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Parliamentary Finance: The 2020 budget includes the exchange of the last payment of Kuwait's debts


yota691
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On 12/14/2019 at 11:41 PM, gregp said:


Doesn’t a rate increase have to be voted on and approved by parliament, AFTER the Prime Ministers cabinet approves it?
Without a government, there’s no budget approval, IMO, there’s no increase coming in January. We have a possible wait.......July at the earliest.....maybe. 

Thanks Yota. 

There are articles out there suggest the cabinet has already approved a bill to delete three zeros

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Detect Iraqi Central Bank Governor of the Bank during the coming period to cancel the zeros of the Iraqi currency in order to absorb the inflation of the Iraqi market as well as reducing the size of the Iraqi currency currently in circulation is an existing project will see the light in the coming days. 

 

after the completion of it, pointing out that there is an integrated study on the matter and in the final stages of discussions, the decision was taken and must be submitted to the relevant authorities for the purpose of legislation by the House of Representatives and the Council of Ministers. 

 

Dr. Shabibi in an exclusive interview with (the people) shall be published later that the removal of zeros from the Iraqi currency at the moment was inevitable and will contribute to facilitate the work of the government and Atathirat real current economic situation, stressing that it will be canceled three zeros from the current currency will be printed six to seven categories of a new Iraqi cash. 

 

Shabibi said that the central bank supervision and the role of Sergeant on the performance of all government and private banks and is also evaluating its performance on a regular basis which improves the performance of the banking system. 

 

And his view of the federal budget, which passed last week Shabibi noted that it’s budget ambition and budget execution properly is the one who will create some sort of supply and which will therefore reduce the rate of inflation happening in the country and not to influence the economic stability and needs to be an act of solidarity significant of all. 

 

And the size of the money presented by the Central Bank in the Iraqi market, said the governor that he was more than 150 dollars Mellon on a daily basis and are purchased by the government and private banks and is subject to constant monitoring and supervision by the Central Bank of Iraq. 

 

On the other hand denied Shabibi the existence of any negative economic impact on the spread of counterfeit currency in the local market in Iraq, noting that the issue of counterfeiting, was given a size bigger than true to size, explaining that the process of fraud are almost non-existent in the market and there was a fraud he is by people specific and does not affect the money supply in the domestic market in any way and that the bank has the financial capacity of the enormous and that through which it can influence a course of the domestic market, saying “We are preparing the largest player in the domestic market and control the course of events in economic terms, and I confirm that the currency issue false statements to the media is just to change my actual facts and not on the ground and have no real impact on real perspective. 

 

http://bit.ly/xKa7Yo

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Change the Iraqi currency and the expected effects 

الإثنين, 27 فبراير2012 Monday, February 27, 2012 

ذكاءمخلصالخالدي* Intelligent loyal Khalidi * 

 

أعلنمصدرفيالمصرفالمركزيالعراقيقبلأسابيعنيةالحكومةتغييرالعملةمنخلالحذفثلاثةأصفارمنالجانبالأيمنمنفئاتالعملةالحالية،أيتقسيمفئاتالعملةالحاليةعلىألف،وبذلكتصبحفئةالألفدينارالحالية،مثلاً،مساويةلدينارجديدوالخمسةآلافمساويةلـ50 ديناراًجديداًوالمئةألفمساويةلمئةدينارجديد. A source at the Central Bank of Iraq weeks before the government's intention to change the currency by deleting three zeros from the right side of the categories of the current currency, any division of denominations present on A, and thus become a category one thousand dinars, the current, for example, equal to the new dinars and the five thousand is equal to 50 new dinars and a thousand percent, equal to a hundred new dinars. 

 

وستُطرحالعملةالجديدةفي2013 وسيستغرقإحلالالعملةالجديدةمحلالحاليةسنتينتبطَلفينهايتهاالعملةالقديمة،لكنالمصارفستستمرفياستلامهالـ10 سنينبعدهالأغراضالتبديلوليسلأغراضالتداول. And will be the new currency in 2013 and the establishment of the new currency will take place of the current two-year void at the end of the old currency, but banks will continue to receive for 10 years after the switch for the purposes and not for circulation. 

 

وأضافالمصدرأنالقيمةالشرائيةللعملةالجديدةستظلمساويةللقيمةالشرائيةللعملةالحالية. The source added that the purchasing power of the new currency will remain equal to the value of the current purchasing power of currency. فالسلعةالتيقيمتهاألفدينارحالياًتصبحقيمتهابالعملةالجديدةديناراً،والتيقيمتهاالحاليةمليوندينارتصبحقيمتهاألفدينار،وهكذا. Valslah worth a thousand dinars, which now becomes the new dinars worth of currency, which the current value of becoming a million dinars worth a thousand dinars, and so on. 

 

وبسببأهميةالموضوعوسوءفهمالبعضلهإذثمةمنيعتقدأنفيالإمكانتحقيقأرباحمنشراءالدينارالعراقيالحاليوبيعهفيمابعد،يجبطرحسؤالين- الأول: ماهوهدفالحكومةمنهذاالتغيير؟Because of the importance of the topic and some people have a misunderstanding as there are those who believe that it is possible to make profits from the current Iraqi dinar buy and sell in the post, you should ask two questions - first: What is the government's goal of this change? والثاني: كيفستتمكنالحكومة،خصوصاًالسلطةالنقدية،منضمانالعلاقةالتعادليةبينالعملتينالحاليةوالجديدةلئلايؤديالتبديلإلىالإضراربأحد؟The second: How will the government, especially the monetary authority, to ensure the relationship between the two currencies offsetting existing and new so as not to cause harm to any of the switch? 

 

يمكنالقولفيإجابةعلىالسؤالالأولإنالدينارالعراقيكانحتىعام1981 مغطىجزئياًبالذهبوعملاتأجنبية(70 فيالمئة)،وجزئياًبأذوناتالخزينةالعراقيةإذكانالعراقيطبقبقايانظامقاعدةالذهب. It can be said in answer to the first question that the Iraqi dinar was until 1981 partly covered with gold and foreign currencies (70 percent), and partly because the Iraqi treasury permissions Iraq was applied to the vestiges of the gold standard. ولأجلالمحافظةعلىالغطاء،ظلتالحكوماتالمتعاقبةتربطسياستهاالمالية،خصوصاًالإنفاقالجاريوالإنفاقالاستثماريفيحالةميزانالمدفوعات،أيبمقدارعائداتالعراقمنالموجوداتالأجنبية،خصوصاًعائداتتصديرالنفط،باحتياطالذهب. In order to maintain the cover, successive governments have continued to link fiscal policy, especially current expenditure and investment expenditure in the case of balance of payments, an increase of the revenues from Iraqi foreign assets, especially oil export revenues, reserves of gold. 

 

ولإنجاحذلكالربططبِّقتقيودإداريةعلىالتحويلالخارجيبشقيه،تجارةالسلعوالخدمات،وحركةرأسالمال،وطبِّقتسياساتنقديةوماليةمحافظة. The success of this linkage applied administrative restrictions on foreign exchange, both, trade in goods and services, and capital movement, and applied monetary and fiscal policies of the province. وظلالدينارالعراقينتيجةلذلكمحافظاًعلىاستقرارهوعلىسعرصرفهالرسميالبالغ3.2 دولارللدينار. Iraqi dinar remained a result, maintaining a stable exchange rate and the official of $ 3.2 of the dinar. وكانالدينارالعراقييتمتعباعتباركبيركمخزنللقيمةداخلالعراقوفيالأسواقالخارجية،خصوصاًأسواقالدولالمجاورة. The Iraqi dinar has as large a store of value inside Iraq and in foreign markets, especially markets of neighboring countries. لكنبعدتلاشياحتياطاتالعراقالضخمةمنالعملةالأجنبيةبعدنشوبالحربالعراقية-الإيرانيةوبتأثيرمننفقاتالحربالباهظة،تركتالحكومةالعملبقانونالعملةوبدأتتنفقمندونقيودكمية،الأمرالذيأدىإلىانخفاضمتواصلفيسعرصرفالدينارالعراقيوفيقيمتهالشرائية. But after the disappearance of Iraq's vast reserves of foreign currency after the outbreak of the Iraq war - Iran and the impact of the high costs of the war, the government left the labor law of the currency and started to spend without quantitative restrictions, which led to a continuing decline in the Iraqi dinar exchange rate in the value of purchasing power. 

 

وزادالحصارالاقتصاديالذيفرِضعلىالعراقفي1990 الأمرسوءاً. And increased economic blockade imposed on Iraq in 1990 it worse. وعلىرغمتمسكالحكومةالعراقيةبسعرالصرفالرسميالبالغ3.2 دولارللدينارفيالتعاملاتالرسمية،أبرزتالتطوراتسعراًآخرللدينارهوسعرالسوقالسوداءالذييتحددبقوىالعرضوالطلب،ووصلهذاالسعرإلىثلاثةآلافدينارللدولار. Despite the government's adherence to the Iraqi official exchange rate of $ 3.2 of the dinar in official dealings, highlighted the developments of the last price is the price of dinars on the black market, which is determined by the forces of supply and demand, and reached the price of three thousand dinars to the dollar. وبعداحتلالالعراقورفعالحظرعنصادراتالنفطوعناحتياطاتالبلادفيالخارج،ولجوءالمصرفالمركزيالعراقيإلىتنظيممزاداتيوميةلبيعالعملةللمصارف،ارتفعتقيمةالدينارالعراقيمنثلاثةآلافدينارللدولارإلىنحو1125 ديناراًحالياً. After the occupation of Iraq and the lifting of the ban on exports of oil reserves of the country and abroad, and turning to the Iraqi Central Bank to regulate the daily auctions for the sale of currency for the banks, the value of Iraqi dinar than three thousand dinars to the dollar to about 1125 dinars now. 

 

أفقدتالحربالعراقية- الإيرانيةوالحصارالاقتصاديبعدهاالدينارالعراقيكثيراًمناعتبارهكمخزنللقيمةوكواسطةللتداول،ماتسببفيتحولمعظمالمعاملاتإلىالدولار. Deprived the Iraq war - the economic blockade of Iran and the Iraqi dinar after a lot of consideration as a store of value and medium of the circulation, causing the transformation of most of the transactions to the dollar. وبذلكحصلتدولرةالاقتصادالعراقي. And thus the dollarization of the economy got in Iraq. وسيكونأولتأثيرلقرارتغييرالعملةإعادةالاعتبارإلىالديناروفسحالمجاللكلفئاتالعملةبمافيهاالصغيرةلتجدطريقهاثانيةإلىالتداولوكذلكلإنهاءدولرةالاقتصادالعراقيوالعودةإلىالتعاملبالدينارفقط. It will be the first impact of the decision to change the currency to the rehabilitation of the dinar and make way for all denominations, including small to find its way back to trading as well as to end the dollarization of the economy and return to the Iraqi dinar to deal only. 

 

أمابالنسبةإلىالسؤالالثانيوهوالأهم،فلضمانالعلاقةالتعادليةبينالعملتينالحاليةوالجديدة،تحتاجالسلطةالنقديةإلىإصدارتعليماتتنصعلىالآتي: As for your second question, and most importantly, Vldman offsetting the relationship between the two currencies existing and new, you need the monetary authority to issue instructions provided on the following: 

 

تقسَمنفقاتالحكومةالعراقيةومنضمنهارواتبالموظفينعلىألفأيضاً. Divided the Iraqi government expenses, including salaries of staff at A as well. فالموظفالذييستلمحالياً1.5 مليوندينارعراقييصبحراتبه1500 دينارجديد،وتقسمأسعاركلالسلعوالخدماتعلىألفأيضاً،فتصبحالسلعةالتيقيمتهاحالياًألفدينارمساويةلديناروتفرَضرقابةعلىالتنفيذ. The civil servant who receives currently 1.5 million dinars become a new salary of 1500 dinars, divided the prices of goods and services on A as well, becomes a commodity that is worth a thousand dinars and the dinars, equal to the censoring effect. 

 

وتقسَمالديونالقائمةعلىالأفرادوالحكومةوالشركاتوالقطاعالمصرفيعلىألفأيضاً،فالشخصالذيبذمتهللمصرفمليوندينارحالييصبحبذمتهألفدينارجديد. And divide the existing debt on individuals and the government, companies and the banking sector A as well, the person that his trust to the bank becomes a current million dinars his trust again. وتأخذكلالمحاكموالجهاتالقضائيةبهذاالتقسيمعنداستلامهالشكاوىمعينة. And take all the courts and judicial authorities in this division, upon receipt of specific complaints. أماإذاكانالدَّينبالدولارفيستمرالإيفاءبهبالدولار. But if the dollar of the debt shall continue to fulfill it to the dollar. وكذلكتقسَمودائعالمصارفعلىألف. As well as bank deposits are divided over a thousand. 

 

لكنالسلطةالنقديةستظلتواجهالمهمةالأصعبوهيتحديدسعرصرفالدينارالعراقي. But the monetary authority will continue to face more difficult task is to determine the exchange rate of the Iraqi dinar. فهلستلجأإلىتثبيتهتجاهالدولارأوسلةمنالعملاتأوتتبعأسلوبالتعويمالمنظمأيتتركه،كماهوالوضعحالياً،يتحددحسبقوىالعرضوالطلبمنضمنهامشمقبولتتدخلالسلطةللمحافظةعليه. Will resort to install it to the dollar or a basket of currencies or managed float method of tracking any leave, as is currently the case, is determined by the forces of supply and demand within the margin of acceptable power to intervene to maintain. ويعتبَرالخيارالأنسببالنسبةإلىظروفالعراقكبلدنامٍهوتثبيتسعرالصرفسواءتجاهالدولارأوتجاهسلةمنالعملات،واختيارسعرالصرفالمناسبلأنسعرالصرفالرسميالسابق3.2 دولارللديناركانأصلاًمبالغاًفيهويجباختيارسعرصرفأقلوقديكونالسعرالذيوصلهالدينارتجاهالدولارحالياًبعدتقسيمهعلىألفليصبح1.125 دولارللدينارسعراًمناسباً. The most appropriate option for the conditions in Iraq as a developing country is to stabilize the exchange rate, both against the dollar or to a basket of currencies, and choosing the appropriate exchange rate because the official exchange rate of the previous $ 3.2 of the dinar was originally overstated and should be chosen exchange rate less may be the price at which the link dinar against Currently the dollar after dividing it into a thousand dollars to 1.125 dinars a good price. 

 

* كاتبةمتخصصةفيالشؤونالاقتصادية- بيروت* Writer specializing in economic affairs - Beirut

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CBI: [Denies] the news is true for the deletion of zeros from the currency in next MayPosted: February 21, 2012 

 

21/02/2012 PM – 3:18 PM | Hits: 24 

 

Denied the deputy governor of the Central Bank of the appearance of Mohammed Saleh, the central bank measures to remove zeros from the currency in the month of May next. 

 

He said in a press statement that “what appeared in the media about the start of procedures to delete the zeros in the month of next May, is unfounded,” noting that such a move begins with the beginning of the new fiscal year and not in the middle of it. 

 

Saleh continued, “the central bank will, starting from tomorrow new measures provide for the banks interest rate on the price of foreign currency to the sale of not more than 10 dinars, because the central bank sold dollars to banks at 1179 dinars, and should not be selling them to citizens more than the price of 1189 dinar

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Iraqi Central intensify its efforts to delete the zeros of the Iraqi currency

Tuesday, 13/03/2012 10:11 

 

BAGHDAD – ASHA: the Iraqi Central Bank continues to work on the project to delete the zeros of the Iraqi currency. 

 

The bank adviser said the appearance of Mohammed Saleh – in a statement to Radio Sawa on Tuesday – “The Committee is tasked with developing the project to delete blocks of zeros of the Iraqi currency in the process of completing its work,” noting that the project will be launched early next year. 

 

He noted the benefit to the new currency that contained the categories of paper and metal, stressing the importance of the project to delete zeros in facilitating financial transactions, and pointed out that government banks are the only outlet for the process of replacing the currency that will continue over two years. 

 

It is noteworthy that Article 36 of the Law on Central Bank of Iraq gives him the right to replace the currency 

 

And adjusted according to the list of control governing the work of the new currency. 

 

 

 

Translation 2: 

 

CBI intensify efforts to delete the zeros of the Iraqi currency

Tuesday 2012/3/13 10: 11 am 

 

Baghdad-a u a: continue to the Central Bank of Iraq project delete zeros of the Iraqi currency. 

 

The Bank adviser said the appearance of Mohamed Saleh. in a statement to radio (Sawa) Tuesday. “the Committee charged with establishing the building blocks 

 

 

of zeros from the currency project deleted in the process of completing its work in Iraq,” he said, adding that the project will be launched early next year. 

 

He fit that new currency contained metal kite categories, stressing the importance of the draft delete zeros in facilitating financial transactions, said State banks 

 

 

were the only port for the replacement of currency that will continue for two years. 

 

Recalls that article 36 of the law on the Central Bank of Iraq granted right to replace currency And modify in accordance with regulations governing the work of the 

 

 

new currency controls. 

 

http://bit.ly/ycX6qF

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Nujaifi confirms the Parliament’s support to the Central Bank for the control of the exchange rate

2013-07-17
 
 
 
image.png
 
Alsumaria News

 

Speaker of the House of Representatives Osama al-Nujaifi on Wednesday confirmed the support of the parliament to the Central Bank in order to strengthen the cash balance and control of the exchange rate. He also called for a meeting with the debt committee to discuss and discuss mechanisms to deal with debt issues after lifting US protection on Iraqi funds.
The Speaker of the House of Representatives Osama Najafi, on Wednesday, supported the parliament to the Central Bank to strengthen the cash balance and control of the exchange rate, while called for a meeting with the Committee on indebtedness to study and discuss the mechanisms used in dealing with debt issues after the lifting of US protection on Iraqi funds .

Nujaifi said in a statement issued today, on the sidelines of his meeting with the Governor of the Central Bank Abdul Basit Turki, and received “Alsumaria News”, a copy of it, “The House of Representatives supports the Central Bank and its current administration in order to strengthen the cash balance and control of the exchange rate in the interest of the Iraqi citizen” .

Nujaifi stressed the need to “complete the procedures to develop the work of the bank, especially in the field of electronic connectivity with banks and other regulatory bodies such as customs and taxes,” calling for “a meeting with the Committee of indebtedness, chaired by Deputy Prime Minister for Economic Affairs Rose Nuri Shaways and membership of the Minister of Oil, Justice and Finance And the President of the Office of Financial Supervision, to study and discuss the mechanisms used in dealing with debt issues after the lifting of US protection on Iraqi funds.

On February 20, 2012, the Parliamentary Economic Committee announced its full support for the measures taken by the Central Bank of Iraq to support the exchange rate of the dinar and the sale of the dollar in the auction, as well as the planned deletion of three zeros from the local currency, while the central bank confirmed that monetary policy completely controlled and Enough cover for the local currency, expected to increase dealing with the Iraqi dinar, which necessitates the need to delete zeros from it.

The Central Bank of Iraq was established as an independent bank under its law of March 6, 2004 as an independent body. It is responsible for maintaining price stability and implementing monetary policy, including exchange rate policies, and daily sessions for the sale and purchase of foreign currencies except on Friday.

 
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11 hours ago, screwball said:

DELETE THE ZEROS:

 

.....such a move begins with the beginning of the new fiscal year and not in the middle of it. 

 

 

 

Thanks for this article, Screwball.  😊

At least we know if it doesn't happen in January/February, we can relax until the following year.

 

Edited by Floridian
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22-12-2019 02:39 PM
image.php?token=e1b1f1374c7b3e0b01073e17236c25b3&c=5612787&size=
 


 

Baghdad - news

The British Independent newspaper revealed today, Sunday, a way to pass the 2020 budget in Iraq, noting that it is fraught with risks.

The newspaper, quoting informed political sources, said, "There is a possibility to send the budget bill to parliament if the date of its preparation is old and before the government submits its resignation last November 28th."

The sources added, "This step is considered risky, especially if it includes the passing of financial agreements between the blocs and the Iraqi parties and was subsequently appealed to the Federal Court."

According to a member of the Parliamentary Finance Committee, MP Ahmad Hama, the budget will reach the parliament soon despite the prime minister’s assurance that he is unable to do so, stressing that “the caretaker government is not able to send the budget, but the current government is able to send it based on The letter of acceptance of the government's resignation indicates the formation of committees and the sending of the budget to Parliament.

The positions of the political blocs differ from the proposed draft of the general budget, especially with regard to the share of the Kurdistan region, where the Arab blocs refuse to allocate 17 percent to the region after he refused to implement an agreement last year to deliver Baghdad 250 thousand barrels per day of Kurdish provinces oil in exchange for the inclusion of the region's employees in the federal budget .

However, Kurdish leaders spoke last month about a new agreement with Abdul Mahdi on the budget, and confirmed that the delegation of the Kurdistan Regional Government to negotiate with Baghdad was able to conduct successful negotiations on the region's share of the Iraqi budget, and 15 paragraphs of the sovereign budget were canceled, thereby increasing the region’s budget Kurdistan, and Iraq will pay the expenses of transporting 250 thousand barrels of oil that the region will deliver to Iraq. As for the region, it will pay the dues of the National Oil Company "Sumo".

On the other hand, the southern oil-producing provinces refuse to implement any agreement with the Kurdish side that does not include holding Erbil accountable for the oil it was exporting without Baghdad’s approval and its failure to implement previous agreements.

The deputy of Basra Governorate, Mansour Al-Baiji, believes that the outgoing Prime Minister "favored" the Kurdistan Regional Government a lot by giving a budget to the region and paying the money during his reign, noting that "if the Kurdistan Regional Government is sincere with the central government, then it must wait until the prime minister is chosen." A new agreement is reached with him on all oil and financial matters in order to guarantee the rights of all our provinces. "

And the expected deficit in the draft budget law for the next year is very large and may reach 70 trillion Iraqi dinars (more than 50 billion dollars), according to the copies published by the government, and the matter may be worse if oil prices fall below 60 dollars per barrel. And if investment projects are halted because exchange is limited to salaries, the Iraqi economy will be severely affected.

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  • yota691 changed the title to Al-Hadithi: The government cannot send the draft budget to Parliament

Al-Hadithi: The government cannot send the draft budget to Parliament

 

 

Baghdad / Al-Sabah
 

The Parliamentary Finance Committee warned of the repercussions of delaying the arrival of the draft budget budget to the House of Representatives, on some issues such as grants, aids and job grades, while a spokesman for the Information Office of the Prime Minister Saad Al-Hadithi stressed that the current government cannot send the project after it has turned to conducting matters Daily. 

Committee member Hanin Qaddo said, in a statement to the Iraqi News Agency «conscious»: «The issues that do not have financial consequences will be implemented, as for grants, aid and job grades, and all that have financial consequences, it cannot be decided before there are financial allocations in the budget 2020 ”, indicating that“ as long as the budget materials for 2020 have not arrived yet, it will be late to decide on issues related to grants, aid, health care and others. ”  

He added that «delaying the budget law will have major repercussions, due to the existence of obligations, related to social security, health care, public retirement and many important joints and laws affecting citizens.»
In turn, Member of the Committee MP Ahmed Hama Rashid, in a press statement, pointed out that «the cabinet has not yet sent the 2020 budget because it is based on Article 42 in the council and it states that the caretaker government cannot send the budget bill to the House of Representatives».
Rashid added that, “In case the budget is not passed, the Financial Management and Public Debt Law will be resorted to, or the new government will be forced into the twelfth budget, which is spending one on 12 of the actual expenditures of the previous year and considering the previous data the same,” explaining that “financial matters in Iraq "You are not in danger of having a legal cover for the continued actual expenditures of the state."
For his part, the spokesperson for the media office of Prime Minister Saad Al-Hadithi said in a statement to the Iraqi News Agency (INA) that "the draft budget law is ready in the cabinet, but the current government cannot send it after it has turned into a government that carries out daily matters."
Hadithi had indicated, earlier, that the current government is practicing the conduct of daily affairs until the formation of the new government and granting it confidence in Parliament, and that sending bills to the House of Representatives and concluding agreements and treaties are two powers that the government can no longer exercise since its transformation To a caretaker government every day.
On the abrogation of their contracts, the representative of the Construction Alliance, Abbas Yaber, said in a press statement that "the 2019 budget allowed the way for the abolition of their contracts and there were times for the Ministries of Defense and Interior, and as a result of which many of the abolished contracts returned to work in the two ministries."
He added that "the financial allocations for their abolished contracts for the current month are available, and all abolished contracts presuppose their going to their units in order to officially return, in addition to that who has a 15-year service has the right to refer to retirement without returning to their units."
And Yaber explained that "the law included the return of all classes of the armed forces and the popular crowd as part of these forces," pointing out that "it is likely that there are no canceled allocations for their contracts within the budget for next year, unlike this year, where there is a current opportunity to return them to service, and the option will remain The next government to include abolished contracts in the budget or not.
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Parliamentary Finance: The government approved the price of $ 56 a barrel of oil in the budget for 2020

17:39 - 24/12/2019
 
  
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Information / private ...

The Parliamentary Finance Committee confirmed, on Tuesday, that the Council of Ministers approved the price of $ 56 per barrel of oil within the draft federal budget law for 2020, while indicating that the price of selling oil may rise after discussion in Parliament.

Committee member Hanin Qaddo said in a statement to "Information", that "the cabinet approved the price of $ 56 per barrel of oil within the draft federal budget law for 2020," noting that "the government has not yet sent the federal budget items to the House of Representatives."

He added that "the House of Representatives may raise the selling price of a barrel of oil to more than 60 dollars after discussing the budget that will be sent to it," noting that "raising and lowering the price of selling oil depends on international oil prices and the size of the fiscal deficit in the budget."

The Parliamentary Finance Committee confirmed, earlier, that the dispatch of the Council of Ministers to the Federal Budget Bill for 2020 is dependent on naming the new Prime Minister. It ended 25 T.

https://www.almaalomah.com/2019/12/24/445651/

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  • yota691 changed the title to Parliamentary Finance: The government approved the price of $ 56 a barrel of oil in the budget for 2020
 
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The decision of the Parliamentary Finance Committee, Ahmed Al-Saffar, confirmed on Wednesday that the expected deficit in the budget for next year will reach 48 trillion dinars, making it the "largest in the history" of Iraqi budgets, ruling out the possibility of sending the current government to the budget as a caretaker government.

Al-Saffar said in an interview with Alsumaria News, "The information that we obtained about the draft budget next year, as it did not officially reach the House of Representatives, indicated that the deficit in it will be great", explaining that "the deficit may reach 48 trillion dinars, which is greater A deficit in the history of the Iraqi budgets, which is a planned and not actual deficit.
 

Al-Saffar added, “The deficit can be covered through revenue from abundance, taxes or other revenues.” He pointed out that “external borrowing has been stopped since the budget of 2019 because we feel the risk of increasing the debt and reliance on internal loans, which is what we expect to continue through the budget of the year.” Next. "

He continued, "The public expenditures and the package of reforms launched by the head of the resigned government, Adel Abdel Mahdi, the increase in job grades, the amounts allocated to social nationals, and the return of the dismissed were all matters that caused the increase in expenditures and deficits in the next budget," ruling out "the possibility of sending the current government to the budget as a caretaker government It has no authority to send the budget. "
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Parliamentary Finance: The budget deficit delayed its arrival in Parliament
 
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Deputy Haitham al-Jubouri
  http://economy-news.net/content.php?id=18639

 money and business


Economy News - Baghdad

The Parliamentary Finance Committee confirmed on Thursday that the deficit in the public budget was the last time it reached Parliament.

The head of the committee, Haitham al-Jubouri, said, "The general budget for the next year is still with the government and it has not been sent to parliament because of the financial deficit," according to the official news agency, Waa '.

He revealed, "The budget deficit reached 25 trillion dinars."

He added, "The government cannot send the budget without covering this deficit," noting that "Parliament and the people are putting pressure on the government to find a solution in covering the fiscal deficit and sending the budget as soon as possible to the parliament dome."

The spokesman for the media office of Prime Minister Saad Al-Hadithi confirmed, on Saturday, that the government of managing daily affairs could not send the general budget bill for fiscal year 2020 to the parliament.

Al-Hadithi said, "The budget bill is ready in the cabinet, but the current government cannot send it after it has been turned into a daily caretaker government."


Number of views 128   Posted on 12/26/2019

 
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Head of the Parliamentary Finance Committee, Haitham Al-Jubouri, confirmed on Saturday that the deficit in the next year's budget amounts to 48 trillion dinars, which is a realistic and unfunded deficit, noting that the budget cannot be passed if the financing issue of the deficit is not addressed.

Al-Jubouri said in an interview with Alsumaria News, "The amendment of the financial administration for which the reading has been completed, is aimed at recycling the amounts allocated to the governorates in the next budget to be a mechanism and a rule followed by all upcoming budgets in order to continue providing services in case the budget is not approved for any reason."
 
 


Al-Jubouri pointed out that "the budget for the next year up to the moment suffers from a very large deficit of 48 trillion dinars," proceeding to the saying: "We do not have a cover to finance all deficits."

He explained, "25 trillion dinars of the deficit can be addressed, but the other 23 trillion do not have any money to cover it and this is the problem that caused the government not to send the budget to Parliament," adding that "the deficit is a realistic and unfunded deficit and in the absence of thinking about the sources of funding, do not think We can pass the budget like this. "



The decision of the Parliamentary Finance Committee, Ahmed Al-Saffar stressed, last Wednesday, that the expected deficit in the budget for next year will reach 48 trillion dinars, making it the "largest in the history" of Iraqi budgets , ruling out the possibility of sending the current government to the budget as a caretaker government.

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  • yota691 changed the title to $ 56 a barrel of oil in the 2020 budget
 
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Oil refinery
  

 energy


Economy News - Baghdad

The reform decisions taken by the resigned Iraqi government headed by Adel Abdul Mahdi led to an increase in financial expenditures in the budget for the year 2020 to more than 10 trillion dinars in the next year's budget due to the employment of thousands and the referral of a large number of employees to retire and others, as the financial deficit reached 48 trillion after Increase the price of oil in the budget from $ 53 to $ 56.

And the transfer of the "Iraqi 24 " website from sources he described as "well-informed" in the Ministry of Finance and the Parliamentary Finance Committee, "The general conditions in Iraq contributed to the delay in sending the draft budget law, due to the reform decisions of the resigned Iraqi government, which led to increased financial expenditures of more than 10 trillion dinars." Noting that "the planned deficit is still in violation of the Financial Management Law, which occurred in the fourth paragraph of Article Six, that the planned financial deficit does not exceed 3% of the gross domestic product."

She emphasized that the planned financial deficit in the budget for next year reached 19% of the gross domestic product, which currently stands at 48 trillion dinars, while the gross domestic product amounts to 253 trillion dinars, "indicating that" the Iraq crisis is long and the Minister of Finance or his representative will resort to issuing uncles For ministries and state departments, the disbursement includes 1/12 or less of the total actual expenditures of current expenditures for the previous fiscal year after excluding non-recurring expenditures on a monthly basis and until the approval of the federal public budget in accordance with Article 13 of the Financial Management Law.

 The informed sources noted that "the interest of the Kurds is represented in the failure to approve the next financial budget bill because the Finance Ministry continues to transfer funds to the Kurdistan region, which amounts to 455 billion dinars per month as a result of the majority of deputies refusing to pass the agreement concluded by the resigned government with Erbil."

 On the other hand, a member of the Finance Committee, Naji Al-Saeedi, said that the draft budget budget for the year 2020 is still with the Council of Ministers, to reduce the fiscal deficit, by raising oil prices, pressure on financial expenditures, and increasing revenues, "noting that" the planned financial deficit at the beginning of a project The budget was 81 trillion dinars and now it reached 48 trillion dinars. ”Al-Saeedi added that the price of oil in the budget rose from $ 53 to $ 56, noting that“ the resigned government failed to find new financial revenues or work from the extent of corruption in the customs that will provide the state 8 trillion dinars annually.

 A member of the Finance Committee mentioned the share of the Kurdistan region in the next budget is 12.7%, "excluding the implementation of the agreement concluded between Baghdad and Erbil in the budget for the next year, noting that Iraq will pay the amount of 18 trillion dinars in debt dues and benefits to international organizations and countries with a budget next year."


Views 34   added date 29/12/2019

 
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Document .. The Iraqi Finance issued a circular, which suspended the financial exchange, appointments and bonuses

 

 12/30 2019 03:27:23

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Shafaq News / The Iraqi Ministry of Finance issued a circular of four points, the most prominent of which is the suspension of appointments, transfers and bonuses until the Federal Budget Budget Law for 2020 is enacted.

This, and the spokesman for the current caretaker government, Saad Al-Hadithi, had announced earlier that it was not possible to send the government a budget bill to parliament with the aim of legislating for the government to lose its powers.

The circular provides for: stopping financial exchange, stopping appointments until the budget law is passed, stopping the transfer of employees between ministries.

The fourth point stated, stopping the procedure for granting bonuses and promotions, stopping the calculation of the term of political separation, the legal service, the contract service, the journalist service, and the jihadist service.

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https://www.shafaaq.com/ar/اقتصـاد/وثيقة-المالية-العراقية-تصدر-تعميما-اوقفت-به-الصرف-المالي-والتعيينات-والعلاوات/

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Editing Date: 12/30/2019 12:52 • 357 times read
Parliamentary Legal: We may resort to the 2014 option in spending the next year's budget
{Baghdad: Al Furat News} The Parliamentary Legal Committee confirmed today, Monday, the existence of legal treatment regarding the delay in the Federal Financial Budget Law for 2020.
Committee member Hussein Al-Aqabi said in a press statement, “The committee has legal treatment, which is the previous financial management law that we previously resorted to in the year 2014, when spending is done on the budget law for 2019 at a rate of 1 to 12,” noting that “the law allows The government may send any bill, and the last say remains with the parliament. "
He added, "The internal system in the cabinet allowed the government to send some draft laws that do not have technical and legal problems," noting that "the general budget expresses the general policy of the executive authority in the management of the state and cannot be technically and legally for the government to send."
Al-Uqabi stressed that "the current government is a caretaker government and parliament cannot set a budget, and there is no permanent government with full powers that can implement this financial policy of the state."
The Parliamentary Finance Committee confirmed last Thursday that the deficit in the public budget was the last time it reached Parliament.
The head of the committee, Haitham Al-Jubouri, said in a press statement that "the general budget for the next year is still with the government and it has not been sent to Parliament because of the financial deficit," noting that "the fiscal deficit in the budget amounted to 25 billion dinars."
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A political source revealed that the parliament is facing a major problem and embarrassment due to career slack and a budget deficit, while noting that political blocs do not want to pass the budget now.

The source said in a statement, followed by Alsumaria News, that "several ministries are living in an unprecedented situation of inflation in the number of employees, many of whom are without work to perform, especially the ministries of electricity and oil, in addition to the ministries of defense and the interior, and the Popular Mobilization Authority , where the three institutions witnessed the return of about a quarter of a million Someone who abrogated their contracts in less than a month. "
 
 
 
He added that "the political forces in Parliament entered a major problem and embarrassment. If they eliminate jobs, they will face the street, and if you leave them, this means that there are billions of dollars added to the budget unnecessarily or without production reward," noting that "it was better to build factories or return Life is better to factories and put youths in it than to crowd them with ministries that are already redundant employees. "
 
He stressed that "political blocs also do not want to pass the budget now, because there are huge problems in it."
 
 
The Parliamentary Finance Committee revealed, on December 16th, that the budget deficit of 2020 exceeds 48 trillion dinars, indicating that operating expenses have begun to expand at the expense of investment.
 
It is noteworthy that the approval of the federal budget for Iraq is often delayed due to the many discussions and amendments that occur to it by the House of Representatives and re-sent to the Council of Ministers to take this amendment.
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Ministry of Finance logo «Economy News»
  

 money and business


Economy News - Baghdad

The Ministry of Finance issued a decision to suspend employment in the public sector until the budget for the year 2020 is approved .

A document published on a number of media outlets, viewed by Al-Iqtisad News, said, “Stopping appointments to permanent owners or appointing them as contract or daily wages in all ministries and entities not affiliated with the Ministry and the governorates as of December 31, 2019 to the end of the current fiscal year, and to consider In it after the legislation of the Federal General Budget Law for the year 2020 in light of the texts that will be received according to the aforementioned law.

The document also included stopping the transfer of employee services between ministries and entities not affiliated with a ministry or between its affiliates, whether centrally funded or self-financed, or the transfer of services from public companies and self-funded departments and directorates to centrally funded departments and as of December 31, 2019 to the end of the current fiscal year .

The document stressed the suspension of the procedure for granting bonuses and promotions to employees of their affiliated formations, and stopping the calculation of the political separation, the legal service, the contract service, the press service, and the jihad service until the federal public budget law for the year 2020 is enacted .


Number of views 35   Date added 31/12/2019

 
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Finance decided to stop employment in the public sector until the budget for next year
 
7386.jpg
Ministry of Finance logo «Economy News»
  http://economy-news.net/content.php?id=18666

 money and business


Economy News - Baghdad

The Ministry of Finance issued a decision to suspend employment in the public sector until the budget for the year 2020 is approved .

A document published on a number of media outlets, viewed by Al-Iqtisad News, said, “Stopping appointments to permanent owners or appointing them as contract or daily wages in all ministries and entities not affiliated with the Ministry and the governorates as of December 31, 2019 to the end of the current fiscal year, and to consider In it after the legislation of the Federal General Budget Law for the year 2020 in light of the texts that will be received according to the aforementioned law.

The document also included stopping the transfer of employee services between ministries and entities not affiliated with a ministry or between its affiliates, whether centrally funded or self-financed, or the transfer of services from public companies and self-funded departments and directorates to centrally funded departments and as of December 31, 2019 to the end of the current fiscal year .

The document stressed the suspension of the procedure for granting bonuses and promotions to employees of their affiliated formations, and stopping the calculation of the political separation, the legal service, the contract service, the press service, and the jihad service until the federal public budget law for the year 2020 is enacted .

 
 
Number of views 100   Date added 31/12/2019
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Slouch career and budget deficit .. Parliament faces a major problem and embarrassment

 

Synonyms for Slouch - Laggard, Loafer & Sluggard 

Nouns for Slouch - an Awkward, Clumsy, or Slovenly Person.

 

I think U folks know where I'm GOIng with this. ;)

 

Praying :praying:this shiite storm over there can be sorted out to make this a most unforgettable and extraordinary Very Happy New Year for us ALL !

:crossedfingers:

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  • yota691 changed the title to Parliamentary Finance: The 2020 budget includes the exchange of the last payment of Kuwait's debts
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