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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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Integrity Commission restored $2bn to Iraqi Treasury

 

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24th February, 2020


Iraq’s official anti-corruption agency stated in its latest annual report that it restored 2.84 trillion Iraqi dinars ($2.38 billion) to the Treasury in 2019.

The Federal Commission of Integrity added that it has utilised its relationships with other state watchdogs, and that it created a national strategy for fighting corruption in collaboration with the Federal Board of Supreme Audit.

According to the report, the commission examined and was involved in 26,163 notices and court cases in 2019, with 10,143 persons accused of corruption. Those included 50 officials who were government ministers or holding equivalent positions.

There were 931 court rulings in which 1,231 defendants were convicted of corruption. They included four ministers or officials at the same level.

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The general budget .. between the imperatives of transparency and performance programs

 

Sunday 23 February 2020

 

Baghdad / Imad of the emirate Shukran Al-Fatlawi 

 

It can be said that the transparency of public finance means informing the public about the organizational structure of the government and its functions and measures to be implemented at the level of public finance, public sector accounts and public financial forecasts. A member of the Center for Arab and International Studies at Al-Mustansiriya University, Amr Hisham said: “Transparency Finance depends on the four pillars of the Charter, which are clearly the roles and responsibilities and publicity of public budget processes and the availability of information for public awareness and ensuring objectivity.
 At the same time, there are limitations and restrictions on the application of transparency. Financial, including limited access to data, delay in final accounts, and weak accounting and accountability frameworks.

He pointed out that "the expansion of public spending for non-economic reasons and the dominance of military expenditures on the one hand and the decline in global oil prices in the year 2014 and the years that followed on the other hand, which is known as the double shock of the Iraqi economy, has exhausted public finances in Iraq and weaker than the transparency that suffers from faltering in The application originally. "
 
Economic vision
He continued: "Since the general budget is a three-dimensional outcome between the economic, legal and accounting, the result must reflect a clear and successful economic vision, and in a legal, sound, foggy and feasible form within the accounting system adopted in the country in a transparent and clear framework that allows oversight and accountability." 
Amr added: "Therefore, we recommend the importance of emphasizing the role of the Financial Supervision Bureau in enhancing transparency and the development of accounting skills and expanding participation in building the public budget through economists with competence and popular participation in defining the directions of the public budget to reach what is known as the concept of community budget and the publication of budget data on the site The Ministry of Finance and the competent authorities and emphasizing the principles of the modern budget, including budget reliability and financial discipline, and examining the possibility of implementing performance budget programs and programs in some ministries.
 
Budget preparation
In a related context, Dr. Muhammad Shihab Ahmed of the Ministry of Planning explained that "the method of preparing and implementing the general budget in Iraq is taking the incremental approach. The new budget is the previous budget for a previous year modified by increases and in its composition the product of a movement from the bottom up, because access from an economic framework Macro to the budget is far from the influential work culture in Iraq, and it is not easy to reduce expenditures or subject allocations to a clear analysis of the costs and benefits expected of them. "
Shihab continued, "The practical facts indicate that there is a waste in the field of investment projects in terms of low capacity and limited capabilities to be informed of this role by the institutions concerned with this facility, as well as the inclusion of more projects in the budget and overloading them with obligations above the implementation capabilities for a period of time exceeding five years, And when taking implementation rates for allocations that do not exceed 70 percent at best, which increases with the duration of the project implementation and its migration to longer periods of time, then the public investment has become a freezing of resources to levels that do not do development according to ambition, and the more the difference is Lyra actual costs for standard and achievement relative to the slow accumulation of spending whenever I lose the budget maneuver required to adapt to changing situations. "
 
Government work
Shihab warned that "when the public budget lacks this interest, a major crisis is postponed by pushing more resources to the government work machine and wasting an opportunity to free resources that are used to achieve concrete achievements that can contribute to bridging the gap between reality and needs resulting from the accumulation in preparing projects with delay in completion." Rather, it remains in the restrictions of advances until the projects are received, which means the weak relationship between spending, investment and assumed additions, and it complicates the process of checking the efficiency of project pricing and checking the extent of the link between increasing the total costs and the size of the in-kind assets added by the completion of those Projects to fail accumulate until the collapse, and those opportunities missed administrative backwardness and financial corruption. "

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Economists: 2000 dollars annually for each Iraqi within seven years

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22nd February, 2020


Experts in the economic affairs confirmed today, Saturday, that the volume of Iraqi imports for the period from 2011 to 2018 has exceeded 620 billion dollars at an average income of 2000 dollars per year for each Iraqi citizen.

Experts revealed, quoting the Central Bureau of Statistics, that oil imports from total imports amounted to 564 billion dollars while non-oil imports amounted to about 58 billion dollars, and in contrast, the total expenses of Iraq for the same period amounted to more than 619 billion dollars, including current expenses of 450 billion dollars and investment expenses worth 169 billion dollars, while Iraq’s financial surplus for the same period amounted to only 4 billion dollars.

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Economist: The budget deficit will be very large and can only be overcome by three things

 

Economist: The budget deficit will be very large and can only be overcome by three things
 
 
02/24/2020 15:11:38
 
 
Today, Monday, the economist, Majed Al-Suri, confirmed that the deficit in the 2020 budget will be very large, according to indications, indicating that the deficit can only be overcome by three things.

"The budget will be agreed upon if the new government is passed and if it is not passed and the delay in it, its fate will be the same as the fate of the 2014 budget," Al-Suri told Al-Furat News.

He added: "Until now, the budget has not been published, but the statements made by various authorities indicate that the deficit will exceed 48 to 50 trillion dinars, and this figure is in violation of the Financial Management Law, which says that the deficit should not exceed 3 percent of the gross domestic product, and if we calculate the outcome The total is based on fixed prices, the deficit will be in the range of 6 trillion dinars, and if we calculate it at the expense of current prices, it will be 7 and a half trillion dollars."


He continued, "The deficit is very large and can be overcome only through three axes. Either reduce operating expenses to a very large degree, especially the item of allocations and benefits, or resort to taxes. This is also a very big burden on the Iraqi people, or external borrowing, and this also bears the weight of future generations."

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After being sent to the presidency of Parliament .. Learn about the most important points of the ministerial curriculum of the government of Muhammad Allawi

 

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24th February, 2020
 
 
Well-informed representative sources in the parliament revealed today, Monday, the most prominent points that are included in the ministerial curriculum of the government of Prime Minister-designate Muhammad Tawfiq Allawi, which he sent today to the Presidency of the Council to review it.


The sources told "Al-Ikhbaria": "The government curriculum includes preparing for early elections, extending the rule of law, developing the economy, achieving development, caring for the youth, meeting the legitimate demands of the people, and emphasizing balanced external relations."

She added: "The government program will be brief, not expanded, and one of its priorities is administrative reform, attention to pending projects and completion of the budget law," explaining that "other priorities also specify the date for early elections, which will be the responsibility of the Independent High Electoral Commission technically."

The sources pointed out that "the government curriculum also includes measures related to the fulfillment of the demands of the demonstrations and accountability for the killers of the demonstrators and will be launched within two weeks after the government takes over its duties," stressing that "the curriculum also gave priority to supporting the files of culture, theater and art, to contribute to creating public opinion."

And she concluded that "a representative committee has been formed headed by the first deputy speaker of the House of Representatives and the membership of a number of advisers in Parliament to review the ministerial curriculum before the Thursday session that was identified."

It is noteworthy that he arrived today, Monday, the government curriculum for Prime Minister-designate Muhammad Tawfiq Allawi, to the presidency of the parliament. And the Presidency of the Council of Representatives has decided next Thursday as the date for the session to give confidence to the Allawi government.

A parliamentary source said, according to the official news agency, that "the government platform for Allawi has arrived at the presidency of Parliament."

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https://cbi.iq/news/view/1437

The Central Bank issues the brochure of the Foreign Currency Sales Window for 2019

 

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24th February, 2020

 

The Central Bank of Iraq issued a brochure entitled: “The window for selling foreign
currency in the Central Bank of Iraq”, which clarifies the administrative framework 
for financing imports and the mechanism of selling foreign currency to banks in covering 
their customers’ requests, and the process of collecting and sterilizing the local currency 
considering that this bank represents the monetary authority in Iraq.
 
The Central Bank of Iraq
information Office
2/24/2020
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https://cbi.iq/news/view/1438

The central bank issues the Banking Law Book

 

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24th February, 2020

 

The Central Bank of Iraq issued a new book in which it compiled banking laws
as published in the Iraqi Fact Sheet, to facilitate and reduce time for professionals, 
researchers and dealers in those laws, with the deposit number 3005 for the year
2019 in the Iraqi Books and Documents House.
 
The Central Bank of Iraq
information Office
2/24/2020
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Is the Iraqi economy mortgaged by loans?

 

WHERE IS THE TRUTH?

 


GMT 10:47 24.02.2020(Updated GMT 10:49 24.02.2020)
 
 

The adviser to the Prime Minister of Iraq, for financial affairs, the appearance of Mohammed Saleh, announced on Sunday that the liberation operations from "ISIS" (banned in Russia) cost Iraq about 13 billion dollars, as it made Iraq borrow 13 billion dollars from the International Monetary Fund, the World Bank and European countries.
 
(AUDIO HERE)
00:10 / 10:05


Saleh said in a statement: "The external debt of Iraq currently stands at $ 37 billion and also includes the debts of the
Paris Club"

Can Iraq recover from these losses in the near future?

On this topic, the guest of the " Where is the truth " program on the radio "Sputnik", head of the Economy and Investment Committee in the former Iraqi parliament, Dr. Harith Al-Harthi, says: "These sums were spent on military operations and on foreign forces present in Iraq, not to mention compensation amounts for the people of the affected areas, Which has not been paid yet

Al-Harthi added, "This number is not significant compared to the losses suffered by the cities occupied by the organization, in addition to the military equipment that was left after the army's withdrawal."

Al-Harthy added: "The loans are very large, and the Iraqi citizen will bear their consequences, as they came according to a plan put in place by some countries for control of Iraq"

Details in the attached audio file

Prepared and presented by: Diaa Hassoun

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A great deal to comprehend, to say the least. If they are basing the budget on $58 a barrel, and Crude oil is down to $50.46 and market continues to drop on the virus scare... wonder how this is going to all play out in the end. 

Only time will tell. What will be will be.... 

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