Representatives hint at the possibility of postponing today's cabinet session to discuss the general budget

[yota691]

Representatives hint at the possibility of postponing today's cabinet session to discuss the general budget

Saturday 05, December 2020 14:21 | PoliticalViews: 126

Baghdad / NINA / Deputies hinted at the possibility of postponing the cabinet session scheduled for this day to discuss the federal budget 2021.



Deputies of various blocs circulated details of the high deficit ceiling and the lack of agreement with the Kurdish delegation, indicating the possibility of postponing the cabinet session today to discuss the draft budget.


The spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until today, Saturday.

[currenzcraze]

“...the lack of agreement with the Kurdish delegation, indicating the possibility of postponing the cabinet session today to discuss the draft budget.”

 

The Kurds received a bail out so once again they are balking at a deal agreement.  This ride is like a hamster wheel -

Kurds say give me money and we will vote for the budget

Baghdad says okay and you pinky swear right?

Kurds say yes. You can depend us.

Baghdad says okay here is your money.

Kurds say haha you are a sucker and fell for it again.  We don’t like the budget.

Baghdad okay back to the drawing board.

 

The beat goes on...

 

 

[yota691]

 

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

 

•  

 2020-12-05 08:45

 

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 2021 General Budget Law 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]

1 hour ago, currenzcraze said:

“...the lack of agreement with the Kurdish delegation, indicating the possibility of postponing the cabinet session today to discuss the draft budget.”

The first article is misleading, probably more political then truth on the subject, with another article stating Kurds census on 2021 Budget Law. More then likely the rise in oil prices just this week is the actual cause of the delayed, from the second article sounds more of the reason. Also it Cabinet meeting, not a parliament session that debating the 2021 Budget Law. Then it proceed to the House.  

[6ly410]

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[6ly410]

 

[yota691]

Parliamentary Finance: The government decided to reformulate the budget due to high oil prices

 

 

- 12-06-2020 11:16 AM - Number of readings: 9926

The Parliamentary Finance Committee revealed that the government decided to reformulate the federal budget bill for 2021.

Committee rapporteur Ahmed Al-Saffar said, "The government's delay in sending the budget to Parliament is justified because of the change in the price of oil these days and its rise to $ 49 a barrel and may rise further," noting that "Basra crude is more expensive than Brent crude and this requires the government to re-formulate the numbers in The budget to reduce the fiscal deficit and increase revenues. "

He added, "The other reason for the delay in the budget is the existence of understandings between the Ministry of Finance and the International Monetary Fund to update the exchange rate of the Iraqi dinar, as it is a sensitive issue and must be updated in a way that does not cause inflation."

Al-Saffar ruled out "the arrival of the budget to parliament this week because changing and checking it takes time, and I expect it to be sent to parliament next week."

[yota691]

Cabinet: We hope that the budget file will be resolved next Tuesday's session

 

 

- 12-06-2020 02:28 PM - Number of readings: 2806

Cabinet spokesman Hassan Nazim confirmed today, Sunday, that there is strenuous work to complete the draft general budget law for next year, while expressing his hope that the budget file will be resolved in next Tuesday's session.

Nazim said that "there is strenuous work from the Ministry of Finance to complete the text of next year's budget, which will be sent to the Council of Ministers to vote on it."

And he expressed his hope that "the budget file will be resolved at the cabinet session next Tuesday, indicating that there are job grades in the event that the budget is approved, and it is the government's priorities to grant it to those who deserve it."

[yota691]

Parliamentary Finance: The government will reformulate the 2021 budget and send it to Parliament next week

•  Time: 12/06/2020 11:58:18
•  
•  Read: 4,563 times

  

{Baghdad: Al Furat News} The Parliamentary Finance Committee revealed that the government decided to reformulate the draft federal budget law for 2021.

Committee reporter Ahmed Al-Saffar told Al-Furat News that "the government has postponed sending the budget to Parliament until now. We believe that it is justified because the price of oil has changed these days and it has risen to $ 49 a barrel and may rise more," pointing out that "Basra crude is more expensive than Brent crude and this The government requires reformulating the figures in the budget to reduce the fiscal deficit and increase revenues.
He added, "The other reason for the delay in the budget is the existence of understandings between the Ministry of Finance and the International Monetary Fund to update the exchange rate of the Iraqi dinar, as it is a sensitive issue and must be updated in a way that does not cause inflation."
Al-Saffar ruled out "the arrival of the budget to parliament this week because changing and checking it takes time, and I expect it to be sent to parliament next week," pointing out that "there are no sessions next week, but the Finance Committee will hold continuous meetings until it is completed and presented to Parliament."
It is noteworthy that informed sources say that the Cabinet will vote on the 2021 budget bill at its next Tuesday session, with expectations of a deficit of 25%.
Ammar Al-Masoudi

[yota691]

Government Spokesperson: We hope that the budget will be settled at the Cabinet session on Tuesday

Policy

2020-12-06 | 09:18

 

663 Views

 

On Sunday, government spokesman Hassan Nazim expressed his hope that the issue of the budget would be resolved at a session next Tuesday.

"We hope that the 2021 budget file will be resolved in the cabinet session next Tuesday," Nazem said in a statement carried by the official agency and followed by Alsumaria News.

 

He added, "There are job grades in the event that the budget is approved, and one of the government's priorities is to grant it to those who deserve it."

[DWS112]

Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the figures to "reduce the financial deficit!"

Dec 6, 2020

 

Today, Sunday, the Parliamentary Finance Committee informed the Presidency of the Council of Representatives that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.

 

"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmad Al-Saffar, said.

 

He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."

 

He added, "The draft budget is still up to now with the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund  to update the exchange rate of the Iraqi dinar before the end of the fiscal year ," indicating that, "according to government estimates that we have informed about the price of a barrel of oil In the general budget it will be between 42 - 43 dollars.

 

The spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.

Expectations of the next deficit?

 

And on that, today, Sunday, the Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for last October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.

 

The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general salary average of 3.34, an increase of 3.45%.

 

The statement pointed out that the expenses of social care increased by 19% compared with the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.

 

The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general rate, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. Higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) would be 4.652 trillion dinars.

 

He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."

 

The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to the payments of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement.

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[DWS112]

7 minutes ago, DWS112 said:

reduce the financial deficit ceiling and increase revenues

Sounds like an increase in the exchange rate?

[davis411]

God I hope so

[GreedyDinar07]

3 hours ago, yota691 said:

 

The other reason for the delay in the budget is the existence of the understanding between The Minister of Finance and  The International Monetary Fund "TO UPDATE THE EXCHANGE RATE OF THE IRAQ DINAR, AS IT IS A SENSITIVE ISSUE AND MSUT BE UPDATED IN A WAY THAT DOES NOT CAUSE INFLATION!!" .....Wow!!! I will be glad when this happens!! Go 2021 and I hope it is January or early 2021!!!

[Half Crazy Runner]

11 minutes ago, DWS112 said:

to update the exchange rate of the Iraqi dinar before the end of the fiscal year ,

😲 wowzers!  
I hope that picture of coins with the article is an indication of a rate change that is so significant that they can issue denominations that are just a fraction of a dinar! 
Great article DWS112!!!  

[DWS112]

18 minutes ago, GreedyDinar07 said:

Go 2021 and I hope it is January or early 2021!!!

Iraq's fiscal year ends in 3 1/2 weeks (Dec 31st) !

Edited December 6, 2020 by DWS112

[bkeiller]

On 12/5/2020 at 6:36 AM, currenzcraze said:

“...the lack of agreement with the Kurdish delegation, indicating the possibility of postponing the cabinet session today to discuss the draft budget.”

 

The Kurds received a bail out so once again they are balking at a deal agreement.  This ride is like a hamster wheel -

Kurds say give me money and we will vote for the budget

Baghdad says okay and you pinky swear right?

Kurds say yes. You can depend us.

Baghdad says okay here is your money.

Kurds say haha you are a sucker and fell for it again.  We don’t like the budget.

Baghdad okay back to the drawing board.

 

The beat goes on...

 

 

This is the same technique the Iranians are using with their nuclear terror diplomacy. It is just criminals pushing the legal boundaries closer to the way the operate on a day to day basis.

Search for a sucker!?

[stanleypower]

2 hours ago, DWS112 said:

Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the figures to "reduce the financial deficit!"

Dec 6, 2020

 

Today, Sunday, the Parliamentary Finance Committee informed the Presidency of the Council of Representatives that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.

 

"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmad Al-Saffar, said.

 

He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."

 

He added, "The draft budget is still up to now with the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund  to update the exchange rate of the Iraqi dinar before the end of the fiscal year ," indicating that, "according to government estimates that we have informed about the price of a barrel of oil In the general budget it will be between 42 - 43 dollars.

 

The spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.

Expectations of the next deficit?

 

And on that, today, Sunday, the Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for last October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.

 

The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general salary average of 3.34, an increase of 3.45%.

 

The statement pointed out that the expenses of social care increased by 19% compared with the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.

 

The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general rate, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. Higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) would be 4.652 trillion dinars.

 

He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."

 

The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to the payments of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement.

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Awesome find DWS112!!!

 

I feel like this should be in a new thread, pretty big headline.

 

 

[DWS112]

1 hour ago, stanleypower said:

I feel like this should be in a new thread, pretty big headline.

I agree stanleypower, but the important phrase that caught my eye was:

"before the end of the fiscal year"

 

[stanleypower]

4 minutes ago, DWS112 said:

I agree stanleypower, but the important phrase that caught my eye was:

"before the end of the fiscal year"

 

I'm praying my brother!!!All amazing news coming out.

 

 

[jegou]

WOW!!!  Thank you so much for this article. It has made my day. Before the end of the fiscal year also caught my eye. What a great Christmas this will be. I just wish my Mom would have made it to see this happen. 

This thread should be blowing up right now.

[DWS112]

BUMP!

Edited December 6, 2020 by DWS112

[Jaygo]

4 minutes ago, jegou said:

WOW!!!  Thank you so much for this article. It has made my day. Before the end of the fiscal year also caught my eye. What a great Christmas this will be. I just wish my Mom would have made it to see this happen. 

This thread should be blowing up right now.

Don’t get too excited. One word for you.... Iraq. 🤦🏻

[Carrello]

DWS112: By all means, let's take a very promising article with intriguing information that may lead us all of who have been in this investment together, some for over a decade, and turn it into something negative and divisive with political remarks. 

 

Thanks for the article.

Edited December 6, 2020 by Carrello

[SONIA1]

4 hours ago, DWS112 said:

Sounds like an increase in the exchange rate?

 

 

increase as 1300 per dollar ?