Stick to start ...Budget legislation to act in foreign currency from oil resource

[nathan1606]

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Stick to start ...Budget legislation to act in foreign currency from oil resource

Ahmed Ali ابريهي

But understanding financial disability whether in Iraq or other countries lacking with the economic basis consistent with the nature of oil resource.

To illustrate the general financial duty export resources and income taxes and fees in local currency and ignore the fact that convert oil resources to Iraqi dinars, Rial, AED and other transfer my account from ولايتحول to the national currency only in part, through another process is invisible and complexity.

Oil resource which is foreign currency used to finance imports to Government and other foreign payments directly and indirectly to fund payments to private sector which is outside the budget.

Any serious policy to reduce oil dependence in الاماد mid need to deal with this economic reality. The foregoing لاتكشف ongoing budget deficit indicators that were passed in Iraq and disability non-oil in other countries, the facts to light up the road to reduce oil dependence and required preparation موازنتين one for government spending and is spending is turning abroad and other local currency and going in and first budget surplus situation often second budget if permanently disabled.

Need to be targeted with private resource flows to Iraq, foreign investment and the return of capital one and other exports sufficient to finance imports to the private sector and other payments abroad, this represents the first station to reduce oil dependence financial sense, to keep only FINANCIAL boost government and their external obligations depend on oil.

The distinction between revenue and Government expenditure by currency necessary practice add relevant to explain the economic reality.

Foreign Exchange resources and dispose of them:

لاتكشف general state fiscal budget, as how the resource is oil No., billions of dollars, hit rate to reach another number بترليونات banknotes are inland revenue from taxes and other personalized total expenditure so that different government لاتعامل import bills and payments of their external obligations as part of the total foreign currency for oil resource, but rather of ترليونات mathematical dinars as translated again into dollars and then to the currency contract and pay of the Government's accounts abroad.

Has argued that this model of public financial management it meets the purpose in the past, although the reservation to this thesis, losing past. it is useful to recall that the Iraqi economy has changed radically, as well as system, from the stage that had established traditions of public financial management which became technical reference for the work to this day.

Results can be viewed and corrected nationalized oil prices early 1970s as initially founded objectively to the change request. accumulated economies of war and times of siege that require abandoning the old system of financial management of those changes and, widely known, the population exceeded 30 million went almost one third of this size, add the nationalization days high rate of urbanization as overcame a 70 percent urban dwellers of the total population, ولايخفي was one of the buildings and construction and operating costs for security services activities, education and health and wastewater and sustain clean environment.

وبعد عام 2003 اصبح العراق فجأة امام نظام اقتصادي مغاير وحقائق جديدة في الانتاج والاستثمار والاستهلاك والتجارة والعلاقات المالية الدولية فلقد توقف القطاع العام الأنتاجي عن العمل في انتظار التصفية اوالخصخصة , وتزايد الإنفاق الحكومي الجاري مع إستمرار ضألة التمويل من المصادر الضريبية , وبرز دور جديد للقطاع الخاص في التجارة الخارجية والإستثمار عبر الحدود في إنسجام مع الإنفتاح المالي التام . ومع الاعتراف بالأهمية الحاسمة للمورد النفطي فقد تواطأ الجميع على تكريس أساليب في المالية العامة , تخفي عن غير قصد , التصرف به ناهيك عن العناية بوظائفه الاقتصادية لاسيما التنموية منها . وإلا ماهي المصلحة العامة , او حتى التبرير السياسي , في عدم التصريح عن الموازنة العامة ولو بمذكرة ايضاحية عن ذلك الجزء من العملة الاجنبية الذي سوف يباع للقطاع الخاص . فالحكومة تملك , نيابة عن الشعب مورد النفط , وباعت نصفه للقطاع الخاص ألا يستحق هذا الامر جلسات رسمية يعقدها مجلس الوزراء ومثلها في مجلس النواب لمناقشة الاثار الاقتصادية المحتملة للتصرف بتلك العملة الاجنبية .وهذا المطلب من المستبعد تحقيقه دون تهيئة الأطار المناسب لهذا النوع من الاداء للسلطات العليا ,وان اعداد وتشريع موازنة عامة للتصرف بالعملة الاجنبية يقدم السياق الضروري فضلا ً عن مساعدته على تأسيس بيئة مناسبة لتناول قضايا اخرى في غاية الاهمية مثل تطوير القطاع النفطي والصادرات غير النفطية والاستثمار الاجنبي .

The intent of foreign currency balance setting and released in the legislation is to the Government and the House bears the responsibility to act in those resources to serve the national economy. Since the introduction of DFI Development Fund and the end of this year the foreign currency income can be estimated from crude oil of 200 billion dollars. mainly Government use of these foreign currencies imports and تاديات-about 50 billion dollars and use private 100 billion dollars to cover مستورداته and investments abroad.

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[Brandon2230]

This sounds really good, but it's so hard to understand. Any thoughts?

[Trimark]

Thanks for posting this Nathan1606!

I don't understand much of this at all but this part seems like it could possibly, maybe??, be relevant, particularly the last part:

general state fiscal budget, as how the resource is oil No., billions of dollars, hit rate to reach another number بترليونات banknotes are inland revenue from taxes and other personalized total expenditure so that different government لاتعامل import bills and payments of their external obligations as part of the total foreign currency for oil resource, but rather of ترليونات mathematical dinars as translated again into dollars and then to the currency contract and pay of the Government's accounts abroad.

Does that mean they take in billions in dinars for oil and instead of paying the bills they owe abroad in dollars, they will pay out in dinars that are converted into dollars?

I can't tell if this is just an accounting exercise or it means something real and if it means something real, I have no idea what it means.

I also like the part that they expect to get $200 billion from oil in foreign currency income this year.

Sorry, typo - meant to say - take in billions in dollars for oil, not dinars. It wouldn't let me re-edit.

Edited June 25, 2010 by Trimark

[SexyDinar]

My Head Hurts trying to work out what they are on about!!!!

Need someone like Ron etc to put this in to normal understanding.

[Doc31]

Thanks for the post