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Parliamentary Finance officially receives the budget and announces the date of the parliament session


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Parliamentary Finance officially receives the budget and announces the date of the parliament session
  
{Baghdad: Al Furat News} The Parliamentary Finance Committee announced today, Wednesday, that it has formally received the draft federal budget bill for 2021.

A member of the committee, Jamal Cougar, said in a press statement, "The committee has officially received a copy of the draft federal budget law for the current year 2021, from the Presidency of the House of Representatives."
He added that "the House of Representatives will hold a session next Saturday to conduct the first reading of the budget bill," indicating that "the committee will make its observations on the draft budget law after the first reading."
Cougar stressed, "The House of Representatives will not hold a session tomorrow, Thursday, to hold the first reading of the draft federal budget bill."
And the media had reported news that the House of Representatives would hold a session tomorrow, Thursday, to hold the first reading of the draft federal budget bill for the current year 2021.
It is noteworthy that the Speaker of Parliament, Muhammad al-Halbousi, announced on the 29th of last month the arrival of the government's 2021 fiscal budget bill and the extension of the current legislative term for one month, in order to complete many important legislations for the coming period, including the budget.
His deputy, Bashir Al-Haddad, confirmed that "the legislative procedures to complete the federal budget law may take 20-30 days, and that the parliament will begin the first reading of the bill in early January." 
"Serious and intense discussions will take place towards reducing unnecessary expenditures in the budget law, and reducing the deficit ratio for the benefit of the middle classes, the poor and those with low incomes," he added. 
Ammar Al-Masoudi

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 money and business


Economy News _ Baghdad

On Thursday, the reporter of the Parliamentary Education Committee, Tohme Al-Lahibi, suggested that the House of Representatives would hold a parliamentary session next Saturday to discuss the 2021 budget bill, after it extended its legislative term.

Al-Lahibi told Al-Sabah newspaper, which was followed by Al-Eqtisad News, that "Parliament has extended its legislative term for a month in order to pass the budget law, which will be present in the session next Saturday that the presidency may call soon."
 
He added that "the House of Representatives will approve the budget during the current month and will not return it to the government, despite the problems that exist in it, especially since the economic condition of the country is very difficult with the high price of the dollar."
 
Al-Lahibi pointed out that "the House of Representatives will not allow deduction from the salaries of employees, especially the educational sector, and the Parliamentary Education Committee will have demands to add to the budget, most notably lecturers' contracts and printing books."

 
 
Number of observations 190   date of addition 01/07/2021
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The Iraqi parliament sets next Saturday to discuss the 2021 budget

The Iraqi parliament sets next Saturday to discuss the 2021 budget
Iraqi Parliament
 

Mubasher: The Iraqi Council of Representatives announced today, Thursday, the agenda of the session No. (33), to be held next Saturday, January 9, 2021.

The House of Representatives said, in a statement issued by the Presidency of the Council today, that the next session of Parliament is scheduled to witness the first reading of the draft of the Federal Budget of the Republic of Iraq for the fiscal year, according to the medicine submitted by the Finance Committee.

The session is scheduled to begin at five o'clock in the evening, Iraqi time.

On December 29, the Speaker of Parliament , Muhammad al-Halbousi, announced the extension of the current legislative term for a period of one month. To complete many important legislations for the coming period, including the draft federal budget law for the fiscal year 2021, announcing the arrival of the federal budget to the council.

On December 22, the Iraqi Council of Ministers voted on the federal budget for the fiscal year 2021, in the extraordinary session held under the chairmanship of the Prime Minister, Mustafa Al-Kazemi.

The Minister of Planning, Khaled Battal Al-Najm, revealed that the  salaries and allocations of employees in the new budget for the next year amounted to 50 trillion dinars, indicating that the price of oil was set in the 2021 budget at $ 42.

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Parliamentary Democrat: Erbil is committed to the agreement with Baghdad

 
 Baghdad: Muhannad Abdul-Wahhab
The parliamentary bloc of the Kurdistan Democratic Party stressed the intention of the regional government to fully adhere to the agreement with the federal government, especially with regard to the items included in the draft budget law.
The representative of the Diyar Barwari bloc stated to "Al-Sabah" that "all the terms of the agreement between Baghdad and Erbil were included in the 2021 budget," indicating that "the regional government is determined to abide by the terms of the agreement with regard to the duties and obligations of Kurdistan towards Baghdad."
He added that «the House of Representatives is about to discuss the first reading of the budget law», explaining that «the main focus is centered on federal financial imports in general and include oil and gas and federal border outlets». 
Barwari added that «the budget presented by the Council of Ministers to Parliament is very clear», indicating that «the agreement included the export of the region 250 thousand barrels per day within the SOMO company through the Turkish Ceyhan and there is 50% of the federal imports go to Baghdad compared to 12.67 for the Kurdistan region».
He pointed out that "the agreement between Baghdad and Erbil will move to other joints, including the security threats to which Iraq is exposed, and it needs coordination between all security and military forces, including the Peshmerga."
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Next Saturday ... "a parliamentary session" and the budget is on the agenda

 
  Baghdad: Shaima Rasheed
 
The reporter of the Parliamentary Education Committee, Tohme Al-Lahibi, suggested that the House of Representatives would hold a parliamentary session next Saturday to discuss the 2021 budget bill, after it extended its legislative term.
Al-Lahibi said to Al-Sabah: “Parliament has extended its legislative term for a month in order to pass the budget law, which will be present in a session next Saturday that the Presidency may call soon.” 
He added that «the House of Representatives will approve the budget during the current month and will not return it to the government, despite the problems that exist in it, especially that the economic situation of the country is very difficult with the high price of the dollar».
Al-Lahibi pointed out that «the House of Representatives will not allow deduction from the salaries of employees, especially the educational sector, and the Parliamentary Education Committee will have demands to add to the budget, most notably the contracts of lecturers and the printing of books».
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Included in the draft budget law 2021..Credit rating of Iraqi insurance companies

 
 Baghdad: Mustafa Al-Hashemi
 


The issue of classification of insurance companies was mentioned in the draft budget law 2021, but it did not differentiate between public insurance companies and private insurance companies. According to a specialist in insurance affairs, resorting to classification “will reveal the fragility of the financial resources of many insurance companies and the weakness of their financial solvency and their ability to face large compensation claims.” At the same time, calling on the Insurance Bureau to "issue binding instructions for insurance companies to obtain classification from specialized bodies in this field."


The specialist, Misbah Kamal, said in an interview with Al-Sabah that “Many private insurance companies, which the bill described as (shops), are not in a financial position and in good management that would facilitate them to obtain an acceptable credit rating; Assuming that these companies will seek to obtain the classification, ”calling on the Insurance Bureau to“ issue binding instructions for insurance companies to obtain the classification from the bodies specialized in this field, since the Bureau’s initiative in this regard will improve its position in the Iraqi insurance market. ”

He added, “Most of the private insurance companies, in my estimation, and because they (shops) as described in the 2021 budget bill, will hesitate to agree to the classification, due to their conviction of their weak financial resources, underwriting capabilities, and good management. Or unwillingness to bear the costs of classification ”.
 
Credit rating
Iraq obtained its first credit rating in its history in 2015, and the rating was “B-” issued by the American rating agency Standard & Poor's (S&P). Some viewed the degree of this classification with satisfaction, and the classification reflected the reality that oil production sites were not under the control of terrorists, the government's continuing efforts to control the state budget, and the country not ceasing to pay its debts.
 
re Insurance
Kamal added, "The reinsurance brokers of the Iraqi Reinsurance Company, after entering the Iraqi insurance market in 2005, had a role in spreading the value of the classification of global reinsurance companies that provide reinsurance agreements for Iraqi reinsurance and Iraqi insurance companies, public and private, that benefit from the protection of these agreements." .
And between «when the degree of classification is negative, this classification sends a signal of distrust to the insured, assuming their interest in the classification of insurance companies, and international reinsurance companies that provide reinsurance agreements for Iraqi return, and the same applies to Iraqi repatriation, which has not received a classification so far. Kamal said: As far as I know, “the failure to classify the Iraqi return and the public and private insurance companies did not play a role in providing return agreements for them. The main factor was the volume of written insurance premiums (low) and the deterioration of the loss experience (the occurrence of large losses in certain branches of insurance) and the underwriting capabilities. (Weak). As a result, the limits of the reinsurance facilities provided by international reinsurance companies are low, and the other conditions of reinsurance agreements are not as flexible as they were before 2003.
 
Assembly and Diwan
Kamal asserted, “There is no mention in the Iraqi Insurance Society’s statute for the year 2005 of the classification subject in its objectives and tasks,” indicating that “the association can encourage insurance companies to obtain a classification for them from accredited classification companies, and they can play a role in spreading the appropriate culture of classification Insurance companies.
And he continued, “Regarding the Insurance Bureau, the classification is not explicitly mentioned in the chapter on the Insurance Bureau in the Insurance Business Regulation Law of 2005, but Article 6 of it outlines a goal for the Bureau to“ organize and supervise the insurance sector in a way that ensures its development, securing an open, transparent and financially secure market, and strengthening The role of the insurance industry in insuring people and property against risks to protect the national economy and to collect, develop and invest national savings to support economic development.
 
Classification Bodies
The rating agencies that studied the creditworthiness of Iraq took into consideration a number of factors, including, for example, reducing spending on public sector employees (salaries and wages), financing the deficit of sector establishments, the role of the central bank in monetary financing of the deficit, the impact of growing imports, and diversifying the economy. To reduce dependence on oil revenues and other things, that is, financial and economic analysis of data and policies, the White Paper (October 2020) and the reforms it adopted, which are subject to discussion, came to ensure internal and external borrowing (especially the International Monetary Fund).
Kamal concluded, saying: "As far as we know, these bodies did not take into account the contribution of insurance activity in their classification of Iraq, and we believe that the Iraqi Insurance Association studies the contribution of this activity to the gross domestic product, and the reasons that prevented and prevented from achieving a boom in the volume of total written insurance premiums." Adding, "If its internal resources do not allow for this study, it can seek the help of specialists inside Iraq, including academics."
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