Parliamentary Finance discussed the budget in 2017 with the Minister of Planning and Central Bank Governor

[yota691]

Parliamentary Finance suggest the adoption of 2017 budget law later this month

History of edits:: 11.01.2016 15:39 • 38 visits readable

{Baghdad: Euphrates News} favored the parliamentary finance committee member Ahmed Sarhan approve the 2017 end of the month the budget law.

Said Ahmed told {Euphrates News} Tuesday, that " the 2017 budget was read a first reading and now is in the Finance Committee for the purpose of study and we will start studying the law and prepare a final version of him." 
He added , "and then taking proposals to the House of Representatives to prepare a final version of the law and present it to a vote." 
He continued saying , "There are no comments on the 2017 budget law because it is considered compelling budget because of the war with Daesh , " noting that " the military institutions in need of funding and we believe the end of this month will be voted on. it is 
noteworthy that, the House of Representatives ended on 24 October last, the first reading for the project next year 's budget law 2017.anthy

[Big_J]

"SUGGEST" HMM....?

[Wiljor]

Good morning Yota, new month, new news 

Lets hope we see the adoption of the 2017 budget as suggested because the HCL is supposed to be there. If they (forces) are beginning to penetrate the outer areas of Mosul I have a tendency to believe that many of these laws that seem to be on hold are already set to be put to the Gazzette. It's a timing thing, liberate Mosul, then pass everything else. 

[ChuckFinley]

37 minutes ago, Wiljor said:

Good morning Yota, new month, new news 

Lets hope we see the adoption of the 2017 budget as suggested because the HCL is supposed to be there. If they (forces) are beginning to penetrate the outer areas of Mosul I have a tendency to believe that many of these laws that seem to be on hold are already set to be put to the Gazzette. It's a timing thing, liberate Mosul, then pass everything else. 

Right there with you Wiljor. They will push this around so it coincides with Mosul being free or a little bit after ( notice I did not Soon After). 

[Synopsis]

1 hour ago, Wiljor said:

Good morning Yota, new month, new news 

Lets hope we see the adoption of the 2017 budget as suggested because the HCL is supposed to be there. If they (forces) are beginning to penetrate the outer areas of Mosul I have a tendency to believe that many of these laws that seem to be on hold are already set to be put to the Gazzette. It's a timing thing, liberate Mosul, then pass everything else. 

I agree with you, Wiljor!  Oh, yeah, the language of the HCL is in the 2017 budget draft specifying 17% of the revenues to Kurdistan.  With the difficulty I had staying awake to read the whole thing, that piece did stand out!  I also realized why it is so important to have Deloitte and Touch verify actual oil production numbers from Kurdistan since the budget is based on specific crude oil production from Kurdistan.  Too many parallel efforts lining up for something not to happen once Mosul is freed, ISIS no longer operates freely in Iraq, and the "coast is clear" announcement is made!                

58 minutes ago, ChuckFinley said:

Right there with you Wiljor. They will push this around so it coincides with Mosul being free or a little bit after ( notice I did not Soon After). 

[10 YEARS LATER]

2 hours ago, Big_J said:

"SUGGEST" HMM....?

Agreed . . . let's see if "they" take the suggestion to heart. 

[Synopsis]

Here are the excerpts from the draft 2017 budget that seem to have the HCL language:

B -ahtsab revenue from the export of crude oil at a rate of {42} {two dollars and forty} per barrel and the rate of export of {3750000} bpd {three million seven hundred and fifty thousand barrels a day}, including {250000} bpd {two hundred and fifty bpd} product quantities of crude oil in the Kurdistan region and {300000} barrel {three hundred thousand barrels a day} on the quantities of crude oil produced by the province of Kirkuk, on the basis of exchange {1182} dinars per dollar rate and that all revenue actually income once and for calculating the public treasury of the state.

 

Article 9 

First:

Kurdistan region's share rose {17%} Seventeen percent of the total actual expenditures shown in the table {/ d determine expenditures ruling} attached to this law and paid by the Federal Ministry of Finance and the approval of the Prime Minister.

Second:

Ratio {17%} identifies seventeen percent of the Kurdistan region of total actual spending 

{Current expenditures and expenses of the investment projects} public budget of the Federal Republic of Iraq ratified after excluding expenses of the sovereign {House of Representatives, the Presidency, Cabinet Secretariat, the Prime Minister, Ministry of Foreign Affairs, a counter-terrorism, the Department of Defense, the Federal Court, the Electoral Commission for the elections, including election expenses, the accountability and justice, body suits property, except for the compensation, the Office of the Inspector General of property claims, the Iraqi body of radioactive sources, Iraqi National intelligence Service, the Office of the Inspector General on the National Iraqi intelligence, integrity Commission, Office of financial supervision, the UN High Commissioner human rights, wage negotiations and legal claims, administrative and financial expenses of printing bonds and credit rating of external debt, for international auditing firm and the Committee of financial experts, to contribute to the cost of producing crude oil source, the amounts of Arab and international, including the contributions listed the contributions within each of {the Department of defense, the House of Representatives , Office of financial supervision, the Ministry of Foreign Affairs and the General Secretariat of the Council of Ministers}, travel and nationality directorate, leadership and projects of border crossings, travel and citizenship, borders and card uniform of the border forces, the National security Council, wages source transporting crude oil via Turkey, co-financing, port projects, rail projects , dam projects and public benefit, airspace management projects, the Supreme Committee for the Relief and sheltering displaced expenses, interest on World Bank loans, interest on the IMF loans, the benefits of the JICA loan, interest on the Italian loan, interest on the IDB loan, interest on loans Japan Bank for international cooperation JBIC, the benefits of a German loan, interest on the US loan, interest on deferred payment agreements, interest on the restructuring of external debt structure of the Paris Club countries, interest on the restructuring of external debt structure on countries outside the Paris Club, the interest on foreign bonds to extinguish debt, interest on the entitlements of the Arab Monetary Fund, the interest on treasury transfers {auction}, the benefits of the remittances the old Treasury, the benefits of treasury transfers under the statutory reserve by each of the Rafidain and Rasheed Iraqi trade Bank by year / 2015 budget law, the benefits of treasury transfers as Money trade Bank of Iraq under the budget Law for the year / 2015, the benefits of treasury transfers under the transfer of the finance to foreign oil companies under Article {34} of the year / 2015 budget law by both the bank Rafidain and Rasheed Iraqi trade Bank, the benefits of the Treasury discounted remittances with the CBI under the / 2016 budget law benefits treasury transfers through the pension fund under the 2015 budget law, interest on loans under the Council of Ministers resolution No. {314} for the year 2014 by the trade Bank of Iraq in favor of the Ministry of Electricity, interest on loans granted by the trade Bank of Iraq under the budgets of the law of 2015 and 2016, the national benefits of the bond in Iraqi dinars under the 2016 Act, the benefits of treasury transfers under the Council of Ministers resolutions numbered {97} and {400} for the year 2013 by the State-owned banks, the benefits of treasury transfers under the Council of Ministers resolution No. {50} for the year 2014 to finance the budget deficit, the benefits of treasury transfers under the Council of Ministers resolutions numbered {47} and {70} for the year 2015, the premium versions of the old treasury transfers, pay premiums treasury transfers {auction}, the payment of local bonds for 2015 {currency dollar bills}, pay premiums restructuring of external debt structure for the countries of the Paris Club, to pay premiums back foreign debt structure for countries outside the Paris Club debt settlement abroad, cash settlement and small private sector debt abroad, the reimbursement of the Arab monetary Fund for the restructuring of Iraq's debts agreement, premiums World Bank loans , the US loan installments.

Third:

Take into account quotas governorates not organized in a region at a population of Athaltha:

Quotas governorates not organized in a region taken into account in proportion to population of the actual total expenditures shown in (Table / d expenditures ruling) attached to this law, after excluding the Kurdistan region's share amounting to {17%}.

Fourthly: 

When an increase or decrease in the total Federal budget add or expenses reduce the share of the Kurdistan region in proportion "with the increase or decrease, taking into account the provisions of clauses (II, III) of this Article, including amendments to the sovereign expenditure and the ruling from the transfer of allocations to general expenses the same percentage mentioned above and the Federal Ministry of Finance to hold settlement calculates the share of the Kurdistan region in the light of the actual expenses for prior years shown by the final accounts approved by the Federal Office of financial supervision.

 

This may still be a long read but, I think, well worth the time!

Here, the production is 250,000 bpd from the Kurdistan region and 300,000 bpd from the province of Kirkuk or 550,000 bpd total that matches with earlier production estimates.  Here is the place Deloitte and Touch may be focusing on to ensure this production is not overstated (undersupplied) to prevent any future Kurdistan/Baghdad conflicts.

As can be seen, the 17% allocation to Kurdistan is clearly noted a few times.

If this doesn't look like the HCL, I don't know what does!!!

                     

[boosterbglee]

Agree Synopsis...it's right there under our nose...now we just

[Wiljor]

Thanks bro for taking the time to bring it forward. You are correct that HCL is in the 2017 budget and pretty much always has been. The Kurds are now satisfied with their allocation and have stated it various times in different articles posted by Yota. Im sticking to my  guns on this one, although I could be wrong but the liberation of Mosul could perhaps and should be the final hurdle to cross.  

'We can see many articles posted talking about post Mosul and most are about seated and completed GOI, banking, investment, reconstruction etc... the beginning of 2017 is still in my cross hairs and a revalued currency will finally bring purchasing power to the citizens and create a middle class of money movers and the start of an economy that will top all others. I mean even now Iraq is having more growth at present then here in Mexico. 

'Their are numerous opportunities coming for the country of Iraq and its people also for foreign investors and I'm excited by what's taking place.

Thanks again Synopsis, as always your patience in taking apart these articles so we can see clearly what they are trying to convey is very much appreciated my friend  

[Synopsis]

Wiljor - You are Welcome, Bro!

        

[Synopsis]

1 hour ago, boosterbglee said:

Agree Synopsis...it's right there under our nose...now we just

Hey Booster, if they pass this budget law in November, it likely will not be much longer!

                  

[Laid Back]

Agree with the comments of ChuckFinley, Wiljor and Synopsis.

Let see what the liberation of Mosul brings.

Go 2017

Go RV

Edited November 1, 2016 by Laid Back

[sandfly]

THANKS

[TexasMike1958]

11 hours ago, Synopsis said:

Here are the excerpts from the draft 2017 budget that seem to have the HCL language:

B -ahtsab revenue from the export of crude oil at a rate of {42} {two dollars and forty} per barrel and the rate of export of {3750000} bpd {three million seven hundred and fifty thousand barrels a day}, including {250000} bpd {two hundred and fifty bpd} product quantities of crude oil in the Kurdistan region and {300000} barrel {three hundred thousand barrels a day} on the quantities of crude oil produced by the province of Kirkuk, on the basis of exchange {1182} dinars per dollar rate and that all revenue actually income once and for calculating the public treasury of the state.

 

 

Article 9 

 

First:

 

Kurdistan region's share rose {17%} Seventeen percent of the total actual expenditures shown in the table {/ d determine expenditures ruling} attached to this law and paid by the Federal Ministry of Finance and the approval of the Prime Minister.

 

Second:

 

Ratio {17%} identifies seventeen percent of the Kurdistan region of total actual spending 

 

{Current expenditures and expenses of the investment projects} public budget of the Federal Republic of Iraq ratified after excluding expenses of the sovereign {House of Representatives, the Presidency, Cabinet Secretariat, the Prime Minister, Ministry of Foreign Affairs, a counter-terrorism, the Department of Defense, the Federal Court, the Electoral Commission for the elections, including election expenses, the accountability and justice, body suits property, except for the compensation, the Office of the Inspector General of property claims, the Iraqi body of radioactive sources, Iraqi National intelligence Service, the Office of the Inspector General on the National Iraqi intelligence, integrity Commission, Office of financial supervision, the UN High Commissioner human rights, wage negotiations and legal claims, administrative and financial expenses of printing bonds and credit rating of external debt, for international auditing firm and the Committee of financial experts, to contribute to the cost of producing crude oil source, the amounts of Arab and international, including the contributions listed the contributions within each of {the Department of defense, the House of Representatives , Office of financial supervision, the Ministry of Foreign Affairs and the General Secretariat of the Council of Ministers}, travel and nationality directorate, leadership and projects of border crossings, travel and citizenship, borders and card uniform of the border forces, the National security Council, wages source transporting crude oil via Turkey, co-financing, port projects, rail projects , dam projects and public benefit, airspace management projects, the Supreme Committee for the Relief and sheltering displaced expenses, interest on World Bank loans, interest on the IMF loans, the benefits of the JICA loan, interest on the Italian loan, interest on the IDB loan, interest on loans Japan Bank for international cooperation JBIC, the benefits of a German loan, interest on the US loan, interest on deferred payment agreements, interest on the restructuring of external debt structure of the Paris Club countries, interest on the restructuring of external debt structure on countries outside the Paris Club, the interest on foreign bonds to extinguish debt, interest on the entitlements of the Arab Monetary Fund, the interest on treasury transfers {auction}, the benefits of the remittances the old Treasury, the benefits of treasury transfers under the statutory reserve by each of the Rafidain and Rasheed Iraqi trade Bank by year / 2015 budget law, the benefits of treasury transfers as Money trade Bank of Iraq under the budget Law for the year / 2015, the benefits of treasury transfers under the transfer of the finance to foreign oil companies under Article {34} of the year / 2015 budget law by both the bank Rafidain and Rasheed Iraqi trade Bank, the benefits of the Treasury discounted remittances with the CBI under the / 2016 budget law benefits treasury transfers through the pension fund under the 2015 budget law, interest on loans under the Council of Ministers resolution No. {314} for the year 2014 by the trade Bank of Iraq in favor of the Ministry of Electricity, interest on loans granted by the trade Bank of Iraq under the budgets of the law of 2015 and 2016, the national benefits of the bond in Iraqi dinars under the 2016 Act, the benefits of treasury transfers under the Council of Ministers resolutions numbered {97} and {400} for the year 2013 by the State-owned banks, the benefits of treasury transfers under the Council of Ministers resolution No. {50} for the year 2014 to finance the budget deficit, the benefits of treasury transfers under the Council of Ministers resolutions numbered {47} and {70} for the year 2015, the premium versions of the old treasury transfers, pay premiums treasury transfers {auction}, the payment of local bonds for 2015 {currency dollar bills}, pay premiums restructuring of external debt structure for the countries of the Paris Club, to pay premiums back foreign debt structure for countries outside the Paris Club debt settlement abroad, cash settlement and small private sector debt abroad, the reimbursement of the Arab monetary Fund for the restructuring of Iraq's debts agreement, premiums World Bank loans , the US loan installments.

 

Third:

 

Take into account quotas governorates not organized in a region at a population of Athaltha:

 

Quotas governorates not organized in a region taken into account in proportion to population of the actual total expenditures shown in (Table / d expenditures ruling) attached to this law, after excluding the Kurdistan region's share amounting to {17%}.

 

Fourthly: 

 

When an increase or decrease in the total Federal budget add or expenses reduce the share of the Kurdistan region in proportion "with the increase or decrease, taking into account the provisions of clauses (II, III) of this Article, including amendments to the sovereign expenditure and the ruling from the transfer of allocations to general expenses the same percentage mentioned above and the Federal Ministry of Finance to hold settlement calculates the share of the Kurdistan region in the light of the actual expenses for prior years shown by the final accounts approved by the Federal Office of financial supervision.

 

 

This may still be a long read but, I think, well worth the time!

Here, the production is 250,000 bpd from the Kurdistan region and 300,000 bpd from the province of Kirkuk or 550,000 bpd total that matches with earlier production estimates.  Here is the place Deloitte and Touch may be focusing on to ensure this production is not overstated (undersupplied) to prevent any future Kurdistan/Baghdad conflicts.

As can be seen, the 17% allocation to Kurdistan is clearly noted a few times.

If this doesn't look like the HCL, I don't know what does!!!

                     

the 2016 budget, which was passed earlier this year, had basically the same HCL language.

[Synopsis]

1 hour ago, TexasMike1958 said:

the 2016 budget, which was passed earlier this year, had basically the same HCL language.

Thank You, TexasMike1958, for mentioning that because I was wondering the same thing about previous year's budgets.  However, I do not remember this language in previous postings (I may have overlooked it) on budgets from previous years.  My thought is the ratification (passing into law) of the 2017 budget as it is would at least have the Kurdistan/Baghdad agreement for the coming year.  As such, there may be a need for a more comprehensive agreement with no expiry that includes specific language on allocations to the citizens and have the specific name such as the "HydroCarbon Law" or a variation of the name.

With Mosul being declared as liberated, we may see more Parliamentary laws passed that may include the HCL if it needs to be a stand alone law.

[yota691]

Parliamentary Finance reveal the salaries of staff of the proportion of the budget in 2017

History of edits:: 02.11.2016 13:22 • 7 visits readable

{Baghdad: Euphrates News} parliamentary Finance Committee revealed on Wednesday, details of employees' salaries to balance the proportion of 2017, stressing "the existence of reservations on the various ministries on the final accounts."

Committee Chairman Faleh force in a meeting televised interview with al - Furat satellite, that " the budget in 2017 is estimated plan expenditure and Erdat, and is unable to implement the investment plan , as happened in the last year." 

He added that he "identified in the budget of 2017 {25} trillion dinars investment budget , "adding it was " just numbers will not be working out, so we did not deal with the investment problem from the beginning was just solution to this problem by activating reconstruction Council , which put forward the work done in the budget of 2015, but it has not been applied. " 

he continued , saying that "salaries of staff size is today by {% 50-60%} of the budget, {40} trillion , including the salaries of the staff and {12} trillion salaries for retirees as well as the social safety net salaries and other expenses inflated the size of expenditure thus be compelled to go the budget to operational. " 

Regarding the nominations for this year , said in effect , saying that" appointments confined , however , the Council of Ministers are to decide who is the ministry that need new cadres , "noting that" we have corrective measures in this budget , but they are almost shy, not the level of ambition. " 
and addressing services file and give it within the regulations and fees among the chairman of the Finance Committee , saying , "now we have the law and the wills of the municipalities , which has been modified to take it upon himself to charge for some activities and professions . If the municipalities and the municipality of Baghdad these amounts invested by these charges and did well collected in general will finance services." 

for its part indicated committee member Majda al - Tamimi "it was supposed to according to Article 62 of the Constitution to come budget and final accounts together; but it was supposed to be the final accounts for 2015 to be present are the other to arrange things according to these accounts , but the final accounts for 2017 and 2015 , capital . " 

and pointed to" the existence of reservations to the various ministries , including finance, must be addressed , "pointing out that" in the absence of processing will be transferred to the Judicial Council, "stressing" the necessity of the final accounts with the budget for a vote , "indicating that" the vote on the budget without the presence of the final accounts is a violation of the law. " 

and elaborated" been sent the book to the public prosecutor on the reservations and in turn diagnosed these irregularities and turning to the courts to decide. " 

Her" in 2017 the budget deficit is {21} trillion dinars; but there are some things that we observed in the budget, about the appointment , for example , that there are no appointments for the Faculty of Medicine, note that the unemployment rate reached 23%, and thus stop the Taenja rise increase more, in addition to the property tax, which ranges from 11-12 and vacation five years for employees. " 

on the taxes that will be imposed on citizens said Tamimi , saying "for taxes and customs must be regarded as one of the important activities, but they go into the pockets of corrupt and not to the state treasury, because of the incentives that were offered to employees therefore, the employee is moving to corruption stopped , " indicating that "there are mafias undiagnosed, taxes and levies Tzhbhm ".anthy and

[yota691]

Higher loan to $ 15 billion

 

 

 

economic  Number of Views: 8 11/02/2016 08:21

 

BAGHDAD / Center Brief National NNC- said the parliamentary finance committee member Masood Haider, said that Iraq's internal and external loans rose from nearly $ 10 billion in the budget of 2016, to $ 15 billion in the 2017 budget.

He said Haider, in a press statement that "Iraq in the current year's budget borrowed internally and externally nearly $ 10 billion, but he came back this year in the pace of progressive condition borrowing of up to $ 15 billion in the next year," pointing out that "these loans will be for the purposes of ages and armament and some of the necessary projects. "

He pointed out that "donors for loans in the next year's budget is as in the following (500) million dollars from Japan, and 800 million dollars from the IDB, the billion and a half of JICA, and (600) million (KFW), Germany, and (160) million from Italy and $ 500 million from the World Bank, and $ 500 million from Sweden, and (2.7) billion dollars from America; to finance the Department of defense, and (4.7) billion other external and internal loans of $ did not say which agencies would lend Iraq, as well as other loans, "pointing out that" the Kurdistan region is not covered by these loans completely. "

And that "oil revenues in next year's budget amounted to 67 trillion dinars, and non-oil revenues generated from fees and collection and tax and customs amounted to 11.6 trillion dinars."

He said in the parliamentary finance committee member, said that the actual expenditures of the state not to exceed 70 trillion dinars, according to the data we collect for the current year.

The government has allocated in the federal budget for the next year 500 billion Iraqi dinars for the reconstruction of the cities destroyed by Daesh a result of liberalization of Daesh cities and military actions against terrorism.

He said the parliamentary Finance Committee member Jabbar al-Abadi, earlier, said that next year's budget free from the investment side, but it includes 25 trillion dinars restricted as an investment, but to meet the debts of companies operating in Iraq.

And proceeded to the House of Representatives, earlier, by reading the draft federal budget law for next year, after receiving them from the cabinet.

From: Mohamed Tayeb

[Bama Girl]

21 hours ago, ChuckFinley said:

Right there with you Wiljor. They will push this around so it coincides with Mosul being free or a little bit after ( notice I did not Soon After). 

[calkid11]

Thank you Yota 

[TexasMike1958]

15 hours ago, Synopsis said:

Thank You, TexasMike1958, for mentioning that because I was wondering the same thing about previous year's budgets.  However, I do not remember this language in previous postings (I may have overlooked it) on budgets from previous years.  My thought is the ratification (passing into law) of the 2017 budget as it is would at least have the Kurdistan/Baghdad agreement for the coming year.  As such, there may be a need for a more comprehensive agreement with no expiry that includes specific language on allocations to the citizens and have the specific name such as the "HydroCarbon Law" or a variation of the name.

With Mosul being declared as liberated, we may see more Parliamentary laws passed that may include the HCL if it needs to be a stand alone law.

in the 2016 budget, they had set the price per barrel at around $60 if I remember correctly.  This was before the bottom fell out of the oil market.  Now they have set it at a much more manageable $45 per barrel.

[Synopsis]

Just now, TexasMike1958 said:

in the 2016 budget, they had set the price per barrel at around $60 if I remember correctly.  This was before the bottom fell out of the oil market.  Now they have set it at a much more manageable $45 per barrel.

Thank You for the follow up TexasMike1958.  I ran out of emeralds for today so will have to stop by later.

Best Regards!

[yota691]

Parliament begins tomorrow with the second reading of the budget in 2017

History of edits:: 4/11/2016 11:30 • 51 visits readable

{Baghdad: Euphrates News} House of Representatives tomorrow begin the second reading of the budget law for 2017.

According to the parliamentary finance committee member Sirhan Ahmed told {Euphrates News} Friday, that " the parliament will start in its regular day on Saturday the second reading of the law of 2017 budget." 
He added that " there will vote on the budget bill at the completion of the final version of him during this month . " 
it is said that the House of Representatives ended on 24 October last, the first reading of the draft next year 's budget law of 2017. 
With regard to the granting of employee long vacation Act Ahmed said," this law came from the government and the financial bush and purpose to make it easier for employees to carry out again, it may be economically feasible in the law that we pass in the cash - strapped country. " 
the voice of the House of Representatives in its regular Thursday under the chairmanship of Salim al - President of the Council and in the presence of 217 deputies, in principle the draft grant the employee vacation unusual Taiwilh.anthy law

 

[Wiljor]

Good morning Yota, have a great day 

2nd reading of the 2017 budget, I like it, it means we are getting closer the the ever elusive HCL. The 2017 budget has the HCL included in it, so imo timing is everything here, the liberation of Mosul, final reading of budget, HCL. 

Have a super day day DV 

[ChuckFinley]

Thanks Yota and I like where this is going too.  

[Officiallytook]