Tomorrow ... A New Group "Outside The Authorities" Will Enter The Line Of Discussion And Give Advice On The Budget !

[DinarThug]

LINK

Parliamentary Finance describes its meeting with the regional delegation as positive
 

 

25th January, 2021

Member of the Parliamentary Finance Committee, Representative Shirwan Mirza, counted, on Monday, the committee’s meeting with the Kurdistan Regional Government’s delegation, to discuss the draft federal budget bill for 2021 as "positive." 

Mirza said in a press interview, "The meeting was positive and discussed many issues related to the Kurdistan region’s share of the federal budget for 2021."

He added, "The members of the Finance Committee directed some questions to the regional government delegation, which in turn confirmed that he would respond to these questions at the next meeting."

Mirza indicated, "The meetings of the Kurdistan government delegation with the Finance Committee will continue Monday and tomorrow Tuesday to reach an agreement on the outstanding financial files between the Kurdistan Regional Government and the federal government."

A delegation from the Kurdistan Regional Government arrived in Baghdad yesterday evening to discuss the region's share of the federal budget for 2021.

[DinarThug]

LINK

Talabani is heading to Baghdad to install the budget agreement

 

25th January, 2021

The Vice President of the Kurdistan Regional Government, Qubad Talabani, went to the federal capital, Baghdad, today, Monday, as head of the Kurdish negotiating delegation.  

 

Talabani’s spokesman, Samir Hawrami, told Shafaq News that 

Talabani went to Baghdad today to install the agreement concluded at the end of 2020 between the governments of Iraq and the region and to determine the region’s share in the draft budget law for 2021.

 

A high-ranking delegation from the Kurdistan Regional Government arrived yesterday, Sunday, to the capital, Baghdad, to engage in a new round of talks in order to secure the region's share in the federal financial budget for 2021.

The delegation included: Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of the Provincial Council of Ministers, Omid Sabah.

The Finance Committee in the Iraqi Council of Representatives has been conducting, for more than two weeks, a series of meetings in the parliament building with the aim of collecting observations and making the necessary amendments to the draft budget law.

Parliamentarians and politicians say that the budget needs political consensus, so a political delegation from the region will visit Baghdad later this week with the aim of reaching an agreement with the blocs not to block the passage of Kurdistan’s share in the budget.

[DinarThug]

LINK

The budget: Efforts to reduce the deficit to 50 trillion and not discuss the devaluation of the dinar

 

25th January, 2021

The Parliamentary Economic and Investment Committee announced, on Monday, efforts to reduce the fiscal deficit in the draft general budget bill to less than 50 trillion dinars, noting that the Finance Committee did not discuss the issue of reducing the value of the dinar against the dollar.

A member of the committee, Mazen Al-Faily told Shafaq News, "The Parliamentary Finance Committee is working to reduce expenditures for the purpose of reducing the financial deficit in the draft budget law from 71 trillion to less than 50 trillion dinars.

He added that "the Parliamentary Finance Committee, in discussing the articles of the budget law, has reached advanced stages and will be ready for voting," noting that "in the coming days, the draft budget law will be submitted to the Presidency of the Council of Representatives."

Al-Faily pointed out that "the Parliamentary Finance Committee did not discuss the issue of the dollar exchange rate and the depreciation of the dinar in its meetings without knowing the reasons."

The Finance Committee in the Iraqi Council of Representatives has been conducting, for more than two weeks, a series of meetings in the parliament building with the aim of collecting observations and making the necessary amendments to the draft budget law.

[haymon]

So, what side of the street do I need to kick in down...

[horsesoldier]

Does make you wonder just exactly how long they’ll continue talking about this before any or if any will be taken.... damn these people are tedious.

[DinarThug]

The 2021 budget ... a move to add `` huge '' revenues and two conflicting opinions regarding the deficit between `` huge '' and `` not worrisome '' - urgent

 

Posted 6 hours ago

Baghdad today - Baghdad 

 

 

Iraqi officials are talking about a huge financial deficit in the 2021 budget, ranging from 71 to 80 trillion dinars (65 billion dollars), which is the highest number in the country's history, according to observers, at a time when Finance Minister Ali Allawi revealed yesterday negotiations with the International Monetary Fund with the aim of Obtaining a loan of 6 billion dollars, and saving the economy of Iraq mired in problems.

Historical impotence

A member of the Parliamentary Finance Committee, Jamal Cougar, said, "The Finance Committee continues to consider the project in order to prepare it with an amended version and present it to vote in the House of Representatives."

And on the expected amendments, Cougar said that "the blocks seek to reduce budget expenditures from 164 trillion dinars to 120 or 135 trillion dinars, and if that happens, it will reduce the size of the financial deficit."

He continued, in a press statement, that "the Finance Committee is also working to add 20 trillion dinars to revenues, by raising the price of oil exported to Iraqi refineries to support coverage of domestic consumption of one million barrels, one of which is currently sold at a symbolic price of $ 5."

According to the draft budget, expenditures amount to 164 trillion dinars (112 billion dollars), with a fiscal deficit of 71 trillion (48 billion dollars), which observers have prepared for a historical deficit in the oil-exporting countries.

The First Deputy Speaker, Hassan Karim Al-Kaabi, had confirmed that “Parliament is working to provide financial allocations for employee salaries, contracts, wage earners and free lecturers,” indicating that “Parliament is working to reduce spending and reduce the deficit before voting“ soon ”on the draft Federal Budget Law 2021.

Al-Kaabi said in an interview with the semi-official newspaper, Al-Sabah: “The House of Representatives will take into account the basic principles in the budget of reducing the volume of expenditure of 164 trillion dinars, and reducing the 44% deficit by 71 trillion dinars from the total estimated budget of 93 trillion dinars, which Set on the basis of the oil price of $ 42 per barrel.

Economists believe that Iraq's resorting to devaluation in order to bridge the public budget deficit due to the increase in expenditures does not achieve the goal at the required level, as the real sectors, industry, manufacturing industries, agriculture and services are at their lowest levels, and their contribution to the GDP is low.

Iraq's non-oil exports are very few, and do not constitute any percentage in the trade balance, and the private sector is also inactive, and the advancement of these sectors will take many years with the presence of effective plans and policies, and the value of the local currency is usually devalued in countries that have high export capabilities.The customs policy is ineffective at the present time, and it represents the basis for protecting the local product to stimulate production.

Parliamentary promises to intervene

The Parliamentary Finance Committee confirmed that the size of the budget deficit will not remain 71 trillion dinars, indicating that it is serious about making changes to the budget in line with the current situation of the country.

The committee's reporter, MP Ahmed Al-Saffar, said in a press statement that "public spending in the budget will witness a clear reduction," noting that "the committee has identified clear pockets and points in the budget that will enable the government to maximize revenues."

Al-Saffar added that "the size of the budget deficit will be reduced and 71 trillion dinars will not remain, and that the change will extend to even the price of oil according to which the budget was calculated," indicating that "the committee is serious about making changes to the budget in line with the current situation of the country, and to achieve the best use or exploitation For public revenues ”.

He continued, "There are some points of contention and some points that need to be repeated hosting because the committee needs to know some spending units and needs more information so that the committee can accurately determine the amounts that these units need," noting that "the committee does not need more than ten days." Or two weeks to reach a final study of the budget.

Questions are still being raised about the financial and economic indicators of Iraq in the coming year, especially with the continuing indicators of low oil prices and the high indebtedness of the country, and the decline in reserves in the central bank, which may significantly affect the prices of the local currency, and these problems prompted the Iraqi government to resort to borrowing in more From time, to pay employee salaries and other operating expenses.

White paper

The projected estimates of the size of the deficit in the draft budget raise a great economic controversy. Specialists believe that it is necessary to reduce spending and adopt austerity formulas in managing financial resources, given the pessimistic financial indicators for the next year as well.

And economics professor Abdul Rahman Al-Mashhadani notes that the speech of parliamentarians about a large deficit in the 2021 budget gives the impression of “the government's reliance on the estimates of the White Paper in preparing the draft budget, which was estimated at 153 trillion dinars (about $ 130 billion),” indicating That "if this figure is adopted, the amount of the deficit will exceed the limits of 72 trillion dinars (about 60 billion dollars), and this is a huge number."

Al-Mashhadani asserts, in a press statement, that "reasonable numbers" to be included in the draft budget should "not exceed the limits of 63 billion dollars," adding, "According to the available economic data, the oil revenues of Iraq for the next year will reach about 42 billion dollars, and non-oil. About $ 8.5 billion, which leads to a deficit of no more than $ 12.5 billion, and this is logical and not worrisome.

He pointed out that "the solutions available to the government are related to" rationalizing spending and setting the budget within reasonable limits, "pointing out that" Iraq at best did not achieve expenditures higher than 85 trillion dinars (about $ 71 billion), except for the year 2013, when the volume of spending reached About 100 trillion dinars (84 billion dollars) were suspicious of corruption.

He said, "All indications indicate that the current year will be difficult financially, after Iraq drained its capabilities last year, as the central bank's reserves decreased to 54 trillion dinars (about $ 45 billion), from 67 trillion dinars (56 billion dollars)." The accumulation of domestic debt, and oil price indices will remain between 40 and 50 dollars a barrel.

Save the economy

Yesterday, Finance Minister Ali Allawi confirmed that Iraq is negotiating with the International Monetary Fund with the aim of obtaining a $ 6 billion loan, to save its economy mired in problems, while giving positive indications regarding the 2021 budget deficit and linking it to high oil prices.

"Once the Iraqi parliament approves the spending plan for 2021, the government will be able to request rapid financing of two billion dollars from the emergency financing mechanism created by the International Monetary Fund for the benefit of countries affected by the repercussions of the Corona virus," Bloomberg quoted Ali Allawi.

Allawi said that "Iraq can then request a second, low-cost loan of $ 4 million K dollars from the International Monetary Fund's government reform program."

The US agency stated that financing the International Monetary Fund would cover a small part of the expected deficit in the budget, but it would "reduce the severity of the depletion of Iraq's foreign exchange reserves."

Last year, the Iraqi government had to borrow more than $ 25 billion from the central bank in order to pay the salaries of public sector employees and meet other financial requirements.

"Bloomberg" pointed out that the Iraqi government is also planning to rely on other financing tools to help cover the deficit, as Allawi said that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.

As for international bonds, the Iraqi Finance Minister said that “international loans are somewhat expensive,” adding: “I do not know if there is a desire to buy Iraqi bonds. Returning to these markets now remains difficult. ”

And "Bloomberg" said that the average yield of Iraq's dollar bonds is 8.3%, adding that it is among the highest levels of any government in the world, according to Bloomberg Barclays indicators.

Iraq's economy has suffered since the collapse of global oil prices due to the Coronavirus pandemic. Although oil prices have recovered during the recent period, Iraq is still struggling to cover its costs and avoid the exacerbation of the fiscal deficit.

And last year, Iraq exceeded the production limits agreed upon with other oil exporters in the "OPEC +" group, in order to collect the liquidity its economy needs. 

But Iraq is committed to compensating for the excess production during the past months, according to the Iraqi Finance Minister, who assured Bloomberg that “Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of price collapse.”

Allawi praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.

Allawi said, "Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel."

The International Monetary Fund expects the Iraqi economy to contract by 12% in 2020 - the highest rate among OPEC countries, and have experienced a budget deficit of 22% of GDP.

Iraq devalued its currency last year by the largest amount ever, to reduce pressure on public finances at a time when it is trying to secure billions of dollars in foreign aid.

link

[screwball]

2 hours ago, DinarThug said:

The 2021 budget ... a move to add `` huge '' revenues and two conflicting opinions regarding the deficit between `` huge '' and `` not worrisome '' - urgent

 

Posted 6 hours ago

Baghdad today - Baghdad 

 

 

Iraqi officials are talking about a huge financial deficit in the 2021 budget, ranging from 71 to 80 trillion dinars (65 billion dollars), which is the highest number in the country's history, according to observers, at a time when Finance Minister Ali Allawi revealed yesterday negotiations with the International Monetary Fund with the aim of Obtaining a loan of 6 billion dollars, and saving the economy of Iraq mired in problems.

Historical impotence

A member of the Parliamentary Finance Committee, Jamal Cougar, said, "The Finance Committee continues to consider the project in order to prepare it with an amended version and present it to vote in the House of Representatives."

And on the expected amendments, Cougar said that "the blocks seek to reduce budget expenditures from 164 trillion dinars to 120 or 135 trillion dinars, and if that happens, it will reduce the size of the financial deficit."

He continued, in a press statement, that "the Finance Committee is also working to add 20 trillion dinars to revenues, by raising the price of oil exported to Iraqi refineries to support system" rel="">support coverage of domestic consumption of one million barrels, one of which is currently sold at a symbolic price of $ 5."

According to the draft budget, expenditures amount to 164 trillion dinars (112 billion dollars), with a fiscal deficit of 71 trillion (48 billion dollars), which observers have prepared for a historical deficit in the oil-exporting countries.

The First Deputy Speaker, Hassan Karim Al-Kaabi, had confirmed that “Parliament is working to provide financial allocations for employee salaries, contracts, wage earners and free lecturers,” indicating that “Parliament is working to reduce spending and reduce the deficit before voting“ soon ”on the draft Federal Budget Law 2021.

Al-Kaabi said in an interview with the semi-official newspaper, Al-Sabah: “The House of Representatives will take into account the basic principles in the budget of reducing the volume of expenditure of 164 trillion dinars, and reducing the 44% deficit by 71 trillion dinars from the total estimated budget of 93 trillion dinars, which Set on the basis of the oil price of $ 42 per barrel.

Economists believe that Iraq's resorting to devaluation in order to bridge the public budget deficit due to the increase in expenditures does not achieve the goal at the required level, as the real sectors, industry, manufacturing industries, agriculture and services are at their lowest levels, and their contribution to the GDP is low.

Iraq's non-oil exports are very few, and do not constitute any percentage in the trade balance, and the private sector is also inactive, and the advancement of these sectors will take many years with the presence of effective plans and policies, and the value of the local currency is usually devalued in countries that have high export capabilities.The customs policy is ineffective at the present time, and it represents the basis for protecting the local product to stimulate production.

Parliamentary promises to intervene

The Parliamentary Finance Committee confirmed that the size of the budget deficit will not remain 71 trillion dinars, indicating that it is serious about making changes to the budget in line with the current situation of the country.

The committee's reporter, MP Ahmed Al-Saffar, said in a press statement that "public spending in the budget will witness a clear reduction," noting that "the committee has identified clear pockets and points in the budget that will enable the government to maximize revenues."

Al-Saffar added that "the size of the budget deficit will be reduced and 71 trillion dinars will not remain, and that the change will extend to even the price of oil according to which the budget was calculated," indicating that "the committee is serious about making changes to the budget in line with the current situation of the country, and to achieve the best use or exploitation For public revenues ”.

He continued, "There are some points of contention and some points that need to be repeated hosting because the committee needs to know some spending units and needs more information so that the committee can accurately determine the amounts that these units need," noting that "the committee does not need more than ten days." Or two weeks to reach a final study of the budget.

Questions are still being raised about the financial and economic indicators of Iraq in the coming year, especially with the continuing indicators of low oil prices and the high indebtedness of the country, and the decline in reserves in the central bank, which may significantly affect the prices of the local currency, and these problems prompted the Iraqi government to resort to borrowing in more From time, to pay employee salaries and other operating expenses.

White paper

The projected estimates of the size of the deficit in the draft budget raise a great economic controversy. Specialists believe that it is necessary to reduce spending and adopt austerity formulas in managing financial resources, given the pessimistic financial indicators for the next year as well.

And economics professor Abdul Rahman Al-Mashhadani notes that the speech of parliamentarians about a large deficit in the 2021 budget gives the impression of “the government's reliance on the estimates of the White Paper in preparing the draft budget, which was estimated at 153 trillion dinars (about $ 130 billion),” indicating That "if this figure is adopted, the amount of the deficit will exceed the limits of 72 trillion dinars (about 60 billion dollars), and this is a huge number."

Al-Mashhadani asserts, in a press statement, that "reasonable numbers" to be included in the draft budget should "not exceed the limits of 63 billion dollars," adding, "According to the available economic data, the oil revenues of Iraq for the next year will reach about 42 billion dollars, and non-oil. About $ 8.5 billion, which leads to a deficit of no more than $ 12.5 billion, and this is logical and not worrisome.

He pointed out that "the solutions available to the government are related to" rationalizing spending and setting the budget within reasonable limits, "pointing out that" Iraq at best did not achieve expenditures higher than 85 trillion dinars (about $ 71 billion), except for the year 2013, when the volume of spending reached About 100 trillion dinars (84 billion dollars) were suspicious of corruption.

He said, "All indications indicate that the current year will be difficult financially, after Iraq drained its capabilities last year, as the central bank's reserves decreased to 54 trillion dinars (about $ 45 billion), from 67 trillion dinars (56 billion dollars)." The accumulation of domestic debt, and oil price indices will remain between 40 and 50 dollars a barrel.

Save the economy

Yesterday, Finance Minister Ali Allawi confirmed that Iraq is negotiating with the International Monetary Fund with the aim of obtaining a $ 6 billion loan, to save its economy mired in problems, while giving positive indications regarding the 2021 budget deficit and linking it to high oil prices.

"Once the Iraqi parliament approves the spending plan for 2021, the government will be able to request rapid financing of two billion dollars from the emergency financing mechanism created by the International Monetary Fund for the benefit of countries affected by the repercussions of the Corona virus," Bloomberg quoted Ali Allawi.

Allawi said that "Iraq can then request a second, low-cost loan of $ 4 million K dollars from the International Monetary Fund's government reform program."

The US agency stated that financing the International Monetary Fund would cover a small part of the expected deficit in the budget, but it would "reduce the severity of the depletion of Iraq's foreign exchange reserves."

Last year, the Iraqi government had to borrow more than $ 25 billion from the central bank in order to pay the salaries of public sector employees and meet other financial requirements.

"Bloomberg" pointed out that the Iraqi government is also planning to rely on other financing tools to help cover the deficit, as Allawi said that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.

As for international bonds, the Iraqi Finance Minister said that “international loans are somewhat expensive,” adding: “I do not know if there is a desire to buy Iraqi bonds. Returning to these markets now remains difficult. ”

And "Bloomberg" said that the average yield of Iraq's dollar bonds is 8.3%, adding that it is among the highest levels of any government in the world, according to Bloomberg Barclays indicators.

Iraq's economy has suffered since the collapse of global oil prices due to the Coronavirus pandemic. Although oil prices have recovered during the recent period, Iraq is still struggling to cover its costs and avoid the exacerbation of the fiscal deficit.

And last year, Iraq exceeded the production limits agreed upon with other oil exporters in the "OPEC +" group, in order to collect the liquidity its economy needs. 

But Iraq is committed to compensating for the excess production during the past months, according to the Iraqi Finance Minister, who assured Bloomberg that “Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of price collapse.”

Allawi praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.

Allawi said, "Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel."

The International Monetary Fund expects the Iraqi economy to contract by 12% in 2020 - the highest rate among OPEC countries, and have experienced a budget deficit of 22% of GDP.

Iraq devalued its currency last year by the largest amount ever, to reduce pressure on public finances at a time when it is trying to secure billions of dollars in foreign aid.

link

Standby loans!

[DinarThug]

LINK

Parliamentary Finance reveals the results of its meeting with the regional government delegation

 

26th January, 2021

 

The Parliamentary Finance Committee revealed, on Tuesday, the results of its meeting with the Kurdistan Regional Government delegation

The committee's rapporteur, Ahmed Al-Saffar, said in an interview with "Al-Eqtisad News", that "the regional government agreed to display all data and disclosures on the oil file and other revenues

He added, "It is likely that a final agreement will be reached at the next meeting after the federal government is informed of all data on export operations, customs files and border crossings in the region

The Parliamentary Finance Committee also decided not to vote on any text in the 2021 budget that contravenes the provisions of the Financial Management Law

The meeting of the Parliamentary Finance Committee ended yesterday evening, Monday, with the delegation of the Kurdistan region headed by Qubad Talabani about the region's share in the draft federal
budget bill for 2021.

########

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The Finance Committee hosts the Kurdistan Regional Government delegation regarding the 2021 budget

 

25th January 2021

 

The Finance Committee, headed by Deputy Muthanna Al-Samarrai, Deputy Chairman of the Committee, and the presence of the ladies and gentlemen of the members, hosted, on Monday 25/1/2021, the Kurdistan Regional Government delegation headed by the Vice President of the Regional Government, Mr. Qabbad Talabani, to discuss the draft federal budget bill for 2021.

The meeting discussed ways to converge views on the controversial points in the budget law, as the committee asked the delegation to provide it with all financial data and account tables for the purpose of studying them and taking a sound decision regarding them so that the law guarantees justice for all the Iraqi people.

For his part, Mr. Qabbad Talabani affirmed the delegation's cooperation and presentation of the data requested by the Finance Committee related to the region's imports or expenditures in order to reach a common opinion in the interest of the people of the same nation.

[DinarThug]

LINK

Parliamentary Finance: We pressed 30 trillion, and the arrival of the Kurdish delegation is important to approve the budget

 

 

26th January, 2021

 

A member of the Parliamentary Finance Committee, Ahmed Mazhar al-Jubouri, said, on Tuesday, that the arrival of the Kurdish delegation is important for approving the budget, especially with regard to agreeing on the exported quantities of oil, while he explained that the committee pressured about 30 trillion of the budget spending

Al-Jubouri said in a press interview, "It was agreed to reduce expenditures in the budget by about 30 trillion dinars, and employees' salary deductions were permanently canceled, and even the issue of imposing income tax provided by the Ministry of Finance

He added that "the committee called on the Ministry of Finance to work on activating Law 113 on imposing income tax on employees, which was previously applied

He pointed out that "the budget is in the process of completion, especially with the arrival of the Kurdish delegation to discuss Articles 10 and 11 of the region and its percentage in the budget and an agreement on the amount of oil exported from the region and its other imports

[DinarThug]

LINK

Parliamentary Finance confirms the resolution of the budget debate by the end of this week

 

 

26th January, 2021

 

The Parliamentary Finance Committee revealed, on Tuesday, the date of completion of the discussion of the draft federal budget law for 2021

"The committee has set a time limit until the end of this week to end discussion of the fiscal budget bill for 2021 and to put in place fruitful and appropriate solutions," said Majida Al-Tamimi, a member of the committee

She added that "the meetings are continuing in order to develop a plan after reading the budget materials and discussion among the committee members," explaining that "many officials have been hosted and divided into sub-committees of the three presidencies and ministries after requesting detailed data and budgets

[DinarThug]

On 1/25/2021 at 12:49 PM, DinarThug said:

Al-Saffar reveals about changing the price of a barrel of oil in the budget and reducing the deficit for this percentage

 

 

 

01/24/2021 22:23:35

 

 

The Parliamentary Finance Committee revealed, on Sunday, the change in the price of a barrel of oil in the draft general budget law for the year 2021 and the reduction of the deficit ratio.
 

Committee reporter Ahmed Al-Saffar told {Al-Furat News} that "the committee changed the price of a barrel of oil presented in the budget and raised it from 42 dollars a barrel to 45 dollars," indicating that "a number of budget chapters have been reduced. In expenditures, they were reduced by 25% and revenues increased more than 5 trillion dinars. "

"As for the fiscal deficit, it has decreased to more than 50%," he added.

Regarding the position of contracts and wages in the budget, Al-Saffar said, "The file of wages and contracts for Resolution 315 has not been resolved yet."

 

Iraq is on the verge of embarrassment ... Parliament is about to take a decision that hits the planned spending plans for the next year

2021-01-26

 

 

Yes Iraq: Baghdad

 

Since the government set the price of a barrel of oil in the 2021 budget, parliamentary opinions, as well as specialists, have blessed this move by adopting a relatively low price in the budget and drawing exchange plans during the current year on its basis, and not adopting a high price per barrel despite breaking the $ 55 barrier.

 

This step provides a feeling of reassurance, as drawing exchange plans at a high rate will make the exchange plan "critical" if oil prices are exposed to any new decline next year.

 

Although Parliament took a decision to raise the price of a barrel from 42 to 45 dollars in the 2021 budget, a parliamentary movement is planning an additional increase in the price of up to 50 dollars a barrel, which makes the exchange plan in the 2021 budget hostage to these prices, and any new drop in the price of a barrel of oil During the current year, it will strike the drawn plans, and deprive the country of a financial surplus that was counted on to fill other financial gaps not included in the budget.

 

A member of the Energy Committee, Zahra Al-Bajari, said in a press statement, "Oil is high and its price set at 42 dollars per barrel is a great injustice and leaves a large deficit."

 

She added that "the committee intends to raise its price in the budget, and it could reach 50 dollars," noting that "an upcoming meeting this evening will be held by the Parliamentary Energy and Finance Committees to discuss the price that is set per barrel."

 

Al-Bajari explained that "the price is likely to be set at 50 dollars per barrel, and the government will be informed of the matter."

LINK 

[DinarThug]

The determination of the two most important files in the budget, including the deduction of salaries ... revealing the recent amendments that affected the budget and "will not change"

2021-01-26

 

 

Yes Iraq: Baghdad

 

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, revealed the new amendments that affected the budget, while indicating that they are “unappealable” amendments by the government.

Al-Saffar said in televised statements, “We completed 33 sessions, reviewed the budget materials and provided alternatives to some items, as we were able to reduce total spending to 127 trillion dinars and raise the value of revenues by raising the price of a barrel of oil from 42 to 45 dollars per barrel, in addition to the deficit reduced by 57 % And now less than 30 trillion dinars.

He added, "We removed the salary tax article in the budget, and we put alternatives and may impose the tax only according to the Income Tax Law No. 113 of 2021, and its application will be on the total salary and the deductions will be reasonable, indicating that" the government will not contest any modified item except in the event that it imposes additional burdens, go Income tax and some changes in the interest of the government and Iraqi citizens.

With regard to the Kurdistan file, Al-Saffar said, "The issue of the region’s share in the budget is a complex issue .. The Kurdistan delegation came to Baghdad and two meetings were held with the delegation that included ministers, and there was transparency."

And that "the delegation of the region presented a complete geography related to the file of oil and non-oil revenues, and data on the number of employees at least were provided."

He continued, "The Finance Committee also discussed the file of debts arranged on the region since 2014, and the issue of selling oil for fifty years, and the delegation clarified that the contract is for transport and storage and not sales of oil."

Regarding the deadline for completing the budget, for the purpose of presenting it in Parliament for a vote on it, MP Al-Saffar said, "We expect the end of next week to complete discussions and amendments of the Finance Committee on the budget, and after that the date for the official vote in parliament will be determined."

LINK

[DinarThug]

Conscious / Deputy: A request to the Presidency of Parliament includes 6 amendments to the 2021 budget

 

 
Conscious / Baghdad / h. G

 

Today, Tuesday, a member of Parliament, Ammar Tohme, submitted a request to the Presidency of Parliament, which included 6 amendments to the 2021 budget, including a demand to reduce the exchange rate to 1,300 dinars and cancel deductions for certain categories of employees.

And (Iraqi Media News Agency / INA) obtained a document for the request of Deputy Ammar Tohme, addressed to the Presidency of the Council, which included a request to reduce the exchange rate to 1,300 dinars, and to cancel deductions for employees with salaries below a million and a half.

Tohme’s request was supported by 113 deputies in the House of Representatives.

Details of the claimed points in the attached documents inside the news

 

LINK

[DinarThug]

LINK

"A positive atmosphere" ... revealed the latest developments in the Baghdad-Erbil talks

 

27th January, 2021

The head of the Kurdistan Regional Government’s representative office in the Iraqi capital, Baghdad, Fares Issa revealed, on Wednesday, the latest developments in the Kurdistan Regional Government’s negotiations with officials in the federal government and the Iraqi parliament.

Issa said, to Shafaq News Agency, that "the meetings are continuing and in a positive atmosphere, and we have confirmed that the regional government is committed to the texts listed regarding the Kurdistan Region’s share in the federal budget, and to the request of the deputies of the Finance Committee." And he stated that "the Finance Committee and other parties were provided with all the data, and we provided a detailed explanation on oil and non-oil imports, and we also confirmed that the financial control in the Kurdistan region is ready for all cooperation and coordination on the federal supervisory side."

The regional government delegation arrived in Baghdad on Monday, and included Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of Ministers of the region Omid Sabah. 

The new round of talks comes to ensure that the various parties agree to the provisions of the draft budget related to the Kurdistan Region before submitting it to a vote in Parliament As political blocs seek to make adjustments to the budget items related to the region's share, so that they mortgage their disbursement on handing over the entire oil management file to the federal government.

For his part, the deputy from the Kurdistan Democratic Bloc in the Iraqi parliament, Diyar Barwari, said, on Wednesday, that the talks had reached positive results. Barwari explained to Shafaq News, "The Kurdistan Regional Government delegation provided the Finance Committee with real figures and data in order to reach positive results, and include them in the General Budget Law for 2021."

He added that "extracting a barrel of oil from the fields of the Kurdistan Region costs the government 10 dollars," noting that "the cost of extraction and transporting the region's oil through Turkey has not yet been decided by the budget law." Berwari continued, "The Parliamentary Finance Committee will present next week the final version of the draft budget law on the political blocs and members of Parliament for the purpose of voting on the law."

According to the agreement concluded between the governments of Baghdad and Erbil and contained in the draft budget law, the region’s share is about 12.6 percent of the budget, in addition to the disbursement of the salaries of the Peshmerga, in exchange for handing over the region’s revenues from the sale of 250 thousand barrels per day of oil extracted from the fields of the region. The Kurdistan Region has been suffering from a stifling financial crisis, as Baghdad has cut the salaries of the region’s employees since last April. 

[DinarThug]

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The Iraqi parliament proposes two options regarding Kurdistan's share of the budget

 

26th January, 2021

Two Kurdish sources in the Iraqi Parliament (Parliament) revealed, on Tuesday, the details of the discussions between the Kurdistan Regional Government delegation and the Parliamentary Finance Committee in the Iraqi parliament.

During the past 24 hours, the regional government delegation held two rounds of talks with members of the Parliamentary Finance Committee regarding the region's share in the federal financial budget for the current year.

Jamal Cougar, a member of the Parliamentary Finance Committee, said in a statement to Shafaq News thatthe Parliamentary Finance Committee had put two options on the table for discussions before the region’s delegation, namely: handing over 250 thousand barrels per day or the entire oil file to the federal government.He added that the Kurdish delegation expressed its agreement to deliver 250 thousand barrels of oil per day in addition to half of the internal revenues and the crossings to Baghdad, but the parliamentary blocs in the Iraqi parliament did not decide on including any of the two options in the draft budget.

Cougar pointed out that the two parties agreed to assign the head of the Parliamentary Finance Committee to address the parliamentary blocs to find out which of the two options they wish to include in the budget law instead of the formula received by the federal government. 

According to the agreement concluded between the governments of Baghdad and Erbil and contained in the draft budget law, the region’s share is about 12.6 percent of the budget, in addition to the disbursement of the salaries of the Peshmerga, in exchange for handing over the region’s revenues from the sale of 250 thousand barrels per day of oil extracted from the fields of the region. 

For her part, the head of the Kurdistan Democratic Party (KDP) bloc in the Iraqi parliament, Vian Sabri, said, "The discussions with the Parliamentary Finance Committee are going well." She continued in her interview with Shafaq News, "But the parliamentary blocs say that they will not vote on the region's share, unless the entire oil file is handed over to the federal government." "We are waiting for what the talks will lead to," Sabri added.

The regional government delegation arrived in Baghdad on Monday, and included Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of Ministers of the region Omid Sabah. 

The new round of talks comes to ensure that the various parties agree on the provisions of the draft budget related to the Kurdistan Region before submitting it to a vote in Parliament. The Kurdistan Region has been suffering from a stifling financial crisis, as Baghdad has cut the salaries of the region’s employees since last April.

[DinarThug]

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Including the deduction of salaries .. Parliamentary finance reveals very important information about the budget

 

 
 

 

01/26/2021 20:26:33  

 

 

The Parliamentary Finance Committee revealed very important information about the draft federal budget law for 2021.

"Initially we were able to reduce total spending to 127 trillion dinars, and there may be other reductions, and we raised the price of a barrel of oil in it from 42 dollars to 45 dollars, which will add about 5 trillion dinars, so that revenues will be 98 trillion," committee rapporteur Ahmed Al-Saffar said in an interview. 
 

He added that "57 percent of the budget deficit has been reduced, and that the income tax will be imposed on the total salary instead of the nominal salary at reasonable rates, indicating that all tax laws need to be amended since most of them are old and need to be canceled and other new legislation.

We have hosted many officials and found during their discussion is an exaggeration in some of the allocations that we were able to transfer to other chapters. We do not want the government to contest it and we seek an understanding. " 

He continued, "The government challenges any material if it is obtained with a financial setback and what will be the budget changes in the interest of the government, parliament and the Iraqi people, and we have contact with government cadres."

He concluded that "if there was a sovereign fund in Iraq and putting one dollar on each barrel, it is better than the provincial funds, and perhaps it will be collected in one fund in the future." 

Mina said that "the region’s share is one of the outstanding issues in the budget. The region does not have a single civil servant called the aliens." 

He added, "The region’s delegation denied selling Kurdistan oil to Turkey for 50 years in advance and said that it was a storage and transport contract only." A miniature parliament is represented by all the blocs, and if the committee approves a specific text, the law will pass in the House of Representatives.

[DinarThug]

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The House of Representatives fails to hold its session and postpones it to next week

 

27th January, 2021

The House of Representatives failed to hold its session, which was scheduled to take place today, due to the lack of a quorum.

A representative source said in an interview with Mawazine News that "the House of Representatives decided to postpone its session until next week, because of the lack of a quorum."

He added, "Most of the deputies are in discussions about the budget and did not come to the session hall."

[DinarThug]

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An Official Reveals That 50% Of The Iraqi State Employees Are Surplus And Without Productivity

 

26th January, 2021

Advisor to the Secretary General of the Council of Ministers for Financial Affairs, Obaid Mahal, revealed that 50% of state employees are surplus and without productivity.

During the seminar on the budget held at the headquarters of the Iraqi Journalists Syndicate, Mahal said thatthe surplus in state institutions reached 50% of the employees without productivity, so that the state institutions became like social welfare by paying salaries without production.

He added: “The budget deficit amounted to 71 trillion dinars in the 2021 budget, which is a catastrophic deficit, so how will the government be able to finance this deficit?

[DinarThug]

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Expectations to pass the 2021 budget next week, after 80% of its paragraphs have been deducted

 

 

16:07 - 01/27/2021

 

 

Deputy Mudhar Al-Karawi expected, on Wednesday, to vote on the 2021 budget next week.

"The 2021 budget has reached good stages after the resolution of more than 80% of its important chapters by the Parliamentary Finance Committee," Al-Karawi told Al-Maalouma Agency, expecting it to be presented to the House of Representatives for a vote next week.

He added, "The most complex problem, which has not yet been resolved, is the file of the benefits of the Kurdistan region in light of the varied stances regarding its treatment, but the meetings are continuing, and we hope to reach solutions that will lead to moving the budget to the stage of voting."

He pointed out that "fundamental changes have been placed in the budget, the most important of which is reducing public government spending and making transfers of funds between doors."

The Parliamentary Finance Committee has been holding discussions for two weeks to complete the chapters of the budget before submitting it to the House of Representatives for a vote.

[DinarThug]

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Parliamentary Finance: We have reduced the fiscal deficit in the 2021 budget to 35 trillion dinars

 

28th January, 2021

The Parliamentary Finance Committee announced, on Thursday, that the fiscal deficit in the draft general budget law for 2021 will be reduced to 35 trillion dinars, while it confirmed that next week will witness the vote on the budget.

Committee member Jamal Cougar said to Shafaq News Agency, "The Parliamentary Finance Committee raised the price of oil in the General Budget Law for 2021 from 42 to 45 dollars per barrel," noting that "this measure contributed to reducing the deficit percentage in the budget law."

He added, "The Parliamentary Committee has removed unimportant sums while reducing unnecessary expenditures in some articles of the budget law," stressing that "the decrease in the financial deficit in the budget law has reached 35 trillion dinars."

Cougar added, "Next week will be the date for the vote on the budget bill."

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Parliamentary Finance: We have reduced the fiscal deficit in the 2021 budget to 35 trillion dinars

[DinarThug]

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Finally, the 2021 budget is ready for approval in Parliament

 

28th January, 2021

A representative source said, on Thursday, that the draft General Budget Law for 2021 is ready for voting in Parliament.

The source told Shafaq News Agency, that "the budget law has become ready for voting in the House of Representatives after amendments were made to some articles of the law and the deficit was reduced by 50% after it was 71 trillion dinars."

He added that "the Parliamentary Finance Committee will, next week, distribute copies of the revised draft of the Maronite law to the heads of political blocs 24 hours before the date of the voting session on the budget law."

The source pointed out that "next Monday is the day set for resuming parliamentary sessions and voting on the budget law."

Next Tuesday falls on the second of February, the last day of the legislative term of the House of Representatives after it has been extended for a month, and that Wednesday is the first day of the start of the legislative recess of the House of Representatives, and the House has not announced whether it will extend the separation to vote on the budget or enter the holiday.

[GreedyDinar07]

What's so important about them improving the budget and what does that have to do with the exchange rate already set at 1450???? They approve the budget every year, well at least try to. 

[3n1]

50 minutes ago, GreedyDinar07 said:

What's so important about them improving the budget and what does that have to do with the exchange rate already set at 1450???? They approve the budget every year, well at least try to. 

 

 greedy , not sure that the budget has anything to do with the xchange rate , but finally they have cut some of the fat out of it this year or so they say they have ( ghost / fake / surplus employee's ) .... cheers 

 

 Advisor to the Secretary General of the Council of Ministers for Financial Affairs, Obaid Mahal, revealed that 50% of state employees are surplus and without productivity.

[GreedyDinar07]

Thanks for clearing that up for me 3n1,,,,,,,

[horsesoldier]

Be kinda neat to see: “ FINALLY!!!! Iraq comes out today ( uh somewhere in 2021...don’t want folks saying HS called it on such in such date ), with a globally recognized currency at $ 1.46 USD or some such nifty rate like this. 
 

..... and yes, I’m on my 2nd Scotch & Soda