

He pointed out that "the price of oil began to improve over the past three months where the price of a barrel of oil $ 50, and when the price remains at this level will be able to budget to cover the salaries of employees and retirees and victims of terrorism, as well as to cover the expenses of ministries and licensing tours."

The Federal Court issued a statement earlier in which it stressed the need to cancel deductions from salaries of employees because they are unconstitutional.

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http://www.alsabaah.iq/ArticleShow.aspx?ID=145756.........

Attention to tourism and the production of the most prominent means of financial reform

 


11/10/2017 12:00 am 

The budget deficit is shown when the expenditure exceeds total public revenues 
Baghdad / Imad Emirate

The process of reforming the public finance sector includes a set of measures and measures to address budget, expenditure and revenue deficits. The state works to improve public spending and use new technology to optimize its resources and reduce unjustified spending without harming the poor. Calls for diversifying revenues and reducing dependence on international oil prices in financing the public budget; this calls for - according to specialists - to carry out a set of tasks and more effectively.



 Structuring revenue 
academic economist , Dr. Imad al - Ani confirmed the "morning" the need to restructure the public revenues being dependent only on oil revenues, and think about the strategy clear to activate other productive sectors that can provide government revenues and private agricultural sectors and Alsnaaa.obin al - Ani said the main problems faced by The budget in Iraq lies in government spending, which requires a more disciplined and achieves the required goals. They call for the use of a special technique to control and optimize spending in order to obtain the highest productivity for public spending in terms of financial and economic returns. Social issues.
Al-Ani added that the impact of external shocks on economic activity has put pressure on public revenues, especially the changes in global oil prices, resulting in the instability of revenues, which constitute oil revenues, the largest part of them, as well as crises affecting the global economy such as the recent global financial crisis. Al- Ani pointed out that the reform of the financial sector contributes to reducing the budget deficit by starting to exploit the available resources, especially mineral and natural gas, to achieve the largest revenues. He pointed out the need to raise the level of management of public properties of the state in terms of efficiency and efficiency. The geographical location of Iraq and more attention to religious tourism, and the management of public institutions and companies according to the economic fundamentals and modern accounting standards and supply of the share of government surplus profits first Powell is the most prominent means of reform of the financial system.




The general budget represents a document that includes estimating government expenditures and estimating the revenues needed to finance them and their sources for a future year in order to achieve specific economic and social goals according to economic policies or plans that reflect the state's philosophy of managing the economy. 
The academic economist d. Qusay al-Jabri explained to the "morning" the importance of the general budget for citizens, it shows the projects and services to be provided by the state and the means of distribution of wealth to the groups of society. 
Al-Jabri hinted that it represents the work program of the Executive Authority for the coming year, as well as being a tool of control of the legislative authority on the work of the executive authority in terms of the legitimacy of spending money on the basis of assignments and verify the efficiency and effectiveness of this spending.
Al-Jabri said that the government budget can work to distribute the output between consumption and investment, and to affect economic objectives by providing the incentive to increase or reduce production in certain economic sectors by directing allocations to priority sectors according to the economic policies followed. 
He added that the general budget aims to reduce volatility and achieve economic stability through the so-called automatic stability tools in the structure of the budget, as well as the possibility of being used as an effective tool to correct structural imbalances in the balance of payments. 
The budget deficit is shown when the total expenditure exceeds total general revenues in a given year, while the surplus is realized when the opposite occurs. Moderate balance



He added that if the public revenues are equal to the public expenditures then the budget will be balanced, and the government should balance its expenditures and revenues, in light of the funding options available to them, such as financing government bonds or funding issuing cash. Al-Jabri said that the budget deficit is determined by economic factors and variables requires On the economic file taken into account in the formulation of fiscal policies to achieve internal and external balance, stressing the need to diversify sources of income so as not to be the Iraqi economy depends on fluctuations in crude oil prices and policy affecting the global oil market By stimulating export support policy and moving towards investment in the real sector.
Al-Jabri called for providing an environment conducive to attracting foreign investment through the enactment of appropriate legislation and laws to stimulate foreign investment and providing adequate guarantees through the adoption of the method of partnership between the foreign investor and the local investor, while maintaining the Iraqi identity to activate the role of national capital to integrate with foreign capital High growth rates, the privatization of losing projects that are a burden on the Iraqi budget, and support to the private sector to increase its contribution to the composition of GDP.

 
 
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  • yota691 changed the title to Parliamentary Finance Committee reveals the fate of the share of Kurdistan in the budget of 2018
 

The Finance Committee in the Iraqi parliament, on Tuesday, the fate of the budget of the Kurdistan region for 2018 after the referendum on secession from Iraq, stressing that the budget of the region will be the subject of disagreement within the federal government.
A member of the committee, “Husam al-Aqabi,” in a special press statement, that the share of Kurdistan in the budget of 2018 will be the subject of disagreement in the government and the Iraqi parliament. ”
He added that “the government will not cut the rate that will affect the life of the Kurdish citizen of the budget of 2018, such as ration ration,” stressing that “will be deducted the percentage related to the strengthening of the Kurdistan government.”
Al-Aqabi pointed out that “the provincial government held the referendum without the consent of the federal government and non-receipt of non-oil revenues to the government also caused not to hand over Kurdistan’s full share of the budget.”
The relations between Baghdad and Arbil are a state of tension and statements “fire” after the “referendum” by the President of the Kurdistan region (outgoing) Massoud Barzani, despite the rejection of local and regional and the international community.

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Iraq is about to cut the share of Kurdistan from the budget of 2018 "fully"

In a hint to a new punitive action against Kurdistan ...

 

 Rawezh Muhamad

 11/10/2017 - 14:15

 
 
Iraq is about to cut the share of Kurdistan from the budget of 2018 & quot; in full & quot;
 

In a hint to new punitive measures, against the Kurdistan Region The Finance Committee in the Iraqi parliament, expressed the intention of Baghdad to cut the share of the Kurdistan region of the federal budget for the year 2018 in full after the referendum on independence from Iraq on 25 September last, stressing that the budget of the region will be the subject of disagreement Within the federal government.

The member of the Committee Hossam Aqabi, "The share of the Kurdistan region in the budget of 2018 will be the subject of disagreement in the government and the Iraqi parliament."

He added that "the government will not cut the rate that will affect the lives of the Kurdish citizen of the budget of 2018, such as the ration ration," stressing that "will be deducted the percentage that have to do with strengthening the government of Kurdistan," he said.

The Iraqi government has taken a series of measures and punitive decisions against the Kurdistan Region after the referendum on independence, and despite the fact that they are collective punishments and have a direct negative impact on the lives of citizens in the province, but Baghdad denies that and says that its sanctions do not target citizens, without explaining how.

Baghdad has cut the share of Kurdistan from the federal budget since the beginning of 2014 by a decision of former Iraqi Prime Minister Nuri al-Maliki.

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October 11, 2017 

Prime Minister Dr. Haider Al-Abadi has chaired a meeting to review the draft general budget for 2018.

At the meeting, which was attended by a number of senior officials from the Ministry of Finance, he stressed the importance of reducing operating expenses to ensure that salaries, pensions and social protection benefits can continue to be paid, and to “encourage growth in the private sector.”

He also emphasisesd the need to maximize non-oil revenues.

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http://iraqdailyjournal.com/story-z16025186

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Oh boy. The parliament discussions on the Kurds allocation should be 'lively'. They've been messing with their 17% for years now. These people are idiots. They're in dire financial straits but now that oil is $50 a barrel they want to discontinue the 3.8 tax on individual income?? They must be expecting the world to come in and hand them all the $$$ needed to rebuild war torn cities and recharge their economy. And their plan apparently is to financially starve the Kurds into submission. Nothing boosts morale like a good beating.....then another.....and another !!;)

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3 hours ago, King Bean said:

Oh boy. The parliament discussions on the Kurds allocation should be 'lively'. They've been messing with their 17% for years now. These people are idiots. They're in dire financial straits but now that oil is $50 a barrel they want to discontinue the 3.8 tax on individual income?? They must be expecting the world to come in and hand them all the $$$ needed to rebuild war torn cities and recharge their economy. And their plan apparently is to financially starve the Kurds into submission. Nothing boosts morale like a good beating.....then another.....and another !!;)

Correct you are KB . . . The beatings will continue until cooperation is achieved. The Iraqis always know just the right things to say & do to achieve positive results . . . NOT ! ! ! !

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Iraq's budget challenges ... Search for $ 20 billion for the reconstruction of liberated cities

 Wednesday, 11 October 2017
 
 
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Al-Nuaimi: Government reports that the government should allocate at least $ 20 billion to newly liberated cities from the grip of a supportive organization in order to provide minimal services and damaged infrastructure have created additional challenges for the government, Currently the new budget for 2018, in the shadow of a financial crisis suffocating due to falling oil prices the main source of income in the country.
The sectors that need urgent support in the liberated cities have direct contact with citizens' lives, notably hospitals, schools, electricity, water, communications, roads and bridges. A senior official in the government of Prime Minister Haider Abadi said that "the government formed a cell of economists and finance to help prepare an integrated budget for next year and submit a new version of the parliament with a view to vote at the end of this year. According to the official, who declined to be identified, the cell will reduce spending on secondary projects or perfectionism in several areas and focus on supporting other sectors to be a budget to help with the oil sector, stressing that the government may not be able to spend the minimum amounts needed by the liberated cities. The official pointed out that there is an external diplomatic move on a number of countries to enter the file of the reconstruction of cities before the Conference of the displaced, which aims to provide funds for the reconstruction of liberated cities. Baghdad is counting on the donor conference to be held in Kuwait in the first quarter of next year to provide another $ 20 billion to $ 30 billion for the reconstruction of houses and compensation for those affected by the fighting and the provision of other services.
Activation of non-oil resources
The economic adviser to the Prime Minister, Haidar al-Abadi, the appearance of Mohammed Saleh, stressed the government's tendency to increase financial resources in the budget in 2018 to achieve a balance between financial revenues and spending through the diversification of income sectors. Saleh said in an interview with local Iraqi media yesterday that the budget of 2018 will depend on the activation of non-oil resources such as customs and water and electricity collection fees and other cutters such as taxes, adding that "the tariff will be applied to most of the Iraqi provinces early next year, "He said. Saleh explained that electricity alone consumes 14 trillion Iraqi dinars (JD = 1180 dinars) from the general budget, while the total revenue from the collection of electricity wages only trillion dinars due to waste due to inefficiency of the electricity sector in terms of technical, explaining the existence of government intention to privatize the revenue collection sector Electricity, in order to reduce financial waste and increase processing hours without affecting the poor, which is of concern to Iraqis of the worsening economic crises, according to experts and parliamentarians. In this context, a member of the Economic Committee formed by the Council of Ministers to review the status of the Iraqi market, Ahmed Abdul Hussein, the start of the development of a plan to review the file of the industrial sector government and revitalization or offer factories for privatization in addition to the sectors of agriculture and religious tourism. He added that reliance on oil as a source of revenue for the budget means dependence of Iraq on the price of a barrel and this affects even the decisions of sovereign, pointing out that the plan includes spending cuts and the activation of the control of financial corruption and deal with the file in a very important. The member of the Economic Committee expected that the budget of Iraq for the next year between 92 to 95 billion dollars and an expected deficit of about $ 18 billion dollars was calculated the price of a barrel of oil in principle changeable by about $ 50. The budget of the country adopted by the parliament for the current year more than 100 trillion dinars (79 billion dollars) and the total deficit of 21 billion dollars (26.25 trillion dinars), and then prepared a supplementary budget to the budget to 107 trillion dinars (87 billion dollars). The main challenges in the new budget are the provision of additional amounts for the reconstruction of liberated cities in light of the price of oil within the price does not meet the requirements of the next phase in Iraq and the continuing fiscal deficit in most ministries of the State and the rise of external debt to nearly $ 111 billion, in addition to the pressure of international institutions.

Restricted Balance

On the terms of the Central Bank A member of the Committee on Economy and Investment in Iraq, Noura al-Bajari said that next year's budget will be tied to the conditions of the Bank and the International Monetary Fund on Iraq to lend. "Among these conditions is the reduction of government employment and the creation of financial resources other than oil, activating the work of state-owned enterprises and factories and reducing costs." She added that the next budget will be austerity, but there are important aspects that must include, including the reconstruction of liberated cities and arrange their situation to ensure the stability of their population and solve their problems. And stressed that the budget is in the process of preparation, and there are joint committees by the ministries of finance and planning and the concerned authorities to complete their study and submitted as draft law. "Iraq relies on 95 percent of its public revenues on oil revenues and the rest of the tourism, commercial and industrial sectors, but after the destruction of thousands of enterprises and factories because of occupation, wars and internal conflicts, the dependence on oil imports is almost complete," said economist Younis al-Sumaidaie. Al-Sumaida'i added that the government is currently talking about the need to raise the level of financial revenues from the non-oil sectors. This means qualifying other sectors by developing a comprehensive plan to be able to provide huge financial revenues. But observers warned that the Iraqi government to implement this plan through the imposition of taxes on citizens and raising the prices of electricity and customs, which means the collection of funds from citizens rather than the rehabilitation of different sectors to provide financial revenue. The Ministry of Planning in the previous report, the high rate of inflation in August prices by 0.5%, and annual inflation by 0.2%, noting that the survey did not include the provinces of Anbar and Nineveh because of the security situation in them. Rising prices included various foodstuffs and a number of basic services.

Government floundering

For his part, the financial expert, Muzaffar al-Jabri, that the problem lies in the confusion of the Iraqi government and the lack of a clear vision for the implementation of such ideas important for the country, the government to the two options to provide additional financial resources first, rehabilitation of industrial sectors, trade and tourism and the second option to impose taxes on citizens and raise prices Electricity, water, services, customs and the second option means a big problem in the country. " Al-Jabri said that the Iraqi government is currently unable to rehabilitate the destroyed sectors, which means that it plans to make a large proportion of the budget in 2018 depends on the collection of funds from citizens through taxes and raise the prices of public services, and here the Iraqis will be affected in an unprecedented manner. The economic crisis prompted the government to pass a law allowing employees to take a four-year leave with a basic salary just to ease the burden on the public budget. According to parliamentary reports, corruption has contributed to the worsening financial crisis in the country, especially under the government of former Prime Minister Nuri al-Maliki, with the amount of looted funds in just eight years more than 450 billion dollars, according to unofficial reports.

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Abadi: This is the fate of the 17% of Kurdistan in the budget of 2018

 

MP Abbas al-Bayati, Wednesday, the fact that the federal government cut the share of the Kurdistan region of the federal budget for 2018, amounting to 17%

Al-Bayati, who is close to the prime minister for "Baghdad today," that "there is no truth to the news cut the share of the Kurdistan region of the budget," stressing that "the budget next year is still the government has not yet been adopted by the Council of Ministers."

Al-Bayati said that "all speculation and talk about quotas and benefits is unfounded," noting that "the House of Representatives did not see them to this moment."

Al-Bayati said that "we do not know until now whether the share of Kurdistan 17% remains or was canceled," explaining that "the budget did not reach us and is still in the government is preparing and studying paragraphs and did not end it."

It is noteworthy that some media and social networking sites quoted sources close to the Iraqi government, stating that Baghdad will cut the share of Kurdistan from the federal budget of 17%, as part of the measures taken against the region for the referendum.

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  • yota691 changed the title to IMF: 2018 Iraqi draft budget won't 'cover the needs' of Kurdistan

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