Parliament holds a voting session on the borrowing law

[yota691]

The House of Representatives decides to adopt a fingerprint in salaries to ensure that there are no aliens

 

- 11-12-2020 04:09 AM - Readings: 2596

[yota691]

 

Parliament passes the borrowing bill and gives a green light to the payment of salaries

 

 2020-11-11 21:41

Shafaq News / The Iraqi parliament voted, on Thursday, on the borrowing law that the government has been waiting for to secure the delayed salaries of employees for several weeks, as the country is going through one of the most difficult financial crises, due to the decline in oil prices.

The session was hindered after the Kurdish blocs boycotted the voting session after a disagreement over a proposal submitted by Shiite parliamentary blocs that included “determining the Kurdistan Region’s share of the total actual spending - current expenditures and investment project expenditures - after excluding the sovereign expenditures specified in the federal budget law on the condition that the Kurdistan Region should pay The establishment of oil exported from the region and in quantities exclusively determined by SOMO and federal non-oil revenues. In the event of non-commitment of the region, its expenses may not be paid, and the violator of this provision bears the legal violation.

The session was held with the participation of most of the deputies, including the Kurds, after agreeing to postpone the vote on that controversial point, but Parliament proceeded to vote on the article, which caused a verbal altercation between Kurdish representatives and others from Shiite blocs that caused their withdrawal from the session.

The vote was also made to allocate an amount of 400 billion dinars to the port of Al-Faw, and to adopt fingerprints in salaries in order to ensure that there are no "aliens" - ghost employees -.

This amount will cover the government's fiscal deficit for the months of October, November and December.

This is the second time that the government asked Parliament to grant it the authorization to borrow in order to secure operating expenses, on top of which are the salaries of employees.

On June 24, parliament approved a bill that allowed the government to borrow 15 trillion dinars internally and $ 5 billion abroad to cover the fiscal deficit.

According to the official authorities, these funds have run out during the past months.

Employees are still awaiting payment of their salaries last October, the second delay of its kind for the second month in a row.

The legislation of the fiscal deficit law comes to secure a legitimate cover for the government, given that Iraq has not approved the fiscal budget for 2020 due to the crisis of protests that toppled the previous government and was followed by the Corona pandemic crisis, which reduced the state's revenues by nearly half.

And Iraq is one of the countries with a rentier economy, as it relies on revenues from selling oil to finance up to 95 percent of state expenditures.

The country is experiencing a suffocating financial crisis due to the decline in oil prices due to the Corona pandemic crisis, which has paralyzed large sectors of the world’s economies.

Before the Corona pandemic crisis, the revenues generated from selling crude amounted to about $ 6 billion per month, but it has almost halved this year.

[yota691]

Parliament votes on the fiscal deficit financing bill and raises its session

 An hour ago

629

 

The House of Representatives voted today, Thursday, on the financing deficit bill.

A parliamentary source said in a press interview, "The House of Representatives voted in its session today, Thursday, on a bill to finance the fiscal deficit," noting that "the House of Representatives raised its session to a later date."

The House of Representatives held its 22nd session today, Thursday, headed by Parliament Speaker Muhammad al-Halbousi.

[yota691]

Parliament votes entire borrowing bill after marathon negotiations - Urgent

 

 

 2,796 Policy 11/12/2020 05:41 Baghdad today -

Baghdad The House of Representatives voted on the borrowing law, at dawn today, Thursday, after marathon negotiations that continued since yesterday noon, and were interspersed with disagreements with the Kurdish forces and the rest of the blocs. The (Baghdad Today) correspondent said that the House of Representatives voted on all the provisions of the Financial Deficit Financing Law, (borrowing) concerned with the distribution of salaries and financing expenditures for the remaining months of 2020. He added that the Council raised its session to another notice, after completing the vote.

[yota691]

 

Details of the financial deficit financing law in Iraq

 2020-11-11 21:51

Shafaq News Agency publishes the final version of the fiscal deficit financing law, which was voted by the House of Representatives in a late session on Thursday

Details of the law

On Thursday, the Iraqi parliament voted on the borrowing law that the government has been waiting for to secure employees' delayed salaries for several weeks, as the country is going through one of the most difficult financial crises, due to the decline in oil prices.

The session was hindered after the Kurdish blocs boycotted the voting session after a disagreement  over a proposal submitted by Shiite parliamentary blocs that included “determining the Kurdistan Region’s share of the total actual spending - current expenditures and investment project expenditures - after excluding the sovereign expenditures specified in the federal budget law on the condition that the Kurdistan Region should pay The establishment of oil exported from the region and in quantities exclusively determined by SOMO and federal non-oil revenues. In the event of non-commitment of the region, its expenses may not be paid, and the violator of this provision bears the legal violation.

The session was held with the participation of most of the deputies, including the Kurds, after agreeing to postpone the vote on that controversial point, but Parliament proceeded to vote on the article, which caused a verbal altercation between Kurdish representatives and others from Shiite blocs that caused their withdrawal from the session.

The vote was also made to allocate an amount of 400 billion dinars to the port of Al-Faw, and to adopt fingerprints in salaries in order to ensure that there are no "aliens" - ghost employees -.

This amount will cover the government's fiscal deficit for the months of October, November and December.

This is the second time that the government asked Parliament to grant it the authorization to borrow in order to secure operating expenses, on top of which are the salaries of employees.

On June 24, parliament approved a bill that allowed the government to borrow 15 trillion dinars internally and $ 5 billion abroad to cover the fiscal deficit.

According to the official authorities, these funds have run out during the past months.

Employees are still awaiting payment of their salaries last October, the second delay of its kind for the second month in a row.

The legislation of the fiscal deficit law comes to secure a legitimate cover for the government, given that Iraq has not approved the fiscal budget for 2020 due to the crisis of protests that toppled the previous government and was followed by the Corona pandemic crisis, which reduced the state's revenues by nearly half.

And Iraq is one of the countries with a rentier economy, as it relies on revenues from selling oil to finance up to 95 percent of state expenditures.

The country is experiencing a suffocating financial crisis due to the decline in oil prices due to the Corona pandemic crisis, which has paralyzed large sectors of the world’s economies.

Before the Corona pandemic crisis, the revenues generated from selling crude amounted to about $ 6 billion per month, but it has almost halved this year.

 

[DWS112]

28 minutes ago, yota691 said:

This amount will cover the government's fiscal deficit for the months of October, November and December.

2020 is...DONE!

[Dinarrock]

Ok Yota the borrowing bill is passed so per the gurus we should see the RV tomorrow correct?? Someone is going to have to be right one time! This is great news though and hopefully they stop currency auctions while they are at it and go international with their currency, not too much to ask by now I say!!

[rvmydinar]

16 hours ago, WheresmyRV? said:

Is the borrowing law needed for rv?

i am not so sure if the borrowing law has something to do with rv.

[GregHi]

3 hours ago, Dinarrock said:

Ok Yota the borrowing bill is passed so per the gurus we should see the RV tomorrow correct?? Someone is going to have to be right one time! This is great news though and hopefully they stop currency auctions while they are at it and go international with their currency, not too much to ask by now I say!!

I think the Gurus are also forgetting it has to be published in the gazette before it is law which may be up to another 2 weeks.. But I’ll take tomorrow...

[rvmydinar]

2 hours ago, Dinarrock said:

 we should see the RV tomorrow correct?? 

tomorrow? i really like it. this is the best news i have ever heard. let's wait and see what happen tomorrow. hopefully, you are correct. come rv.

[lmb4321]

Jmho....They can pull the trigger whenever they want to......Will Trump have a say in this?....

who knows...But looking Great Fellow DV'ers......🤙

[screwball]

One day soon 

[screwball]

38 minutes ago, lmb4321 said:

Jmho....They can pull the trigger whenever they want to......Will Trump have a say in this?....

who knows...But looking Great Fellow DV'ers......🤙

Exactly 

[blueskyline]

2 hours ago, rvmydinar said:

i am not so sure if the borrowing law has something to do with rv.

Thank You Again Yota . GM DV's . Have a Beautiful  Day .The Scuttle But is or was . They would need to know the rate in order to know how much dinar would be used to repay the countries they borrowed from . Time will tell ?  

[rvmydinar]

3 hours ago, rvmydinar said:

i am not so sure if the borrowing law has something to do with rv.

But who knows. I may be wrong too. The sooner the better. Keeping hope alive folks.

[rvmydinar]

3 hours ago, GregHi said:

I think the Gurus are also forgetting it has to be published in the gazette before it is law which may be up to another 2 weeks.. But I’ll take tomorrow...

Tomorrow or 2 weeks it is still a great news but of course the sooner the better. Come rv.

[yota691]

Parliament approves a bill to finance the fiscal deficit at a session held at dawn

 

money and business Economy News _ Baghdad The House of Representatives voted, Thursday dawn, on a bill to finance the "fiscal deficit." The Council voted on the bill’s articles, which are eight articles, including allocating 400 billion dinars to the large port of Faw and adopting fingerprints in salaries to eliminate the phenomenon of aliens.   The House of Representatives held, at dawn on Thursday, its 22nd session chaired by its president, Muhammad al-Halbousi, to vote on the draft law on financing the fiscal deficit after it raised its 21st session without voting on it.

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