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IQD1217

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  1. Ambitions of Empire: The Bush Administration Economic Plan for Iraq (and Beyond) LeftTurn Magazine, No. 12 Feb/Mar 2004 By Antonia Juhasz* "It should be clearly understood that the efforts undertaken will be designed to establish the basic legal framework for a functioning market economy; taking appropriate advantage of the unique opportunity for rapid progress in this area presented by the current configuration of political circumstances… Reforms are envisioned in the areas of fiscal reform, financial sector reform, trade, legal and regulatory, and privatization." – Moving the Iraqi Economy from Recovery to Sustainable Growth, Statement of Work, BearingPoint, Inc. February 21, 2003. The reconstruction of Iraq has begun. Not the reconstruction of vital public services such as water, electricity or public security, but rather the radical reconstruction of its entire economy. The quote above is from BearingPoint, Inc. of McLean, VA, recipient of a nearly $250 million contract to "facilitate" the complete economic reconstruction of Iraq. These plans were ready at least one month prior to the invasion, while the contract was awarded on July 18, 2003. The analysis below is based on the draft Statement of Work made available to me in November and confirmed by a BearingPoint spokesperson to be "what we are working from now. Our current plan is unchanged." The full contract has since been made available on the Center for Public Integrity's website www.publicintegrity.org www.publicintegrity.org/) If you want to know what the Bush Administration’s ultimate plans are for Iraq (and potentially the entire region), you need look no further than BearingPoint’s Plan. It lays out the full transition of Iraq from a state- to a market-controlled economy in just 18 months with privatization and international trade at its core. It includes every sector from public services, media, banking, investment, taxes, agriculture and, yes (to a limited degree), the oil sector – implementing "private-sector involvement in strategic sectors, including privatization, asset sales, concessions, leases and management contracts, especially those in the oil and supporting industries." The Plan reads like a chicken-soup of the most extreme corporate globalization policies past and present, from the now roundly-rejected Structural Adjustment Programs of the World Bank/IMF, to the privatization of public services of the General Agreement on Trade in Services (GATS) and the rest of the WTO’s trade policies, the investment rules of the IMF and the WTO, the "competitiveness methodology" of the World Economic Forum, to the creation of an Iraqi Business Roundtable. There is a particularly disturbing emphasis on export trade in the agricultural sector (focusing on luxury crops) given the intense opposition to these same policies at the most recent WTO and FTAA ministerials by those who have suffered under them for decades, including the protest-suicide of South Korean farmer Lee Kyung Hae. What’s the upshot of the BearingPoint Plan? Iraq’s economy and all of its resources are ripped open to foreign control. The U.S. corporations whose executives participated in the drive for war and that have already reaped billions of dollars in post war profits and reconstruction contracts, could own every business, do all of the work and send all of their money home. Nothing need be reinvested in the Iraqi economy, no Iraqi need be hired, no public services need be guaranteed nor the rights of workers protected, and no resources need stay in the country. Apparently, what the U.S. Trade Representative has failed to achieve through international negotiations at the WTO and the FTAA, the U.S. Administrator of the Coalition Provisional Authority (CPA) is succeeding in achieving through military invasion in Iraq. The good news is that real alternatives exist and are immediately applicable. You will find these discussed at the end of this article. The bad news is that the BearingPoint Plan is already being implemented. The first significant phase began on September 19, 2003 with the signing of four Orders by L. Paul Bremer, Administrator of the CPA. These Orders include the full privatization of public enterprises, full ownership rights by foreign firms of Iraqi businesses, full repatriation of foreign profits, the Flat Tax (that darling of the American Right), the opening of Iraq’s banks to foreign control, national treatment for foreign companies (which means, for example, the Iraq cannot require that local firms able to do reconstruction work should be hired instead of foreign ones), and (with an earlier Order) elimination of nearly all trade barriers. Iraq’s oil—at least its extraction and initial processing—was excluded from these Orders (presumably, the reconstruction of the oil economy is being discussed in less public fora). There was at least one Hussein-era law that the U.S. Administrator decided to keep, that which bars public sector workers and those employed by public enterprises from joining or being represented by unions. While there was little coverage of the Orders in the U.S. (Neil King of the Wall Street Journal was the first followed by Naomi Klein), they were immediately controversial in Iraq – particularly the planned mass privatization of state-run industries. When Thomas Foley, director of Private Sector Development for the CPA, announced a list of the first state enterprises to be sold off (most likely derived by BearingPoint) which included cement and fertilizer plants, phosphate and sulfur mines, pharmaceutical factories, and the country’s airline, there was immediate unrest. Privatization always brings mass lay-offs in order to decrease cost and increase short-term profit. Approximately 70% of the Iraqi workforce is already unemployed. Those workers with jobs receive "emergency pay" mandated by the CPA – about half of what they made before the war, while prices have skyrocketed and the social safety net has been virtually eliminated. The CPA promised that the U.S. corporations doing the reconstruction would solve the unemployment problem, promising 300,000 jobs in an August 13 letter. Only a handful of these jobs have materialized. One reason is that many firms are bringing in non-Iraqis to do the bulk of the work. Thus, privatization was met with stiff resistance and threats of increased unrest. This at a time when the Bush Administration is anxious to wipe its hands of the mess in Iraq before the election cycle gets into high gear. In response, Bremer was forced to put the privatization plans on the backburner for the time being. The long-term plans, however, are clear. BearingPoint, USAID and others both in or contracted by the U.S. government will implement the majority of the economic policies with the new Iraqi government. Therefore, implementation can wait until the friction over how that government is created fades away. Implementing the BearingPoint Plan -- Phase 1: THE BREMER ORDERS Conditions in Iraq are desperate. On November 11, 2003, the international health charity Medact released a report finding that public services in Iraq are in a state of collapse. Dr. Sabya Farooq, author of the report, told the BBC: "It's mainly the ongoing violence and insecurity which, in addition to the breakdown of public health services, is posing the main risk to public health." In the past year, maternal mortality rates have increased, acute malnutrition has almost doubled and water-borne diseases and vaccine-preventable diseases have increased. The primary complaint from the Iraqis actually running the water, electricity, and other infrastructure systems is that while the Bechtel Corporation of San Francisco, CA has seen its reconstruction contracts grow from an initial award of $680 million, to nearly $3 billion today (making it the second highest recipient after Halliburton/KBR with over $7 billion), it is doing assessments and repairing services to U.S. military and other corporations rather than meeting the desperate needs of the majority of Iraqis. In many cases, repairs that could be performed quickly are left undone because they require parts from country’s such as France, Russia and Germany that have been banned from reaping Bush’s war benefits. The Bush Administration’s response to this crisis is the Bremer Orders. Bremer Order #39: Foreign Investment The order on foreign investment five key elements: (1) Privatization of state-owned enterprises; (2) 100% foreign ownership of businesses in all sectors except oil and mineral extraction, banks and insurance companies (the latter two are addressed in a separate order); (3) "national treatment" of foreign firms; (4) unrestricted, tax-free remittance of all funds associated with the investment, including, but not limited to, profits; and (5) 40 year ownership licenses which have the option of being renewed. The Order allows for privatization of all state-owned entities. It is difficult to overstate how fundamental a change this is to the Iraqi economy. As the preamble to the Order explains, it will move Iraq from a "centrally planned economy to a market economy" in one fell swoop by U.S. fiat. This will involve some 200 state-owned enterprises. Thus, everything from water services, electric utilities, schools, hospitals, television and newspapers, to prisons could be privatized under the Order. The water sector is already being "reconstructed" by Bechtel, one of the top ten water privatization companies in the world. Cliff Mumm, head of Bechtel’s Iraq operation, told the San Francisco Chronicle that Iraq "has two rivers, it’s fertile, it’s sitting on an ocean of oil. Iraq ought to be a major player in the world. And we want to be working for them long term." Bechtel’s track record does not bode well for the Iraqi people—in fact, the citizens of Bolivia have written a letter to the people of Iraq warning them of what to expect from Bechtel. A subsidiary of Bechtel privatized the water systems of Cochabamba, Bolivia and immediately sent prices sky-rocketing. Families earning a minimum wage of $60 per month faced water bills of $20 per month. The citizens rose in protest and at least one seventeen year-old boy lost his life to Bolivian troops sent into the streets to defend Bechtel’s right to privatize with deadly force. Ultimately, the government relented and cancelled the contract. Bechtel has responded with a $25 million lawsuit against Bolivia for lost profits. Privatization 100% foreign ownership In addition to the public services listed above, Iraq’s factories, farms, telecommunications, transportation systems, publishing, and other businesses could all be completely owned, run and employed by non-Iraqis. Order #39 states that Iraq cannot restrict access to foreign owners to any sector of the economy except resource extraction. MCI, formerly WorldCom, has already received approximately $20 million to build a wireless phone network in the Baghdad area. As WorldCom, the company was found guilty of cheating investors by overstating its cash flow by nearly $4 billion, and was temporarily banned from receiving federal contracts. In addition to at least seven other contracts, Science Applications International Corporation (SAIC) of San Diego, CA, received a $90 million contract to "restore broadcast media to uncensored operation." According to the Center for Public Integrity (CPI), SAIC will be rebuilding Iraq's mass media, including television stations, radio stations and newspapers, in a program called the Iraqi Media Network. However, not much more is known because the Pentagon has steadfastly refused to release any specific information about the contract. What little information that has leaked out has come mainly from disgruntled employees and press freedom advocates, who have alleged military censorship, cronyism and significant mishandling of the work. In just one example, SAIC used the U.S. government-run Voice of America to patch together nightly news shows made up entirely of dubbed stories from U.S. television network news shows. (3) National Treatment Order #39 states that "A foreign investor shall be entitled to make foreign investments in Iraq on terms no less favorable than those applicable to an Iraqi investor." This means that the government of Iraq cannot favor local investors, businesses, companies or providers over foreign ones. Thus, for example, Iraq cannot require that U.S. companies with billion dollar reconstruction contracts hire local contractors. Nor that qualified Iraqi companies receive contracts over foreign-owned companies. This is a particularly troublesome provision given reports of bloated U.S. corporate budgets. For example, Time magazine recently reported that an American firm was awarded a $15 million contract to build a cement factory in Iraq (using U.S. taxpayer dollars). When the firm was prevented from doing the work, an Iraqi businessman (using Saddam's confiscated funds) spent just $80,000 to build the same factory. Another example involves one of the first U.S. contracts awarded in Iraq. Stevedoring Services of America (SSA) received a $4.8 million contract to manage the Umm Qasr seaport. However, press reports revealed that the British had identified Iraqis who could perform the same duties. Britain’s chief military officer in the Gulf told The Guardian of London that the port should be run by Iraqis as a model for the future reconstruction of the country, not by American corporations. The U.S. disagreed, and instead hired SSA, a company that has been called the "most anti-union maritime operation on the West Coast" by union leaders involved in a bitter lock-out by the company last year. National treatment is also a powerful tool used by companies to circumvent domestic regulations on the environment, public health and worker and consumer safety. Virtually every challenge brought to such laws under the investment chapter of the North American Free Trade Agreement (NAFTA) include claims that the government violated national treatment. For example, national treatment was one of the tools used successfully by the Virginia-based Ethyl Corporation to force the government of Canada to reverse its ban on the gasoline additive MMT, a ground water pollutant also believed to be a human carcinogen. Ethyl sued and Canada settled: reversing its ban, paying Ethyl $13 million in compensation for its "trouble," and writing a letter of apology. (5) Unrestricted Repatriation of Profits Order #39 authorizes foreign investors to "transfer abroad without delay all funds associated with [their] investment, including: I) shares or profits and dividends" (this list goes on). Foreign investors can put their money wherever they like and take it out whenever they want to, "without delay." Nothing needs to be reinvested locally to service the floundering Iraqi economy. Nothing needs to be targeted to help specifically damaged regions, communities or services. All the profits can go home with the foreign owners and they can take out their investments at any time. The potential costs of this provision on the Iraqi economy are monumental, as evidenced by the impact of the same rules on other economies around the world. Joseph Stiglitz, the former Vice President of the World Bank, among others, has blamed similar rules imposed by the IMF as a primary cause of the East Asian Financial crisis of 1998/1999 and the financial collapse of Argentina in 2000. The rules eliminate all government regulation on how much foreign investment can enter an economy, where it can be invested, how long or how much money must stay in the economy. Such rules are critical to ensure that foreign investment in Iraq benefits the Iraqi economy, not just the foreign investors. (5) 40 year leases Iraq will be locked in to its contracts under these rules for 40 years, with an option of unlimited renewal. If the contracts are broken, the Order gives the companies the legal authority to enact any international trade agreement of which both countries are party. If the Bush Administration is successful in implementing its trade goals outlined below, the U.S. will have a Bilateral Investment Treaty (BIT) with Iraq. The BIT provides access to courts such as the World Bank’s International Centre for the Settlement of Investment Disputes (ICSID), a venue notorious for its undemocratic, untransparent and unjust proceedings and rulings on behalf of multinational corporations. Bremer Order #40: Banking Order #40 turns the banking sector from a state-run to a market-driven system over night by allowing foreign banks to enter the Iraqi market and to purchase up to 50 percent of an Iraqi bank. Specifically, it permits six foreign banks over the next five years the right to enter the Iraqi market. Two or more banks may be "fast tracked," based on their agreement to accelerate the availability of local credit. An unlimited number of banks may purchase up to 50% of an Iraqi bank. Foreign banks may enter Iraq as branches, subsidiaries, representative offices, or through partnerships with Iraqi banks. A similar provision included in NAFTA paved the way for Citigroup to purchase Mexico’s largest commercial bank, Banamex. In Aotearoa/New Zealand, liberalization of financial banking services left every one of the nation’s banks, including the bank of New Zealand, under foreign control. Affordable financial services and low-cost loans quickly dried up – so much so that the government proposed setting up a new bank, the People’s Bank, to be owned and operated by the government itself in order to redress the inequities of the foreign-owned banks. Local ownership of banks is critical because it facilitates access to credit for all sectors of society. It may deter disloyal behavior; foreign finance companies are much more likely to flee in times of crisis. And ensuring that a foreign company holds some domestic assets within the country in which it is operating can help ensure it can satisfy any legal liabilities it might accrue. Moreover, Iraq simply does not have adequate regulatory structures in place to handle the economic power and marketing prowess of global financial companies. For example, Iraq does not have a counter-part to U.S. laws such as the Community Reinvestment Act -- obligating banks to make credit available in lower-income neighborhoods -- and the Truth in Lending Act -- requiring full disclosure to consumers of the cost of loans. Finally, with the banks under foreign ownership, the lobby against adoption of such rules may be too strong to fight. JPMorgan, the second-largest bank in the U.S., which was implicated in the Enron scandal, has been awarded a contract to run a consortium of 13 banks from 13 countries that will constitute the Trade Bank of Iraq. The Trade Bank may be just the point of entry for JPMorgan, giving it "first dibs" on the full privatization yet to come. Bremer Order #37: Taxes Order #37 implements a flat tax in Iraq by providing for a marginal income tax rate of 15% for both corporations and individuals. Thus, an Iraqi earning .50 cents per hour will pay the same tax rate as another earning $1 billion an hour. Flat rates have a record of reducing the tax burden on the poorest in the economy, increasing the burden on the middle class tremendously, and drastically reducing the taxes paid by the wealthiest in society – particularly corporations. As the Washington Post reports, "it took L. Paul Bremer, the U.S. administrator in Baghdad, no more than a stroke of the pen Sept. 15 to accomplish what eluded the likes of publisher Steve Forbes, Reps. Jack Kemp (R-N.Y.) and Richard K. Armey (R-Tex.), and Sen. Phil Gramm (R-Tex.) over the course of a decade and two presidential campaigns." Bremer Order #12: Trade Liberalization On June 12, Bremer signed the "Trade Liberalization Policy," suspending until December 31, 2003 "all tariffs, customs duties, import taxes, licensing fees and similar surcharges for goods entering or leaving Iraq, and all other trade restrictions that may apply to such goods." BearingPoint’s Plan makes clear that this Order is just the beginning – it sets an amazing February 2004 target date for preparation of an application for Iraq to join the WTO. Of course, Iraq’s laws must be fundamentally altered (as detailed by BearingPoint) in order to meet WTO obligations. The Bush Administration has out-lined an identical plan for the entire region. On May 9, 2003, President Bush announced plans for an U.S.-Middle East Free Trade Area (MEFTA) by 2013. In speech on June 23, 2003 in Jordan, US Trade Representative Zoellick described the MEFTA as "a region-wide commitment to open trade with the United States…" with the following components: The U.S. will actively support WTO membership for those "peaceful" countries in the region that seek it. The U.S. will offer to negotiate Trade and Investment Framework Agreements (TIFAs) which establish a work program to expand trade and resolve outstanding disputes. The TIFAs will specifically "encourage private sector participation through business councils that drive trade agendas and help us address the specific concerns of business." The U.S. will offer to negotiate BITs it in each country. The U.S. will negotiate comprehensive free trade agreements "which remove all barriers to trade across all sectors – with the aim of expanding the bilateral FTAs into "sub-regional" FTAs by mooring other interested and qualified countries in the safe harbors of existing free trade agreements." These agreements will be melded in to one "historic" regional MEFTA. The Middle East, insulated by oil revenue, has historically been less susceptible than other regions to the extreme sacrifices required by governments under corporate free trade agreements. But with the invasion and occupation of Iraq, the Bush Administration demonstrated that it will defy global public opinion and the United Nations to use military force when and where it deems necessary. Thus, it can now return to the more traditional model of advancing corporate globalization, the free trade agreement. The Bremer Orders and the BearingPoint Plan are not merely temporary fixes for a country under occupation: they are designed to permanently revolutionize the Iraq economy, yanking a state-run system into a model for global corporate capitalism by U.S. fiat. Iraq is only the beginning. WHAT SHOULD BE DONE INSTEAD The Bremer orders are illegal and immoral. They must be repealed. The BearingPoint Plan must be discussed publicly in Iraq and the U.S. At most, it should provide for short-term economic necessitates required to keep the Iraqi economy from collapsing during reconstruction. Once the Iraqi government is elected, it is the Iraqis themselves who must determine their long-term economic future – not the U.S. In the short-term, the following alternatives drawn from more detailed analysis provided by International Occupation Watch Center in Baghdad, the Institute for Policy Studies in Washington, DC and the International Forum on Globalization (www.occupationwatch.org, www.ips-dc.org, www.ifg.org), are offered to help restore the Iraqi economy to a functioning position. The military occupation of Iraq must end. Iraq’s foreign debts, accrued by Hussein in the suppression of the people of Iraq, must be forgiven. Only with the end of the U.S.-UK occupation should the United Nations, including an UN-commanded multilateral peacekeeping force, return to Iraq. Their mandate should be for a very short and defined period, with the goal of assisting Iraq in reconstruction and overseeing election of a governing authority. As belligerent powers who initiated the war, and as occupying powers, the U.S. and the UK are obligated to provide for the humanitarian needs of the Iraqi people and to pay the continuing costs of Iraq's reconstruction, including the bulk of the cost of UN humanitarian and peacekeeping deployments. Washington should reverse the spending priorities of its $87 billion request from Congress, and turn over to full UN authority (on behalf of the Iraqi people as a whole, not simply given to the U.S.-appointed Council) a starting grant of at least $75 billion (the initial amount Washington spent on waging the war) for reconstruction in Iraq. The $15 billion (out of the $87 billion) requested by the Bush administration for Iraqi reconstruction is insufficient to meet Washington's obligations under international law. The $65 billion scheduled for the Pentagon to continue the occupation of Iraq should be challenged. The additional reconstruction funds should not come from ordinary taxpayers. They should be raised from (a) an excess profits tax on corporations benefiting from the war and post-war privatization in Iraq; and ( the Pentagon budget lines currently directed at continuing war in Iraq. Reconstruction of Iraq should be based on rebuilding the economy to maximize fulfilling the needs of the Iraqi people. All contract processes should be completely transparent and accessible to Iraqis. Contracts should privilege local companies, towards the goal of strengthening and diversifying local production. Labor laws should ensure protection for local workers. Iraq should be allowed to join the worldwide movement for local sustainability by moving away from export oriented economics that make trade and multinational corporations the basis of economic development. Government spending, taxes, subsidies, tariff structures, etc. should be reoriented to support local environmentally sustainable production that meets local needs (these ideas are expanded upon in the IFG publication, Alternatives to Economic Globalization). *Portions of this article originally appeared in the January/February 2004 issue of Tikkun Magazine. http://ifg.org/analysis/globalization/ambition.htm
  2. As of at least March 28, 2011, the official web site of the CBI states "the primary objectives of the Central Bank of Iraq (CBI) are to ensure domestic price stability and to foster a stable competitive market-based financial system. The CBI shall also promote sustainable growth, employment and prosperity in Iraq". The CBI web site further states that the functions of the CBI in addition to the primary objectives mentioned above include: To implement the monetary policy and the exchange rate policy for Iraq. To hold gold and manage the state reserves of gold. To issue and manage the Iraq currency. To establish, oversee, and promote a sound and efficient payment system. To issue licenses or permits to banks and to regulate and supervise banks as further specified by the Banking Law. To carry out any related ancillary tasks or transactions within the framework of Iraqi law. The objectives of the Central Bank of the Iraq are as follows: maintaining inflation stability implementing monetary policy (including exchange rate policies) managing the state's reserves issuing and managing the Iraqi dinar regulating private banks. As of December 2009, the bank reported total assets valued at over 57 trillion dinars.[8] The bank’s head office is located in Baghdad with four branches in Basrah, Mosul, Sulaimaniyah and Erbil. However, currently the bank does not control the financial and administrative affairs of Erbil and Sulaimaniyah branches, as these branches are technically reporting to the headquarter in Baghdad and for all other issues they are reporting to Kurdistan Regional Government (KRG) and they are financed by KRG. As of July 2010 steps and measures have taken place in order to integrate these branches with the headquarter in Baghdad. Foreign exchange reserves have increased to nearly US$67 billion (as of September 2012) due to a rise in oil revenues, indicating the improved ability since 2003 to deal with the repayement of foreign debt, the currency stabilization, and the coverage of average monthly imports.
  3. I'm not bent out of shape , I'm better then good!! I have no doubt what's going to happen!! Don't forget it not only about the dinar .. Making money every day from Iraq if you know what your doing !!
  4. Why are you even in this investment ? , we will see !! If they don't do what I think they will i will leave the board ! You asked why they haven't RV and I gave you the reasons why they haven't IMO !!
  5. Yeah I think that was a big part of it.. Lets see how fast they can get the HCL done!!
  6. Deputy for the Kurdistan Alliance that there is a serious by the political parties to vote on the law of oil and gas. The oil and gas law of controversial laws that could not the House of Representatives passed long ago Ntgah big disagreement between the political blocs. The MP said Hassan Jihad told {Euphrates News} on Sunday that “there have been attempts to hold meetings in order to create the oil and gas law for a vote,” noting that “the Minister of natural resources and wealth in the Kurdistan Regional Government pointed out that the approval of oil and gas will solve the problems between Baghdad and the region . “ The different governments of the center and the Kurdistan region on oil and imports in the northern provinces, where demands Baghdad that the agreements with foreign companies and local communities on exploration Baalmha and send the province the money arising from the issue of export to the center, as long as the province receives its budget, amounting to 17% of Baghdad, while requiring the province to pay The central government entitlements oil companies operating in it to send the money. Jihad said that “all parties Avenue in approving the law, which can not remain the case in oil country where there is no law of oil and gas.” http://bit.ly/15uv8IJ
  7. The RV hasn't happened yet because they have to finish passing certin laws that will effect day to day business , banking and investing !! Also they just got out of chapter 7 , which is huge . The HCL isn't passed yet. They will be getting the DFI fund. They also didn't seat a full government !!
  8. Revaluation means a change of a price of goods or products. This term is specially used as revaluation of a currency, where it means a rise of currency to the relation with a foreign currency in a fixed exchange rate. In floating exchange rate correct term would be appreciation. Altering the face value of a currency without changing its foreign exchange rate is a redenomination, not a revaluation. In general terms, revaluation of a currency is a calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. central bank) can alter the official value of the currency. Contrast to "devaluation". For example, suppose a government has set 10 units of its currency equal to one US dollar. To revalue, the government might change the rate to five units per dollar. This would result in that currency being twice as expensive to people buying that currency with U.S. dollars than previously and the US dollar costing half as much to those buying it with foreign currency. Before the Chinese government revalued the yuan, it was pegged to the US dollar. It is now pegged to a basket of world currencies. In economics, hyperinflation occurs when a country experiences very high and usually accelerating rates of inflation, causing the population to minimize their holdings of money. Under such conditions, the general price level within an economy increases rapidly as the official currency quickly loses real value.[1] Meanwhile, the real value of economic items generally stay the same with respect to one another, and remain relatively stable in terms of foreign currencies. This includes the economic items that generally constitute the government's expenses. Unlike regular inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase prices and in the supply of money,[2] and the cost of goods. Hyperinflation is often associated with wars, their aftermath, sociopolitical upheavals, or other crises that make it difficult for the government to tax the population, as a sudden and sharp decrease in tax revenue coupled with a strong effort to maintain the status quo can be a direct trigger of hyperinflation.
  9. I'm not unclear what happens !! Goal of the CBI is to have less notes higher value like before the high inflation under saddam .. They printed more bills , currency worth less high inflation .. Now they are heading back to low inflation less notes higher value!! Very simple and they have 10x more reserves , less debt , more oil production more investing !!
  10. Yes it does matter , it's not a real term .. The CBI if they choose to do so will delete the zeros and increase the value of the Dinar !! Your so called lop which make no sense to get rid of the zeros and keep the value the same , then just keep it the way it is lol , why would you spend more money then what your current currency is worth ?
  11. Show the official definition not an article that someone said ... There is none
  12. Ok please someone post a link with a real definition of a lop ? Show me
  13. It's not a lop they will raise the value and delete the zeros !! Lop isn't a real term !!
  14. Why do you people say that iraq is going to LOP and invest in it? Makes no sense !! So you invested in the dinar but your say your not going to make any money? Lol I find it very funny ..
  15. What people are forgetting is besides the oil , the Iraq rebuilding , ISX is adding do much to the value of their currency , major banks and companies entering at the ground level .. Iraq's has basically no debt compaired to the rest of the world .. It's so exciting what's going to happen !! People also say how can they back the value of the dinar so high , how is the us dollar so high when china owns us ? US debt is out of control !!
  16. 2014 Budget 09-07-2013 12:54 PM Baghdad (newsletter). The parliamentary Finance Committee member MP/Kurdish Alliance/Jimmy is capable, that the federal budget bill for the year (2014) will arrive to the House during the month of October, for approval by the Council during the current year. He is capable of speaking (News Agency): in accordance with the Financial Administration Act and the public debt No. 95 of 2004 amended budget arrive in October, indicating that this year there was the work of the Committee in coordination with the Government of the time on the budget, to be completed and sent time. He added: the budget will act according to the law, i.e. they arrive before the day of the month of October, adding: that during the two and a half months would be endorsed by Council, believe for it to enter into force early next year. Earlier, the parliamentary Finance Committee discussed the preparation of the estimates for the federal budget in 2014 and agree on the formation of the subsidiary committees of the members of the Committee to discuss some State ministries on POPs. Weights, indicate that the financial budget for the next year, which will increase jobs and installing contractors with government departments, and also to double the country’s revenues of approximately 143 trillion dinars http://bit.ly/12j2Mmo
  17. Presidency of the Republic Building "on what passed the House in accordance with the provisions of paragraph (First) of Article (61) and item (iii) of Article (73) of the Constitution Issuing the following law: Law No. (7) for the year 2013 / General Budget Law of the Federal Republic of Iraq for the financial year 2013 / ((Chapter I)) Revenue Article 1, first ": A - estimated revenues of the federal budget for the financial year 2013 / amount (119 296 663 096) thousand dinars (one hundred and nineteen thousand two hundred and six, ninety-one billion and six hundred and sixty-three million six and ninety thousand dinars) as shown in (Table / A revenue according to key accounts) attached to this law . B - calculation of income from export of crude oil on the basis of the average price of 90 dollars per barrel and the rate of export of (2900000) barrels per day (two million nine hundred thousand barrels per day), including (250,000) barrels per day (two hundred and fifty thousand barrels per day) for amounts crude oil producer in the Kurdistan region and the intervention of all revenue actually achieved in the Development Fund for Iraq (DFI), or any other form replaced after discount (5%) for war reparations Kuwait or any other rate determined by the Security Council and paid to the United Nations. C applied to the agreement between the federal government and the Kurdistan Regional Government ratified the decision of the Federal Council of Ministers / 333 for the year / 2012 and is binding on the federal government and the provincial government in all Maitalq by the terms of the budget law. II ": Committed to the ministries and departments not associated with the Ministry of the enrollment of all amounts cash grants that get under memorandums of understanding with governments or foreign institutions revenue of "final" to the public treasury Federal and Federal Ministry of Finance re-allocated to the purposes for which it was awarded for her, in coordination with the Ministry of Planning Federation. III ": Amounts of donations given to the ministries and departments not related to the Ministry after the acceptance of the Federal Minister of Finance revenue of the deadline for the public treasury Federal and that the Federal Minister of Finance allocated appropriations ministry or entity not related to the Ministry of the Exchange in accordance with the purposes for which it was awarded to her. IV ": Amounts of grants or contributions by governments and institutions foreign to the ministries and departments not associated with the Ministry or the provinces and the provincial councils under memorandums of understanding revenue of permanently to the Treasury whether these grants and contributions in the form of technical assistance or the implementation of projects that are under اقيامها speculative in the records of the Ministry or the is related to the Ministry or the regions and provinces and the relevant provincial and be accepting cash or in-kind grants and re-allocated in coordination between all the beneficiaries of the Ministry of Planning and Finance. Fifth: Is calculated amounts of grants and subsidies unused amounts allocated to government departments and public sector companies, the end of the financial year / 2012 in accordance with the accounting standards used to calculate the exchange-finals and are surpluses or paid in excess according to these foundations advance at the expense of the grant allocated to the department or unit in the fiscal year / 2013. ((Chapter II)) Expenditure and deficit Article 2, the first "expenses: The sum amount 138424608000)) thousand dinars (one hundred and thirty-eight thousand, four hundred and twenty-four billion and six hundred and eight million dinars) for expenditures for the fiscal year 2013 / distributed according to (field / 3 total expenditures) of the (Table / c expenditure by ministries) attached to this law. A sum of $ (55108602000) thousand dinars (five and fifty thousand and one hundred and eight billion, six hundred and two million dinars) for project expenditures distributed according to (field 2 / expenses of the investment projects) of the (Table / c expenditure by ministries) attached to this law. B amount of (83316006000) thousand dinars (Eighty-three thousand, three hundred and six ten Miliro six million dinars) for ongoing expenses according to (field / 1 - current expenditures (Table / c expenditure by ministries) attached to this law. C - allocates an amount of (250000000) thousand dinars (two hundred and fifty billion dinars) contingency reserve within other expenses appropriations for the budget of the Federal Ministry of Finance out of the allocations mentioned in item (First - b -) referred to above. Distribution of total expenditures by sectors and activities will be as in the table ( attached to this law, as follows: - 1 - security and defense expenses: (19702296000) thousand dinars (nineteen thousand, seven hundred and two billion, two hundred and ninety-six million dinars). 2. Education: (12782897000) thousand dinars (twelve thousand seven hundred and eighty-two billion ثمنمائة and Ninety-seven million dinars). 3 - Power (29456011000) thousand dinars (twenty-nine thousand, four hundred and fifty-six billion and one of the ten million dinars). 4 - Environment and Health (6825231000) thousand dinars (six thousands ثمنمائة and twenty-five billion, two hundred and thirty-one million dinars). 5 - social services (17708644500) thousand dinars (seventeen thousand seven hundred and eight billion, six hundred and forty-four million five hundred thousand dinars). 6 - water, sewage and sanitation: (4214134278) thousand dinars (four thousand two hundred and fourteen billion, one hundred and thirty-four million, two hundred and seventy-eight thousand dinars). 7 - Transport and Communications: (1825766826) thousand dinars (a thousand ثمنمائة and twenty-five billion, seven hundred and sixty-six one million ثمنمائة and twenty-six thousand dinars). 8 - the agricultural sector: (2684995000) thousand dinars (two thousand six hundred and eighty-four billion, nine hundred and ninety-five million dinars). 9 - the industrial sector: (1714323000) thousand dinars (one thousand seven hundred and fourteen billion, three hundred and twenty-three million dinars). 10 - Construction and Housing: (1636842000) thousand dinars (one thousand six hundred and thirty-six billion ثمنمائة and forty-two million dinars). 11 - culture, youth clubs and associations: (2327115210) thousand dinars (two thousand three hundred and twenty-seven billion, one hundred and fifteen million, two hundred and ten thousand dinars). 12 - departments of central and local public: (12847559686) thousand dinars (twelve a thousand ثمنمائة and forty-seven billion, five hundred and fifty-nine million, six hundred and eighty-six thousand dinars) is distributed as follows: - A - (3932509686) thousand dinars (three thousand nine hundred and thirty-two billion, five hundred and nine million, six hundred and eighty-six thousand dinars) of the Central Public Administrations B - (8915050000) thousand dinars (eight thousand nine hundred and fifteen billion and fifty million dinars) Lalla circuits local 13 - Obligations and international contributions and debt: (10292057500) thousand dinars (ten thousand two hundred and ninety-two billion and fifty-seven million five hundred thousand dinars). 14 - the Kurdistan region: (14406735000) thousand dinars (fourteen thousand, four hundred and six billion seven hundred and thirty-five million dinars) D - Customize the amount of (7256000000) thousand dinars (seven thousand two hundred and fifty-six billion dinars (l) reconstruction and development projects, regions and provinces, including Kurdistan) out of the allocations referred to item (I / A) of Article (2) above is distributed by the hearts of every province and implemented as follows: 1 the governor submit a plan of reconstruction of the province and districts, counties affiliate ratified by the provincial council to the Ministry of Planning Federal ((in coordination with the Councils and districts)) for the purpose of examination and approval to take into account the worst-hit areas in the province and that the distribution of allocations of the province amounts ( reconstruction and development projects of the regions and provinces, including Kurdistan) on the districts and areas associated with them according to population ratios for each of them after the exclusion of strategic projects that benefit more than one hand or eliminate not exceed the cost of the new strategic projects for 20% of the allocations of the province. 2 shall be exclusively conservative implementation of the reconstruction plan approved and the provincial council is responsible for monitoring implementation only. 3 - at the federal cabinet transfers $ 1.3 trillion dinars (one trillion, three hundred billion dinars) of investment allocations and add them to the allocations for regional development after excluding allocations of ongoing projects and sovereign projects and projects that serve more than one province. E - The sum (1317805575) thousand dinars (one thousand three hundred and seventeen billion ثمنمائة and five million five hundred and seventy-five thousand dinars) as projects to producing provinces, including Kurdistan out of the allocations referred to item (First - A -) of Article (2) above In order to maintain the right to dispose and use, including not more than (50%) of the allocations referred to above for the purpose of import of electric power, or provide services to maintain and clean and operating expenses, and be a priority spending areas hardest hit by the production and oil refining and environmental protection projects, and through the conduct transfers required coordination with the Each of the ministries of finance and planning الاتحاديتين equivalent (1) dollars for each barrel of crude oil producer in the province and (1) dollars for each barrel of crude oil refined in refineries to maintain and (1) a dollar for every 150 cubic meters a product of natural gas in the province to be distributed according to the output of each Muslim province to the federal government and that is an accounting adjustments after audited by the Federal Office of Financial Supervision in the subsequent year's budget. II ": the deficit A - The total deficit planned for the general budget of the federal fiscal year / 2013 (19127944904) thousand dinars (nineteen thousand one hundred and twenty-seven billion, nine hundred and forty-four million, nine hundred and four thousand dinars) and cover the shortfall of cash retained in the Development Fund for Iraq, DFI and internal borrowing The outer portion of the expected savings from increased selling prices or increase oil production. B - authorizes the Federal Minister of Finance the power to continue to borrow from the International Monetary Fund including complements amount (4.5) billion dollars (four billion five hundred million dollars) and the World Bank, including complements the $ 2 billion dollars (two billion dollars) during the year / 2013 and using special drawing rights b SDR limits (1.8) billion dollars (one billion, eight hundred million dollars) to cover the projected shortfall in the federal budget in addition to internal borrowing under the treasury transfers. ((Chapter III)) General and Final Provisions Article 3 Limits the exchange of appropriations main accounts of the expenditure (salaries, goods and services, benefits, social benefits, grants, subsidies, other expenses, capital expenditures) and expenses of the projects approved in the general budget of the Federal Republic of Iraq by the Minister of Finance of the Federal and the competent minister or head side is related to the Ministry or the governor or the head of the provincial council authority to exchange directly in the funds earmarked in the annual budget and for the purposes set them under the spending plan ratified by the Minister of Finance of the Federal and may not be access to abide by certifying more than what is intended in the federal budget and in coordination with the Federal Ministry of Finance / Accounting Department . Article 4 Federal Minister of Finance authority to conduct transfers between funds of the federal budget of the Republic of Iraq approved in the federal budget the annual level doors and departments and key accounts and subsidiary has authorized ministers and heads of departments not related to the Ministry and the governors and heads of provincial councils is associated with the province authority to conduct transfers between budget allocations of the Federal Republic Iraq approved in the federal budget the annual rate to exceed 10% (ten percent) of the unit exchange unit exchange the other is reduced allocations except appropriations investment projects, taking into account the provisions of subsection (8) of section (9) of the Financial Administration Act No. (95) for the year / 2004 that are not transfers from the allocations of the expenses of capital projects to operating expenses and are not from the allocations of non-financial assets to the substance of salaries and other expenses and that is to determine the validity and controls make transfers within the Implementing Regulations of the federal budget for the year / 2013, which will approve them Council of Ministers. Article 5 Prime Minister Federal and Federal Minister of Finance joint use of the approved amounts for (contingency reserve) set forth in item (I / c) of Article (2) of this Act for the payment of necessary expenses after running out of this law, if there is an urgent need to spend without being bound (tunnel local ) and the absence of allocation to cover this need limit (3) billion dinars (three billion dinars) for each case and if the amount exceeds limit mentioned aggregated approval of the Federal Cabinet proposal of the Federal Minister of Finance and the Federal Minister of Finance to prepare controls for use of allocations contingency reserve within the instructions and implementation of the general budget annual federal. Article 6 - First: approved appropriations used in this Act until 31 / December of the fiscal year 2013 /. Second: Income derived by an extremely 12/31/2013 Lama revenue received after the end of the fiscal year 2013 / are recorded revenue of the general budget of the federal fiscal year 2014 /. Article 7 - It is not permitted to make any transfers within the allocations (reconstruction and development projects of the regions and provinces) among the provinces. Article 8 Authorizes the Minister of Municipalities and Public Works, the federal authority to make transfers between own resources for municipal budgets of the institutions within the same province and conduct transfers within the goods and services account for each Municipal Corporation. Article 9 First: take into account quotas governorates that are not organized by province, population of the total expenditures shown in (Table / E expenditures ruling) attached to this law, after excluding the share of the Kurdistan region of (17%). II ": determine the share of the Kurdistan region (17%) seven Ashrmn cent of the total expenditures shown in (Table / E expenditures ruling) attached to this law by the Federal Ministry of Finance. Third: "The proportion (17%) Seventeen per cent of total operating expenses and expenses of the investment projects of the general budget of the Federal Republic of Iraq ratified the Kurdistan region after excluding expenses sovereign of b (the House of Representatives, the Presidency, the Council of Ministers, the Ministry of Foreign Affairs, Ministry of Defence , wage negotiations and the legal claims of debt, wage audit and follow-up and pursuit of money abroad, wages audit auditing firm International and the Committee of Financial Experts, to contribute to the cost of producing crude oil exporter, decades of foreign companies implementing Kurdistan (in light of the record of the agreement between the representatives of the Federal Government and representatives of the Regional Government Kurdistan on the production and export of crude oil in the region in question under the Council of Ministers Resolution No. 333 for the year / 2012) the benefits of World Bank loans and the benefits of IMF loans and interest on foreign loans Other, interest on bonds treasury transfers public interest bonds to extinguish the external debt of the private sector, amounts of contributions to Arab and international sums war reparations Kuwait, the expenses of the Directorate of Travel and Nationality and the leadership of the border forces and the National Security Apparatus, debt settlement abroad, wages transportation of crude oil exported via Turkey, premiums bilateral agreements with Paris Club countries and nations outside the Paris Club, the investment projects for oil companies foreign, the benefits of all premiums bilateral agreements with Paris Club countries and countries outside the Paris Club, the payment of the value issues treasury transfers old, cash settlement of debts of small private sector abroad and co-financed expenditures and port projects and dams and the system of rail-related international network and management of airspace and debt settlement Airlines Kuwaiti and premiums IMF loans and dues of the Arab Monetary Fund for the Convention on the restructuring of Iraq's debt). IV ": When you get an increase or decrease in the total expenditures of the federal budget added or reduce the share of the Kurdistan region proportionally" With this increase Oanakassan taking into account the provisions of clauses (II "and III) of this Article, including amendments that take place on expenditures sovereign ruling of transfers T_khasisatha to public expenditure, the same percentage mentioned above. and the Federal Ministry of Finance calculates the share settlement procedure of the Kurdistan region in the light of actual expenses for the previous years and shown by the final accounts approved by the Federal Office of Financial Supervision. Fifth: pay advances after the agreement between the Federal Council of Ministers and the Council of Ministers of the Kurdistan region on expenses (salaries / arming and equipping) of the Regional Guard forces (Peshmerga) in line with the Constitution until a law regulating benefits and pay. Article 10 First ": (a) The Office of Financial Supervision in agreement with the Federal Audit Court for the Kurdistan region calculate and determine federal income obtained in the province this year, the Ministry of Finance in the region by turning to the Federal Ministry of Finance a month." B dues are settled between the Kurdistan region and the federal government for the years (2004 to 2012) and subsequent years after being audited by the BSA in agreement with the Federal Audit Court for the Kurdistan region no later than 10/15/2013. II ": when you do not do prov pay federal income obtained to the Public Treasury of the Federal The Federal Ministry of Finance to deduct quota under paragraph (a) of item (First") of this Article, the equivalent of revenues planned in the federal budget and place the settlement calculations for later. " Third: "The Federal Ministry of Finance to deduct amounts of damage caused by the provincial government or the province a result of not allowing the use of airspace or not allowing extended ground cables for telecommunications services and the Internet Federal or global in the Republic of Iraq for the purposes of mobile phone companies and corporate Internet services approved by the federal government to share region or province when funding and specifically of the revenues obtained from licenses and fees mobile phone. and the Ministry of the Federal Communications determine the damage and submitted to the Federal Council of Ministers to take a decision on it in the case of objection to the provincial government or the province on the decision of the Federal Cabinet dispute shall be referred to the Federal Court for a decision. Fourth: The Federal Ministry of Finance to deduct amounts of damage caused by the region or province produced when the non-delivery of oil and gas produced to the Ministry of the Federal Oil for export and deduct the amount of damage from the allocations of the region or the province produced in the federal budget for 2013 and the Federal Ministry of Oil identify damage and presented to the Council of Ministers Federal decision on it in the case of objection to the provincial government or maintain the decision of the Federal Cabinet dispute shall be referred to the Federal Court for a decision. Fifth: The Federal Ministry of Finance to deduct amounts of damage caused by the region or the province a result of not allowing extended power lines and the Ministry of Electricity Federal determine the damage and submitted to the Federal Council of Ministers to take a decision on it in the case of objection to the provincial government or the province on the decision of the Federal Cabinet dispute shall be referred to Federal Court for a decision. Article -11 - Re-examined in the share of the Kurdistan region and governorates not organized province in the federal budget for the year / 2013 and onwards in the light of the results of Statistics and Census for the year / 2013 and that is in the light of identifying the real amount of the share of the region or the province non-performing province in the federal budget for the year 2014 / display The difference at the federal cabinet to settle. Article 12 First: - abide by federal ministries and departments not associated with the Ministry of b (Table / d) "the number of the workforce of the ministries and departments centrally funded for the year / 2013" attached to this law and the Federal Minister of Finance at the request of the Ministry or entity is related to the Ministry, the validity of the development of grades and modify angel output for the following: A development of the grades covered with dismissal by the law of political re-separated politicians No. 24 of 2005, as amended. B introduction of grades for the purpose of installing Awakening decades working in all state departments. C develop grades for return competencies owners. Dr. introduction of grades resulting from the transfer of public companies or self-funded bodies to centrally funded departments. E development of grades formations developed in ministries and departments not related to the Ministry after approval by the General Secretariat of the Council of Ministers and the authorization of the Federal Minister of Finance added financial allocations resulting from it. And the development of the grades for engineers and technicians who will be transferred from public companies, self-funded subsidiaries for each of the ministries of Industry and Minerals and defense to the self-funded directorates of the Ministry of Electricity and add customizations financial implications of that. II ": Federal Minister of Finance secure financial allocations for employees in companies, public bodies and departments self-funded, "which will be developed grades them as a result of the transfer services to owners departments centrally funded in accordance with paragraph (First) of article above to cover the needs of the staff. Third ": the federal ministries all stop appointments within the formations affiliated companies and public bodies and departments self-funded," which receives a grant from the Public Treasury of the Federal State or loans from government banks that deleted grades within the vocabulary angel bodies throughout the search when the vacancy due to transportation or retirement, resignation or death. Fourth: the Federal Minister of Finance secure financial allocations and the introduction of grades for all employees who have been sent back to work in companies and departments and public bodies, self-funded, which suffers from a shortage of its own resources of the dismissed politicians issued with respect to whom the decisions of the verification of the General Secretariat of the Council of Ministers or to integrate the militias and cases due to displacement along the lines of humanitarian بمنتسبي mic defunct companies that have been attached to the federal ministries of b (industry and minerals, agriculture and defense). Fifth: committed to ministries and departments not associated with the Ministry to announce grades developed within the angel of the year / 2013 in the local newspapers and provide the Ministry of Finance and the provincial schedules jobs declared by the appointment procedures taking into account the proportion of the population in each province and subject to Article (9) of the Constitution of the armed forces and security services . VI: A prevents the appointment of employees in government departments all manner contract with the possibility of renewal of the previous decades in the case of a need to renew these contracts. B exempted from the provisions of paragraph (a) above contracted workers in new investment projects and plants water, sewage and electricity, as instructed by the implementation of the federal budget for the year 2013 / In addition to contracting with experts and owners of efficiencies and staff Advanced accordance with the rules set out the decisions of the Council of Ministers No. / 280 for the year 2009 / , as amended, and / 297 for the year 2010/29 for the year / 2011. C installation contractors in the years prior to the permanent staffing in the case of availability of Grades vacant exception from the requirement to age and contractual service is calculated for the purposes of service retirement allowance and German permanent promotion each after the date of 9/4/2003. Seventh: The General Secretariat of the Council of Ministers prepare and check the names and qualifications of all contracts to be proofed on the permanent staffing notice and the Federal Ministry of Finance, the introduction of the necessary grades to below and add the necessary financial allocations for this: 1 - for the cases set out below and contracted during military operations exclusively in 2008: According to the Ministry of the Interior lists in a timely manner. A decades Charge of the Knights in Basra B decades promise of peace in the province of Maysan C contracts for the reconstruction of the cities of the chest and the torch in the province of Baghdad. D develop grades for self-funded directorates of the Ministry of Electricity for those services will be transferred to it from employees of the military police of electricity outside the Interior Ministry controls and who was re-appointed as civil servants within the headquarters of the ministry in question. E - the development of grades for the purpose of installing Awakening decades working in the headquarters of the Ministry of Electricity for the purpose of taking them to self-funded departments and add affiliate financial allocations. 2 introduction grades for self-funded directorates of the Ministry of Electricity for those services will be transferred to it from employees of the military police of electricity outside the Interior Ministry controls and who was re-appointed as civil servants within the headquarters of the ministry in question. 3 - Development of grades for the purpose of installing Awakening decades working in the headquarters of the Ministry of Electricity for the purpose of taking them to self-funded departments and add affiliate financial allocations. 4 - laid-back on the background of the security events of the year 2008 in the province of Basra and the consequent reported in Baghdad. 5 - Development of the grades of the Mujahideen of the marshes and Rafha refugees. 6 - re dismissed from their constituencies on security backgrounds since 2005. Article -13 - First: 1 on the ministries and departments not associated with the Ministry prior coordination with the provinces when choosing projects and issued each ministry or party is linked to the Ministry of Plan distribution of projects and learn provinces out and take into account the ratio of the population assessed for each province to ensure fair distribution except for strategic projects that benefit the most from the province and the lack of overlap between projects included in the ministry's plan and the projects included in the plan for regional development and empowers powers of the minister to the governor on the announcement and assignment and execution of projects ministerial (health, municipalities and not to ergonomics, Trade, Construction and Housing, Agriculture, Labor and Social Affairs, Culture, Youth and Sports) without the amount of 10 billion dinars after transfers funds from the account of the ministry to the expense of maintaining subject to item (iii) of Article (9) above to be issued and the Ministry of Planning and Finance الاتحاديتين schedule projects on each province and authorizes the Ministers of Finance and Planning federal issue necessary instructions to facilitate the implementation of that)) 2 Federal Minister of Education conduct transfers from the allocations of projects, school buildings exclusively earmarked within the budget The ministry for the year 2013 / allocations to investment projects of the province concerned and according to population ratios for each province and in coordination With each of the ministries of Finance and planning الاتحاديتين without adherence to the amount specified in paragraph (1) above. Second: the competent ministry mandated to maintain the implementation of new projects is by direct federal ministries in 1 / July of the current fiscal year. Third: to maintain the mandate of any of the ministries or by the federal jurisdiction for the implementation of projects in the province at the expense of allocations (reconstruction and development of the regions and provinces) allocated to them. Fourth: the ministries concerned with the implementation of the Council of Ministers Resolution No. 30 for the year 2013 issued on 01.22.2013 for the reconstruction of the areas inhabited by Turkmen under the supervision of the Office of the Minister of State for Provincial Affairs, and the Council of Ministers make the necessary transfers for this purpose. Article 14 First: the Federal Minister of Finance in coordination with the Minister of Planning, Federal reallocate the amounts approved in the federal budget for the year / 2012 for the purposes of investment projects of the ministries and departments not associated with the Ministry and development projects and accelerate the reconstruction of the provinces and revive the marshes and projects petro-dollars in the light of revenue delivered to the federal government and the projects co-financing donor countries and projects and is disbursed to the beneficiary allocations for disbursement during the year / 2013 for the completion of projects exception of the provisions (Section IV - P / 1) of the Financial Administration Act No. 95/2004. Second: The Federal Minister of Finance in coordination with the Minister of Planning, the federal allocation of funds for investment projects ongoing or new quantities equation (1) dollars for each barrel of crude oil producer in the province, or (1) dollars for each barrel of crude oil refined in refineries to maintain and (1 ) dollars for every 150 cubic meters producer of natural gas in the province of dues all provinces for the year / 2010 and Muslim to the federal government the support of the Federal Ministry of Oil and are not included in the budget in 2010/2011 and 2012 due to the delay sending new projects by the province concerned or provinces of the Kurdistan Region to the Ministry of Planning. Third: the Federal Minister of Finance re-allocation of the remaining funds and unspent from the approved amounts within the federal budget for the year / 2012 relating to compensation provinces, cities and individuals affected by the laws or decisions of the Federal Cabinet to balance the beneficiary exclusively to conduct disbursed during the year 2013 / exception from the provisions of (Section IV) of the Financial Administration Act (No. 95) for the year / 2004. Fourth: the Federal Minister of Finance in coordination with the Minister of Planning, Federal re-allocation of all revenues actually land ports (land / sea / air) including income sovereign during the year / 2011, which was being disbursed in / 2012 to the late receipt of data by province concerned to the province's budget for 2013 / including the provinces of Kurdistan region, each according to revenue actually at border crossing points in that province. Fifth: the Federal Minister of Finance in coordination with the Minister of Planning federal reallocation of revenues already at border crossing points (land, sea, air) including income sovereign during the year 2012 to balance the border provinces including the provinces of Kurdistan region for the year 2013 / both by revenue actually border crossings in the province and that is devoted to the rehabilitation and reconstruction of border crossings and associated infrastructure exclusively in each province. Sixth: The Federal Minister of Finance in coordination with the Minister of Planning, Federal reallocation accounted for 50% (fifty percent) of the amount of projects for regional development of unspent allocations in / 2008 to allocations of projects, development of the regions of the province concerned for disbursement during the year 2013 / exception from the provisions of Section IV / P 1 of the Financial Administration Act No. 95 of 2004 Seventh: The Minister of Finance authority to reallocate the remaining funds from the disciplines medicines and medical supplies approved within the budget of the Ministry of Health / year 2012 to the Ministry's budget mentioned in 2013 / exception from the provisions of paragraph (1) of section (4) of the Financial Administration Act No. 95 of 2004 / . Eighth: the Minister of Finance re-allocation of revenue accruing from the entry visa to Iraq to visit holy sites in 2010, 2011 and 2012 to balance the provincial set forth below and as percentages cursor over each of them and that is spent on services for visitors and infrastructure for them that does not exceed operating expenses 50% of the total allocations. And the coordination between the governors and secretaries-general of the Holy thresholds in determining aspects of the disbursement of these customizations. 40% of Karbala 25% of Najaf province 15% of Salahuddin province / Samarra and country 10% Baghdad / Kadhimiya 10% Baghdad / Adhamiya and Hadra Qadiriya (in coordination with the Sunni Waqf) IX on the Federal Minister of Finance re-allocation of revenues obtained from farmers for loans agricultural initiative received them for the year / 2011 and 2012 to the budget in 2013 / and to allocate exclusively for projects agricultural initiative exception of paragraph (1) of section (4) of the Financial Administration Act No. 95 / for the year / 2004. X. - Finance Minister re-allocation of funds unspent budgets to the Martyrs Foundation from the allocations of the years 2007, 2008, 2009, 2010 Article 15: Federal Minister of Finance authority to add allocations for the purpose of extinguishing predecessor installed from 1/1/2008 until 31/12/2012 which were spent as a result of the laws in force and after being audited by the Federal Office of Financial Supervision and approval of the Federal Cabinet on them. Article 16 First: - the Council of Ministers to submit a supplemental budget to the House of Representatives, in the case could not be bits of the House of Representatives to the draft law within a period of thirty days from receipt of the draft law Vlcil Minister added to the federal budget allocations according to item (ii) of this Article. Second: - the Federal Council of Ministers as well allocations to the federal budget for the year 2013 / when you achieve an increase in revenues from exports of crude oil exported during the first six months of this year, taking into account the calculated share of the Kurdistan region by (17%) after covering the deficit and the exclusion of expenses sovereign ruling that found as follows: - A) make the planned budget deficit. securing funds for investment projects to the Ministry of Electricity and after approval by the Federal Ministry of Planning in addition to the amounts imported electricity and import fuel for power plants and electricity wage debt owed implications ministries and departments not associated with the Ministry. C) reimburse the private sector before 9/4/2003. D) the repayment of loans granted by banks for government salaries of employees of public companies for 2010, 2011 and 2012. E) repayment of loans granted by banks to buy government barley crop for the year / 2010. F) allocation of $ (500) billion dinars كتخصيصات the additional contingency reserve and the victims of the floods and natural disasters and dispensing cabinet when needed without the submission of a supplemental budget to the House of Representatives. G) allocations for cancer patients and thalassemia. H) the allocation of the amounts on the general census of the population. I) securing the necessary funds that have been withheld from the budget estimates of ministries and departments not associated with the Ministry for the year / 2013 after obtaining the approval of the Federal Cabinet that does not increase the total amount of 500 billion dinars. J) The allocation of funds granted for the following entities: the Martyrs Foundation (300 billion dinars) and the Foundation of prisoners (100 billion dinars) and Property Claims Commission (300 billion dinars) and compensation Article 140 of the Constitution (150 billion dinars) and the law on compensation for property affected by the previous regime No. (16) for the year 2010 (300 billion dinars). K) allocations of international commitments and contributions to the Ministry of Foreign Affairs. L) the allocations of local council elections and Kirkuk Provincial Council elections. M) allocated (300) Mlyardinar of the Ministry of Transport for the breakwater project. N) allocation of $ 174 billion dinars to the Ministry of Education to cover the expenses of literacy. O) Insurance customizations necessary to implement the provisions of the Social Insurance Law in the event of approval to cover the expected increase in the salaries of retirees. P) Insurance customizations necessary to implement the provisions of the law student grant No. (63) for the year 2012 and in the absence of the abundance of the government should cover the grant through advances. Q) allocates an amount not less than 100 billion dinars (one hundred billion dinars) for the province of Karbala and the amount of 50 billion dinars (fifty billion dinars) for the province of Najaf. R) to allocate 25 per cent of the budget surplus in 2013 and distributed in cash on the outstanding segments of the poor and deprived of the Iraqi people, according to the guidelines and specific mechanisms established by the Council Minister according Mahromep and the ratio of the population of the provinces and the province. S) to increase the financial allocations for the ongoing projects of the Holy thresholds to وقفين to fulfill its obligations. T) The sum of 300 billion dinars (three hundred billion dinars) for the payment of premium capital Iraqi Housing Fund owed pursuant to the provisions of Article (1 / III) from the Iraqi Housing Fund Law No. (32) for the year 2011. U) The sum of 20 billion dinars (twenty billion dinars) for each of the districts SHIRQAT, Peggy (hand Makhool) in the province of Salah al-Din in compensation to have suffered from military operations and terrorist attacks. C) increase the allocations of the social protection network to raise the minimum amounts in line with the rates of poverty indicators and increase the number of covered among them the Department of Women's Care in accordance with regulations. D) increase the allocations of the province of Baghdad to bolster security at the gates of Baghdad. X) the allocation of an extra $ trillion dinars for the development of regions and provinces. Y) Insurance customizations necessary to implement the provisions of the Act Amending the law of service and military retirement in the event of approval. Z) Insurance customizations necessary to implement the provisions of the law itinerant Rafha in the event of approval. N) increase N_khasasat and Ministry of Culture. Article - 17 - Federal Minister of Finance to increase the appropriations certified and necessary to cover the cost works carried out by the National Center for Laboratory Construction and the National Center for Engineering Consultants of the Ministry of Construction and Housing up to 50% of the revenues derived from the implementation of those acts exception of section one of the Financial Administration Act No. 95 of 2004, and that the disposal of the amounts for development centers and support the technical and administrative cadres Article -18 - First: 1 be borrowing from the Agricultural Bank and the Land Bank and the Housing Fund without interest, similar to the agricultural initiative and pay the interest rate of the financial savings achieved from oil exports. 2 be borrowing from Industrial Bank for small and medium without interest and bear and the Federal Ministry of Finance and interest payment for large enterprises be interest-free lending in accordance with the priorities of the government under the controls established by the Economic Commission. Second: all citizens are exempted from the amount of the interest rate earned on loans granted to them by both the Land Bank and the Agricultural Bank and the Housing Fund and the bear and the Ministry of Finance interest rates. Third: to commit all of the Agricultural Bank and the Land Bank and the Housing Fund distribution of loans to be granted to citizens by the hearts of every province according to the standards of the Constitution of the Republic of Iraq Fourth: The Ministry of Finance the amount of interest ratio of 4% (four percent) of the total loans granted to بسماية housing project Article -19 - Federal Council of Ministers based on a proposal by the Federal Minister of Finance extinguish premiums and debt related to loans granted with agricultural equipment to farmers and farmers before 9/4/2003 that does not exceed the amount of the loan for 50 million dinars Article -20 - First - doubled amounts of allowances tax the taxpayer under subsection (1) of Article XII of the Income Tax Law No. (113) for the year / 1982 as amended by paragraph (2) of section (2) of the CPA Order (dissolved) No. (49) for the year / 2004. Secondly - doubled for measuring the tax amounts contained in the article / 13 of the Income Tax Act No. (113) for the year / 1982 as amended by CPA Order (dissolved) No. (49) for the year 2004. Thirdly - must be double tax allowances and tax scale for the last year and can not be renewed. Article -21 - Extinguish debts owed to the government in charge to pay the tax due to the continuation of the official application of Article 20 of the Budget Law for the year 2008 for the period from 1/1/2009 to 31/12/2011, pursuant to the provisions of paragraph (11) of Section IV of the Financial Administration Act No. (95) of 2004 as amended. Article 22 Indeterminacy in any leadership positions (general manager and above) unless there is a degree in law ministry or the organizational structure imposed on the basis of the law of the ministry or entity not related to the Ministry. Article 23: First - are exempted from all duties of goods and commodities imported by the government departments and the public sector in its name and use it. Secondly - includes the above exemption of imported goods and commodities to government departments and public sector donor governments or institutions. Article 24: The Council of Ministers federal reimbursement foreign companies contracting on the extraction of crude oil with the Kurdistan Regional Government in addition to the amount allocated for this purpose amounting to 750 billion dinars (seven hundred and fifty billion dinars) and inscribed within the federal budget law for the year / 2013 of savings derived from revenues during the year / 2013 or by issues treasury transfers after the establishment of the Federal Office of Financial Supervision and the Federal Ministry of Oil fundamentalist audit Article 25: Turning all revenue Communications and Media Authority to the federal treasury account of the state, after deducting the amount of its own budget and approved by the Board of Commissioners and the Ministry of Finance. Article 26 First: does not work any decision contrary to the law Neither the federal treasury any financial burdens of this decision unless legitimized legal and approved by the House of Representatives. Second: The Council of Representatives shall not legislation of laws that have financial consequences retroactively. Article 27 Abide by the Ministry of Finance to borrow internal or issuing treasury transfers to pay dues covered by the decisions validated according to the laws of the following: Law board of property claims number (13) for the year 2010, the law on compensation for those affected by military operations and mistakes military and terrorist operations No. (20) for the year 2009, the Law of the Martyrs Foundation No. (3) for the year 2006, the Corporation Law of political prisoners (4) for the year 2006, the law on compensation for affected property from the former regime No. (16) for the year 2010 and to all the provinces, including the province of Kurdistan. Article 28 The Ministry of Finance hold the following transfers: - 1 - transfers the amount of (146 511) million dinars (one hundred and forty-six billion, five hundred and eleven million) of the allocations of the Ministry of Interior to the House of Representatives budget to cover wage and feed protections. 2 - transfers the amount of (8800) million dinars (eight billion eight hundred million) from the allocations of the Olympic Committee and $ (4,300) million dinars (four billion, three hundred million) from the budget of the Commission Albarraolympih and مناقلتها to allocations law granting athletes heroes and pioneers. 3 - transfers the amount of 50 billion dinars (fifty billion dinars) of the allocations of the Ministry of Foreign Affairs / purchase of aircraft to the Social Welfare Department allocations for women to increase the number of beneficiaries. 4 - transfers the amount of 50 billion dinars (fifty billion dinars) co-financing from the allocations - and the Ministry of Finance. 5 - transfers the amount of 50 billion dinars (fifty billion dinars) from the allocations of corporate restructuring - and the Ministry of Finance. 6 - transfers $ 8 billion dinars from the allocations of deputy prime minister for economic affairs and services. 7 - transfers $ 5 billion dinars to mine Affairs Department in the Ministry of Environment, specialty (3) billion dinars, including the implementation of the statistical program for victims of mines and remnants of war, and (2) billion dinars, including the implementation of the program identify contaminated areas. 8 - transfers the amount of 97 billion dinars (Ninety-seven billion dinars) to the Ministry of Municipalities and Public Works to implement the roundabout on the city of Karbala to address bottlenecks resulting from the numbers of visitors to the province of Karbala. 9 - transfers $ 4 billion dinars to the Ministry of Tourism and Antiquities. 10 - transfers $ 2 billion dinars to the accountability and justice. 11 - transfers amounts allocated to the beneficiaries of the Social Welfare Department for women in the Cabinet to the Ministry of Labour and Social Affairs after the governing ministry the new structure of the department and are approved by the authorities concerned, provided that use these allocations for social welfare for women exclusively. Article 29 First, give retirees who receive a pension of $ 400,000 dinars (four hundred thousand dinars) a month or less a grant of 100 thousand dinars (one hundred thousand dinars) per month and gives retirees who receive a pension every month between 400,000 to 500,000 dinars monthly grant to become his pension 500,000 dinars monthly. The disposal of the grant to those who receive a pension under special laws include the grant of retired workers and awarded as follows: 1 (100%) of the above amount for retired 2 (100%) of the amount above, if the deceased had retired three or more beneficiaries. 3 (75%) of the amount above if a retiree died two مستفيدان. 4 (60%) of the above amount if the deceased was a retiree and one beneficiary. Secondly - the Council of Ministers transfers grant amounts above the allocations of the budget revenue in 2013. Article -30 - The Federal Minister of Finance in coordination with the Federal Minister of Planning to prepare the necessary instructions to facilitate the implementation of the provisions of this law if approving the budget and submit it to the Federal Council of Ministers for the purpose of validation. Article -31 - This law shall be published in the Official Gazette and performs as "1 / January / 2013. The reasons In order to approve the general budget of the Federal Republic of Iraq for the fiscal year 2013 began this law
  18. 2014 budget is supposed to brought to parliament in October I believe !!
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