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Economist: The Budget Deficit Exceeded, Subject To Raising The price Of A Barrel Of Oil To $ 58 !


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CNN. Broadcasting A New Budget Thread - The Previous One Was Over Budget !

 

 

 

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Economist: The budget deficit exceeded, subject to raising
the price of a barrel of oil to $ 58

 

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09:00 - 17/02/2020
 
 

The economist, Wissam Al-Tamimi, confirmed on Monday that eliminating the budget deficit is subject to raising the price of a barrel of oil to $ 58, indicating that this amount, with the rotation of the governorates ’budgets, will contribute to eliminating the financial deficit significantly.

“Many projects can reduce the budget deficit, which may exceed 50 trillion dinars, after the launch of thousands of appointments by the Abdul-Mahdi government resigned, where the operational budget will suffer from a deficit of 10 trillion dinars,” Al-Tamimi said in a statement to “The Information.”

He added that "the opening of the stalled factories and the conversion of agricultural lands into residential areas will bring the state a large financial return through the fees that it will receive, in addition to activating the visitor project in dollars in the holy shrines, he can contribute greatly to supplying the budget with large sums."

He explained that "Iraq depends in preparing its budget on oil revenues, and therefore it is possible to increase the price of a barrel of oil to 58 dollars instead of 56, so that Iraq gets more than 210 million dollars per month, while Iraq sells more than 60 dollars a barrel, in addition to that there are Almost an agreement between the oil-exporting countries to stabilize the price of a barrel of oil during 2020 is between 60-70 dollars.

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Finance of the Kurdistan Region: So far, we have not
received money from Baghdad

 

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17th February, 2020


The Ministry of Finance and Economy of the Kurdistan Region announced on Monday that the federal government in Baghdad has not yet sent money to the region, which led to a delay in the payment of salaries.

The ministry spokesman, Ahmed Abdel Rahman, attributed in a press conference held today, the failure to send money to the region for administrative reasons, saying, "We are in contact with the federal government to solve this problem."

He added that the provincial government depends on three resources to secure salaries for employees and retirees, two of which are from within the region, and the other from Baghdad.

 

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Central Bank: Depositing 453 billion dinars for the
province’s account

 

Central Bank: Depositing 453 billion dinars for the province’s account
 
 
17/2/2020 1:57 PM
 
 
The director of the Erbil branch of the Central Bank of Iraq revealed that the amount of the salaries of Kurdistan region employees has not been deposited in the account of the provincial government’s finance ministry until now.
 
Abid Mazuri, director of the central bank's Erbil branch, said in a press statement today, Monday, that there is no problem in the process of depositing the amount, but the Federal Ministry of Finance has not issued its decision to do so yet, noting that it is scheduled to deposit the amount of 453 billion dinars in the Ministry of Finance account in Territory. 

For his part, a source in the Ministry of Finance affirmed the Kurdistan Regional Government, that if Baghdad deposited the amount in the account of the Ministry of Finance, then this week, the finance will issue a table with the payment of salaries of the employees of all ministries.  
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Al-Attar warns of the danger of delay in approving the
2020 budget and diagnoses its damages

 

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17th February, 2020


A member of the Iraqi Economic Council, Ghadeer Al-Attar, warned on Monday of the danger of delaying the approval of the country's fiscal 2020 budget on the national economy.

Al-Attar said in a statement received / Mawazine News / a copy of it, that "according to information from the Parliamentary Finance Committee, the resigned government headed by Adel Abdul-Mahdi has completed the preparation of the federal financial budget for 2020 two days before its resignation," adding that "the subject of the government's resignation and general conditions in the country I delay sending it to the Iraqi parliament."

Al-Attar and the person "damages from the delay in approving the financial budget, as the burden on citizens and services increases, and the possibility of delayed payment of salaries to state employees in addition to obstructing projects as well as causing economic stagnation in Iraq."

And a member of the Economic Council stated, “The country depends entirely on the budget because the oil resources 93 percent of it go to feed the budget, which means that Iraq’s money goes to it and it has not been legislated yet.”

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Parliamentary finance shows the mechanism of bridging the fiscal deficit in the 2020 budget

 

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15:28 - 17/02/2020
 
 

The Parliamentary Finance Committee indicated, on Monday, a mechanism to address the expected financial deficit in the draft federal budget law for 2020.

Committee member Hanin Qaddo said in a statement to "Information", that "calls to raise the price of selling a barrel of oil in the budget of 2020 to avoid a high rate of deficit are a risk and will not be realized", pointing out that "the House of Representatives will try to find ways to bridge the deficit, such as transferring the investment part's funds to operational or reduce some Expenses.”

He added that "the government will resort to internal borrowing from government and private banks to fill the expected deficit in the 2020 budget", indicating that "the expected deficit is estimated at 48 trillion planning dinars only and may increase or decrease after studying the budget law within the House of Representatives."

The economist, Wissam Al-Tamimi, confirmed today, Monday, that eliminating the budget deficit is subject to raising the price of a barrel of oil to $ 58, indicating that this amount, with the rotation of the governorates ’budgets, will contribute to eliminating the financial deficit significantly. 

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Iraqi Finance reassures the Kurdistan Region employees
after the delay in sending salaries

 

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17th February, 2020


The Finance Committee confirmed in the Iraqi parliament, today, Monday, that the salaries of employees of the Kurdistan Region will be disbursed soon, while I indicated that the reason for delaying the payment of salaries is a technician.

"The issue of the delay in the payment of salaries of Kurdistan Region employees by Baghdad is a technical issue. There is a schedule for the distribution of salaries that starts from the 15th to the 25th day," the committee’s rapporteur, Ahmed Saffar, told Shafak News.

Saffar, a deputy from the Kurdistan Democratic Party, said that "the salaries of the region will be paid during the next few days, especially now we are working according to the interim budget, until the formation of the new government, and the approval of the 2020 budget." He added, "We send reassurance letters to the employees of the Kurdistan Region, that the salaries will be spent during the next few days, there is no problem that caused delaying salaries or a problem in revenue."

The Ministry of Finance and Economy of the Kurdistan Region announced on Monday that the federal government in Baghdad has not yet sent money to the region, which led to a delay in the payment of salaries. The ministry’s spokesman, Ahmed Abdel-Rahman, attributed in a press conference today that the money was not sent to the region for administrative reasons, saying, “We are in contact with the federal government to solve this problem.” He added that the provincial government depends on three resources to secure salaries for employees and retirees, two of which are from within the region, and the other from Baghdad.

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Advisor to the Prime Minister: The reform package will employ half a million citizens
 

Monday 17 February 2020

 

alsabaah-31283.jpg

 

Baghdad / Farah Al-Khaffaf
 
The Prime Minister's advisor for financial affairs, Dr. Mazhar Muhammad Salih, confirmed that the fiscal deficit that will be included in the General Budget Law for the year 2020 will not affect the salaries of employees and retirees, and that the government tends to provide internal sources of revenue, to secure financial allocations for the operation of at least half a million citizens within the package of reforms. 

Saleh said in a special statement to “Al-Sabah”: “According to the budget data, all salaries are insured, and they are within the basic function of the state and its priorities, and that the fiscal deficit within the budget for the year 2020 will not affect salaries Employees and retirees. ” 

The consultant added that "wage salary indicators increased by 10 to 11 trillion dinars, including no less than the operation of half a million citizens, within the package of reforms launched by the government at the end of last year 2019, including operating some contracts, and revoking their contracts, which constituted an addition to the salary budget." 

He referred to "the necessity of returning financial engineering to Iraq to reduce unnecessary expenses," stressing "finding real and actual internal sources to supplement the budget with revenues before resorting to borrowing, especially since the state is in a balanced debt position at the present time, meaning that the space Financial is good. ”

Saleh pointed out, "The presence of vessels evading taxes, as paying the tax, fees and revenues enhances the state budget, and therefore it will go to the society’s livelihood, especially since the employee is an important contributor to the economic cycle through his spending, and this process is called doubling the income in a way that drives the wheel of the economy." 

He explained that "the obligation to pay taxes is called the right to coexistence, which is a free national contribution and not a feudal levy, and that it is fair, simple and payable without exhausting the citizen", urging "the strengthening of financial and collection management to provide resources to meet the expenses, which are resources from the customs 
Unlimited wallpapers ". 

The advisor stressed the importance of the ability to address corruption and violations, that is, spending without the availability of benefits, and the need to address unnecessary expenditures in the budget and reduce them, especially since there are many gaps in exchange

He urged "the search for real resources that guarantee living for the added employees and securing their salaries, through real directions to maximize internal resources." 

As for what concerns Iraq’s oil, and the efforts of OPEC, which Iraq is one of its founders, to an additional reduction in oil production for producers inside and outside it, Saleh confirmed that it is a common and mutual interest, and that the reduction will be in production and not by the amount of exports, noting that “the reduction contributes to stimulating the raising and improving The price of a barrel of oil while it is in the interest of Iraq, especially since Iraq has committed itself to its share of the previous reduction. 

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6 hours ago, DinarThug said:

Advisor to the Prime Minister: The reform package will employ half a million citizens
 

Monday 17 February 2020


A government consultant clarifies about a possible salary insurance shortfall after adding half a million employees to the 2020 budget

 

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Localities 02/18/2020 08:24 119     


Baghdad today - Baghdad 

 

The advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed on Tuesday 27/2-2020, that the fiscal deficit that will be included in the General Budget Law for the year 2020 will not affect the salaries of employees and retirees, and that the government tends to provide internal sources of revenue, to secure financial allocations to operate at least Half a million citizens are part of the reform package. 

The semi-official Al-Sabah newspaper quoted Saleh as saying  

It is "according to the budget data, that all salaries are insured, and they are within the basic function and priorities of the state." 

The consultant added that "indicators of wages salaries increased by 10 to 11 trillion dinars, including no less than the operation of half a million citizens, within the package of reforms launched by the government at the end of last year 2019, including the operation of some contracts, and the abrogation of their contracts, which constituted an addition to the salary budget." 

He referred to "the necessity of returning financial engineering to Iraq to reduce unnecessary expenses," stressing "finding real and actual internal sources to supplement the budget with revenues before resorting to borrowing, especially since the state is in a balanced debt position at the present time, meaning that the fiscal space is good."

Saleh pointed out that "the presence of vessels evading taxes, as paying the tax, fees and revenues enhances the state budget, and therefore it will go to the society’s livelihood, especially since the employee is an important contributor to the economic cycle through his spending, and this process is called doubling the income in a way that drives the economy." 

He explained that "the obligation to pay taxes is called the right to co-existence, which is a free national contribution and not a feudal levy, and that it is fair, simple and payable without exhausting the citizen", urging "the strengthening of financial and collection management to provide resources to meet the expenses, which are resources from Customs, Borders and Charges.

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8 hours ago, DinarThug said:

Advisor to the Prime Minister: The reform package will employ half a million citizens
 

Monday 17 February 2020

 

alsabaah-31283.jpg

 

Baghdad / Farah Al-Khaffaf
 
The Prime Minister's advisor for financial affairs, Dr. Mazhar Muhammad Salih, confirmed that the fiscal deficit that will be included in the General Budget Law for the year 2020 will not affect the salaries of employees and retirees, and that the government tends to provide internal sources of revenue, to secure financial allocations for the operation of at least half a million citizens within the package of reforms. 

Saleh said in a special statement to “Al-Sabah”: “According to the budget data, all salaries are insured, and they are within the basic function of the state and its priorities, and that the fiscal deficit within the budget for the year 2020 will not affect salaries Employees and retirees. ” 

The consultant added that "wage salary indicators increased by 10 to 11 trillion dinars, including no less than the operation of half a million citizens, within the package of reforms launched by the government at the end of last year 2019, including operating some contracts, and revoking their contracts, which constituted an addition to the salary budget." 

He referred to "the necessity of returning financial engineering to Iraq to reduce unnecessary expenses," stressing "finding real and actual internal sources to supplement the budget with revenues before resorting to borrowing, especially since the state is in a balanced debt position at the present time, meaning that the space Financial is good. ”

Saleh pointed out, "The presence of vessels evading taxes, as paying the tax, fees and revenues enhances the state budget, and therefore it will go to the society’s livelihood, especially since the employee is an important contributor to the economic cycle through his spending, and this process is called doubling the income in a way that drives the wheel of the economy." 

He explained that "the obligation to pay taxes is called the right to coexistence, which is a free national contribution and not a feudal levy, and that it is fair, simple and payable without exhausting the citizen", urging "the strengthening of financial and collection management to provide resources to meet the expenses, which are resources from the customs 
Unlimited wallpapers ". 

The advisor stressed the importance of the ability to address corruption and violations, that is, spending without the availability of benefits, and the need to address unnecessary expenditures in the budget and reduce them, especially since there are many gaps in exchange

He urged "the search for real resources that guarantee living for the added employees and securing their salaries, through real directions to maximize internal resources." 

As for what concerns Iraq’s oil, and the efforts of OPEC, which Iraq is one of its founders, to an additional reduction in oil production for producers inside and outside it, Saleh confirmed that it is a common and mutual interest, and that the reduction will be in production and not by the amount of exports, noting that “the reduction contributes to stimulating the raising and improving The price of a barrel of oil while it is in the interest of Iraq, especially since Iraq has committed itself to its share of the previous reduction. 

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It’s coming...be preparec

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https://www.almaalomah.com/2020/02/18/456451/.....

Deputy: The 2020 budget will be completely changed according to the new government program

11:51 - 02/18/2020
0
    
%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-1-696x435

Information / Baghdad .. The
deputy of the Al-Fath Alliance, Ahmed Al-Kinani, confirmed on Tuesday that the draft budget for 2020 will be changed significantly after the government of Muhammad Tawfiq Allawi obtained confidence, indicating that the next government is determined to provide a government program.
Al-Kanani said in a statement to "Information" that "the 2020 budget has not been approved yet because of the resignation of the government, as well as the political dispute over its details."
Al-Kinani added, "The next government will rearrange and change the draft budget according to its next government program, which parliament will vote on in the coming days."
On the presence of a bloc opposed to the selection of independent ministers in Allawi's government, Al-Kinani indicated that "Allawi will succeed in passing his government in the event of selecting independent ministers without the need for the Kurdistani Democrat or parties from the Union of Forces." End / 25D

 
    
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Maybe They Can Lose 'A Few' Of Those 150 Holidays To Balance The Budget ! :o 

 

:D  :D  :D 

 

 

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More than 150 days of vacation in Iraq annually .. Professionals complained of frequent holidays

 

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18th February, 2020

 

The total of official holidays in Iraq is about 150 days, including religious, national and emergency holidays, in addition to the weekly holiday that includes Friday and Saturday, while the new draft law tries to organize official holidays, and make them twenty days per year only, except for Friday and Saturday.
 
Among the most prominent differences in the law on official holidays in Iraq, the parties of the Shiite National Alliance insist that Eid Al-Ghadeer be an official holiday, which is considered by the Shiites on the day of the inauguration of Imam Ali, may God be pleased with him, as a successor to Muslims by the Prophet Muhammad, peace be upon him, as the dispute revolves around the ninth of April.

 

Political differences

Also, there are differences between the political blocs on clauses in the law of official holidays, which lie in considering some sectarian and national occasions, which belong to specific groups of the people, as official holidays.  Imad Youkhna, Adviser to the Speaker of the House of Representatives, said in one of the statements monitored by the Independent that the differences still hinder the passage of the law "Therefore, political blocs must realize the importance of passing it soon, because of its benefit in organizing holidays in the country."


During the past years, some public and private schools worked to increase official working hours, before the start of the summer holidays, because of the long holidays that students had been absent from schools. Members of the House of Representatives also proposed - earlier - to cancel the holiday on Saturday, and to retain a Friday holiday only, but the proposal was not implemented, and before 2003 the Iraqis were getting one day a week off an official holiday.

Economic damage

Most of the holidays in Iraq are specified in the last hours of the day, and there is no prior notice, and the holidays are usually like a curfew, which affects the economic situation of the country, where owners of free professions and limited income complain of frequent holidays and consider themselves more affected by it.

Samer Akram, a taxi driver in the capital, Baghdad, explains that holidays in Iraq are like a curfew, as people disappear from the street, "and we cannot work well, which affects our daily income, and there will be no harm other than us poor people."  Akram did not seem happy when he heard the government's decision to announce a sudden official holiday, as he considered it as obstructing his work and his peers with daily income.

On the opposite side, government employees seem happy with the frequent holidays, while the economics professor at Al-Mustansiriya University, Maytham Laibi, considered that frequent holidays affect many professions and sectors, especially those with daily incomes and wages, who are deprived of work, which affects their income for the family.

Dependency and laziness

He adds that "the rentier nature of the Iraqi economy has generated dependency and high laziness, and with it the Iraqi individual has become a salary and a set of services without paying the compensation."    He pointed out that there is a problem in the private sector during the holidays, but it is "less severe", explaining that "the employer in the private sector wants hours and full working days, and he is not satisfied with its reduction even with holidays."


The holidays in Iraq take on an unorganized nature, as local governments decide to suspend the official working hours of any disputed event or any emergency circumstance, away from the federal government's decision. Some holidays in Iraqi provinces also last for a week or ten days, while other governorates practice their official working hours naturally, where the holidays often take on a religious, doctrinal and national character, while national holidays have become the least.[/size]

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11 hours ago, blueskyline said:

Deputy: The 2020 budget will be completely changed according to the new government program

11:51 - 02/18/2020

 

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Deputy: The 2020 budget will be completely changed according to the new government program

 

%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-1-696x435
 
 
11:51 - 02/18/2020
 

The deputy of the Al-Fath Alliance, Ahmed Al-Kinani, confirmed on Tuesday that the draft budget for 2020 will be changed significantly after the government of Muhammad Tawfiq Allawi obtained confidence, indicating that the next government is determined to provide a government program.

Al-Kanani said in a statement to "Information" that "the 2020 budget has not been approved yet because of the resignation of the government, as well as the political dispute over its details."

Al-Kinani added, "The next government will rearrange and change the draft budget according to its next government program, which parliament will vote on in the coming days."

On the presence of a bloc opposed to the selection of independent ministers in Allawi's government, Al-Kinani indicated that "Allawi will succeed in passing his government in the event of selecting independent ministers without the need for the Kurdistani Democrat or parties from the Union of Forces."
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Governmental advisor: low world oil prices are in
the interest of Iraq 

 

image.jpeg.167c56b41ddff2e6e26721eb353ad8b0.jpegimage.jpeg.9937641a2808fa0ef686ed5fc9c88dc4.jpeg

 

18th February, 2020


Advisor to the Prime Minister, the appearance of Mohammed Saleh, confirmed on Tuesday that the drop in global oil prices is in the interest of Iraq.

Saleh said, "The additional reduction in oil production for OPEC producers inside and outside it is a joint and mutual interest, and that the reduction will be in production and not in exchange."

He pointed out, "The reduction contributes to the stimulation of raising and improving the price of a barrel of oil, and it is in the interest of Iraq, especially since Iraq has committed itself to its share of the previous reduction."

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The decisions of the Council of Ministers in today's session

 

image.php?token=63a5d2a28a6926eadf890bf14b286719&c=5493921&size=
 
 
18th February, 2020
 
 
On Tuesday, the news agency publishes cabinet decisions in today's session, headed by Oil Minister Thamer Al-Ghadban.

A statement of the media office of the President of the Council, received by Al-Akhbaria, stated that the Council approved the continuation of the Ministry of Immigration and Displaced to work in Cabinet Resolution No. 50 of 2019 in order to meet the needs of displaced and returning families from displacement and relieve them until the approval of the federal budget for the year 2020.

He added: It was approved to issue the Military College System for the year 2020, which was checked by the State Council, according to the provisions of Article (80 / Item Three) of the Constitution, and Article (14) of the Defense University Law for Military Studies No. (4) for the year 2016, taking into account With interest, the notes of the Legal Department in the General Secretariat of the Council of Ministers confirmed in its memo of the same number: D / Q / 2/2 / 40Q, dated: 27/1/2020 and the comments of the members of the Council of Ministers through the meeting session.

The Cabinet agreed to the following:

1. Increase the percentage specified in the capital reserve referred to in item (III / 1) of Article (11) of the Public Companies Law No. (22) for the year 1997 amended, for non-industrial public companies affiliated with the Ministry of Oil to become (30%).

2. Increase the percentage specified in the reserves account for the general industrial sector companies affiliated to the Ministry of Oil referred to in Clause (III / 2) of the aforementioned article, to become (55%), with an amendment of their allocation (in relation to the mentioned companies) to be as follows:

• A percentage (95%) of which is to qualify and develop productive industries.
• 5% of them are for building housing units and developing existing housing services for workers.

3. Reducing the share of the public treasury from the profit referred to in Clause (Fourth / 1) of the aforementioned article, from the profits of public companies affiliated with the Ministry of Oil to become (5%), provided that the remaining (40%) of this share is spent on one or more of the public companies affiliated to the Ministry of Oil, as decided by the Minister of Oil, for the purpose of qualifying and developing its production factories or creating new factories or activities.

It was approved the recommendation of the Council Ministerial Energy on goods steam plant (4x350) MW Hyundai Engineering and Construction, as follows:

1. The proposal to forward the draft commercial goods terminal on a consortium of Hyundai, according to the request of the Ministry of Electricity, for the purpose of providing electrical power and ensure the operation of the refinery of Karbala.

2. The ministries of (Finance and Electricity) mature the formula of the financing contract for the project in question.

3. Referral of the project to the new cabinet, as it is important for electricity production and sustainable operation of the
Karbala refinery.

4. The ministries of (Oil and Electricity) discuss the selection of an alternative site for the project by seeking the advice of the contractor (Hyundai Construction Engineering and Hyundai Engineering) for the purpose of producing (gypsum) material, which requires the provision of large areas of land, and taking appropriate measures from the relevant authorities, for the purpose of allocating The land is fundamentalist.

The Cabinet approved the recommendation of the Ministerial Energy Council regarding the 2020 plan for Dhi Qar Governorate, according to the following:

1. Approving the required plan for 2020 for the sectors of electric power transmission and distribution in Dhi Qar Governorate and granting the Director-General (South Transportation and Distribution) the authority to announce before the availability of allotment and signing contracts It has, starting from the date of obtaining approval, according to the availability of financial allocations to use the time, start projects and complete them before the summer of 2020.

2. Granting the General Manager (South Transportation and Distribution) the authority to transfer materials and amounts for new projects required for 2020 within the components of ongoing projects through deletion and creation.

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Expectations of the "Monetary Fund" about Iraq ... an increase in debt and consumption of its money

 

1582012191_15672016_21.jpg

 

18th February, 2020

 

The financial expert, Maitham Laibi, stated that according to a report of the International
Monetary Fund 2019 on Iraq, the total public expenditures will reach 650 billion dollars
for the period 2019 2024 including 529 billion consumption, and 120 billion investment
meaning that the proportion of government investment will be 18.5 Only% of total
overheads

He added, "The savings-investment balance is expected to decrease from $ 15 billion to
a deficit of -11 billion dollars in 2019 and -17 billion dollars in 2024

He continued, "It is expected that the total government debt will increase from 115 billion
dollars in 2019, to 167 billion dollars in 2024", as well as "the increase in domestic public
debt from 43 billion dollars in 2019 to 93 billion dollars in 2024. As for foreign loans It is
expected to increase it to 73 billion dollars in 2024

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An economist explains ways to offset the budget deficit

 

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18th February, 2020
 
 

Economist Dr. Safwan Qusai said on Tuesday that Iraq has more than one option that can be used to compensate for the budget deficit, pointing out that the Ministry of Finance has more than one source of funding for the country, in addition to reducing expenses and salaries, which is the last solution.

Qusai said in a statement to "Information", that "the budget deficit is supposed to be unrealistic, especially if we know that the price of a barrel of oil is at the rate of 60 - 70 dollars, and that the Ministry of Finance can invest its idle money where it can be sold to the citizen and benefit from its money."

He added that "the budget contains an explicit text that allows the Ministry of Finance to sell state property, and the private sector can take advantage of that, especially private banks, which will provide the state with substantial revenue."

And that "the Ministry of Finance has the ability to schedule the loans that Iraq has issued, and the ministry can return the debts of the oil licensing rounds or by compensating the oil companies with additional investments."

He explained that "Iraq is rich in a group of idle properties that can supply the state with significant revenues." He pointed out that "resorting to reducing employee salaries is part of the solutions, but it is not the most effective alternative, but it is a final solution that can be approached if the government cannot secure its financial obligations." 

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For most of its deficit .. the 2020 budget will be allocated to the operational component only

 

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16th February, 2020
 
 

The Parliamentary Finance Committee expected, on Sunday, that the size of the financial deficit within the draft federal budget law for 2020 will exceed 50 trillion Iraqi dinars, while it indicated that the 2020 budget will only cover the operational part related to employee salaries.

Committee member Hanin Qaddo said in a statement to / Information /, that “the launching of job grades for all ministries and allocating financial grants to the unemployed caused a rise in the planning deficit within the budget of 2020″, pointing out that “the deficit may reach 50 trillion Iraqi dinars within the budget of 2020”.

He added that "the deficit monitored at the present time is merely speculative and may increase or decrease according to the government's measures to reduce it," noting that "according to the current deficit, the 2020 budget will only fill the operational part of the current year and is unable to provide sufficient funds for the investment side."

And that "the deficit in the salaries of employees may amount to more than 10 trillion Iraqi dinars."

The Parliamentary Finance Committee confirmed, earlier, that the House of Representatives will receive the federal budget bill for 2020 from the Council of Ministers in the month of April. 

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An independent deputy stresses the need to hold those concerned accountable for the budget and oil exchange mechanism

 

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08:33 - 17/02/2020
 
 

On Monday, independent deputy Nada Shaker Jawdat said that there are many unanswered questions about money, oil and Kurdistan’s share of the budget, stressing the need to hold officials in the Abdul Mahdi’s government accountable for the budget, oil, exchange mechanisms and projects on which they spent the budget.

Jawdat said in a statement to "Information", that "the government and the judicial authorities are required to hold accountable the killers of the demonstrators who caused the chaos that occurred in Iraq during the past period that witnessed demonstrations and violence."

She added that "there are question marks about the money that the ministries and governors received during their receipt of the 2019 budget, so those responsible for this file should not be held accountable for the budget spending sections and the projects that were spent on them."

She explained that "the ministers of finance and oil in the government of Abdul-Mahdi are required to indicate the mechanism through which they were given money and oil to Kurdistan, as the region's percentage of the budget reached more than 25 percent, after it was not exceeding 17 percent."

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Abdul-Hussain Al-Hanin * Financial agreement with China and the establishment of Iraq Holding Company.


02/16/2020


Hussain-Hunein-image-3-1.jpg

When the following question arises: What is the force that will unite the Iraqi people?
Is it religion, or nationalism, or sect, or external enemy, or slogans? ..

In fact, I did not hesitate before, nor now to say: Neither religion, nor sect, nor all of these factors can unite the Iraqi people. And Not even the shared history that we believe in as a social heritage.
Only shared interests will be able to build this desired unity, interests embodied in money, partnership and profitability seeking prosperity will unite us.

Europe, for example, was not united by the bright slogans. Rather, it was the common interests that enabled its people to throw behind all the tragedies of wars and differences. After the Second World War, it started the establishment of the European Common Market (EEC), that is the economic and political project that originated in Italy in June 1951. Then, there was the (Treaty of Rome) on March 25, 1957. The date that is considered the real day of the birth of that market, then the Schengen agreement and the European Union (EU) agreement in the wake of the Maastricht agreement in 1992, then the issuance of the European single currency (the euro). All over Europe, to get you to travel without feeling that you have crossed borders other than to switch your mobile network.

To continue reading, click on the following link

Hussain Hunain-Projects for unification Iraq

 

link

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Abdul-Hussain Al-Hanin *. Financial Framework Agreement with China
Establishment of Iraq Holding Company.



When the following question arises: What is the force that will unite the Iraqi people?
Is it religion, nationalism, sect, external enemy, or slogans? ..

In fact, I did not hesitate previously, nor now, to say: neither religion nor sect, nor all of these factors can unite
the Iraqian people. Not even the shared history that we believe in as a social heritage.

Only common interests will be able to build this desired unity, interests embodied in money partnership and profitability seeking prosperity will unite us.

Europe is like the bright slogans did not unite them, but it is the common interests that enabled their peoples to succeed ..
All the tragedies of wars and calamities appeared, and after the Second World War, the European market was established
Joint (EEC), this is the economic and political project whose idea was established in Italy in June 1951, then there was the (Treaty of Rome) on March 25, 1957. The date is the real day of that mild market, then the Schengen agreement and the European Union (EU) agreement (Maastricht) in 1992, then the European single currency (the euro) was issued. This was accompanied by major projects, the most important of them the railway network and the roads that connect all parts of Europe, to make you travel without feeling that you have crossed borders only alter your mobile network.

Iraq, our country plagued by slogans, sects, nationalities and leaders that produced as output of corruption because of the absence of common economic interests, can it be transformed into a sustainable mass of interests, despite what?
Does it carry complex vehicles? Can we imitate a multi-lingual and different Europe in nationalities and traditions? distance
to be convinced that economic interests and joint ventures are sufficient on their own to unite the Iraqi people without
the need for reconciliation conferences and calls for civil peace?

Countries usually move during periods of recession or crises by launching large projects that contribute to moving the process of development and job creation, just as it contributes to lifting the country out of full or disguised unemployment. And also in order to manufacture a new round of the large accumulated capital among people, it will not be a discovery if we say that Iraq we need major projects that match the scale of the ruin left by an era of more than 40 years of wars and the siege and sectarian fighting, in order to move the process of development, and keep pace with the developed world to serve as a treatment it is real to employ people, and gather their minds and hearts on common interests.

I have always believed that start-up projects with profitable feasibility and a guaranteed financial return (such as Al Fao Port, and suspended train, ring roads in Baghdad, highways and express train, and airports petrochemicals, refineries, hospitals, schools, and other infrastructure projects inside and outside cities (can be models for fundamental solutions out of the current crisis tunnel. These models can it is formulated through the experience of the internal public offering as a complement to the financial model that we know as (oil for construction) and which was done (SINOSHORE) Agreed upon through the Financial Framework Agreement between China Export Guarantee Corporation and Iraq, and because this agreement is a realistic means in the absence of funding from the general budget and lack of confidence the foreign investor in a worried region like Iraq. For example, the large FAO port, due to the difficulty in obtaining financing external made us wait for more than ten years without completing the project completely, even if the project was launched for internal public subscription provided that it is preceded by an introduction and appropriate scientific propaganda, explaining the foundations and importance of the project and introduction accurate economic data about the profits and benefits expected from it, so it stands to reason that this will encourage people to contribution.
The wealth saved by citizens, estimated at more than 30 billion dollars, will be hoarded outside 
Iraqi banks, according to official estimates and data, will be the appropriate source of funding. And the matter applies to high-speed train line, Baghdad metro project, highway and other major projects like petrochemicals, etc., and the state can also be a partner with a contribution of guaranteed funds resulting from agreement of the last financial framework, or the addition of funds through government banks that save money that needs to be wide operation.

We have a clear example that has worked in other countries, including Turkey, which is the express train project that is supposed to it links all the provinces of Iraq, then connects Iraq to Europe, passing through Turkey, which launched the same project years ago it is a few and runs a length of 900 km between Istanbul, Ankara, Eskiseer and other cities of Turkey.

The subject is not a difficult dream to achieve when a joint stock company is established for the high-speed railway project called (Wahda Iraq) to represent the intermarriage of advanced technology for international companies that have succeeded in China, Turkey and the rest of the world
Among them: the French Alistom, the German Siemens and the Japanese Kawasaki, led by solid Chinese companies, the most important of which is a company Powershina, which can finance the project through the Signature Foundation, as Iraq needs to be assessed accordingly approximately 1,800 km of new railways and modernization of the old ones. The cost of the project is estimated at about 18 billion dollars, or 2.5 billion per year, if the implementation takes place within seven years. And by 3.5 billion-14 Dollars annually if it was implemented within five years, and these figures are available within the recent agreements with China and the participation of the Iraqi community through the internal subscription. 

The same applies to the rest of the projects in transit for governorates, as is the highway in the south and north of Baghdad and other projects that constitute a transition quality in the lives of Iraqis.

These projects will change the nature of life in Iraq, where the state can contribute a quarter of the value of the project while three-quarters of the shares of the public offering are to be released to the contributing public, to be managed by the private sector and remain a role the state is supervisory and supervisory, and thus we ensure that there is a common interest for all Iraqis in a case they own of wealth.

We will also contribute to creating a real capital cycle, which creates added value and creates jobs away from appointments that exhausts the public budget as well as the reliability of recovering funds within a short period of time to be recycled into projects and other services.

The state’s contribution gives confidence and guarantee to the public that motivates it to contribute and put its money in a new experience. It is an experience you also need a new culture and adopt a new economic pattern that is part of the social behavior of Iraqi society and that leadership in the construction of major projects and focus on big goals will dismantle the obstacles and mazes that tore public opinion, and in the same way other projects could be launched as joint stock companies with management belonging to shares (the civilized world and the private sector mentality) through the shares of these projects through a holding company

We can call it the Iraq Holding Company (Holding Company) and a source of their benefit at the same time, and it will definitely be the biggest factor in building the emerging and restored democracy the rational formulation of the currently distorted political system as our economic system still belongs to the pattern of regimes inclusivity based on rent, and looking at citizens as "nationals"! Because, in practice, they do not they contribute to the production of the country's national income.

(*) Adviser to the Prime Minister, resigned Mr. Adel Abdul Mahdi
Copyright reserved for the Iraqi Economist Network. Republishing is permitted provided that the source is indicated. 16
February 2020
http://iraqieconomists.net/

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