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


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Economy News _ Baghdad

Prime Minister Dr. Haider al-Abadi on Sunday, the advanced cadre in the Ministry of Finance to conduct a careful review of the proposal for the federal budget for the year 2018.  
The media office of the Prime Minister in a statement received by "Economy News", "Abadi during his meeting with the advanced cadre in the Ministry of Finance He stressed the discussion of the budget of 2018 and achieve further reduction of the operational expenses of the three presidencies and ministries and non-linked to the Ministry of minimum levels to ensure the maintenance of basic expenses, primarily salaries and wages for all workers in the state, pensions, salaries and wages Other, as well as providing social protection and the ration card salaries, and maintenance requirements of security, defense and medicine. " 
He pointed out that "international and national obligations must be secured in the payment of loan dues and benefits, and continue to secure bonds to pay contractors' receivables."
 Abadi called for "increasing the non-oil revenues by activating various activities and increasing productivity, and stressing the revitalization of the private sector so that it can play its role in improving economic performance and raising its contribution to the national GDP."

 

 
Views 41   Date Added 10/09/2017
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Government: 50 trillion dinars to secure salaries

   
 

 
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11/9/2017 12:00 am 

Include 150 million families with social benefits 
Baghdad / Sabah 

In an achievement calculated for the government despite the financial challenges, the Cabinet announced the allocation of 50 trillion dinars annually to secure the salaries of employees and retirees, confirming the inclusion of one million and 150 thousand families of social benefits.

 This came in a summary of the Prime Minister's Office on Sunday, the achievements of the government program during the three years of the life of the ministry. 
The «morning» has issued yesterday, a special annex on the occasion of the third anniversary of the formation of the government, which included the most significant achievement in 3 years.
Saad al-Hadithi, spokesman for the prime minister's office, said in a statement: "The government succeeded in the financial aspect in setting economic policies to overcome the financial difficulties and ensure the government meets the financial requirements necessary to maintain the combat effort of the Iraqi forces and provide financial cover for salaries 7 In addition to spending on important sectors such as education, health, electricity and other services, as well as allocations allocated to the file of the displaced, although Iraq's financial revenues from oil has decreased by about 70 percent And the government's efforts in this regard have resulted in the return of about two million and two hundred thousand displaced persons to their areas of residence. "
He added that this was achieved «thanks to the economic policy and reform program adopted by Prime Minister Dr. Haider Abadi at the administrative, financial and organizational levels, as the government exceeded the most difficult economic challenges faced by Iraq after there were fears of the government's inability to provide financial cover to ensure salaries and secure allocations The necessary funds for Iraqi forces and other sectors ». 
Al-Hadithi pointed to «the success of the government in expanding the umbrella of social protection to include new segments, as the number of beneficiaries exceeded 1 million and 150 thousand  
families».

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The parliamentary economy: The file of reconstruction and displaced people has the largest share in the budget of 2018

 

 Since 2017-09-11 at 14:02 (Baghdad time)

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Baghdad - Mawazine News

The Committee on Economy and Investment parliamentary, Monday, the largest share in the budget of 2018  will be for the reconstruction of areas affected by terrorism, in addition to the return of displaced people to their provinces.

The committee member Najiba Najib's / balance News /, that "the government is now busy preparing and arranging 2018 budget through meetings with the ministries and the central bank," noting that it "will make the biggest share in the budget of the share of the reconstruction of areas affected by terrorism, And the return of displaced persons to their areas. "

Najib explained, "The 2018 budget will be similar to previous budgets, in terms of interest retirees and the salaries of popular mobilization, as well as the rights of the province and the allocations of oil and other things from the rest."

The agency saying that "the budget is still subject to many changes and advice in the process of study and full preparation before the announcement of them definitively."

It is worth mentioning that Prime Minister Haider al-Abadi staff in the face of Advanced Finance to conduct a thorough review of the proposed federal budget for the year 2018.

He stressed Abadi, in a statement issued by his office on the need to further reduce operating expenses for the three presidencies and the ministries and departments not associated with the Ministry to the minimum to ensure the provision of basic expenses, primarily wages and salaries for all employees in the state, pensions, salaries, wages and other, as well as the salaries of insurance Social protection, ration card, security, defense and medicine requirements.

He stressed the need to secure international and national obligations in the repayment of loans and benefits entitlements, and continue to secure the payment of contractors bonds, and to increase non - oil revenues through the activation of various activities and increase productivity, and the emphasis on the revitalization of the private sector to enable it to perform the desired role in improving economic performance And raise its contribution to the national GDP. Finished

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Editorial date: 2017/9/10 22:44 • 870 times read
Abadi directed to reduce the salaries of the three presidencies and ministries in the budget of 2018
[Ayna-Baghdad] 
Prime Minister Haider al-Abadi on Sunday advanced staff at the Ministry of Finance to conduct a careful review of the proposal for the federal budget for 2018.
A statement from his office received the agency of all Iraq [where] a copy of him that Abadi "stressed during his meeting with the advanced cadre in the Ministry of Finance to discuss the budget in 2018 and achieve further reduction of operating expenses for the three presidencies and ministries and non-linked to the Ministry to the minimum limits to ensure the maintenance of basic expenses, The salaries and salaries of all workers in the state, pensions, salaries and other wages, as well as the provision of social protection salaries and ration card, and the maintenance of the requirements of security, defense and medicine. 
Abadi stressed that "international and national obligations must be secured in the payment of loan dues and interest, and to continue to secure bonds to pay contractors' receivables."
"The prime minister is working on increasing non-oil revenues by activating various activities and increasing productivity, and stressing the revitalization of the private sector so that it can play its role in improving economic performance and raising its contribution to national GDP."
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Date of release: 2017/9/12 23:16 • 175 times read
Advisor to Abadi: the budget of 2018 does not exceed 110 trillion dinars
[Ayna-Baghdad] 
Revealed economic adviser to Prime Minister Haider Abadi, the size of the federal budget for 2018.
"The budget is estimated at 100 to 110 trillion dinars, and will be presented for discussion in the Cabinet for discussion and approval in the month of October next in accordance with the Financial Management Law," Mohammed Saleh said in a press statement. 
He said that "the House of Representatives discusses the budget in November and December of this year," pointing out that "oil is still the largest supplier of the budget." 
The Prime Minister Haider Abadi, the first Sunday on Sunday advanced staff at the Ministry of Finance to conduct a careful review of the proposal for the federal budget for the year 2018.
Abadi stressed during his meeting with the advanced cadre in the Ministry of Finance to discuss the budget of 2018 and achieve further reduction of the operating expenses of the three presidencies and ministries and non-linked to the Ministry of minimum levels to ensure the insurance of basic expenses, primarily salaries and wages for all employees in the state, pensions, salaries and wages other, as well as providing social protection and the ration card salaries, and maintenance requirements of security, defense and medicine. " He 
also stressed the need to secure international and national obligations in the repayment of loans and benefits entitlements, and continue to secure payment of bonds cosmetic S contractors. 
The face of the Abadi to work on increasing non - oil revenues through the activation of various activities and increase productivity, and the emphasis on the revitalization of the private sector to enable it to perform the desired role in improving economic performance and raise its contribution to the national gross domestic product. "
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Advisor to Abadi: The budget of 2018 includes reducing the operating expenses of the three presidencies

 

 Since 2017-09-13 at 13:39 (Baghdad time)

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Special Mawazine News

The economic adviser to Prime Minister Haider Abadi, the appearance of Mohammed Saleh, on Wednesday, the reduction of operating expenses for the three presidencies in the budget of 2018.

"The budget includes reducing operating expenses for the three presidencies and maximizing non-oil resources to contain any additional deficit, according to the directives of the prime minister," he said in an interview with Mawazine News.

He added that "the country is going to maximize its resources and control the spending and reduce it as necessary," pointing out that "the volume of funds allocated is similar to the budget of 2017 and estimated at 110 trillion dinars."

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For economic reforms and upgrading of banking institutions
 
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نهاد شكر الحديثي

13/09/2017
Readings:
 
Before the introduction of the budget for 2018 to the House of Representatives for approval next month, announced the financial adviser to the Prime Minister the appearance of Mohammed Saleh, but the lines of the paragraphs have emerged for the public, which includes the continuing austerity of the country as a result of low oil prices and the requirements of war on the daisy, Prime Minister Haider Abadi to reduce the operational expenses of the three presidencies and ministries and non-linked to the Ministry of minimum levels to ensure the insurance of basic expenses, although the spokesman for the Presidency of the Council of Ministers confirmed that the customs revenues amounted to more than 685 billion dinars during the months of The vessels of the past, but the Governor of the Central Bank of Iraq on the Keywords at dawn on Monday, "a bomb" heavy-caliber when he said that available cash is not available, criticizing the phenomenon of "compactness".
The financial adviser to the Prime Minister, the appearance of Mohammed Saleh, said that the budget for the year 2018 is in the semi-final preparation, and will be presented to the Council of Ministers next month according to constitutional times.
 Saleh said that "the budget of 2018 tends to maximize non-oil resources whenever possible, and the direction of the state is to encourage employment through the private sector and develop programs to lend young people soft loans to enable them to engage in the labor market." Some details of the budget can be identified through the talk of a member of the Finance Committee MP Mahasen Hamdoun when she said that the government is continuing the policy of austerity because the financial crisis is continuing until next year.
With the imminent submission of the budget to the House of Representatives for approval, the Prime Minister Haider Abadi advanced cadres in the Ministry of Finance to conduct a careful review of the proposal for the federal budget for the year 2018.
 Abadi stressed the discussion of the budget of 2018 and achieve further reduction of the operational expenses of the three presidencies and ministries and non-linked to the Ministry of minimum levels to ensure the insurance of basic expenses, primarily salaries and wages for all employees in the state, pensions, salaries and other wages, Ration card, and the maintenance of the requirements of security, defense and medicine. "
 He stressed that "international and national obligations must be secured in the payment of loan dues and benefits, and continue to secure bonds to pay the dues of contractors." He also urged "to increase non-oil revenues by activating the various activities and increasing productivity and emphasizing the revitalization of the private sector to enable it to perform Its role in improving economic performance. "
 For his part, a spokesman for the Prime Minister Saad al-Hadithi that customs revenues amounted to more than 685 billion dinars during the past eight months, stressing the reduction of the level of government spending to about half.
He added that "the government exceeded the most difficult economic challenges faced by Iraq after there were fears of the government's inability to provide financial cover to ensure salaries and secure the necessary financial allocations to Iraqi forces and other sectors," adding that "customs revenues increased during the last eight months of this year only To reach more than 685 billion dinars. "
Despite the revenues available from the customs only, but the Central Bank of Iraq announced on Monday that the available cash is not available, pointing to plans to attract money and pumped into the banking system. "Stagnation is a problem and a source of concern for many countries, especially after the latest technological developments and the subsequent achievements and huge savings in the incomes of the elements of production," the bank's governor said.
It is noteworthy that the term "compactness" means holding the money and imprisoning it from circulation. It may be the hoarding of burying money or keeping it in the boxes inside the house and not taking it out to trade in the money and capital markets.
 If Iraqi Prime Minister Haidar al-Abadi insists on implementing radical reforms to control financial waste, fight corruption and prosecute corrupt people, and put an end to unjustified government spending, according to modern bases, to ensure investment of resources and diversify sources of income, rather than relying on oil, Of the annual budget of the state, his government must start a radical reform in the banking sector, so that the banking institutions to work to find an effective sector does not allow money laundering and terrorism financing, said the governor of the Central Bank Ali Alalak, who said that work is continuing to upgrade the Through its strategy to transform it into an institution operating within the framework of the developed central banks, and to shift from achieving traditional objectives to development goals that achieve financial stability and support the march of this sector to be a sound and real locomotive for the national economy in the reconstruction phase. Expected.
There are also 60 financial companies operating in the currency market, financial investment, transfers, bonds and smart cards, of which 10 companies are under construction, a large number, but this sector suffers structural distortions, including that government banks control about 90 percent of its assets, leaving about Only nine percent of private banks, with their diversity of local, Islamic, Arab and foreign trade, complain of the banks' restrictions on the banks that are biased to their banks in financial activity. One of the most difficult difficulties faced by most banks lies in their inability to recover loans from debtors. In many cases, even if the Bank has obtained a judicial decision to sell collateral, it is impossible to recover, for reasons of security and social pressure.
In spite of the large number of banks in Iraq, the number is not consistent with the population, and highlights the departure of the Iraqi people from dealing with banks, the population is estimated at 37 million people, of whom more than 80 percent do not have bank accounts, and there are 900 banking branches geographically located in Provincial capitals and some major cities.
 The data indicate that one branch serves about 41 thousand people in Iraq, compared to Lebanon, which serves each branch four thousand people, and therefore some studies estimated that about 73 percent of the cash mass away from the banking cycle, reflecting popular distrust of the work of banks. Some Iraqi economists are calling on the government to raise the Iraqi dinar exchange rate against the dollar so that its purchasing power rises and confidence grows as it represents the sovereignty of Iraq, as they demand the need to stop the dollarization of the economy by preventing internal transactions and making local transactions limited to the use of the Iraqi dinar only. It should be noted that 70 percent of the currency in circulation was covered with gold and foreign currencies until 1981, and the remaining Iraqi government bonds (currency law). Iraq was then applying the system of remnants of the gold base.
To maintain the lid, successive governments have been linking their fiscal policy, especially current and investment spending, to the balance of payments situation, the latter being determined by government revenues from oil exports.
For the success of this linkage, administrative restrictions have been applied to the external transfer of goods, services and capital movement. Thus, it followed conservative monetary and financial policies that kept the stability of the Iraqi dinar stabilized by the Central Bank at $ 3.2 per dinar. The commitment to the dinar cap gave ease to the monetary authority in the exercise of its tasks, where it was the sole concern to maintain the stability of the currency, but this was achieved at the expense of economic development, Spending on them enough for fear that the increase in spending will affect the stability of the currency.
 The Arab and foreign banks suffer from problems and complications in their work inside Iraq. They complain that the Central Bank has not taken any procedural decisions related to the promotion of comprehensive banking and solving the problem of the restrictions related to the guarantees required in exchange for granting loans and committing them to increase their capital.
Finally, a problem has emerged regarding the banks operating in Erbil and Sulaymaniyah, whose work has been affected by the separation of the Central Bank of Iraq from the Bank's headquarters in Baghdad. These banks have been officially informed that the two branches have become linked to the Ministry of Finance in the Kurdistan Region. The financial and economic crisis plaguing Iraq due to the war on terror, the decline in oil prices and the economic recession, as well as the security instability, the situation of some banks faltered, and others complained of liquidity crisis, and the most recent violations of their lack of compliance Which led the Central Bank to prepare a study on the reality of public and private banks in preparation for re-evaluation and classification, with the participation of the Association of Iraqi banks, while at the same time the Central Bank placed his hand on four commercial banks for committing irregularities in their financial policies and not raise their capital according to the law, He also decided to liquidate «bank The Federal Court of Cassation approved the decision to imprison his owner and director for 10 years for embezzling more than 310 billion dinars (250 million dollars) from the Rafidain government, in one of the largest cases of embezzlement, noting that some businessmen and businessmen The mismanagement of the banking sector to the control of financial men, which contributed to the exploitation of funds deposited by some bank managers to invest their own, in violation of the law, and held the central government responsible for the deterioration of the economic situation of lack of planning and organization. For more than four years, officials in Iraq talk about a project for monetary reform through which the exchange rate of the Iraqi currency against the dollar so that the new dinar is equal to 1.2 dinars to the dollar instead of 1,200.
But the move was postponed until a later time because of the exit of some areas of Iraq from the control of the government after the occupation «urged» them. Military operations began to recover these areas, which still exist. The Government is expected to return to the same project after the end of military operations.
If monetary reform is successful, there is no longer a need to use the dollar in local transactions. The latter occurred after the completion of daily transactions difficult with the arrival of the value of one dollar to thousands of dinars, which made individuals resort to deal in dollars instead of dinar, especially in large transactions and the hoarding of the currency. Therefore, it is not possible to cancel the "dollarization" of the Iraqi economy by administrative decision or by administrative orders from the monetary authority, but the phenomenon will gradually disappear because of the reasons that led to it, ie after the monetary reform referred to above, because the dinar will then become an easy mode of trading and a store of value that avoids using the dollar
 
 
 

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43 minutes ago, dinareffic said:

Some Iraqi economists are calling on the government to raise the Iraqi dinar exchange rate against the dollar so that its purchasing power rises and confidence grows as it represents the sovereignty of Iraq, as they demand the need to stop the dollarization of the economy by preventing internal transactions and making local transactions limited to the use of the Iraqi dinar only

 

This statement seems to infer the GOI raises the Iraqi dinar exchange rate. So, who knows where the responsibilities of the CBI and GOI lie with regard to the call to raise the value of the dinar against the dollar.

 

The "Sovereignty of Iraq" and the completion of the retaking of ISIS areas may be linked and appears from the last portion of the article to be a major issue with raising the value of the dinar against the dollar. I am not sure how the IMIS, IRGC, and other Iranian elements in Iraq play into all this.

 

Hopefully this is more than a feel good article and will gain traction once ISIS areas are all retaken in Iraq.

 

Go Moola Nova!

:pirateship:

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8 minutes ago, Synopsis said:

 

This statement seems to infer the GOI raises the Iraqi dinar exchange rate. So, who knows where the responsibilities of the CBI and GOI lie with regard to the call to raise the value of the dinar against the dollar.

 

The "Sovereignty of Iraq" and the completion of the retaking of ISIS areas may be linked and appears from the last portion of the article to be a major issue with raising the value of the dinar against the dollar. I am not sure how the IMIS, IRGC, and other Iranian elements in Iraq play into all this.

 

Hopefully this is more than a feel good article and will gain traction once ISIS areas are all retaken in Iraq.

 

Go Moola Nova!

:pirateship:

That could take months if not years.. 

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sounds like what they come out and say every year for every year I've been in this investment. I do however totally agree with them and if 1.2 dinars equals one dollar. I'd  take 80 cents all day long. wouldn't run out and cash it all in though, especially not into dollars. the dollar will start tanking next year, by design. when China takes a stake in Saudi Aramco and solidifies their deals with Russia Iran Qatar Lybia and a couple others and implements their new crude oil benchmark priced in Yuan with the profits redeemable in gold on the Hong Kong gold exchange. Demand for the petro dollar will start falling off at a rapid rate sending the dollar down. I'm thinking the Aussie, Kiwi or loonie might be a better choice, maybe the Swiss franc as well. I'll be looking at strong trading partners with China, their economies will benefit the most from this global realignment. Ill probably keep the lions share in dinar because I think that it is going to 3 bucks, but probably exchange a couple million just to see how it feels, lol.

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9 minutes ago, Laid Back said:

Some Iraqi economists are calling on the government to raise the Iraqi dinar exchange rate against the dollar so that its purchasing power rises and confidence grows as it represents the sovereignty of Iraq.

 

Go CBI 

Go New monetary policy 

Go RV

Go $1:1

Some?.. Be nice if was all and in a mass protest at lack of purchasing power.. goods and services ..

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7 hours ago, Botzwana said:

I am with you brother!  Going to keep most of it in Dinar if possible.  I just want enough to make my dream home in Mexico.  Which basically consists of a swimming pool, a man cave, garage, and a giant african bullfrog.  Surely that would cost less than a million!

Have you looked into the market to buy an African Bullfrog lately ? Let me tell you . They don't come cheap ! Especially the ones that sing old broadway show tunes when no one but you is around !

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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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