Iraq is heading to approve an investment budget for three years

[yota691]

09-26-2020 01:40 PM

For the next three years ... the files of education, health, security, industry and agriculture are on the Parliament table

 

 

Baghdad / Al-Akhbariya

The Budget Strategy Discussion Committee emanating from the Finance Committee in Parliament, which is tasked with developing a medium-term budget strategy for the next three years, discussed five important files on its agenda within a series of continuous and intensive meetings, according to a statement that includes five members.

A member of the Parliamentary Finance Committee and a member of the Budget Strategy Committee, Ikhlas Al-Dulaimi, said in a statement that "the committee held its meeting in the presence of the Minister of Finance and a number of deputy ministers and representatives of the relevant ministries to discuss the financial plans of their ministry," noting that "there are five important files that were discussed in the committee's agenda." They are: the strategic vision of the education and higher education sector for the medium term for the years 2021-2023 and the strategy plan of the Ministry of Industry and Minerals and its subsidiary companies. A detailed report on the security and defense sector, the strategy of the interior and defense was presented, in addition to presenting a detailed report for the health sector and the ministry’s strategy regarding the health sector.

She added that "a detailed report related to the agricultural sector and its medium-term strategy for the years 2021-2023 was discussed as well," noting that "the committee to discuss the budget strategy is intent on completing its agenda for the years 2021 until 2023 and this represents a quantum leap in the legislative tasks of the House of Representatives and the Finance Committee in it." Emphasizing on "submitting strategic plans to the Ministries of Education and Industry for those years 2021-2023."

[yota691]

The committee discussing the budget strategy for the medium term is looking into several important files

•  Time: 09/26/2020 13:51:19
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•  Read: 936 times

  

{Baghdad: Al Furat News} The committee discussing the budgeting strategy emanating from the Finance Committee in Parliament and charged with developing a budget strategy for the medium term for the years 2021-2022-2023 discussed five important files on its agenda in a series of continuous and intensive meetings.

Deputy Ikhlas Al-Dulaimi, a member of the Parliamentary Finance Committee and a member of the Secretariat's Strategy Committee, which includes five members, stated that "the committee held its meeting in the presence of the Minister of Finance and a number of deputy ministers and representatives of the relevant ministries to discuss the financial plans of their ministry," noting
that "there are five important files that were discussed in a schedule The committee’s work is: the strategic vision of the education and higher education sector for the medium term for the years 2021-2023 and the strategic plan of the Ministry of Industry and Minerals and its subsidiaries.

 A "detailed report on the security and defense sector and the strategy of the interior and defense was presented, in addition to a detailed report for the health sector and the ministry’s strategy regarding the health sector," was also presented.

She added that "a detailed report related to the agricultural sector and its medium-term strategy for the years 2021-2023 was discussed as well," noting that "the committee to discuss the budget strategy is intent on completing its agenda for the years 2021 until 2023 and this represents a quantum leap in the legislative tasks of the House of Representatives and the Finance Committee in it." .

And she emphasized "submitting strategic plans to the Ministries of Education and Industry for those years 2021-2023."

Mohameed

[yota691]

The budget strategy discussion committee is looking at five important files

•  Time: 09/26/2020 16:19:53
•  
•  Reading: 260 times

  

{Baghdad: Al Furat News} The committee discussing the budget strategy emanating from the Finance Committee in Parliament and charged with developing a budget strategy for the medium term for the years {2021-2022-2023} discussed five important files within its agenda.

"The committee held its meeting in the presence of the Minister of Finance and a number of deputy ministers and representatives of the relevant ministries to discuss the financial plans of their ministry," said a member of the committee, Ikhlas Al-Dulaimi, in a statement.
She added, "There are five important files that were discussed in the agenda, which are the strategic vision of the education and higher education sector for the medium term for the years 2021-2023 and the strategic plan of the Ministry of Industry and Minerals and its subsidiaries, and a detailed report on the security and defense sector and the interior and defense strategy was presented."
Al-Dulaimi added, "In addition to presenting a detailed report for the health sector and the ministry's strategy regarding the health sector," adding that "a detailed report related to the agricultural sector and its medium-term strategy for the years 20212023 was also discussed."
She noted that "the committee for discussing the budget strategy is determined to complete its agenda for the years 2021 until 2023, and this represents a quantum leap in the legislative tasks of the House of Representatives and the Finance Committee in it," stressing on "submitting the strategic plans of the Ministries of Education and Industry for those years 2021-2023."
Wafa Al-Fatlawi

[yota691]

27-09-2020 12:41 PM

Parliamentary Finance expects the 2020 budget to arrive in Parliament in two days

 

 

Baghdad / Al-Akhbariya

Today, Sunday, the Parliamentary Finance Committee expected that the 2020 budget will reach Parliament within two days, indicating that there are efforts being made to include the prevention of borrowing again.

Committee member Jamal Cougar told Al-Ikhbariya, "All the leaks regarding the budget are inaccurate, as they have not yet come out of the Finance Ministry.

He added that "the Ministry of Finance is making major changes to the budget in order to end the economic crisis and prevent the increase of external and internal loans as much as possible."

Cougar pointed out that "it is likely that the 2020 budget will arrive in the middle of this week, that is, tomorrow or the day after tomorrow, to Parliament in order to expedite its passage with some opinions and comments."

[yota691]

Al-Kazemi chairs a meeting to discuss the 2020 budget

 

 

199 Policy 09/28/2020 14:16 ha Baghdad today -

Baghdad An informed source said, Monday (September 28, 2020), that Prime Minister Mustafa Al-Kazemi chaired a meeting to discuss the draft budget law for 2020. The source said in an interview with (Baghdad Today), "Today, Al-Kazemi held a special meeting to discuss the current year’s budget, after it was withdrawn from the House of Representatives." Earlier, MP Muhammad Shi`a al-Sudani spoke about the reason for the government to withdraw the 2020 budget from Parliament, one day after it was sent. "The government withdrew the budget law for the year 2020 to make amendments to it," Al-Sudani said in a post on Facebook, and followed him (Baghdad Today). He added, "As a result of the meeting of the three presidencies and political forces, it was found that the percentage of deficit in the 2020 budget is enormous without the government providing any economic reforms." Al-Sudani continued, "The government relied on borrowing from the balance of the Central Bank," noting that "this process is considered dangerous and affects the country's financial situation." On the 23rd of this month, the General Secretariat of the Council of Ministers announced the withdrawal of the 2020 budget bill from the House of Representatives. A document issued by the secretariat, addressed to the House of Representatives secretariat, stated: "We hope to withdraw the draft Federal Budget Law for the Republic of Iraq for the fiscal year 2020." According to the document, its withdrawal came "for the purpose of making some amendments to the aforementioned bill."

[yota691]

09-28-2020 01:13 PM

Advisor to the President of the Republic on internal borrowing: Troubled times require desperate measures

 

 

Baghdad / Al-Akhbariya

Farhad Alaeddin, former advisor to the President of the Republic, commented on the Ministry of Finance's request to speed up internal borrowing procedures to fill the deficit in the 2020 budget.

"The Minister of Finance, Ali Allawi, submitted a request to the Prime Minister to go to local borrowing to finance the deficit in the 2020 budget," Alaeddin said in a blog post.

"There will be strong opposition in parliament, but bad times require desperate measures," he added.

 

 

 

 

 

[yota691]

Finance promises to provide salaries for employees and retirees

Tuesday 29 September 2020 8

 

  Baghdad: Hoda Al-Azzawi and Shaima Rasheed

 

Yesterday, Monday, the Ministry of Finance sent a draft domestic borrowing law to finance the fiscal deficit for the year 2020 to the Council of Ministers for approval in light of the economic crisis and delayed payment of salaries.

 There were conflicting statements by the Finance Committee in the House of Representatives regarding the "approval" or "rejection" of new borrowing by Parliament after voting on it in the Council of Ministers.

The Ministry of Finance said in a statement: It "would like to assure citizens to work diligently to ensure that all government obligations are fulfilled and on time, and on top of those obligations are the salaries of state employees, retirees and social welfare."

The ministry explained, “It is currently preparing a detailed road map to finance basic expenditures for the remaining three months of the current year, and we will present it soon to the House of Representatives. This plan will include increasing the ministry’s ability to borrow internally, and once approved, it will enable us to start securing government salaries in full.” ".

The finance statement met with mixed reactions from the competent legislative authorities, as the reporter of the Finance Committee, Ahmed Al-Saffar, confirmed to Al-Sabah, that "in the event that the borrowing paper is submitted, it will not be approved by the committee, especially since we are on the compulsory holiday for the fortieth visit, and will not meet Parliament before next October 10, "and indicated that" among the conditions for approving the first borrowing law was that there be no other borrowing.

Al-Saffar said: "The oil revenues are more than 4 trillion dinars, and the loan taken is 15 trillion dinars, which must pay the salaries of employees until the tenth month," noting that "there is a financial gap of two trillion dinars per month - meaning that the finance spent 9 trillion in three months." And there are 6 trillion dinars missing from the internal borrowing funds, "and he asks," Where did that amount go ?! "

On the other hand, Jamal Cougar, a member of the Finance Committee, told Al-Sabah: “The state’s resources are less than its needs, and therefore the government has no other solution but to borrow or face the street, so the government will resort to borrowing from the central bank and internal banks to fill the deficit.”

[yota691]

The Ministry of Finance sends a new draft of the internal borrowing law to the Cabinet Secretariat asking for it to expedite its legislation

Monday 28, September 2020 16:00 | Economical Views: 218

Baghdad / NINA / The Ministry of Finance has sent a new draft of the draft law on financing local borrowing to finance the fiscal deficit for the year 2020, to the General Secretariat of the Council of Ministers requesting the speedy legislation. / End 5

[gregp]

Thanks Yota. Something major is about to happen. 

[screwball]

7 hours ago, gregp said:

Thanks Yota. Something major is about to happen. 

Yep real soon 

[yota691]

Parliamentary Finance: Parliament will not approve the second borrowing paper

 

Local currencies

money and business Economy News - Baghdad The Parliamentary Finance Committee said that it will not approve the second borrowing paper that the Iraqi government intends to present. Committee reporter Ahmed Al-Saffar said,  "In the event that the borrowing paper is submitted, it will not be approved by the committee, especially since we are on the compulsory holiday for the fortieth visit, and Parliament will not meet before October 10," according to the official Al-Sabah newspaper. He added, "Among the conditions for approving the first borrowing law was that there should be no other borrowing." Saffar indicated that "the oil revenues for the month of August amounted to more than 4 trillion dinars, and the loan taken amounted to 15 trillion dinars, which must pay the salaries of employees until the tenth month." He pointed out, "There is a financial gap of two trillion dinars per month - meaning that the finance spent 9 trillion in three months - and there are 6 trillion dinars lost from the internal borrowing funds," he asked, "Where did that amount go ?!"

The number of observations 300, the   date of addendum, 09/29/2020

[yota691]

Parliamentary finance reveals to (and brother): the reasons for withdrawing the budget from the House of Representatives

 

September 30, 2020

 
  42

And brother of Baghdad

The Parliamentary Finance Committee revealed the real reasons behind returning the draft General Budget Law 2020 to the Council of Ministers, based on a government request to withdraw it from Parliament.

A member of the committee, Representative Jamal Cougar, said in a statement to “Khabar Press”, that “the government is the one who sent the budget and then decided to withdraw it, and therefore the House of Representatives is not a reason to return it”, returning that “the budget formula prepared by the government confused the street and did not reassure it,” indicating that "The government prepared a budget that automatically transferred in 9 months to a budget, as its expenditures were actually spent at a rate of 1/12."

He explained that "the government sent a budget deficit planned even for the past months whose expenditures were actually spent, so the numbers came in violation of the Financial Management Law."

He added that “the financial deficit should not exceed 3% according to the law, but it has reached 60% greater than the state’s revenues,” stressing that “the government will rearrange the draft of the project before sending it back to the House of Representatives, so that the past months’ budget will include the actual expenditures. The remaining months are included as a planned deficit.

[yota691]

09-30-2020 05:20 PM

Parliamentary Finance: We will receive the borrowing law instead of the budget law, and we will have to support it

 

 

Baghdad / Al-Akhbariya

A member of the Parliamentary Finance Committee, Jamal Cougar, said today, Wednesday, that Iraq's imports for the current month are not sufficient to pay salaries and emergencies, indicating that Parliament will receive the borrowing law and will be obliged to support it, in line with matters.

Cougar told Al-Akhbariya, "The government of former Prime Minister Adel Abdul-Mahdi left the government of the current president, Mustafa Al-Kazemi, a heavy legacy and a stifling economic crisis, and we cannot blame the current government for any crisis at all."

 He added that "the government will send the law of external and internal borrowing instead of the budget law, and it will be supported by Parliament to overcome the economic crisis."

Cougar pointed out that "the total Iraq wanted during the current month is more than 3 trillion dinars, while Iraq needs six trillion dinars to fill the operating budget, salaries and emergencies."

It is noteworthy that a number of political blocs opposed borrowing again, whether internally or externally, while the prime minister promised to maximize state resources by controlling outlets, eliminating corruption, strengthening investment, revitalizing the private sector, and other things.

[yota691]

The risk indicator is close to the monetary reserve of the Central Bank of Iraq

 

- 09-30-2020 04:08 PM - Readings: 40,215

A member of the Parliamentary Finance Committee in Iraq, Ahmad Hama Rashid, stated that the size of the cash reserve, whenever it decreases, weakens the Iraqi currency, adding that “this will lead to a gradual weakening of the currency’s price.”

He also warned of possible damages to the Iraqi economy, as the bank’s reserves have been depleted. Central in the light of the need for Iraq to import leads to inflation is enormous.


It is noteworthy that the Committee expressed surprise at the release of the book by the Ministry of Finance calls for the enactment of laws to borrow to pay off the deficit in the salaries of employees, warning mortgaging the future of Iraq by relying on borrowing.