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By Mary B
Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month
NEW MORNING IRAQI AFFAIRS OCTOBER 26TH, 2020 COMMENTSON PARLIAMENTARY FINANCE: THE COUNTRY'S FISCAL DEFICIT IS 6 TRILLION DINARS PER MONTH, CLOSED 13 VIEWS This week the second reading of the approval of the government loan law will be completed
Baghdad - Waad Al-Shammari:
The Finance Committee in the House of Representatives confirmed, yesterday, Monday, that the amount of the monthly deficit of Iraq reaches 6 trillion dinars, indicating that the passage of the fiscal deficit financing law depends on the reduction of the value of the loan that it implies, stressing that the second reading of the project will take place during the current week.
The committee’s rapporteur, Ahmad al-Saffar, said, “The House of Representatives agreed to complete the second reading of the fiscal deficit financing law during the current week.”
Al-Saffar added, in an interview with “The New Morning”, that “the government informed us that it is unable to disburse the employees’ salaries unless we complete this law, as it includes in its provisions obtaining new loans. ”
He pointed out, "The amount of what is included in the law is very large for what Iraq actually needs, especially since the treasury achieves monthly revenues, even if they are low, but amounts that reduce the rates of need for new debts."
And Al-Saffar, that "the amount of 41 trillion dinars to cover the expenses of three months is very large compared to the budget for a whole year, it represents about 40% of the budget.
He stressed, "Iraq achieves about 4 trillion dinars every month through its oil resources, direct and indirect taxes, and border crossings."
Al-Saffar stressed that "Iraq needs monthly to secure its necessary expenses, including the salaries of employees and retirees, to 10 trillion dinars."
And he goes on, that "the monthly deficit according to revenue figures compared to expenditures does not exceed 6 trillion dinars, which is less than half the amount that the government wants in the loan."
Al-Saffar continues, "The second reading will pass, without problems, and after that we will hold direct meetings with the government to see the truth about the amounts it wants and its expenditures."
Al-Saffar went on to say, "The current circumstance requires the government to put in place rapid economic plans aimed at maximizing the state's resources, and not relying solely on oil revenues."
In addition, a member of the Committee, Representative Jamal Cougar, said, in a statement to "The New Morning," that "the House of Representatives will not stand in the way of the government about any action that would improve the financial and economic situation of the country."
Cougar added, "linking salaries to the enactment of the disability law should be overridden by the government and not repeat the same scenario last month when it stopped paying employees' dues for about 45 days."
He mortgaged "the House of Representatives vote on the financing of the fiscal deficit law by reducing the amount of the loan you want. As for insisting on it, we will never allow that."
Cougar concluded, "the need to hold quick meetings with officials in the Ministry of Finance to discuss the draft law and come up with a text and an amount consistent with the actual need of Iraq."
It is noteworthy that the House of Representatives is currently discussing a draft law on financing the fiscal deficit sent by the government to avoid delaying the distribution of salaries to employees, retirees and the social welfare network.
Low exchange rate of the dollar in local markets Market
Economy News _ Baghdad
The exchange rates of the dollar on the stock market fell slightly as they stabilized in the local markets, Wednesday, (April 22, 2020).
The prices of the Kifah Stock Exchange - Baghdad recorded 123,300 dinars per 100 dollars.
Buying and selling prices in exchange shops
The selling price of the dollar = 124,500 dinars.
The purchase price of the dollar = 122,500 dinars.
Number of views 22 Add Date 04/22/2020
02/20/2020 09:08 Views 91 Section: Iraq Government official: Iraq still owes Kuwait seven billion dollars
Baghdad / Obelisk: The financial advisor to the Prime Minister, Mohammed Mazhar Saleh, announced on Tuesday 4 February 2020 that Iraq is still in debt to Kuwait with an amount of seven billion dollars, after he paid 52 billion as a result of the invasion of the previous regime to Kuwait in the nineties of the last century, while he indicated that the agreement with China was launched from The principle of building bridges and reviving the Silk Road.
Saleh said in a press statement, that China is one of the developed countries in infrastructure, and that the real development in any country can only be achieved with a solid infrastructure.
He added, that the 100,000 agreed barrels should enter the Development Fund, and then deduct from it the compensation for the Kuwait war, which remains approximately 7 billion dollars, after Iraq paid about 52 billion dollars.
He pointed out that this agreement was based on the principle of building bridges and reviving the Silk Road, which China seeks to restore in order to bring peace and increase economic development in the world, especially since the countries that lie on the belt line constitute 65 percent of the world's population.
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Reducing inflation corrects economic plans
November 12, 2019
Inflation is defined as a continuous rise in the general level of prices. The rise is always associated with a continuous decline in the value of money.
Inflation rates are governed by a range of factors, including the country's monetary policy, the size of GDP, the balance of trade with other countries, the country's self-sufficiency rates of industrial and agricultural goods and products, and population growth rates.
Inflation comes from the large and persistent demand for goods and products and the lack of supply, because of the imbalance between supply and demand in favor of demand, leading to a cumulative rise in prices of goods, products and services and a successive decline in purchasing power For money.
Inflation is also an economic phenomenon to which the various countries of the world are subjected to their different capitalist or targeted economy.
Inflation causes negative economic and social impacts on members of society of varying intensity, which requires work to reduce these negative effects, both economic and social.
Inflation in development has a negative impact, particularly on government economic policies and plans due to price differentials between the estimates made in the economic plans for their implementation and the changing reality due to higher prices resulting from inflation.
Therefore, it is necessary to work by the competent authorities in Iraq to reduce the high inflation rates and work to control, and always be within the reasonable and economically acceptable and not be very negative effects in order to reduce its economic and social consequences, because of the other negative effects of inflation Increasing the financial gap between the wealthy and low-income people in favor of the first category due to the erosion of the savings of these individuals due to the price increases to them, which means increasing the impoverishment of the poor and increasing the wealth of the wealthy and causing an increase in the class gap between the layers of society, leading To increase disadvantage among many groups in the society.
Controlling inflation is very important in order to continue working to achieve economic development and the well-being of the members of society resulting from the stability of prices and enable the majority of citizens to buy goods and services at prices Acceptable. Inflation rates can be reduced by reforming fiscal and monetary policies and using financial and monetary instruments in a correct manner, thereby reducing inflation rates and achieving control over these rates and keeping them within the economically permissible limits.
Therefore, it is necessary to develop plans to get rid of this economic problem of social dimensions in Iraq and not to make it have significant negative effects, and does not allow them to influence the policies of economic reform and economic development negatively, and can benefit from the results of scientific economic research in the development of these plans and divided The experience of other countries that succeeded in getting rid of the problem of inflation, taking into account the special economic conditions and capabilities of Iraq, can be used to achieve success in efforts to get rid of inflation. Form Inflation.
The Iraqi dinar exchange Arab and international transactions Friday
Economy | 09:14 - 26/07/2019
Baghdad - Mawazeen News
The prices of Arab and foreign currencies compared to the Iraqi dinar on Friday, the twenty-sixth of July according to the latest updates as follows:
1 US $ = 1,192.7000 Iraqi
dinars 1 Iraqi dinars = 0.0008 US dollars
1 euro = 1,329.6559 Iraqi
dinars 1 Iraqi dinars = 0.0008 euros
£ 1 = 1,484.7689 IQD
1 IQD = 0.0007 pounds of
$ 1 CAD = 906.2726 Iraqi Dinar
IQD 1 = 0.0011 Canadian dollars to
$ 1 Australian = 828.5055 Iraqi Dinar
IQD 1 = 0.0012 Australian dollars
1 Japanese yen = 10.9849 Iraqi Dinars
IQD 1 = 0.0910 Japanese yen
Currency Ala Rabieh
1 Egyptian Pound = 71.8862 Iraqi Dinar
1 Dinar Iraqi = 0.0139 Egyptian pounds
1 SAR = 318.0109 Iraqi Dinar
1 Dinar Iraqi = 0.0031 SAR
1 AED = 324.7050 Iraqi Dinar
1 Dinar Iraqi = 0.0031 AED
1 Sudanese pounds = 26.4493 Iraqi Dinar
1 Iraqi Dinar = 0.0378 SDG
1 Algerian Dinar = 9.9684 Iraqi Dinar
1 Dinar Iraqi = 0.1003 Algerian Dinar
1 Bahraini Dinar = 3,163.9039 Iraqi Dinar
1 Dinar Iraqi = 0.0003 BD
1 JD = 1,682.2261 Iraqi Dinar
1 Dinar Iraqi = 0.0006 JD
1 Dinar KWD = 3,916.2570 Iraqi Dinar
1 Iraqi Dinar = 0.0003 KWD
1 LP = 0.7890 Iraqi Dinars
1 Iraqi Dinar = 1.2674 Lebanese Lira
1 JD = 851.2293 Iraqi Dinar
1 Iraqi Dinar = 0.0012 Libyan Dinar
1 Moroccan Dirham = 124.2836 Iraqi
Dinar 1 Iraqi Dinar = 0.0080 Moroccan Dirham
1 Syrian Pounds = 2,3156 Iraqi
Dinars 1 Iraqi Dinar = 0.4319 Syrian Pounds
1 Somali Shilling = 2.0627 Iraqi Dinar
1 Dinar Iraqi = 0.4848 Somali Shilling
1 Omani Rial = 3,097.8818 Iraqi Dinar
1 IQD = 0.0003 RO
QR 1 = 327.5748 Iraqi Dinar
1 Dinar Iraqi = 0.0031 QR
TND 1 = 416.2116 Iraqi Dinar
1 Dinar Iraqi Dinar = 0.0024 Tunisian Dinars
1 Yemeni Riyal = 4.7632 Iraqi
Dinars 1 Iraqi Dinar = 0.2099 Yemeni Riyals
1 Djibouti Franc = 6,6987 Iraqi Dinars
1 Iraqi Dinar = 0.1493 Djibouti Franc. End n / a
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