Advisor to the Prime Minister: the central bank will not lend to the government in the event of low budget

[yota691]

Advisor to the Prime Minister: the central bank will not lend to the government in the event of low budget

 

Thursday, 25 December 2014 12:21

 

 

 

 

 

 

Alsumaria News / Baghdad 
confirmed the prime minister for economic affairs adviser to the appearance ofMohammed Saleh , on Thursday, the central bank will not lend to the government in the event of low budget Iraq public, while noting that the bank heading to activate the budgets of development banks and funds housing. Saleh said in an interview for "Alsumaria News "that" Article 26 of the Bank Act of 2004 explicitly confirms that he is not permitted to the Iraqi Central Bank lending to the government in the event of low public budget for Iraq. "

 

 

 

Saleh added that he "can bank lending market by lending to the activities of development and the form in which it activates the economy," pointing out that "the bank went to activate the budgets of development banks and funds housing." The new law, the Central Bank of Iraq No. 56 for the year 2004 despite the objection of private banks on some of its articles, but he granted independence of the central bank's monetary policy in the administration of Iraq.

 

[sandfly]

THANKS

[yota691]

25-12-2014 03:07 PM

Abadi economic adviser: operating expenses in the budget 63 trillion dinars, the central bank will not lend to the government in the event of fall

 

 

 

 

 

Fallujah News / Baghdad ... Economic Adviser to the Prime Minister's appearance of Mohammed Saleh confirmed, that year's budget next 2015 includes many of the hedges and alternatives in case of occurrence of unexpected things, and confirmed that the operational budget of it amounting to 63 trillion dinars and investment amounting to 37 Trliuna, as the Commission indicated Parliamentary Finance that the budget will probably not meet the service needs, but took into account the important things such as security and the displaced, an economist student to cover the deficit through religious tourism and the formation of agricultural economic committee, to determine what should be focused on the high returns to serve the national economy crop. 
The Information Office of the Chairman Council of Ministers, Haider al-Abadi, announced the approval of the Council on the general federal budget for the next 2015, B123 trillion dinars, indicating that the price speculative oil which amounted to about $ 60 a barrel. 
The economic advisor to the prime minister, the appearance of Mohammed Saleh, said that the 'roof of public spending in Balancing the next 2015, is 123 trillion dinars, operational it is 63 trillion dinars, and investment 37 Trliuna, while a deficit of 23 trillion dinars ', noting that' Parliament can amend the draft budget, some of the things or the other deletes. " 
Saleh added that 'the subject of the pay scale depends on oil prices, as the price of a barrel of it as much as in the budget of $ sixty, on the basis of energy export of three million and 300 thousand barrels per day', noting that 'a lot of action postponed until the improvement in oil prices. " 
Saleh added that the central bank will not lend to the government in the event of reduction in the general budget for Iraq, while noting that the bank heading to activate the budgets of development banks and funds housing, noting that 'Article 26 of the Bank Act of 2004 confirm explicitly that he is not permitted to the Iraqi Central Bank lending to the government in the event of reduced Iraq's budget public. ' 
Saleh said he 'can bank lending market through lending for development activities and in a form that activates the economy', pointing out that 'the bank went to activate the budgets of development banks and funds housing'.

 

add this...

Tamimi: budget included 55 billion dinars and expenses allowances for the Vice-President of the Republic

Thu, December 25 1 / December 2014 15:49

 

[baghdad where]

 

Revealed a member of the parliamentary finance committee, Majida al-Tamimi, the presence of the amount in the budget for fiscal 2015, a $ 30 billion dinars allocated for the salaries and allowances and wages office of Vice President of the Republic protection, and the amount of two billion dedicated dinars for the development office of Vice President of the Republic and the amount of 23 billion dinars for the furnishing and equipping of the offices. "

 

She said al-Tamimi told a news conference building the House of Representatives, attended by all of Iraq [where] he "will reduce all unnecessary expenditure of state and government sectors related Pallaivadat Foreign sessions", noting that "there Aabakon officials in Iraq more than 5 days in a month, and spend 25 days off. "

 

She added, "There are also officials are ignorant of the formulation of expenditures and allocations prepared by the financial department managers who have resorted to amplify and increase spending to avoid the repercussions of the reduction schedules."

 

She said Tamimi said "budget worth 123 trillion dinars, and the deficit 23 trillion dinars, and this will be covered by the Special Drawing Rights, as well as reducing the statutory reserve with the central bank, the bank deposits at the bank from 15% to 7.5% as well as the salaries of more than 1.5 million dinars , will be reduced to all provisions except for marital and children by 50% to 10% under the name of national savings, the start of the three presidencies and special grades. "

 

She said, "approved for a barrel of oil in the budget, the price is $ 60, with an average export of 3.3 million barrels per day," pointing out that "the Iraqi oil sales are less so about $ 8-9."

 

Turning member of the Finance Committee that he "will be charged tax of 20% on the mobilization of the mobile phone to the consumer cards, and taxes on the use of the Internet, and on the import of new cars by 15%." 

She Tamimi to "the existence of proposals to prepare for the subsequent budget complementary and rely on a basic budget includes basic needs the state and the citizens, "noting that" the new budget did not include a pay rise and the salaries of staff, lack of inclusion of the pay scale, to adopt later Edjara nationally future ".anthy 2.

[Deborah Layne]

Somebody correct sandfly's Christmas bashing (-) please? I'm fresh out of pluses.

And give me a break, will you? What is wrong with a person who is against someone saying THANK YOU? You really do need help, and I'm sure you kind of know it.

Thank you for being consistently grateful and polite, Sandfly. There are jerks everywhere, but they don't count

-- So, is Saleh putting them on notice they need to complete the budget or what? Being that he's been telling them to take their time recently, I must not be reading this right.

What do you make of it Yota?

Edited December 25, 2014 by Deborah Layne

[SocalDinar]

Got It Deborah,

 

Alot of haters here at DV lately

 

 

This is a great article Yota.

 

Thanks

Edited December 25, 2014 by SocalDinar

[wbuse984]

Merry Christmas Yota, Sandfly, DL and SD...

 

I did a random act of "plussing"...ya'll are cool and love you post's (DL:  you have convinced me to never be a gooroo...lol)

[Deborah Layne]

Merry Christmas Yota, Sandfly, DL and SD...

I did a random act of "plussing"...ya'll are cool and love you post's (DL: you have convinced me to never be a gooroo...lol)

Hahaha! Well, there's still some time. Merry Christmas to you too

So SoCal, help me see why this is a good article. I'm not mad at it, I just don't know what to make of it.

Edited December 25, 2014 by Deborah Layne

[new york kevin]

Let me speculate here DV's. When we have budget short falls, and no agreements are made to balamce the budget, we sell bonds. Are the powers that be in Iraq laying the groundwork for GOI bonds? Wouldn't it be a great lesson for our government if the Iraqi government can and does actually balance their budget to illiminate the deficit all together?

[wbuse984]

NYK: it would be a great lesson, but most in our legislative and executive branches wouldn't get it, too many Nimroods

[Deborah Layne]

I hope you're onto something Kevin! The only Intel I've ever gotten than has fleshed out as true is that the IMF supposedly told them a while back, no bonds until RV (or whatever they call it) If they're going to sell bonds now, I hope beyond hope this Intel keeps proving true!

[SocalDinar]

Merry Christmas Deborah and all here at DV

 

I guess its all in the title. Advisor to the Prime Minister: the central bank will not lend to the government in the event of low budget

It's been obvious for some time now  that the GOI  was going to run a large deficit this year. Price of Oil is really squeezing them.

 

IMO The Fed is a pozi scheme and we will never ever get out of the debt. In fact we have to keep borrowing or it could collapse.

I would hate to see the Central loan the GOI in the form of Ministry of finance ( T ) bills and increase their debt.I believe that this could hurt the value of the dinar. Yes they will have to cut spending but they also Have to ramp up other industries and agriculture to improve their economy.

 

Maybe it's time for them to  work more than 45 days a year LOL.

Let me speculate here DV's. When we have budget short falls, and no agreements are made to balamce the budget, we sell bonds. Are the powers that be in Iraq laying the groundwork for GOI bonds? Wouldn't it be a great lesson for our government if the Iraqi government can and does actually balance their budget to illiminate the deficit all together?

So true!

[Laid Back]

The CBI will not lend money to the GOI, because they will increase the dinar exchange rate.!

Go Iraq

Go CBI

Go dinar

Go strong $1.13 : 1

January 2015

[siberian_shaddow]

Much Appreciated Yota, I agree LB if they did re value there currency they wouldn't have to use excuses to borrow money, they could build there infrastructure and pay off Kuwait with ease and alot of there problems will our would become easier.

[gregp]

The CBI will not lend money to the GOI, because they will increase the dinar exchange rate.!

Go Iraq

Go CBI

Go dinar

Go strong $1.13 : 1

January 2015

Amen brother! Merry Christmas All.

[lillymoon]

Merry Christmas to  All.

[Calijim]

Is it really that simple? Why do you think that? Is there any solid evidence to back up LB's statement? Just curious I guess.