Al-Tamimi: The government completed the budget before it resigned, and we do not know why it was not sent

[screwball]

On 2/4/2020 at 3:43 PM, mr.unlikely said:

An expansion of exchange? So the budget needs to restore, prepare it in the exchange doors....

WTF? Is Sales saying that they are planning on expanding the exchange rate? Maybe that what is keeping these thieving btards from releasing the budget! God I hope that's the case and at some point in the near future we actually get to see these knuckle dragging, booger eating morons raise the rate. 

 

All I can say is get your ducks in a row

[6ly410]

NO TRUTH TO RUMORS THAT BUDGET TRANSFERS FROM BAGHDAD SUSPENDED: HADAD

Deputy Speaker of Iraqi Parliament Bashir Hadad (File)

7 Hours ago 

http://nrttv.com/En/News.aspx?id=19626&MapID=1

 

SULAIMANI — Deputy Speaker of the Council of Representatives Bashir Hadad said on Tuesday (February 18) that the federal government will continue to send the Kurdistan Region’s budget share, tamping down on rumors that salary transfers had been suspended.

“We assure the people and employees in Kurdistan Region that there is no danger concerning their salaries,” Hadad said in a statement.

“The Kurdistan Region’s budget share will continue to be sent by Baghdad in accordance with the 2019 budget law and, when the 2020 budget law comes to the Council of Representatives, we will try to the increase the Region’s share,” he added.

Hadad said that the rumors were an effort “to install fear in the hearts of the citizens” and that federal government had the funding to continue to make payments despite the ongoing political crisis in Baghdad.

(NRT Digital Media)

[DWS112]

Economists warn of recession because the draft budget for 2020 is not approved

02/23/2020

 

Economists feared the repetition of the 2014 experience by making Iraq without a financial budget, as a result of the political tension resulting from the ongoing protests since last October, which led to the resignation of the government headed by Adel Abdul-Mahdi and its transformation into a caretaker government that is not authorized to send the draft budget budget to Parliament .

The current year’s budget (according to the government’s proposed project) is 162 trillion dinars (135 billion dollars), with a planned financial deficit of 48 trillion dinars (40 billion dollars), including three trillion dinars (2.5 billion dollars) to implement the projects agreed with China .

The government was late in sending the draft budget to include the reform decisions that cost the country more than ten trillion dinars ($ 8.3 billion ).

And the financial advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, warned of the dangers of not approving the draft budget this year and entering Iraq into a depression six months from now .

Saleh said that public spending in Iraq constitutes about 45% of the gross domestic product, and that this spending and its high composition through a planned annual budget have wide positive effects on achieving the real planned growth rates in the national product itself and in particular the use of the main production forces .

He pointed out that the delay in approving the budget means a delay in the completion of new investment projects covered by the allocations of the federal budget 2020, and it will give a negative signal to investors in the private sector to start their investments .

Saleh added that stopping the approval of the budget and the failure of the planned or new investment spending will lead to increased unemployment rates and high poverty rates due to the annual growth of the population and the workforce that aspires to work, and thus will interfere with many interconnected and dependent interests on investment spending, especially the new government that ultimately leads To stagnation .

He added that the continuation of the recession for more than six months leads inevitably to the recession, which means that the economic losses will widen for the joints of the economy on a large scale, and this is what must be avoided .

Meanwhile, member of the Parliamentary Finance Committee, Ahmed Hama, said that the financial budget for Iraq is now spent according to the "12/1" mechanism, which means spending on salaries only, and this will harm the country's economy because it will disrupt development, noting that the resigned government was late in sending the bill to Parliament because of the high deficit .

He added that the new government takes several days to send the draft law to parliament, and the project also needs to be read and approved in parliament for some time, so we may exceed the first quarter of this year without a budget . 👈

He noted that Iraq will not be able to implement the Chinese agreement, because its provisions are part of the budget and need to be approved by Parliament .

For his part, Iraqi economist Aqeel Al-Ansari said that the delay in approving the budget has major negative repercussions on the Iraqi economy, as it would send an unsuspecting message to investors and delay the investment operations in small and medium projects, while large projects are now suspended .

He pointed out that the financial budget in Iraq has two wings, one operational and one investment, and that delaying the approval of the budget means converting the budget into a payroll budget only and canceling the investment, and consequently high unemployment and its economic consequences such as entering the country in an economic recession, especially in light of the low demand for oil (The main source of income in the country) after the spread of the Corona virus in China .

Al-Ansari added that if the situation remains as it is, it means increasing chaos and organized crime, opening the door to thefts from political rulers and power parties, and continuing the popular curse of the political system in general .

[WheresmyRV?]

Ramadan is coming in a few months so they might as well ditch the 2020 budget and start planning for 2021.

[keylime]

27 minutes ago, WheresmyRV? said:

Ramadan is coming in a few months so they might as well ditch the 2020 budget and start planning for 2021.

How about ditching Ramadan and really do something significant and wonderful for their people like RV and raise their standard of living.  Then they can celebrate Ramadan in style next year.

[horsesoldier]

What's galling and laughable at the same time is they say " we do not know why it was not sent "

Its really " tuff " when you're the only " Rocket Surgeon " in the room and the rest of the world is as stupid as a bag a burnt hair.

[6ly410]

The 2020 budget in the context of the new Financial Management Law

Dr.. Haider Hussain Al Tohma

https://annabaa.org/arabic/economicarticles/22290

Friday 22 February 2020

 

Economy Iraqi economy Budget Budget The Euphrates Center for Development and Strategic Studies

The Iraqi Council of Representatives enacted the end of May of last year, the Federal Financial Management Law of 2019, which was published in the Iraqi Al-Waqa'iq newspaper, issue (4450) in August 2019. Despite the positive aspects of the law, the observations were many and were noted in our article Decree "The New Financial Management Law: What It Has and What It Is".

And with the entry of the new year, given that the legal period for approving the federal budget has passed in accordance with the new Financial Management Law (Article 11), which stipulated that the government submit the federal budget project to the House of Representatives no later than mid-October of each year. Here it must be recalled what was included in Article (13 / third), which requires the adoption of the final financial statements for the previous year mainly for the financial statements for the year in which the federal public budget is not recognized either because they were not sent to the House of Representatives or because the Council did not vote on them, and here a number of observations were monitored ( Regarding this article) when evaluating the Financial Management Law of 2019, perhaps the most notable:

- Paragraphs should be put in place to ensure approval of the general budget without procrastination and delay due to its association with the interests of the citizen, not to open loopholes that allow the government to stall the transmission of the budget or deliberately delay the House of Representatives for narrow political interests, especially since the political situation in the country may affect the mood of Parliament in rejecting or accepting The federal budget for reasons that may not be objective, as I disclosed the experiences of previous years.

- The federal budget data for the previous year cannot be approved as a basis for a new budget under any considerations, given the privacy of public expenditures and revenues in Iraq, given that the Iraqi federal budget is exposed to oil largely and is a volatile commodity and its future trends cannot be guaranteed, especially as the regional and global situation of energy markets warns With worrying tracks in terms of prices and export ports.

- The new Financial Management Law indicates that the actual expenditures (for the previous year) are the basis for the data for the new year in the event that the federal budget is not approved, and this requires submitting the final accounts by the Financial Supervision Bureau for the previous year and approval by the House of Representatives after study and audit, and this is what unless Happen or occur. As the final accounts of the 2013 budget were approved, the budgets of subsequent years were never discussed.

Disrupting the final accounts in Iraq in the interest of whom?

One of the most important reasons for misallocation of financial resources between ministries and government institutions and a dangerous outlet for financial corruption and waste of potential in Iraq is the failure of the Federal Ministry of Finance to submit the final accounts to the Office of Financial Supervision for the purpose of auditing them and presenting them to the House of Representatives within the specified timelines.

Although the government was obligated in its government program (Fourth Axis / First / Paragraph 4) the Financial Supervision Bureau to start submitting the final accounts in 2019, the Finance Committee in the House of Representatives made it clear recently that the problem of the final accounts is still pending at the 2014 budget, and that the Oversight Bureau Finance does not have a law approved to complete its final accounts, it alleged.

In an official letter submitted by the Financial Supervision Bureau to the House of Representatives on 8/12/2019, the book (paragraph 2) indicated that the Federal Ministry of Finance did not submit its final accounts for the years (2015-2018) to the Financial Supervision Bureau for the purpose of auditing, and this is a clear violation of the applicable law and a clear default By the Ministry of Finance, and also indicates the weakness of the Prime Minister in obligating the Ministry to implement the instructions and laws and fulfill the government program, which confirmed in its fourth axis by submitting final accounts for the past years to the House of Representatives for the purpose of auditing and approval.

The fact that Iraq continues to approve huge financial budgets without reviewing the final accounts of previous years to monitor actual spending on the scheme and ensure the accuracy of the implementation of the Federal Budget Law increases the weakness of ministries and government institutions in allocating financial resources in Iraq and contributes to exacerbating corruption rates and protecting spoilers from accountability and punishment.

The continuing conflict between the blocs and political parties and the disruption of the approval of the federal budget in the specified dates is a dangerous curb to construction and reconstruction projects and also threatens the prospects for growth and economic stability in Iraq.

Edited February 24, 2020 by 6ly410