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

[DWS112]

Wandering billions" have no traces: Iraq puts a foot in the circle of "financial danger" ... and necessity will trigger a system that has been suspended for "30 years"!

Dec 7, 2020

 

The Parliamentary Finance Committee announced that Iraq would enter the stage of financial danger, and while stressing the need to expedite sending the budget by the government and approving it in Parliament, it called for focusing on the most important projects and excluding unimportant ones.

 

The reporter of the Finance Committee, Ahmed Al-Saffar, said in a televised interview that "the salaries and allocations of the three presidencies constitute less than 1% of the annual budget funds and what is said about relatively high numbers is inaccurate."

 

With regard to the 2021 budget, he stated that "the draft budget organizes the life of a society and an entire country, and it needs between 30-45 days to be discussed in the House of Representatives, and if intensive day and night meetings are held, discussions about it may end within 30 days."

 

Al-Saffar announced that Iraq has entered “the danger phase due to the delay in 👉 the budget, which must be approved before the date of 1/1/2021,” noting that “it is not possible in any way to implement the 12/1 plan for the 2019 budget in 2021.”

 

He added that "the state needs to" restructure the economy with new plans for the industrial and agricultural sectors, "noting the need to" activate the tax system in Iraq, which was suspended since 1990, and taxation has stopped. "

 

Regarding Iraq’s imports, Al-Saffar pointed out, "The existence of non-oil imports, and we do not know where to go, such as taxes for flying aircraft over Iraqi airspace, as well as money for renting state lands and squares."

 

The reporter of the Finance Committee in Parliament emphasized the existence of "corruption in the tax administration, because it is unreasonable to waste hundreds of billions per month," stressing the need to "accurately count the tax containers."

 

He added that "the Parliamentary Finance Committee needs a session with the Ministries of Finance and Planning to study the procedural proposals submitted by the committee in order to know whether or not they can be applied."

 

Regarding the financial allocations for state employees and the ministries' petty cash, he pointed to the need to "reconsider risk allocations, delegations and petty cash because there are exaggerated numbers, and the account must be calculated for every dinar that enters the treasury, and the focus must be on the most important projects and excluding the unimportant."

 

The House of Representatives' calls are still in charge of the government in order to send the draft 2021 budget law, amid warnings that the delay in approving the state budget will lead to an economic recession and the disruption of new projects.

 

The one source

 

On his part, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed yesterday that financial planning will determine the future of the coming months.

 

The official news agency quoted Saleh as saying that "financial planning is what determines the future of the coming months,  👉 starting from the first of January," indicating that "everyone is waiting for financial planning to know how to determine expenditures and revenues and address the deficit, if any."

 

He added, "Exiting the financial crisis depends on the measure and pressure of expenditures, maximizing resources and setting priorities in the correct manner so that there are things subject to pressure and installments."

 

Regarding the possibility of Iraq borrowing again to fill the deficit, Salih stated that "borrowing depends on the budget law and is determined by law in the House of Representatives," noting that "there are limits to the borrowing process," noting that "the risk lies in relying on one resource, oil, and setting its prices in the outside".

 

Governmental expenditures during the past months

 

To that, the economic expert, Manar Al-Obaidi, revealed the total government salaries until October 2020 in Iraq.

 

Al-Obeidi said, in a post on Facebook: The total government salaries until October 2020 amounted to more than 33.4 trillion dinars, a month rate of 3.34 trillion dinars.

 

He added that the Ministry of the Interior occupied the largest percentage of salaries, at a rate of 28% of total salaries, followed by the Ministry of Defense at 16% of total salaries, while the Council of Ministers and its affiliated bodies accounted for 9.5% of total salaries, followed by the salaries of the Kurdistan region by 6% of total salaries.

 

He continued: The Ministry of Higher Education, its share of the Iraqi state salaries amounted to 5.24%, followed by the salaries of the Ministry of Education at 4.14%, while the salaries of the House of Representatives amounted to 1% of the total salaries disbursed.

 

Al-Obeidi explained that the rest of the ministries as a whole represented 4% of the total salaries disbursed, and these disbursed salaries do not include companies and bodies affiliated with ministries with self-financing.

 

 

For its part, the Ministry of Finance had published a table of numbers, through which it clarified the size of government spending, from the beginning of the year until last September, as well as the numbers, oil and non-oil revenues.

 

"The volume of government spending, for all state institutions, governorates, regions, and ministries, amounted to more than 51,734 trillion dinars," the ministry said in the monthly spending report from the beginning of 2020 until last September.

 

He pointed out that "the total budget of the Kurdistan Regional Government is more than two trillion dinars, while noting that the total budget of the House of Representatives amounted to 313.6 billion dinars."

 

It indicated that "the total budget of the Presidency of the Republic amounted to 30.2 billion dinars, while the total budget of the Council of Ministers reached 3.24 trillion dinars."

 

The report pointed out that "the Ministry of Finance's spending was the highest of 14.3 trillion dinars, after which the Ministry of Interior was 8.5 trillion dinars, and then the Ministry of Defense with 5 trillion dinars."

 

The ministry also published a report on oil and non-oil revenues, and their percentage of total revenues for the current and investment budget, from the beginning of the year until last September as well.

 

According to the ministerial report, the total oil revenues reached “35,311 trillion dinars, and the total non-oil revenues amounted to 3,129 trillion dinars”.

 

The report indicates that "the percentage of oil revenues out of total revenues amounted to 92%, while the percentage of non-oil revenues out of total revenues was only 8%."

 

The Ministry of Finance also indicated that "the total expenditures of the investment budget amounted to 1,141 trillion dinars."

 

((For full details, in the Ministry of Finance report, ( click here ).  )) 

[stanleypower]

11 minutes ago, DWS112 said:

Wandering billions" have no traces: Iraq puts a foot in the circle of "financial danger" ... and necessity will trigger a system that has been suspended for "30 years"!

Dec 7, 2020

 

The Parliamentary Finance Committee announced that Iraq would enter the stage of financial danger, and while stressing the need to expedite sending the budget by the government and approving it in Parliament, it called for focusing on the most important projects and excluding unimportant ones.

 

The reporter of the Finance Committee, Ahmed Al-Saffar, said in a televised interview that "the salaries and allocations of the three presidencies constitute less than 1% of the annual budget funds and what is said about relatively high numbers is inaccurate."

 

With regard to the 2021 budget, he stated that "the draft budget organizes the life of a society and an entire country, and it needs between 30-45 days to be discussed in the House of Representatives, and if intensive day and night meetings are held, discussions about it may end within 30 days."

 

Al-Saffar announced that Iraq has entered “the danger phase due to the delay in 👉 the budget, which must be approved before the date of 1/1/2021,” noting that “it is not possible in any way to implement the 12/1 plan for the 2019 budget in 2021.”

 

He added that "the state needs to" restructure the economy with new plans for the industrial and agricultural sectors, "noting the need to" activate the tax system in Iraq, which was suspended since 1990, and taxation has stopped. "

 

Regarding Iraq’s imports, Al-Saffar pointed out, "The existence of non-oil imports, and we do not know where to go, such as taxes for flying aircraft over Iraqi airspace, as well as money for renting state lands and squares."

 

The reporter of the Finance Committee in Parliament emphasized the existence of "corruption in the tax administration, because it is unreasonable to waste hundreds of billions per month," stressing the need to "accurately count the tax containers."

 

He added that "the Parliamentary Finance Committee needs a session with the Ministries of Finance and Planning to study the procedural proposals submitted by the committee in order to know whether or not they can be applied."

 

Regarding the financial allocations for state employees and the ministries' petty cash, he pointed to the need to "reconsider risk allocations, delegations and petty cash because there are exaggerated numbers, and the account must be calculated for every dinar that enters the treasury, and the focus must be on the most important projects and excluding the unimportant."

 

The House of Representatives' calls are still in charge of the government in order to send the draft 2021 budget law, amid warnings that the delay in approving the state budget will lead to an economic recession and the disruption of new projects.

 

The one source

 

On his part, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed yesterday that financial planning will determine the future of the coming months.

 

The official news agency quoted Saleh as saying that "financial planning is what determines the future of the coming months,  👉 starting from the first of January," indicating that "everyone is waiting for financial planning to know how to determine expenditures and revenues and address the deficit, if any."

 

He added, "Exiting the financial crisis depends on the measure and pressure of expenditures, maximizing resources and setting priorities in the correct manner so that there are things subject to pressure and installments."

 

Regarding the possibility of Iraq borrowing again to fill the deficit, Salih stated that "borrowing depends on the budget law and is determined by law in the House of Representatives," noting that "there are limits to the borrowing process," noting that "the risk lies in relying on one resource, oil, and setting its prices in the outside".

 

Governmental expenditures during the past months

 

To that, the economic expert, Manar Al-Obaidi, revealed the total government salaries until October 2020 in Iraq.

 

Al-Obeidi said, in a post on Facebook: The total government salaries until October 2020 amounted to more than 33.4 trillion dinars, a month rate of 3.34 trillion dinars.

 

He added that the Ministry of the Interior occupied the largest percentage of salaries, at a rate of 28% of total salaries, followed by the Ministry of Defense at 16% of total salaries, while the Council of Ministers and its affiliated bodies accounted for 9.5% of total salaries, followed by the salaries of the Kurdistan region by 6% of total salaries.

 

He continued: The Ministry of Higher Education, its share of the Iraqi state salaries amounted to 5.24%, followed by the salaries of the Ministry of Education at 4.14%, while the salaries of the House of Representatives amounted to 1% of the total salaries disbursed.

 

Al-Obeidi explained that the rest of the ministries as a whole represented 4% of the total salaries disbursed, and these disbursed salaries do not include companies and bodies affiliated with ministries with self-financing.

 

 

For its part, the Ministry of Finance had published a table of numbers, through which it clarified the size of government spending, from the beginning of the year until last September, as well as the numbers, oil and non-oil revenues.

 

"The volume of government spending, for all state institutions, governorates, regions, and ministries, amounted to more than 51,734 trillion dinars," the ministry said in the monthly spending report from the beginning of 2020 until last September.

 

He pointed out that "the total budget of the Kurdistan Regional Government is more than two trillion dinars, while noting that the total budget of the House of Representatives amounted to 313.6 billion dinars."

 

It indicated that "the total budget of the Presidency of the Republic amounted to 30.2 billion dinars, while the total budget of the Council of Ministers reached 3.24 trillion dinars."

 

The report pointed out that "the Ministry of Finance's spending was the highest of 14.3 trillion dinars, after which the Ministry of Interior was 8.5 trillion dinars, and then the Ministry of Defense with 5 trillion dinars."

 

The ministry also published a report on oil and non-oil revenues, and their percentage of total revenues for the current and investment budget, from the beginning of the year until last September as well.

 

According to the ministerial report, the total oil revenues reached “35,311 trillion dinars, and the total non-oil revenues amounted to 3,129 trillion dinars”.

 

The report indicates that "the percentage of oil revenues out of total revenues amounted to 92%, while the percentage of non-oil revenues out of total revenues was only 8%."

 

The Ministry of Finance also indicated that "the total expenditures of the investment budget amounted to 1,141 trillion dinars."

 

((For full details, in the Ministry of Finance report, ( click here ).  )) 

Another awesome article DWS!!!

 

The clock’s ticking!

[Half Crazy Runner]

5 hours ago, pokerplayer said:

in addition to negotiations with the International Monetary Fund to determine the exchange rate of the Iraqi dinar.

Maybe I’m wrong, but I don’t recall the IMF ever being involved in minor adjustments or fluctuations in the dinar rate since I’ve been invested in this. So, maybe a BIG change is in the works...? Im going to go ahead and let myself get really excited for 1/1/2021. 

[horsesoldier]

34 minutes ago, Half Crazy Runner said:

Maybe I’m wrong, but I don’t recall the IMF ever being involved in minor adjustments or fluctuations in the dinar rate since I’ve been invested in this. So, maybe a BIG change is in the works...? Im going to go ahead and let myself get really excited for 1/1/2021. 

Me too .....

.... but I have a case of “ Depends “ handy if I get really overwhelmed with excitement 🤣

[Longtimelurker]

Exciting times for sure! 😆

 

 

[Synopsis]

On 12/6/2020 at 11:19 AM, Half Crazy Runner said:

wowzers!  

 

WOWZERS!!!

 

 Took The Word Right Out Of My Mouth - You Go, GIRL!!!, Half Crazy Runner, AND ALL The Very Best!!! 

 

Nothing Funner THAN Being A Runner!!!

 

With yer Fine Canine, of course!!!

 

Go Moola Nova!

["Fred"]

5 hours ago, horsesoldier said:

Me too .....

.... but I have a case of “ Depends “ handy if I get really overwhelmed with excitement 🤣

 

[horsesoldier]

From now on I’ll refer to STOLEN untraceable money  as “ Wandering Billions “ —-sounds like a show you’d find on the Discovery Channel. 

[keylime]

4 hours ago, horsesoldier said:

From now on I’ll refer to STOLEN untraceable money  as “ Wandering Billions “ —-sounds like a show you’d find on the Discovery Channel. 

Or a horror zombie movie

[rvmydinar]

12 hours ago, Half Crazy Runner said:

Maybe I’m wrong, but I don’t recall the IMF ever being involved in minor adjustments or fluctuations in the dinar rate  

Role of IMF

The International Monetary Fund is a global organisation founded in 1944 in the post-war economic settlement which included the Bretton-Woods system of managed exchange rates. J.M.Keynes and Harry Dexter White both played an important role in its development.

Its primary aim is to help stabilise exchange rates and provide loans to countries in need. Nearly all members of the United Nations are members of the IMF with a few exceptions such as Cuba, Lichtenstein and Andorra.

Functions of IMF

1. International monetary cooperation.
2. Promote exchange rate stability.
3. To help deal with balance of payments adjustment
4. Help deal with economic crisis by providing international coordination – loans, plus advice.

Special Drawing Rights SDR

The IMF uses Special drawing rights to provide a unit for the amount of foreign currency member states can draw on. SDRs are defined in terms of a basket of major currencies including Euro, Pound Sterling, Japanese yen and US Dollar.

 

link :https://www.economicshelp.org/blog/glossary/imf/

 

hopefully, when iqd rv, iqd can peg to either  Euro or Pound Sterling or US Dollar. come on iraq get it quickly. come rv sooner and closer

[screwball]

17 hours ago, Half Crazy Runner said:

Maybe I’m wrong, but I don’t recall the IMF ever being involved in minor adjustments or fluctuations in the dinar rate since I’ve been invested in this. So, maybe a BIG change is in the works...? Im going to go ahead and let myself get really excited for 1/1/2021. 

Imfs words sizeable fiscal adjustment to create fiscal space report 2017! 

[screwball]

Clock is ticking! Boom time!!!!!!!

[screwball]

18 hours ago, Half Crazy Runner said:

Maybe I’m wrong, but I don’t recall the IMF ever being involved in minor adjustments or fluctuations in the dinar rate since I’ve been invested in this. So, maybe a BIG change is in the works...? Im going to go ahead and let myself get really excited for 1/1/2021. 

Not throwing out dates but it looks like 1/1/2021 is boom time!

[WheresmyRV?]

1 hour ago, screwball said:

Not throwing out dates but it looks like 1/1/2021 is boom time!

[DWS112]

This link shows that Iraq follows a Calendar Fiscal Year, (Jan 1 - Dec 31):  LINK

[danielchu]

8 hours ago, rvmydinar said:

Role of IMF

The International Monetary Fund is a global organisation founded in 1944 in the post-war economic settlement which included the Bretton-Woods system of managed exchange rates. J.M.Keynes and Harry Dexter White both played an important role in its development.

Its primary aim is to help stabilise exchange rates and provide loans to countries in need. Nearly all members of the United Nations are members of the IMF with a few exceptions such as Cuba, Lichtenstein and Andorra.

Functions of IMF

1. International monetary cooperation.
2. Promote exchange rate stability.
3. To help deal with balance of payments adjustment
4. Help deal with economic crisis by providing international coordination – loans, plus advice.

Special Drawing Rights SDR

The IMF uses Special drawing rights to provide a unit for the amount of foreign currency member states can draw on. SDRs are defined in terms of a basket of major currencies including Euro, Pound Sterling, Japanese yen and US Dollar.

 

link :https://www.economicshelp.org/blog/glossary/imf/

 

hopefully, when iqd rv, iqd can peg to either  Euro or Pound Sterling or US Dollar. come on iraq get it quickly. come rv sooner and closer

Iraq is saying the IMF is talking to them NOT for a simple rate adjustment but to keep from inflation for something larger! .....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

[yota691]

Parliamentary Finance: the disbursement of employees' salaries is not linked to next year's budget legislation

Tuesday 08th December 2020 - 11:28

Baghdad - conscious - Muhammad al-Talbi 

The Parliamentary Finance Committee confirmed today, Tuesday, that there is no link between the draft general budget for next year and the payment of employees' salaries.

Committee member Jamal Cougar told the Iraqi News Agency (INA): "There is no correlation between the salaries of employees and the legislation of the general budget law for next year, because the government has the powers, temporary borrowing."

He added that "temporary borrowing that allows the government to have the authority to do so is limited from one day to 90 days, and it can be extended to 180 days, without resorting to presenting any law of its own."

He added that "the 2020 budget has not been approved, and therefore the 2019 budget is continuing, and the provision of liquidity is done by borrowing, after which it turns into permanent borrowing, within the loans included in the general budget."

Cabinet spokesman Hassan Nazim confirmed earlier that there is work underway to complete the draft general budget bill for the next year.

Nazem said to the Iraqi News Agency (INA): "There is strenuous work from the Ministry of Finance to complete the text of next year's budget to be sent to the Council of Ministers for a vote on it." 

He expressed his hope that the budget file would be resolved in today's session of the Council of Ministers, indicating that 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.

[danielchu]

2 percent will not cause inflation! SDR adjustment is not the issue think bigger!

[yota691]

 

130 thousand dinars against the "paper" ... the government tends to raise the exchange rate of the dollar against the dinar

 

•  

 2020-12-08 05:45

 

Shafaq News / A member of the Parliamentary Finance Committee confirmed today, Tuesday, the government's intention to raise the exchange rate of the dollar.

The owners of banking offices attributed the recent rise in the exchange rate of the dollar in Iraq to the increased demand for it by citizens, after rumors of the government's intention to raise the price of the dollar.

Representative Jamal Cougar said in an interview with Shafaq News; "I think that there is a governmental tendency to create an atmosphere regarding raising the dollar exchange rate more than it was in previous budgets, to reach approximately 130 thousand dinars per 100 dollars," indicating that "this step will affect the citizen as what the citizen receives in terms of salaries and wages will be However, it will decrease in value in the local market compared to the dollar. "

Cougar added, "The government's approach to reduce the deficit within the budget next year boils down to four main steps, the first is to raise the exchange rate of the dollar against the dinar, and secondly to raise the price of a barrel of oil to more than $ 42, which was previously announced by the Minister of Oil and it is expected that It is increased to more than that to reduce the deficit. The third is reforms and translating the white paper into texts within the budget law, and fourthly, pressure expenditures and go to major expenditures only.

He stressed that "these steps must be taken by the government, otherwise there will be a huge deficit."

The exchange rates of the dollar rose during the past two days, rapidly and increasingly, to reach these prices on the Kifah Stock Exchange this morning at 127,200 dinars per 100 dollars.

[yota691]

Deputy: The Al-Kazemi government is unable to present the 2021 budget to Parliament

14:37 - 12/08/2020

 

  

Information / Special ...

The deputy of the Al-Fateh Alliance, Ahmed Al-Kinani, confirmed, on Tuesday, that the government of Prime Minister Mustafa Al-Kazemi is unable to present the draft federal budget bill for 2021 to the House of Representatives.

Al-Kinani said in a statement to "the information", that "the Al-Kazemi government relied on borrowing to solve the financial crisis and is now unable to present the budget to the House of Representatives," noting that "Al-Kazemi is a believer in the issue of borrowing and does not realize the seriousness of the matter."

He added that "the problem existing between Baghdad and Erbil is the result of not sending the draft federal budget law for 2020," indicating that "Al-Kazemi is obligated to provide salaries for employees and find solutions to the financial crisis as this matter is part of his government responsibility.

The deputy of the coalition of Iraqis, Hassan Khalati, confirmed, yesterday, Monday, that the Kurdistan Regional Government is still not committed to the agreements it concluded with the central government in Baghdad regarding the export of oil and border crossings. Ended 25 T.

[rvmydinar]

9 minutes ago, danielchu said:

Iraq is saying the IMF is talking to them NOT for a simple rate adjustment but to keep from inflation for something larger! .....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

So are you telling us that this has got nothing to do with the rate change? Are you saying there will be no rv? So once again, are you saying that the rate still remains the same 1:1190, no rate change at all because this is just about keeping inflation low?

[Floridian]

130 thousand dinars against the "paper" ... the government tends to raise the exchange rate of the dollar against the dinar

Are these idiots saying they want to make the rate 1300 dinar to the dollar, instead of the present rate of 1190 dinar to the dollar?

 

[Shelley]

13 minutes ago, Floridian said:

130 thousand dinars against the "paper" ... the government tends to raise the exchange rate of the dollar against the dinar

Are these idiots saying they want to make the rate 1300 dinar to the dollar, instead of the present rate of 1190 dinar to the dollar?

 

I’m in complete confusion on this one ,

how does this curtail inflation ??

[horsesoldier]

9 minutes ago, Shelley said:

I’m in complete confusion on this one ,

how does this curtail inflation ??

Truly.... I’m about as confused with these people as I ever want to be. 17 years of this nonsense, just disgusted up to my eyeballs when this Shyte Show of a Soap Opera.

[Shelley]

7 minutes ago, horsesoldier said:

Truly.... I’m about as confused with these people as I ever want to be. 17 years of this nonsense, just disgusted up to my eyeballs when this Shyte Show of a Soap Opera.

I think I’m confused and crazy enough to still believe there is a plan !!! LOL