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

[Butifldrm]

Economy News» published the latest draft of the budget of 2018

 

Iraqi currency

Economy News Baghdad: Published "Economy News", the draft bill of the budget of 2018 approved by the Council of Ministers and sent to Parliament on Wednesday. The government's amendments included raising revenues from 85.7 trillion dinars to 90.9 trillion dinars, due to raising the price of a barrel of oil from 43.4 dollars to 46 dollars a barrel with a daily export volume of 3.88 million barrels. Revenues were divided into oil revenues of 77.1 trillion dinars and non-oil revenues of 13.8 trillion dinars. The government's expenditure in the last amendment decreased from 105.1 trillion dinars to 103.9 trillion dinars and the volume of spending on investment projects decreased from 25.5 trillion dinars to 24.4 trillion dinars. The deficit also shrank from 19.4 trillion dinars to 13 trillion dinars due to the increase in non-oil revenues and oil revenues. The government reduced the rate of deduction of salaries of employees about 1% to become 3.8% instead of the 4.8% proposed in the previous draft.

To download the budget click here   http://economy-news.net/content.php?id=9970

[tigergorzow]

Documented: Sunni blocs call on Abadi to delay approval of budget

November 30 2017 11:09 PM

Sunni lawmakers

 

 

Iraqi Forces Coalition on Thursday protested the budget bill introduced for 2018 fiscal year, calling on Prime Minister Haider Al-Abadi to delay it.

It is in the core interest of the Iraqi people to delay approving the federal budget at the time, the bloc said.

 

 

In a memo issued by the bloc and addressed to Abadi, it said:"The bill of the budget did not include portions allowing laws and grants for residents of areas which were under the control of ISIS terror group, and they have not received any damages yet."

The document called for granting interest-free loans or loans with low interest paid by the ministry of finance, with a grace period of ten years. It also mentioned compensations for the devastated residential areas in the liberated cities.

Locals have not received any payment in compensation for three years, the bloc stated. 

 

http://www.thebaghdadpost.com/en/story/20345/Documented-Sunni-blocs-call-on-Abadi-to-delay-approval-of-budget

[tigergorzow]

100 MPs didn't attend any Parl't sessions

November 30 2017 04:50 PM

100 MPs didn't attend any Parl't sessions

100 Members of Parliament did not attend any Parliamentary sessions, MP of the National Alliance Sadiq al-Mahna revealed on Thursday.

In a press statement, Mahna asserted that over 100 MPs didn't attend any session, describing these acts as shameful to both the Iraqi Parliament and its members.

He added that these absences include members from the political blocs, noting that the Parliament Speaker did not apply the internal rules of Parliament to curb such actions. 

 

http://www.thebaghdadpost.com/en/story/20332/100-MPs-didn-t-attend-any-Parl-t-sessions

[DoD]

12 minutes ago, tigergorzow said:

100 MPs didn't attend any Parl't sessions

 

I bet that check was in the mailbox every month without delay, drain the swamp...

[DWS112]

90981840893 total

looks like Billions not Trillions!

[DWS112]

قانون رقم ) ( لسنة 2018
قانون الموازنة العامة التحادية لجمهورية العراق للسنة المالية ـ 2018
))الفصـل ال ول((
اليــرادات
ا-أ- ق ر إيرا ات الموازنةًالعامةًال حا يةًللسنةًالمالية/ 2018ً،بمبلغً)90981840893 )الفً المادة -1 -أو
ل
 ينارً) ساااااااعون رليون و ساااااااعمائة واح ر وثمانون مليار وثمنمائة وارنعون مليون وثمنمائة وث ثة
و ساعون الف ينار(ًبحسابًما مبينًفيً)الج ول/أاااااااااااااااًاليرا ات علىًوفقًالع ا (ًالملحق بهذاً
القانون.
 

Google Translate:

 

Law No. (2018)
The General Budget Law of the Republic of Iraq for the fiscal year 2018
(Chapter 1)
Revenue
A - A - The General Budget Balance Sheet for the fiscal year 2018, in the amount of (90981840893)
to
  The total cost of the project is SAR 1,300 million,
(In accordance with the terms of the contract), and / or the revenues of the Contracting Parties (attached thereto)
Law.

[Rmc10]

Are they going by US dollars or Dinar? Interesting.

[10 YEARS LATER]

Weasels !!!!!!!!!!

[SnowGlobe7]

no show up for job...no job......surprise!!!!!

[boosterbglee]

.................. X 100! 

[skeetdog]

Thanks DT....

1 hour ago, DWS112 said:

90981840893 total

looks like Billions not Trillions!

...Good catch DWS...It's certainly printed in billions rather than trillions...

[TexasMike1958]

I thought the Kurds share was 17%??  Now its less than 13%.  Could it have something to do with the referendum???

[Rmc10]

It was 17% but they recently agreed to around 12% after the referendum.

[nannab]

1 minute ago, TexasMike1958 said:

I thought the Kurds share was 17%??  Now its less than 13%.  Could it have something to do with the referendum???

 

I believe the government is  waiting for a  census to be taken along with article 140. More Kurdish area more budget money. My guess

it may change tomorrow depending on the mood. 

[vato96]

100 people not showing up for parlament should be served paperwork for corruption  like the rest of the thrives. 

[nannab]

7 minutes ago, Rmc10 said:

It was 17% but they recently agreed to around 12% after the referendum.

  

This too Thanks  Rmc10

[TexasMike1958]

10 minutes ago, Rmc10 said:

It was 17% but they recently agreed to around 12% after the referendum.

 

Did they agree pleasantly or were they told "this is the way it is going to be and that's it"  "you want to create your own country, here you go and deal with it"  Just wondering....  They were kicking and screaming and boycotting Parliament  before when they thought they wouldn't get 17%, now they play nice???  

[Rmc10]

3 minutes ago, TexasMike1958 said:

 

Did they agree pleasantly or were they told "this is the way it is going to be and that's it"  "you want to create your own country, here you go and deal with it"  Just wondering....  They were kicking and screaming and boycotting Parliament  before when they thought they wouldn't get 17%, now they play nice???  

 

Barzani got ousted from his position and got in trouble for corruption and the Kurds folded. If I am wrong someone please correct me. 

[Laid Back]

The 2018 budget relies on fiscal consolidation by reducing deficit and debt accumulation by cutting unnecessary spending. This coincides with Iraqi Prime Minister Haider al-Abbadi’s tightening of operating expenses for the three presidencies, a big sign for Abadi to start reforming from the top to keep the sustainability.
Saleh stressed the existence of important sectors that cost the state budget a difficult number, but they are able to maximize their resources, namely the customs and electricity sectors, and the government continues to activate laws and regulations on taxes and electronic collection and consumer protection.
Saleh said that 2018 will see the opening of the Market Council, which includes representatives of the public and private sectors to reach the market economy, rather than oscillating between two different economies, the socialist and free.

 

Go Budget 

Go 2018

Go market economy 

Go RV

[yota691]

Figures 2018 budget and highlights

Release date: 2017/12/1 9:00 • 302 times scheduled

(Baghdad: Al-Furat News) revealed a member of the parliamentary committee Mahasen Hamdoun, the most prominent articles included in the draft federal budget law for 2018, stressing "free of budget items that serve the Iraqi citizen."

Hamdoun told the {Euphrates News} that "the size of the budget of 2018 is 104 trillion dinars, and the default deficit of 14 trillion dinars (13.4%)." 
She added that "the value of budget revenues is 90 trillion dinars and 77 trillion of which are imports of the sale of oil (ie 85.5%) and 13 trillion of other sectors," noting that "the budget is free of appointments and grades as well as devoid of any allocations for the reconstruction of liberated areas" , Likely "boycott the coalition of Iraqi forces to the budget because it did not include allocations for liberated areas." 
"The 2018 budget is also devoid of any support for the agricultural, industrial and commercial sectors, in addition to the existence of many duplicate items that existed previously and have not been implemented."
She pointed out that "the budget included the employee's leave for five years, but added a new item that if the employee took leave more than 5 years are registered without a salary and service is also entitled to work in private enterprises." 
She added that "the House of Representatives decided to hold an extraordinary session Saturday to read the law first reading, and then it is the responsibility of the Finance Committee to study and observe what is in it."

[MyLadiesDaddy]

33 minutes ago, yota691 said:

noting that "the budget is free of appointments and grades as well as devoid of any allocations for the reconstruction of liberated areas" , Likely "boycott the coalition of Iraqi forces to the budget because it did not include allocations for liberated areas." 
"The 2018 budget is also devoid of any support system" rel="">support for the agricultural, industrial and commercial sectors

Now why would they leave this out? 

[gregp]

Trillins. 

Trillins. 

Trillins. 

Trillins. 

I hate Trillins. 

[yota691]

11 minutes ago, ladyGrace'sDaddy said:

Now why would they leave this out? 

Because they have 100 Billion set aside for it IMO.....DV Link An international bank with a capital of $ 100 billion to finance Iraq's infrastructure

[yota691]

Budget reform in Iraq .. What is the alternative?

30/11/2017 09:04 | Number of readings: 82

 

Trend Press / Articles  

Ahmed Hazal Books 

The PFM framework includes a set of high-level indicators to track public expenditure and results as well as debt relief. The International Monetary Fund (IMF) and the World Bank have contributed to the analysis of government financial performance standards and are part of efforts to reform fiscal management.

The general budget in Iraq for 2018 is still the subject of controversy, and it is clear from leaks, and is overpriced and lacks economic feasibility as its predecessors, estimated deficit of about 20 trillion dinars, and the main reason for this deficit is inflation of current spending and low oil prices, and covers this deficit of domestic and external debt!

The public finance did not work on the principle of balancing the performance programs in all budgets after 2003, even on a certain part of the budget, whether operational or investment, even if an item was added in the budget to measure the performance of one project of the budget projects for 2018 in both current and investment to get quite different results For the rest of the projects with the same cost in the budget itself.

The Financial Management Project was adopted by the Development Assistance Committee (DAC) in order to facilitate monitoring and measuring the performance of public expenditure and financial responsibility. The PFM relies on a number of indicators on which to assess the state of the country budget. In theory, the performance of the budget can be measured through three main indicators, Sub-index:

Indicator A: which reflects the extent to which the budget conforms to actual (planned) revenues and expenditures.

We note that this indicator avoids the efficiency in the management of financial affairs in the budget in Iraq, as the data indicate a large difference between the planned budget and the actual budget, and always approve the budget on the basis of deficit, and at the end of the year turn into surplus due to non-implementation of the budget and inaccurate estimates.

Indicator B: This indicator is related to the transparency and clarity of the budget, transparency and clarity in the budget of 2018 and the previous did not accept this indicator, as this indicator also does not apply to economic clarity of the budget, and there is difficulty to obtain them by the public.

Indicator C: Turnibility of the budget cycle, this indicator focuses on participation in the process of budgeting and the process of implementation, as well as the effectiveness of the collection of taxes and payroll payroll, on this indicator that the process of budgeting is monolithic, and no other sector to finance the expenses, The share of other revenues as a percentage of total revenues at the best 20%, as well as the fragile and narrow rule of taxes and fees in the revenue items, as shown in the disclosure of some of the salaries of employees in the public sector, and the development and implementation of the budget was not on the basis of economic and administrative planning, Standards for measuring the performance of the management Of public finances.

There are 28 sub-indicators that reflect the efficiency of the PFM and the minimum rating of the ordinal values to be evaluated:

Indicator A: Actual spending did not deviate by more than 5%.

Indicator B: Actual spending did not deviate by more than 10%.

Indicator C: Actual tunnels did not deviate by more than 15%.

Indicator D: Actual expenditure on the scheme deviates by more than 15%.

The evaluation dimensions of revenue will be:

Indicator A: The actual revenue collection was not below 97% of the revenue estimate.

Indicator B: Actual collection of domestic revenue was not below 94% of the revenue estimate.

Indicator C: The actual collection of domestic revenue was not below 92% of the revenue estimate.

Indicator D: The actual collection of domestic revenue was below 92% of the revenue estimate.

For these indicators, the budget planners have shown the extent of deviations and shocks in the process of implementation of the budget for three years. However, the researcher may face difficulty in obtaining information and reports on the implementation of the budget or final accounts. Therefore, it is necessary to measure the performance of the Department of Public Finance. The budget can be applied to these indicators on one of the budget joints, for example public spending and the current and from the services or employment sector.

The process of reforming the structural imbalance in the budget can take a different alternative to the traditional reforms, and this alternative is measured through deviations in the budget, to be used to correct previous mistakes, and build a budget on the basis of overcoming those mistakes.

MY

[MyLadiesDaddy]

8 minutes ago, yota691 said:

Because they have 100 Billion set aside for it IMO.....DV Link An international bank with a capital of $ 100 billion to finance Iraq's infrastructure

WOW!