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Will Iraq become the highest Arab country in economic growth?


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House of Representatives "Internet"

Economy News Baghdad:

 

Large differences within the political blocs on the draft budget bill 2018, which will affect the economic policy of the government during the current year, according to specialists, expecting not to pass the budget in the coming days because of the intensity of the dispute between the decision-makers in the House of Representatives.

 

The Ministry of Finance instructed all ministries during the past month to cover their needs through the use of the approved exchange mechanism, which is 112 to face the non-adoption of the draft budget for 2018.

 

The parliamentary economic committee said that the non-adoption of the budget caused by the delay of the Council of Ministers to send a draft budget law and synchronized with the beginning of the legislative holiday.

 

The committee member, Najeeb Najib, said in a statement to "Economy News" that the reason for delaying the Council of Ministers to send the budget law to the House of Representatives, is the high oil prices have estimated the price of a barrel of $ 43 and now sold at $ 58, which prompted the government to reduce the deficit to 13 Trillion dinars after it was 23 trillion dinars.

 

Najib expressed her displeasure at the adoption of 12.6 percent of the province of the budget of 2018, saying at the same time that it was in accordance with the formula of "overwhelming".

 

She added that 12.6 percent is not enough to pay salaries in general, because the region needs 889 billion dinars a month to pay, while the ratio will provide 450 billion dinars only.

 

And on the losses resulting from the delayed adoption of the budget, the member of the Economic Committee, the losses are not large because the origin of investment expenditures set up for the establishment of service projects do not constitute more than 25% of the budget, most of which loans and some of them ratified in 2017.

 

Noting that the sovereign expenditure took a large part of the budget of 2018 to reach 45%, as well as the availability of degrees of employment but not able to cope with unemployment.

 

On the other hand, the Dean of the Faculty of Management and Economics, Mitham Laibi, in a statement to "Economy News" that "losses caused by delaying the adoption of the budget, will be based on the salary and salaries, because it is the first component of the budget, which weakens the investment side.

 

He added that the delay caused by the president of the conflict between the political blocs for the purposes of electoral propaganda and try each of them to review "political muscles."

 

"All political arguments have nothing to do with any economic fundamentals aimed at developing the Iraqi economy," he said.

 

The federal budget estimated at 108 trillion dinars, with a deficit of 13 trillion dinars, and saw the reduction of the share of the Kurdistan region from 17% to 12.67%.

 

"The first loser of the postponement of the budget is the Iraqi people, and the postponement of their ratification is a delay for the investment side and a semi-disruption of the operational side," said the head of the Iraqi Economists Association, Abdul Hussein al-Yasiri.

 

He explained that it is not losses by the delay is the management of the investment side and that the budget is a law on the basis of time limits, every day delay this law is lost investment opportunity on the Iraqi economy.

 

While more than 4 million people are employed by the private sector, many of whom depend on the budget for their work.

 

 

 

 

Views 217   Date Added 06/01/2018

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If the Kurds don't jump on 14 percent then they are the fools that I think they are. Now they may have to go to the doner conference with big brother holding their hand because they couldn't get their

Yota Thanks,  DV,  There is no doubt IMHO KRG will definitely accept the 14 Percent.  It is time to move the "Football" to the 1 Yard Line....😊😊   GO HCL   GO RV / RI

The GOI approved the 2017 budget. However, after the second review of the IMF on the 2016 SBA, a supplemental budget was introduced and needed to be passed. Thus giving the illusion the 2017 budget ha

06-01-2018 10:53 AM
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MP said the state of law, Nahla al-Hababi, Saturday, in a press statement that "a coalition of state law will meet on Sunday in the presence of most of his leaders in addition to the leaders of some political blocs within the National Alliance ." 

She added that "the meeting will discuss the issuance of recommendations by the coalition to the government for the purpose of creating an atmosphere conducive to passing the financial budget law and discuss the most important obstacles to the passage of ."

 

 "The meeting will also discuss the latest preparations of the government to hold elections and political alliances expected and political conditions and economic challenges ."

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Deputy: the government cut allocations of members of the House of Representatives in the budget

SECTION: SLIDE NEWSJANUARY 6, 2018 | 3:27 PM
Deputy: the government cut allocations of members of the House of Representatives in the budget
Deputy: the government cut allocations of members of the House of Representatives in the budget
Baghdad / Baghdadiya News .. MP Pirwan Khilani, on Saturday, the government's deduction of the allocations of the House of Representatives in the federal budget.

"The government sent to the Finance Committee in the House of Representatives for this month only the nominal salaries of the members of the Council," Khilani said in a statement received by Al-Baghdadiya News.

She added that "the allocation of allocations and hospitality amounting to five million dinars," noting that "what is left is the nominal salary only, without knowing the reasons for deduction."

 

http://www.albaghdadiyanews.com/?p=93623

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1 hour ago, skeetdog said:

....Did Iraq ever approve the 2017 budget???? I think Iraq went the entire year, last year without an approved budget..

 

Quote

BAGHDAD, Dec 7 (Reuters) - Iraq’s parliament approved the 2017 budget on Wednesday, lawmakers said, but a member of the Kurdish KDP said his party stayed away from the vote and differences between Baghdad and Kurdish authorities in the north had yet to be resolved.

 

 

A copy of the budget document said it was based on projections of an oil price of $42 per barrel and exports of 3.75 million barrels per day (bpd), including 250,000 bpd from oilfields in the Kurdish controlled region.

 

The deficit was forecast at 21.7 trillion dinars ($19 billion), with expenditure of 100.7 trillion dinars, about 6 percent lower than this year’s projected spending.

 

https://www.reuters.com/article/iraq-budget/update-1-iraq-parliament-approves-2017-budget-kurdish-party-objects-idUSL5N1E23WU

Edited by NextYear
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Forgot to add

 

Quote

Speaker Salim al-Jabbouri announced after the session, which was attended by 186 MP out of 328, the approval of the budget.

 

Parliament also approved a 17 percent payment from the national budget’s total expenditures to Kurdistan’s regional government.

 

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42 minutes ago, NextYear said:

Forgot to add

 

Quote

Speaker Salim al-Jabbouri announced after the session, which was attended by 186 MP out of 328, the approval of the budget.

 

Parliament also approved a 17 percent payment from the national budget’s total expenditures to Kurdistan’s regional government.

 

NextYear, Where did you quote the above from?

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This is a great article and noteworthy! However, the article date is DECEMBER 8, 2016 and is about the 2017 budget.

 

I suspect there are mostly similar issues (cans of worms) regarding the same ole entities for the 2018 budget. I further suspect there is "outside" "encouragement" to follow and complete within the Iraqi Constitutional Framework like real quick. Ole Donald (and many others) are impatiently waiting!

 

I am thinking the Good News will pick up speed the rest of January 2018.

 

Go Moola Nova!

:pirateship:

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  • yota691 changed the title to Iraqi Party: We will not vote on the federal budget in its current form
 

 

11/1/2018 Now - Agencies 1:48:47 PM

Iraqi Party: We will not vote on the federal budget ...

A member of the Kurdistan Democratic Party (19 seats in the parliament out of 328 seats), on Thursday, said the Kurdish members of parliament will not vote on the federal budget as currently, which reduced the proportion of the region from 17% to 12.67%.

Mohsen al-Saadoun told 'Anatolia' that 'the budget bill has not yet read the first reading and was not discussed within the parliament, but the project has many observations by the political blocs and provincial councils.'

"Saadoun said that 'the heads of political blocs will meet next Sunday to discuss the problems in the budget law, and we await the presence of Prime Minister Haider Abadi to clarify the heads of political blocs problematic issues approved by parliament.

Al-Saadoun said that 'the Kurdistan Alliance will not vote on the draft budget law in its current form has been reduced the proportion of the province of the budget, which is for us an action is unacceptable'.

And reduced the share of the northern region of the country from 17%, which has been approved since 2014 to 12.67%, and the federal government says that the reduction of the proportion of the northern region in the budget was based on the census.

The total value of Iraq's budget for the current year 108 trillion and 113 million dinars (about 91 billion dollars), while the volume of revenue 85 trillion dinars (72 billion dollars) and the deficit 22 trillion dinars (about 19 billion dollars).

The draft budget on the rate of export of oil of 3 million 800 barrels per day, including 250 thousand barrels of oil in the northern province of the country, and 300 thousand barrels of Kirkuk oil province.

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  • yota691 changed the title to Will Iraq become the highest Arab country in economic growth?

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