Al-Kazemi directs finance to send the 2021 budget to the Cabinet Secretariat

[yota691]

Al-Kazemi directs finance to send the 2021 budget to the Cabinet Secretariat

 

 

160 Policy 2020/11/12 15:42 ha Baghdad today -

Baghdad On Thursday (November 12, 2020), the Prime Minister, Mustafa Al-Kazemi, directed the Ministry of Finance to send a draft budget bill for next year to the Cabinet Secretariat. The Cabinet Secretariat said, in a statement received (Baghdad today), that "Al-Kazemi directed the Ministry of Finance to send the draft Federal Budget Law for the fiscal year 2021 to the General Secretariat of the Council of Ministers." She added, "The aforementioned directive stipulated the need to expedite this, in order to include the issue on the agenda of the Council of Ministers."

[King Bean]

1 hour ago, yota691 said:

Al-Kazemi directed Finance to send the draft Federal Budget Law for 2021 to the General Secretariat of the Council of Ministers.... and stipulated the need to expedite this.

 

Thanks and GM Yota. Expedite is right....before those idiots take their month long holiday break.

[horsesoldier]

9 minutes ago, King Bean said:

 

Thanks and GM Yota. Expedite is right....before those idiots take their month long holiday break.

I like it....but what’s the Iraqi definition of “ Expedite “ ??? All the Best KB.

[ronscarpa]

2 hours ago, yota691 said:

Al-Kazemi directs finance to send the 2021 budget to the Cabinet Secretariat

 

 

Thanks Yota ... here's hoping this goes somewhere soon. Blessings... Ron

[Laid Back]

We haven’t see the 2020 budget yet.🤔

 

Honestly, I don’t see anything happening this year regarding the RV
- Development of non oil sector

- Diversification of the economy 

- Important laws 

- Development of Banking System

Just my opinion 

 

[JonnyV]

I agree LB.  They would have done it already.   No sense of urgency over there.  

[gregp]

Saturdas a new moon. 

[Flamtap]

Could it well be that the 2021 budget also includes the 2020 budget? Just typing out loud....

[NoviceInvestor]

5 hours ago, Laid Back said:

We haven’t see the 2020 budget yet.🤔

 

Honestly, I don’t see anything happening this year regarding the RV
- Development of non oil sector

- Diversification of the economy 

- Important laws 

- Development of Banking System

Just my opinion 

 

I am of the same opinion.. They may be passing many laws and get up to speed on others but with only 50 days left in 2020 and a few holidays thrown in time will run out. Then again Iraq could surprise us 🤔

[DoD]

5 hours ago, Laid Back said:

We haven’t see the 2020 budget yet.🤔

 

Honestly, I don’t see anything happening this year regarding the RV
- Development of non oil sector

- Diversification of the economy 

- Important laws 

- Development of Banking System

Just my opinion 

 

Agreed LB, I'm in the belief of sometime late January 2021. They appear to be getting things lined up for the first part of next year for the implementation of reforms. That's why I think they never give out a date, it's always soon, or in the near future timelines. The whitepaper gives the next 4-5 years to implement but the monetary portion of it appears a lot sooner. All these countries signing these investment contracts tell us something, Iraq is poised to be a big money maker an they want to be part of it. The FAW port to me is the biggest adventure in the middle east as far as I'm concerned, it's a massive development... 

[LIT]

Borrowing law was in place of the 2020 budget.

LIT

[screwball]

If 2021 butsget is set for 2021 then you can bet it has new rate...remember there were two budgets general budget and reconstruction budget! 

 

[screwball]

They have have factor in rate change adjust books and accounting method as per imf they also need s sizeable fiscal adjustment (their words 2017) to create fiscal space!  (Also there words) banking well they are ready to go have been for years! Swifts, Ibans and warms has largest atm network in Iraq now under cbi control! 

[screwball]

Everything else done...Iraq and Saudi Arabia signals end of Iran in Iraq 

[screwball]

5 hours ago, Flamtap said:

Could it well be that the 2021 budget also includes the 2020 budget? Just typing out loud....

Yep 👍 

[screwball]

Reconstruction budget is based on new rate 

[Laid Back]

On 11/12/2020 at 6:45 AM, JonnyV said:

I agree LB.  They would have done it already.   No sense of urgency over there.  

Agree JV, they don’t know the meaning of sense of urgency.

 

20 hours ago, NoviceInvestor said:

I am of the same opinion.. They may be passing many laws and get up to speed on others but with only 50 days left in 2020 and a few holidays thrown in time will run out. Then again Iraq could surprise us 🤔

Thanks for your input input NI, Still some work to do. But I hope they can surprise us. 

 

19 hours ago, DoD said:

Agreed LB, I'm in the belief of sometime late January 2021. They appear to be getting things lined up for the first part of next year for the implementation of reforms. That's why I think they never give out a date, it's always soon, or in the near future timelines. The whitepaper gives the next 4-5 years to implement but the monetary portion of it appears a lot sooner. All these countries signing these investment contracts tell us something, Iraq is poised to be a big money maker an they want to be part of it. The FAW port to me is the biggest adventure in the middle east as far as I'm concerned, it's a massive development... 

Totally agree with you DoD. 👍🏼

[yota691]

Parliamentary Finance: There is no share for the region from salaries if oil is not delivered, and an early date for approving the 2021 budget

•  Time: 11/12/2020 15:04:18
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•  Read: 11,765 times

  

(Baghdad: Al Furat News) A member of the Parliamentary Finance Committee, Ahmed Hama Rashid, announced today, Thursday, that the Kurdistan region’s non-compliance with the salary agreement in return for delivering oil does not have any share of salaries.

Rashid said in a statement to Al-Furat News Agency that "the fiscal deficit law has been approved," noting that "if the region does not abide by the agreement on salaries in exchange for oil, it will not have any of the salaries."
Rashid added, "There are reassurances regarding salaries for the end of the current year." 
He pointed out that "the date for approving the fiscal budget for 2021 is close and is likely to be approved in the month of December," noting that "without a budget, it is not possible for the loans to pass."
It is noteworthy that the House of Representatives approved in a session held yesterday morning, Wednesday, and continued at dawn today, Thursday, the law of financing the fiscal deficit after the withdrawal of the representatives of the Kurdish blocs to reject the mechanism for determining the share of the Kurdistan region.
The law will allow the government to borrow to secure salaries and necessary expenses until the end of the year.
Ammar Al-Masoudi

[yota691]

Parliamentary Finance: Many obstacles will be in the 2021 budget

•  Time: 11/12/2020 22:46:05
•  
•  Read: 7,410 times

  

{Baghdad: Al Furat News} The Parliamentary Finance Committee expected "many obstacles" in the draft federal budget bill for 2021.

The Deputy Chairman of the Committee, Muthanna Al-Samarrai, said in a press statement, "Prime Minister Mustafa Al-Kazemi promised us in the last meeting with the Finance Committee to send the budget to Parliament within two weeks."
"There will be many obstacles in the 2021 budget, which are economic and financial problems," he added, noting that "Parliament and the government will discuss opportunities for cooperation in increasing, maximizing and diversifying the state's imports."
Last Tuesday, the Prime Minister, Mustafa Al-Kazemi, called on the Finance Ministry and other ministries to expedite the presentation of the 2021 budget "because of its importance in running the country's affairs."
The General Secretariat of the Council of Ministers indicated that Al-Kazemi directed the Ministry of Finance to include the budget in the cabinet agenda.
Ammar Al-Masoudi

[yota691]

The 2021 budget will arrive in Parliament next week

Tuesday 17th November 2020 145

 

  Baghdad: Morning  

 

It is hoped that the draft federal budget bill for the year 2021 will reach the House of Representatives next week, based on government promises received by the Parliamentary Finance Committee.

Committee member Shirwan Mirza said in a press statement that his committee is awaiting the arrival of the 2021 budget bill. Upon its arrival, it will prepare a detailed study on the budget’s items, address the gaps, if any, and know the value of the financial deficit in it. And he indicated, "Whatever the deficit, the government must realize the difficulty of resorting to borrowing again," calling on the government to "find alternatives and work to maximize resources during the coming period to avoid a recurrence of the salary crisis."

The spokesman for the Prime Minister, Mustafa Al-Kazemi, Ahmed Mulla Talal, had confirmed last Saturday that the Council of Ministers may approve the 2021 budget during the next session.

Mulla Talal said in a televised interview: "We are waiting for the approval of the 2021 budget after sending it to Parliament quickly, in order to secure the salaries of employees and ensure that they are not delayed."

[yota691]

A deputy expects the 2021 budget to arrive in Parliament early next year

 35 minutes ago

450

 

The deputy of the Saeron Alliance, Jawad Al-Mousawi, suggested that the 2021 budget will arrive early next year.

Mousawi said in a televised statement followed by "progress" that "the 2021 budget is hoped to arrive in parliament next month," likely delayed to "the month that follows (early next year)."

He explained that "the budget will be very important and crucial for the Iraqi people in light of the economic and health challenges that the country is witnessing."

[yota691]

Parliamentary Finance: The 2021 budget deficit will exceed 50% ... and Iraq's debts are revealed

•  Time: 11/17/2020 22:57:38
•  
•  Read: 3,614 times

  

{Baghdad: Al Furat News} The Parliamentary Finance Committee expected a large deficit in the federal financial budget for 2021.

Committee reporter Ahmed Al-Saffar told Al-Furat that "the Minister of Finance confirmed sending the 2021 budget to the House of Representatives at the end of this month and includes a deficit greater than the 2020 budget," expecting that the fiscal deficit in the budget will reach more than 50%.
He added, "The real debt of Iraq amounts to more than 54 trillion internal dinars and approximately 25 billion dollars abroad, and if we add the last loan and Gulf debt of 40 billion dollars, the total will become 120 billion dollars internally and externally according to the official data issued by the Public Debt Department at the Ministry of Finance. .
Ammar Al-Masoudi

[yota691]

Parliamentary Finance expects the date of arrival of the 2021 budget to Parliament

•  Time: 11/18/2020 12:26:02
•  
•  Read: 3,211 times

  

(Baghdad: Al Furat News) A member of the Finance Committee, Ahmed Al-Saffar, said today, Wednesday, that the deficit will be more than 50% of the volume of spending.

Al-Saffar said in an interview with the Euphrates News Agency, "It is assumed that the draft budget will arrive on October 15, and will end in November, and it has not arrived." Al-
Saffar added, " It is expected that the draft budget will arrive in next December."
He also expected that "the proportion of the deficit in the budget will be more than 50% of the volume of spending due to the absence of any reforms and the financial situation in the country is proceeding with borrowing."

The Finance Committee had said earlier that "the total expenditures for the months from September to December 2020 were estimated at 57.8 trillion dinars, of which 53.9 trillion dinars were for current expenditures (93%) and 3.9 trillion dinars for investment expenditures (6.7%)."

Referring to the actual amount required to be borrowed, the committee clarified that according to the Ministry of Finance Book No. 4700 on September 1, 2020, the financing gap for the entire fiscal year 2020 amounts to 70.6 trillion dinars, and 48.9 trillion dinars of this amount have been funded, thus the size of the required financing will reach 21.7 One trillion dinars.

[yota691]

Parliamentary Finance: Parliament is ready to read and approve the 2021 budget in intensive sessions

•  Time: 11/18/2020 19:27:46
•  
•  Read: 3,978 times

  

{Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Ahmed Mazhar Al-Jubouri, called on the government to quickly send the budget for next year to parliament for approval before the end of this year.

Al-Jubouri said in a statement that the Euphrates News Agency received a copy of it, that "the government must work to send a budget that reflects the financial and economic reality of the country without obstacles to ensure its speedy approval."
Al-Jubouri added, "We do not want the citizen to bear the burdens of delaying the approval of the budget," stressing "the parliament's readiness and intensive sessions to read, debate and approve it."
He called on the government to abide by the provisions of the borrowing law approved by Parliament without delay, charging any government agency with legal donations for that.
Al-Jubouri stressed "the importance of adopting an electronic fingerprint for state employees to receive salaries and grants to prevent duplication of that and in implementation of this paragraph as mentioned in the borrowing law."
And Prime Minister Mustafa Al-Kazemi announced yesterday the government's intention to send the draft fiscal budget for 2021 quickly, "calling."

[yota691]

 

The price of a barrel of oil was revealed in the 2021 budget and the date for completing its preparation

 

 

 2020-11-18 11:17

Shafaq News / A source in the Iraqi Ministry of Finance revealed on Wednesday the price of a barrel of oil approved in the country's draft budget for the next year 2021, and the date for the ministry to complete the preparation of the draft draft.

The source told Shafaq News, "The Ministry of Finance will complete the preparation of the draft general budget bill for 2021 and present it to the Council of Ministers next week."

He added that "the cabinet will discuss and approve the draft budget during its regular session (Tuesday) or in a special session, after which it sends it to the parliament for a vote on it."

The source revealed that "the price of a barrel of oil specified in the draft budget ranges between 35-40 dollars."

Iraq relies on oil sales revenues to finance 95 percent of state expenditures. The country is experiencing a stifling financial crisis this year due to the decline in crude prices on global markets due to the Corona pandemic.

Iraq did not approve a financial budget for the current year due to the circumstances that accompanied the unprecedented popular protests that toppled the government of Adel Abdul Mahdi late last year.