Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Will Iraq become the highest Arab country in economic growth?

Recommended Posts

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

  • Upvote 5
Link to post
Share on other sites
  • Replies 267
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

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




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 ."

  • Upvote 4
Link to post
Share on other sites

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
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."

  • Upvote 5
Link to post
Share on other sites
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..



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.

Edited by NextYear
  • Like 1
Link to post
Share on other sites

Forgot to add



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.


  • Like 1
Link to post
Share on other sites
42 minutes ago, NextYear said:

Forgot to add



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?

Link to post
Share on other sites

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!


  • Thanks 4
Link to post
Share on other sites
  • 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.

  • Upvote 1
Link to post
Share on other sites
  • yota691 changed the title to Will Iraq become the highest Arab country in economic growth?

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Similar Content

    • By yota691
      International Monetary Expects Iraq’s Budget Deficit of 22%         money and business

      Economy News _ Baghdad
      The International Monetary Fund expected, on Monday, that Iraq's budget deficit would reach 22% of GDP.
      "The economy may contract by up to 10%," the fund said in a report, seen by "Al-Ektissad News", expecting that "Iraq's budget deficit will reach 22% of GDP."
      The fund added that "the deficit is the worst in the Middle East and North Africa."
      And the World Bank predicted in a previous report that "the Iraqi GDP per capita would drop to 4282 dollars, the lowest level since 2006."
          Number of observations 88   Date of addendum 10/26/2020
    • By yota691
      International criticism shocks the Gulf: The current economic crisis is the worst since the Great Depression
      Editing date: 10/13/2020 20:14 • 77 read times [Follow-up]
      The International Monetary Fund lowered its forecast of the real GDP in 2020 for most of the Gulf countries, warning that the economic outlook is getting worse for many emerging markets amid the Corona crisis. In its latest report on the global economic outlook, the IMF predicted today, Tuesday, a global contraction of 4.4 percent in 2020, an improvement from the 5.2 percent contraction expected in June, but said it was still the worst economic crisis since the Great Depression of the 1930s.
      The oil-rich Gulf states are experiencing the double shock of the Coronavirus crisis that is dampening demand in the non-oil economy, and lower oil prices, which hurt revenues this year.
      The International Monetary Fund revised its previous forecasts for all Gulf countries with the exception of Saudi Arabia, which is expected to witness a contraction of 5.4 percent this year, compared to previous estimates of 6.8 percent.
      The fund said the UAE, the second-largest economy in the Gulf, could see a 6.6 percent contraction this year, against previous expectations of a 3.5 percent decline.
      The largest change came in the forecasts for the Sultanate of Oman, which is expected to witness a contraction of 10 percent, and Kuwait at 8.1 percent. In April, the fund had forecast a contraction of 2.8 percent in Oman and 1.1 percent in Kuwait.
      The fund said Qatar's economy is expected to shrink 4.5 percent and Bahrain's economy by 4.9 percent, against expectations of a decline in April of 4.3 percent and 3.6 percent, respectively.
      The International Monetary Fund estimates that all Gulf economies, with the exception of Oman, are expected to return to growth next year, led by Saudi Arabia, whose GDP will grow 3.1 percent in 2021.
      It is expected that the economic recovery in the UAE will be slower, growing by 1.3 percent next year, while from Oman is expected to remain hostage to a slowdown with a 0.5 percent contraction.
    • By yota691
      A new international classification .. Iraq is one of the upper middle income economies
           2020-08-29 07:34   Shafaq News / The World Bank considered on Saturday that Iraq is one of the economies with higher middle income, indicating that these economies consist of 56 countries .
      The bank said in a report seen by Shafaq News Agency that "Iraq is one of the economies with upper middle income," indicating that "these economies range in terms of per capita gross national income between $ 4,046 and $ 12,535 ."
      "These economies consist of 56 countries, in addition to Iraq, they also consist of Albania, Argentina, China, Jordan, Brazil, Turkey, Lebanon, Libya, Malaysia, South Africa and Thailand, " he added.
      He pointed out that "low-income economies are those that have a per capita national income of 1035 and included 29 countries including Eritrea, Yemen, Sudan and Syria," noting that "the high-income economies consist of 83 countries, including Qatar, the UAE and Bahrain from Arab countries, Italy, Austria and Germany . "
      The World Bank classifies countries in the world into four groups - low-income, lower-middle-income countries, upper-middle-income countries, and high-income countries. It is estimated on the basis of gross national income per capita at the current US dollar rate.
    • By yota691
      Iraqi Prime Minister discusses economic reform efforts with a representative of the World Bank mission
      Iraqi Prime Minister, Mustafa Al-Kazemi, during his meeting with the Special Representative of the World Bank Mission in Iraq, Ramzi Numan  May 12, 2020 03:35 PM Mubasher: The Iraqi Prime Minister, Mustafa Al-Kazemi, received today, Tuesday, the Special Representative of the World Bank Mission in Iraq, Ramzi Numan .
      Ways have been discussed to coordinate work between the Iraqi government and international institutions to overcome the economic crisis, according to a statement of the Information Office of the Prime Minister.
      Al-Kazemi also discussed with the Special Representative of the World Bank Mission in Iraq work to launch economic reform efforts, which would encourage investment and reconstruction, enhance the service reality, and provide job opportunities .
      The former Iraqi Minister of Planning, Nuri Sabah Al-Dulaimi, received on April 28 last , the representative of the World Bank in Iraq, Ramzi Numan, and his accompanying delegation.
      During the meeting, a number of issues of common concern were discussed, and ways of strengthening national efforts facing the emerging epidemic of the Corona Virus pandemic.
      Noaman affirmed that the World Bank is ready to provide possible support and restructure the loans granted to Iraq, in a way that contributes to protecting the vulnerable sectors of society.
    • By Butifldrm
      Analysis .. The world is approaching the fourth wave of debt
       February 09, 2020 03:07 PM
      Mubasher - Ahmed Shawky : Amidst the World Bank warning of a massive wave of debt escalating all over the world, it is not clear who will be affected the most.
      But if the countries most vulnerable to the brunt of the debt wave, from the UK to India, do not act soon, they may face severe economic damage, according to Kyushik Paseo, a former World Bank economist, through an analysis published by Project Syndicate.
      Over the past decade, the global economy has seen a steady accumulation of debt, now reaching 230 percent of global GDP, with the fact that the last three debt waves have caused a major economic recession around the world.
      The catastrophic past of debt
      The first debt wave was in the early 1980s, after 10 years of low borrowing costs that enabled governments to expand their balance sheets considerably, interest rates began to rise, making debt service increasingly unsustainable.
      Mexico was the first victim, as the US government and the International Monetary Fund were informed in 1982 that they could no longer pay their debts.
      This had a domino effect, as 16 Latin American countries and 11 least developed countries outside the region eventually rescheduled their debt.
      In the 1990s, interest rates were again low, raising global debt again.
      The crash came in 1997, when the fast-growing but financially vulnerable East Asian economies - including Indonesia, Malaysia, South Korea and Thailand - experienced a sharp slowdown in growth and their currency rates plunged, thus extending effects to all parts of the world.
      But emerging economies are not alone vulnerable to such meltdowns, as demonstrated by the 2008 US mortgage crisis.
      By the time everyone discovered what the mortgage crisis meant, American investment bank Lehman Brothers had collapsed, causing the worst crises and recessions since the Great Depression.
      The fourth wave of debt
      The World Bank recently warned that the fourth debt wave may exceed in its first three waves, as emerging economies whose debt-to-GDP ratio reached a record low of 170 percent are particularly vulnerable.
      As in previous cases, the debt crisis increases due to lower interest rates, while anxiety will start as soon as interest starts to rise.
      The reality is that the mechanisms of such crises are not well understood, but research conducted by "Stephen Morris" and "Mortar Song Shin" in 1998 about the mysterious origins of currency crises, and how they are transmitted to other economies, shows that a "financial tsunami" can make the situation go beyond a source the crisis.
      How the source of the financial crisis could fade has been illustrated in the delightful short story "Ranam Kurtva" by the famous Indian writer, Shibram Chakraborti.
      In this story, the desperate Chipram asks an old school friend, Harsha, to lend him 500 rupees ($ 7) on Wednesday with a promise to pay the deposit the following Saturday.
      But Chibram is wasting money, so when he comes on Saturday, he has no choice but to ask another school friend, Jopar, for a loan of 500 rupees, to pay it back next Wednesday.
      Chipram uses the money to pay off his debts to Harsha, but when he comes on Wednesday he has no way to pay off Jopar’s debt, so he reminds Harsha that he paid off his debts on time and therefore borrowed from him again.
      This becomes customary as Shibram repeatedly borrows from a friend to pay off his debts to the other, and Shibram then clashes with Harsha and Jobar one day.
      After a moment of anxiety, Chipram proposes an idea that every Wednesday Harsha should give “Jopar” 500 rupees, and every Saturday the latter must give the same amount to the first.
      Shepram assures his former friends at school that this will save him a lot of time and change nothing for them, and he will disappear in the crowds of the city "Kolkata" in India.
      The UK and India are a model of the crisis
      So who are the potential "Harsha" and "Jobar" in today's debt spree? According to the World Bank, they could be any country with domestic vulnerabilities, a large fiscal balance sheet, and a heavily indebted population.
      There are many countries that fit this description and run the risk of becoming the channel that carries the fourth debt wave of the global economy.
      Among the advanced economies, the UK is a clear candidate, and in 2019 Britain barely avoided recession, recording the weakest pace of growth in any period not seen since the 1945 recession.
      Britain's conservatives have also promised big increases in commercial investment, and this is unlikely, but instead it will be a debt wave.
      Among emerging economies, India is particularly vulnerable, as in the 1980s the Indian economy was somewhat protected, and consequently the debt wave had little impact at that time.
      At the time of the East Asia crisis in 1997, India had just begun to open up and thus experienced some slowdown in growth.
      By the time of the debt wave in 2008, the country had become globally integrated and severely affected, but its economy was strong and growing at almost 10 percent annually, and recovered within a year.
      But India’s economy today faces one of the deepest crises of the past 30 years, with growth slowing sharply and unemployment at the highest level in 45 years, almost no export growth over the past six years, and per capita consumption in the agricultural sector over the past five years.
      Add to this a highly polarized political environment, and therefore it is no wonder that investor confidence is rapidly declining.
      It is not too late for countries to build "walls" to protect against the debt tsunami, while while India's political problems will take time to resolve, the new budget may be an opportunity to take precautionary action.
      The fiscal deficit must be controlled in the medium term, but the government will be prudent in adopting an expansionary fiscal policy now, with funds directed to support infrastructure and investment, and if managed properly, could boost demand without increasing inflationary pressures and strengthening the economy in order to cope with the debt wave.تحليل-العالم-يقترب-من-الموجة-الرابعة-للديون/
  • Testing the Rocker Badge!

  • Live Exchange Rate

  • Create New...

Important Information

By using this site, you agree to our Terms of Use.