Finance will propose a budget of $ 100 billion, based on $ 70 oil

[Reverse-Pumper]

They're going to pass the Budget immediately...

 

Lord knows how they love their vacations...

 

 

Don't worry political Iraqi-ins, you'll get your vacations "soon"... "In the coming days" if you will...

[Candy01]

Reverse-Pumper,

 

You are WRONG of course!  The 2015 budget has been DELAYED until NEXT YEAR!

 

I will NEVER, EVER, EVER get EXCITED over ANY news out of IRAQ AGAIN!!!

 

:rolleyes: :angry:

[Theseus]

As of writing this Oil is at $68 dollars per barrel. Again to counter the fracking in the USA and the Russian exportation of oil. Iraq needs to set a number and stick to it. They can't keep chasing the price down the well to hold off the budget. The new govt was supposed to be acting instead of reacting. This is a clip from a newsletter I received on Saturday:

 

"Today, OPEC (the Organization of the Petroleum Exporting Countries) is back calling the shots, and putting the squeeze on global crude producers, commodity currencies, trade balances and Russia in particular, after yesterday’s stand-pat decision to maintain its existing daily production of +30M bpd. This decision pushed the benchmark North American West Texas Intermediate crude oil to trade down -6% to $68 per barrel, a fresh four-year low. OPEC’s decision has given an upward bias to the mighty U.S. dollar, as lower oil prices are deemed a direct boon to the American economy. OPEC’s bearish position is also managing to send commodity currencies like the CAD ($1.1385), NOK ($6.99), and RUB tumbling. " (from Market Pulse 11/29/2014)

 

While Iraq relies on the price per barrel they need to set the budget quota at $65 - the production price of fracking in the USA - rather than any of the above. If the price per barrel drops lower than $65 than it will be only a short period for a dip in price. If the budget is contingent on oil than the currency will be pegged to the currency that oil is traded in, Iraq really can't get around this if they rely on the oil for the wealth. That right now is the petrodollar. As the clip is showing other currencies are declining due to the oil price/barrel falling. The RV when it happens will more than likely float from the initial onset whatever that may be. I don't hold my breath for the beginning of 2015. If it will happen it will be as previously stated by a former CBI head - in June or July. The year was never specified. 

 

Here's another tidbit, if the execs at the IMF are scheduled to be on vacation, you can rule out any of those dates. I know some will say that the IMF has nothing to do with the RV but its called coordination. IMF will have no say but Iraq will coordinate with the IMF. 

 

When Iraq RV's then it will be a thankful day whenever and however that may occur. 

[yota691]

Oil's parliamentary / Iraq Press /: we recommended the adoption of the government $ 65 a barrel in the budget preparation

BAGHDAD - Iraq Press - 1 December / December: The Commission on oil and energy parliamentary, on Monday, it is recommended that the Government and the financial parliamentary adoption of the barrel price of $ 65 in the preparation of the budget year 2015 to avoid damage expected.

 

A member of the committee MP, Ibrahim Bahr al-Ulum, L / Iraq Press / "The inability of OPEC to reach a solution to the problem and agree on determining the amount of production will keep the price vulnerable to the fluctuation of rates or decrease what the government should pay attention to him and the adoption of appropriate prices ranging from 70 - $ 65. "

 He predicted that "Iraq is playing a pivotal role in OPEC if the enjoyment of political and diplomatic relations with Saudi Arabia and Iran being the prominent members of the organization and play an active role in the decisions of all with the State that are consistent with their policies." Admiral ended 

[yota691]

PM Barzani: reaching a solution with Baghdad is our priorityBy RUDAW yesterday at 09:44

“The federal government wants to draw a new budget based on $70 for a barrel of oil and that is what we will provide,” the prime minister explained.

ERBIL, Kurdistan Region—The Kurds’ priority is reaching a solution to their disputes with Baghdad, said Kurdistan Region Prime Minister Nechirvan Barzani to members of his cabinet Thursday.
 

“Our priority has always been to reach a solution with Baghdad,” said Barzani in a cabinet meeting in Erbil. “And they [baghdad] understand that we are seeking solutions.”
 

Barzani met with members of his cabinet just days after his government reached an agreement with the federal government on revenue sharing, Kurdistan’s oil exports and funding the Kurdish Peshmerga forces by the Iraqi defense ministry.
 

“Iraq is in a very bad financial situation and the halt in oil exports has caused it big problems,” he said. “Also the previous [iraqi] cabinet had spent a lot of money which is unclear what for.”
 

According to the agreement, Iraq receives 550,000 barrels of oil per day from Kirkuk and Kurdish oilfields in return for sending Kurdistan Region’s 17 percent share of the national budget.
 

“The federal government wants to draw a new budget based on $70 for a barrel of oil and that is what we will provide,” the prime minister explained.
 

Barzani said that the recent agreement will be incorporated into Iraq’s 2015 budget.
 

According to Barzani, the Iraqi government has also admitted that it owes the Kurdistan Region 16 trillion dinars, and expenses incurred by foreign oil companies operating in the region.
 

The Iraqi government blocked Erbil’s budget in January, causing severe financial strain to the Kurdish government. In the new agreement however, Baghdad will release the funding beginning of next year.

[Laid Back]

We can see the budget is tied with the HCL

Get it done guys. The world is watching.!!

Go Iraq, Go strong

[yota691]

Parliamentary Economy: State Administration of investment mentality of socialism will exacerbate the financial crisis [audio]

Wednesday, December 10/1 December 2014 13:33

 

[baghdad-where]

 

Committee on Economy and Investment parliamentary warned, exacerbated by the current financial crisis, the State Administration of the investment process, "the mentality of socialism."

 

Said committee member Mohammed al-Darraji told all of Iraq [where] that "the country is run today with the mentality of socialism and the state wants to inventory everything in her hand and this is not true and exacerbate the financial crisis."

 

"We must diversify the investment, but not the current classic way through attracting investors and reduce the risk to them and this is important and it's another to diversify sources of income to impose customs tariffs and tax increases and rationalize spending and give its own sphere of action of the sector in the country."

 

It is said that Iraq suffers from a difficult economic situation because of the shortfall in the budget year 2015, which is estimated according to Finance Minister Hoshyar Zebari at about $ 40 billion, to coincide with the fall in world oil prices, which make up 90 percent of Iraq's imports by reaching to around $ 62.

 

The Council of Ministers is working on the preparation of the budget and revised to reduce the ceiling price of oil from $ 70 to $ 64 or less to meet the deficit.

 

Zebari also revealed, for the intention of reducing his ministry's budget in 2015 to 120 trillion dinars, after it was 155 trillion dinars to reduce the deficit through a review of its provisions with the Ministries of State, and the search for domestic sources to reduce the deficit rather than foreign borrowing.

 

The Prime Minister Haidar Alabaa revealed in 29 of the last month, "the Council of Ministers to prepare a draft bank guarantee law and the establishment of an investment bank backed by the state and supported and provide him with the advancement of economic reality" .anthy 2.

[yota691]

Parliamentary Finance Committee charged with preparing the budget will determine the price of a barrel to $ 60

Date: 13/12/2014 18:37

Information / special / .. 
predicted fiscal paradise parliamentary Saturday, the resolution of the Committee of Ministers and the Council of Ministers the price of a barrel of oil in the budget of 2015 $ 60 during Tuesday's session coming after the recent drop in oil prices. 
The committee member said Abdul Qader Mohammed told / information / , that "there are many deliberations raised within the cabinet and within charged with preparing a budget, the Committee of Ministers to adopt a low price for a barrel of oil." 
He added that "volatility in prices and continuous decline and the search for other imports to balance prevented the lifting of the Commission budget to the Council of Ministers." 
and member of the Finance Committee "The cabinet's Committee now has the conviction that the adoption of the price per barrel $ 60 is the most appropriate and will provide the budget at this price, according to our expectations." 
The Office of the Prime Minister Haider al-Abadi announced Saturday (November 29) the past that the Council of Ministers formed a ministerial committee to determine cut expenses all ministries in order to reduce the budget deficit in 2015, and between the Commission will submit its recommendations within a week to address and reduce Almtouka.anthy / deficit 25 and /