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

[Half Crazy Runner]

47 minutes ago, bkeiller said:

And, FFS, RV your currency!

Amen to that!! 

[yota691]

An advisor to Al-Kazemi describes the financial crisis as "deep" and insinuates the continued borrowing to pay salaries

•  Time: 12/01/2020 10:10:14
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•  Read: 2,600 times

  

{Baghdad: Al Furat News} He ruled out Mazhar Muhammad Saleh, the financial advisor to the Prime Minister, Mustafa Al-Kazemi, that there are immediate solutions to the financial crisis in the country.

Commenting on the formation of salaries of more than 60 trillion dinars (50 billion dollars) annually (employees, retirees and social welfare), Saleh said in a press statement, “It is unlikely that structural transformations will take place within a short period by finding alternative and rapid sources of financing in a weakly diversified single economy unless resorting to Borrowing to bridge the sustainable spending gap.
He stressed, "There are no immediate, fundamental solutions; but there is importance to control the expansion of this section, and to control its lack of escapism, and to expand it."
Saleh explained that "the financial crisis is fast and deep; because of the complete dependence on oil rent in building the structure of spending and spending in Iraq's budgets, and cumulative expansion for many decades; therefore it is difficult to make structural transformations by finding alternative and rapid sources of financing in a single, weakly diversified economy unless resorting to To borrowing to fill the gap in sustainable expenditures, this is done by expanding the public debt in the hope that the budget resources will gradually improve, in addition to that restructuring and reducing expenditures is not an easy matter, as it is linked to obligations and legislation developed in the past, and it is difficult to amend immediately due to the undesirable social and economic effects it may bear. ".
He pointed out, "The stability of the Iraqi dinar exchange represents the stability of the external value of the national currency, and then the stability of the standard of living, and defending the stability of the exchange rate is one of the most important duties of the Central Bank of Iraq in achieving its objectives in building stability as a climate for economic growth, despite the current account deficit." For the current balance of payments to GDP, which is about negative 8% according to initial estimates; however, the central bank defends the exchange rate through its foreign reserves, and that this defense depends on the sufficiency of foreign reserves that have not yet reached their red lines.
Saleh pointed out that "the adoption of economic liberalism and openness to the global economy during the last two decades and with the controls and policies of development and weak economic oversight and a fragile internal economy, has made the world's economies work with high efficiency and great competitiveness, which is setting the last nail on the stage of another Iraqi craftsman who works in the manufacture of wood or shoes." Or bags, and the last wheel takes off from the wheels of national industry after it deliberately flooded the national market or ignorance of the cheap goods of Asian countries financed by the revenues of oil revenue; therefore unemployment is still high in the country for two decades, and the manufacturing industry and agriculture still constitute only 7% of The gross domestic product of Iraq, which comprises 37% of the workforce, and society, its bulk, subsist on government service jobs with low productivity or on government subsidies and subsidies paid from the budget of oil resource revenues.
Regarding the most prominent challenges facing economic reform in Iraq, Saleh said, "There is no unified political will in choosing a unified road map for economic reform."

[yota691]

are all financial government expenditures for the year 2021 insured? the ministry of planning answers

Author: Ahad5 On 11/30/2020 - 2:49 PM  316

The Ministry of Planning spoke, today, Monday, about "financial plans that are insured for the dues to be paid in the next year."

The ministry stated in a statement that “the salaries of employees, the social protection network, the ration card, farmers’ dues and expenditures related to the electricity sector in the 2021 budget.

She pointed out that "the budget for next year includes a ceiling for internal and external borrowing."

The ministry revealed that "the financial deficit in the budget should not exceed the limits of 25 percent."

The ministry expects to calculate the price of a barrel of oil in next year's budget between 41 to 43 dollars.

[6ly410]

ERBIL, Kurdistan Region — A Kurdish MP in Baghdad believes that the Kurdistan Regional Government (KRG) must ‘rush’ to send a delegation to the capital in order to resolve ongoing disagreements over the KRG’s budget share. 

“The KRG has to rush in sending a delegation to negotiate with the Iraqi government  before the 2021 budget bill is sent to the parliament, because our chances of reaching an agreement are diminishing,” Shirwan Mirza, a Patriotic Union of Kurdistan (PUK) MP and member of the parliament’s finance committee said in an interview with Rudaw’s Sangar Abdulrahman on Tuesday.

“Reaching an agreement within the parliament is harder because there are parties who clearly want to hurt the prime minister’s agenda, especially to satisfy their followers and those on the streets,” Mirza said.

“Would it not be better if the Kurds had a say in the Kurdistan Region’s budget share?”

On November 12, Iraqi MPs passed the Fiscal Deficit Coverage Bill to approve loans for civil servant salaries in Iraq and the Kurdistan Region for the last two months of this year. The bill passed with a majority vote, despite a walk-out staged by Kurdish MPs, who were angered that Erbil is obliged to hand over an unspecified amount of oil in exchange for funds- a clause they say was not in the original bill.

The passage of the law was opposed by both Kurdish officials in Erbil and Baghdad, and deepens economic woes for civil servants in the Kurdistan Region, who have not been paid for several months of the year.

The KRG relies heavily on its share of the federal budget to pay civil servant salaries. It has struggled to pay its civil servants in full and on time for five years, due to the war against the Islamic State (ISIS), economic crises and a drop in oil prices. 

Prime Minister Mustafa al-Kadhimi warned civil servant salaries will go unpaid for yet another month if the 2021 budget bill is not passed by Saturday.

The parliament decided in June to scrap budget plans for the remaining months of the year and instead focus on drafting a budget for 2021. 

Regarding the current oil-for-budget agreement with Baghdad, Mirza says Erbil should try to adhere to the agreement and hand over the oil it owes. 

“We have not tried to reach an agreement with Baghdad and hand over the oil so far, maybe we should try it for a few months… if Baghdad fails to fulfil their end of the deal, we will not be quiet.” 

Erbil and Baghdad signed an agreement in August, compelling Kadhimi's cabinet to send 320 billion dinars ($268 million) every month, which has so far yet to be sent on time. 

The interview comes after the KRG report detailing efforts made over the past two years to reach an agreement with the federal government. 

The KRG’s current share of the federal budget is a small amount of its original entitlement after Baghdad has collected oil and border crossing revenues, read a copy of the report obtained by Rudaw English.  

“The Iraqi government should send the 320 billion dinars without asking for anything in return,” it said. 

[yota691]

Text of parliamentary financial proposals for prime minister on economic reform

•  Time: 12/01/2020 11:36:57
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•  Read: 10,387 times

  

{Baghdad: Al Furat News} Our agency publishes the text of the Parliamentary Finance Committee's proposals submitted to the Prime Minister's Office regarding financial and economic reform.

To view the text of the proposals, click here

[Wheelman]

The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).

 

October 6, 2020

 
  60

And brother of Baghdad

The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).

 

[Wheelman]

Just now, Wheelman said:

 

The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).

 

October 6, 2020

 
  60

And brother of Baghdad

The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).

 

Hummmmm!

[yota691]

Advisor to the Prime Minister: The salaries of employees for the year 2021 are fully insured

 

The appearance of Muhammad Saleh

money and business Economy News _ Baghdad The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, that the salaries of employees for the year 2021 are fully secured. Saleh said in a press interview, that "in light of the exceptional and difficult circumstance the country is going through, the House of Representatives must intensify its efforts to pass the 2021 budget bill as soon as it reaches the parliament during the next few days." He added that the delay in the House of Representatives voting on the 2021 budget has nothing to do with the disbursement of employees' salaries, because the state's expenses are continuing and there is a financial plan for 2021. Saleh indicated that the salaries of employees for the year 2021 are fully secured, and there are contexts in the exchange according to the Financial Administration Law, even if Parliament is late in passing the Maronite Law, there will be no delay in paying salaries. On Monday, Prime Minister Mustafa Al-Kazemi directed to send the Budget Law for 2021 to the General Secretariat of the Council of Ministers for scrutiny.

Number of observations 685   Date added: 12/01/2020

[yota691]

 

What prompted the Kazemi government to wait for the 2021 budget debate?

 

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 2020-12-03 03:56

 

Shafaq News / A source in the Iraqi government stated, on Thursday, that the Council of Ministers decided to hold off on discussing the draft General Budget Law for 2021 after the high oil prices.

The source said to Shafaq News Agency, "The high oil prices, which exceeded them $ 45, prompted the Council of Ministers to wait to discuss and approve the general budget law for 2021 from Tuesday's session to next Saturday."

He explained that "the general budget was based on 41 dollars so far, raising prices will change that," indicating that "the Ministry of Finance will set the price of a barrel of oil between 45 to 50 dollars."

The source pointed out that "high oil prices and their identification in the general budget will help" decrease the fiscal deficit from 50% to 30% of the total amount in the 2021 budget.

The authorities did not approve the 2020 budget, due to the decline in financial revenues due to the decline in oil prices in global markets, due to the consequences of the Corona virus.

Iraq is the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), with an average daily rate of 4.6 million barrels, and depends 97 percent on oil revenues to finance the country's annual budget.

The public finances of Iraq have been severely affected by the fall in crude oil prices and oil financial revenues, prompting the authorities recently to pass a law on borrowing, in order to bridge the gap between actual revenues and expenditures.

[yota691]

Parliamentary Finance: We are working hard to secure employee salaries

Saturday 05 December 2020 60

 

  Baghdad: Shaima Rasheed

 

The Parliamentary Finance Committee is working hard to secure salaries so that the employee can be safe for a full year, and has also called on the government to send the draft budget for 2021 as soon as possible to avoid many problems.

A member of the Finance Committee, Jamal Cougar, told “Al-Sabah”: “Parliament will not delay in approving the draft budget for next year in case it is sent from the government.” And while he stressed that the committee “will work hard to secure the salaries of employees,” he noted the “possibility” of the government resorting to Deductions from allocations to certain segments of employees, not everyone, indicating that "the matter is not yet certain."

He added, "The Finance Committee has refused to legislate any other borrowing law, but there will be borrowing in the 2021 budget, which is normal, as every budget contains planned or actual borrowing." Cougar called on the government to "include all the sums it needs in the budget law, and expedite sending it", indicating that "the reform paper that the committee sent to the government will be included in the budget," noting that "what the committee added in the reform paper is easy paragraphs, and it can be" The government implement it ».

In addition, Hussein al-Oqabi, a member of the National Approach bloc, suggested that the 2021 budget will reach Parliament this week.