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Parliamentary Finance: To vote on the new Iraqi budget within two weeks


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Dean of the College of Business Economics at Nahrain University, Nagham Hussein Nehme. "Economy News"
  

 money and business


Economy News - Baghdad

The dean of the College of Business Economics at Nahrain University, Nagham Hussein Nehme, described the provisions of the 2021 budget as "ambiguous."

In an interview with Al-Eqtisad News, Nehme said, "The 2021 budget is a balance of vague items and an operational budget aimed at bridging the financial deficit.

She added, "I do not think that the deficit in the budget is a real deficit, because Iraq has a lot of economic resources that, if properly utilized, would not have had a deficit in the first place."

Nehme rejected the step of resorting to borrowing because it was "incorrect, as it would increase the value of the deficit and public debt in budgets, as she put it.

She indicated that "the government was supposed to rely on sovereign investment funds, as is the case in the countries of the world."

It indicated that some Arab countries resorted to their sovereign funds during the "Corona" economic crisis in order to overcome the crisis.

And on importing gas from some countries, the Dean of the College of Business Economics pointed out that "Iraq is an oil country and has large reserves of gas, as it does not need to be imported from abroad, as it is better to invest the associated gas or the stock in the ground."

Iraq ranks 11th in the world in terms of the most gas-possessing countries, with estimated reserves of 125 trillion cubic meters.

 
 
Number of observations 98   Date added 02/01/2021
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“Finance” Iraqi Parliament: Contracts, transfers, and Kurdistan’s share of the budget will be settled within two days

“Finance” Iraqi Parliament: Contracts, transfers, and Kurdistan’s share of the budget will be settled within two days
Ahmed Al-Saffar, Rapporteur of the Parliamentary Finance Committee in Iraq
 

Mubasher:  The Parliamentary Finance Committee in Iraq confirmed today, Monday, that the issue of contracts, transfers, and the share of the Kurdistan region will be resolved within the next two days.

Ahmed Al-Saffar, the committee’s reporter, explained to the Iraqi News Agency (INA), that "within the next two days, the deferred issues will be resolved in the draft federal budget bill."
He added that "the issue of contracts, transfers, and the budget of the Kurdistan region will be resolved."

Al-Saffar said that there are some positive steps related to these issues, but they cannot be stated accurately at present.

Al-Saffar pointed out that the Parliamentary Finance Committee completed the discussion of the articles in the draft budget law, and began discussing the additional materials.

The decision of the Parliamentary Finance Committee in Iraq added that the discussions took place during more than 37 sessions that included more than 150 hosting.

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An economist talks about 3 jumps that the dollar will witness against the Iraqi dinar

 

 

6,924 Economie 02/01/2021 19:26 Baghdad today -

Baghdad The economic expert, Rasim Al-Aqidi, said today, Monday, that the exchange rate of the dollar in the Iraqi market will witness 3 successive jumps, before it reaches the price of 1600 dinars per dollar. "The exchange rate of the dollar in the 2021 budget was set by the government at 1450 dinars, and it has witnessed fluctuations in terms of ups and downs, but in any case, the decision to spend in the budget will not change." Al-Aqidi added, that the decision to change the exchange rate, "came to prevent neighboring countries from benefiting from the old exchange rate, which was an understatement, and to push most of the banks of neighboring countries or political forces to share economic interests, obtain Iraqi cash and collect the largest value of the dollar in past years as it is Hard currency. " He continued, "The dollar exchange rate will jump to 1490 dinars after the budget is approved, and the exchange rate set by the government is fixed at 1450, then it will witness another rise after the launch of 50% of the financial allocations for projects and ministries, and it reaches from 1520-1550 and then witnesses a third increase. Of its kind when the exchange begins, that is, whenever cash is pumped into projects, whether investment, loans or salaries, it will pay to increase the withdrawal on the dollar, because the rates of purchase of materials from the various markets of all kinds will rise at higher rates. " The economic expert pointed out that "a file to import will push forward in the rates of recovery of the dollar, and then the dollar exchange rate will escalate to perhaps 1600 dinars in exchange offices."

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The Parliamentary Finance Committee announced, on Monday, that it would continue discussing the general budget for 2021, while it requested hosting Minister of Planning Khaled Battal.

The committee said in a statement, "It was held under the chairmanship of the deputy Haitham Al-Jubouri Chairman of the Committee and the attendance of the members, today, Monday, its thirty-seventh meeting, in which it resumed its discussions regarding the draft federal budget bill for 2021.
 
 
According to the statement, the committee discussed "a set of requests submitted to it by governmental institutions and economic entities from the private sector containing proposals and opinions that support the national economy, stimulate the market and invest the youth energy in the country. The committee discussed these proposals extensively and worked to include them as provisions in the draft law."

The Finance Committee also directed to "host the Minister of Planning." Khaled Battal To discuss some articles in the draft budget law and discuss them before making a final decision on them.
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43 minutes ago, yota691 said:

The Finance Committee also directed to "host the Minister of Planning." Khaled Battal To discuss some articles in the draft budget law and discuss them before making a final decision on them.

 

thanks for all u bring yota every day all the time :tiphat: ........ 

 

this is where the real shell game , switcheroo and shenanigans commence  ...

 

A switcheroo is a sudden unexpected variation or reversal, often for a humorous purpose. It is colloquially used in reference to an act of intentionally or unintentionally swapping two objects.

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by Editor Economy 16 Hours ago

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Bashir Al-Haddad, Second Deputy Speaker of Parliament, revealed that there are three options to address the file of the Kurdistan region’s share in the federal budget.

Al-Haddad said that the first option requires that the region hand over its oil file completely to Baghdad, while the second includes the delivery of four hundred and fifty thousand barrels of oil per day, while the third option requires that the region hand over two hundred and fifty thousand barrels per day to the SOMO company, referring to the continuing dialogue between the two parties To resolve the issue and choose one of those options, in preparation for presenting the budget for a vote in the House of Representatives after reaching a final agreement.

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  •  Time: 02/02/2021 13:34:59
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Parliamentary Finance: Parliament will vote on the budget completely
  
{Baghdad: Al Furat News} A member of the Parliamentary Finance Committee expected, on Tuesday, that the committee would finish discussing the terms and articles of the draft federal budget law for 2021 during the current week.

MP Sherwan Mirza said in a press statement, "The House of Representatives is awaiting the end of the discussion of the federal budget in the Finance Committee in order to hold a special session to vote on the bill completely."

He explained, "The Finance Committee will end discussion of the budget bill during the current week, and we do not know yet when the special session will be held to vote on the draft law by the House of Representatives." 

Forgiveness Al-Khalidi

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Saleh for Parliamentary Finance: A budget must be approved that guarantees the interests of Iraqis ... and this is his position on the region
  
{Baghdad: Al Furat News} The President of the Republic, Barham Salih, stressed today, Tuesday, the need to approve a budget that guarantees the interests of the Iraqis. This came during his meeting with the head of the Parliamentary Finance Committee, Haitham al-Jubouri and members of the committee.

The media office of the President of the Republic said in a statement that Al Furat News received a copy of that, "The latter received the head of the Parliamentary Finance Committee, Haitham Al-Jubouri, and the members of the committee, and discussed the economic challenges facing the country, in addition to the issue of the financial budget and the importance of passing it in a way that guarantees citizens' rights."

The statement added, "During the meeting, it was stressed the importance of overcoming issues facing the approval of the budget, and taking into consideration ensuring that the interests of citizens are not disrupted, in addition to ensuring the rights of all governorates according to their needs and circumstances, the allocations of the petro-dollar fund, redress for victims of terrorism, displaced persons and low-income classes, and providing The necessary financial support for the security services from the army, the popular crowd, the police and the peshmerga, for the great role they play in confronting terrorism and protecting the security of citizens.
He continued: "The efforts made by the Parliamentary Finance Committee and members of the House of Representatives in the discussions on the budget in order to pass it in a way that guarantees the rights of all citizens and all provinces."
According to his office statement, the President of the Republic stressed that "these considerations must be present in the budget and a path to debate about it, and the necessity to exclude political issues in it, and to focus on the need to reach just and legal solutions that preserve the rights of the Iraqi people, employees and retirees throughout the country, including the Kurdistan region."
Regarding the outstanding issues between the federal government and the Kurdistan Regional Government, Saleh affirmed "the importance of reaching radical and serious solutions within the framework of the constitution, which are accompanied by a real reform process on the ground as a fundamental pillar for finding a final solution to the suffering and problems of all citizens in the country and the Kurdistan region."
Saleh pointed out that "achieving economic and security stability and providing decent living conditions for citizens is closely linked with continuing work to combat corruption, closing its outlets, recovering smuggled funds and holding the corrupt accountable."

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The information / Baghdad ..
Oil Minister Ihsan Abdul-Jabbar revealed, on Tuesday, two proposals to solve the Kurdistan crisis within the budget, indicating that the ministry is ready to implement any proposal that the Finance Committee and Parliament deems appropriate.
"The judiciary and the intelligence services are concerned with stopping dealing with Agility Company, and I will address the Ministry of Planning to ensure the correctness of its inclusion on the blacklist, in order to immediately freeze its work with the ministry," Abdul-Jabbar said in a televised statement.
He added, "Our dealings with the Car Company ended a long time ago and we no longer have any relationship with it, while the Ministry deals with Qiwan only to refine oil through its refinery," indicating that Qiwan is entering and through its subsidiary companies competing to transport gas oil to Iraq .
Regarding negotiations with Kurdistan, Abdul-Jabbar said, “The Finance Committee is discussing two options, the first of which is that Kurdistan hand over all production, extraction and export operations amounting to 460 thousand barrels, bearing all the wages and administrative costs in Kurdistan, and the second option is for Baghdad to receive 250 thousand barrels from Erbil and sold at a sumo price or receive Baghdad, sums of money equal to the amount of oil. ”25 d

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The devaluation of the national currency is acceptable at 1,300 dinars to the dollar

 
 Baghdad: the pillar of the emirate
 

Economic calls continue to confirm that the devaluation comes to achieve purely economic goals, as this measure reduces the deficit ratios in the general federal budget, and supports the local product. This corresponds to another opinion, which favors the reduction rates of 1300 dinars per dollar to reduce the effects on the local markets and their supply prices.

Academic Abdul Karim al-Issawi told Al-Sabah: “The devaluation is achieving great success in countries that have an economic diversification represented in abundant industrial and agricultural production that covers local markets and is exported abroad. This means that there are foreign markets for national products.” 

 
Sovereign funds
Concerning the cash reserve of Iraq, he stressed that it is "used to face emergency situations when sovereign funds are not available and to avoid borrowing from abroad. Otherwise, using it in other than these cases loses the confidence of creditors and investors."
 
Deficit ratio
He warned that "crude oil represents 99 percent of the total Iraqi exports and is the source of supplying the general budget with money, and that the reduction of the national currency has a relatively impact on the citizen, and this corresponds to the reduction of the deficit in the general budget," indicating that he sees the reduction of the currency to 1300 dinars The dollar is appropriate, provided that this is not accompanied by deductions and income tax on employees, but rather to reduce the operating expenses of the three presidencies and to work to maximize non-oil resources.
 
Financial revenue 
As for the member of the Administrative Board of the Economist Association, Dr. Ikram Abdel Aziz, she said: “The state resorts to devaluing the currency in order to encourage an increase in exports. For the country ».
Abdel Aziz pointed out that «the reduction in the value of the local currency against the dollar must be based on realistic foundations, including standing at the real capabilities of the Iraqi private sector to produce and export any commodity or commodity, or what are the elements that the state relies on in development to meet the requirements and needs of national industry. And agriculture, just as most of the products manufactured inside Iraq need raw materials imported from abroad.
 
 
 
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Supporting economic reform

Wednesday 03 February 2021 31

Supporting economic reform

 
Dr. Hussein Jaber Al-Khaqani
 

In previous years, the government adopted an economic policy based on expanding public spending, and one of the most important manifestations of this expansion was to achieve an increase in the number of workers through the creation of government jobs during the past seventeen years with increases in salaries and allocations with the increase in the purchasing power of the Iraqi dinar to more than Weakness since 2003. This has stimulated consumer spending among the public and led to the creation of a large commercial class to meet the increasing demand for consumer goods.

Stimulating domestic demand by the government is an economic policy to achieve economic goals that are reflected in development, employment, poverty alleviation, and increased state resources, but this policy did not contribute to stimulating productive activity, but rather contributed to disrupting it in favor of import activity to meet the growing consumer needs, relying on oil revenues to implement This policy. 
To stimulate productive activity, the 2021 budget relied on raising the exchange rate of the Iraqi dinar against the US dollar to allow for greater competitiveness for the industrial sector. This achieves part of the required positive effect, but requires reducing taxes and fees on the productive sectors to avoid a contraction of both consumer and investment demand. This reduction in financial burdens can be directed towards production centers that contribute to filling a proportion of the local need from production, operating a percentage of unemployment, using a greater percentage of the available raw materials, and exporting the product. Also, the increasing pressure on the entry of the employee and retired segment will discourage spending and investment.
From the increase in productive activity and the export of finished or semi-finished goods, foreign currency is available without total dependence on sales of crude oil, and the state's resources will increase. A distinction should be made between importing consumer or luxury goods from other imports involved in the production process, such as capital goods, machines, equipment, spare parts, technology and intermediate goods. The best way to differentiate is the adoption of a preferential exchange rate and financial incentives, which can be expressed by creating an account dinar as one of the financial assets that are used in the production activity. This dinar is granted to projects that achieve added value, occupy a percentage of unemployment and export a percentage of Its production.
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An informed political source said today, Wednesday, that the exchange rate of the dollar will rise to 150 thousand dinars for the 100 dollars, calling for avoiding the matter to urgently question the Minister of Finance and return the exchange rate to 120 thousand.

 

The source said in a statement to "Tigris", that "the exchange rate of the dollar against the Iraqi dinar will reach (150) thousand dinars per 100 dollars, after the approval of the federal budget "

 

The source explained that, " Parliament will vote on the paragraph that sets the exchange rate (145) to be received by the Central Bank of Iraq (147) and thus sold to the citizen the $ 100 bill for (150) thousand dinars," calling for "averting a stifling crisis by urgently questioning a minister." Then he reversed his decisions and recovered the exchange rate of 100 dollars to 120 thousand dinars. "

 

The Minister of Finance, Ali Allawi, had caused an economic crisis that directly affected citizens when he decided to raise the exchange rate of the dollar, while the date of the next parliamentary session was set for questioning about it.

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Today, Monday, the Parliamentary Finance Committee confirmed that the budget may be voted in the middle of next week, pointing out that it has completed all its provisions with satisfactory agreements, leaving only 15% of them.

 

A member of the committee, MP Majed Al-Waeli, said in a statement to "Tigris", that "the budget is in the process of completion and only 15% of all its items are left after continuous daily meetings and satisfactory agreements "

 

He added that "the agreement on the share of the Kurdistan region is still pending until now, pending a political agreement between the blocs in order to display their materials "

 

Al-Waeli indicated that "the amended budget will be distributed two days before it is presented to the heads of political blocs and MPs in order to review and clarify their positions on it and then go to vote," likely to be "voted on mid next week "

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The Finance Committee in the House of Representatives held, today, Wednesday, its 39th meeting, in which it will resume its discussions on the draft federal budget bill for 2021.

The Information Department of the House of Representatives said in a statement received by Alsumaria News, "The Finance Committee held its (39) meeting in which it will resume its discussions on the draft Federal Budget Law for 2021."
 
 

The statement added that "the subcommittee formed by the Finance Committee will host the Minister of Oil."
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The information / Baghdad ...
The National Oil Marketing Company "SOMO" revealed the reasons for Iraq to reduce crude oil supplies for the year 2021, while it confirmed that it did not receive any quantities of oil from the Kurdistan region.
The general manager of the company, Alaa Al-Yasiri, said in a statement to the official news agency, which was seen by the "information", that " Iraq still maintains first place among crude oil exporters to India for the fourth year in a row."
He added, "The mechanism adopted in allocating quantities of crude oil to international companies that buy Iraqi crude oil is according to the quantities available for export, which the company is informed of by the Ministry of Oil."
He pointed out that "these quantities are variable annually according to a set of technical and logistical factors and in line with the decisions of OPEC regarding the share of Iraq.From global production and in accordance with the strategy of the Oil Marketing Company in targeting global markets, in a way that guarantees good market shares in promising markets.
He explained, “According to the production plan for this year and based on the decision of OPEC and the countries allied with it to reduce production, the quantities allocated to all international companies, not to Indian refiners only, have been reduced in different proportions and according to the objectives set for each market, noting that the reduction rate for Indian companies was less than Similar to other international companies.
He pointed out that "this measure has been applied by all countries exporting crude oil in the region to all international companies contracting in this field."
And on the delivery of the region’s oil revenues to Baghdad, al-Yasiri said that the central government represented by the Oil Marketing Company has not received any quantities of crude oil from the region, indicating that “the issue of the delivery of the financial revenues resulting from the sale of those oils is the prerogative of the Iraqi Ministry of Finance and in accordance with the federal budget laws in force. In this regard, it does not fall within the jurisdiction of the Oil Marketing Company.
On the selling price of the region’s oil between Al-Yasiri, that “according to the available information, the price of a barrel of Kirkuk crude oil exported by the central government is higher than the selling price that is achieved by the Kurdistan region,” stressing that “the selling price of Kirkuk crude oil by a marketing company Oil is based on global pricing mechanisms that reflect the fundamentals of the oil market, such as global supply and demand for crude oil, in a way that achieves the best possible price for Kirkuk crude oil, which in turn provides the highest financial returns for the country. He continued, "We did not have the details of the rates used in pricing the crude oil exported by the region." Ended 25

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The information / Baghdad ..
Member of Parliament, Siham Shenoun, confirmed, on Wednesday, that the pressure exerted by the region on the Finance Committee is great, including the threat of the region’s representatives to boycott the voting session, but it will not affect the fairness of distribution. The budget is likely to be passed with the approval of the region at the last moments.
Shannon said in a statement to / the information /, that “the region’s demands have been used to it every year when preparing annual budgets in an attempt to gain as much as possible from obtaining funds. However, the Finance Committee works according to the legal measurements and contexts without paying attention to the pressures exerted by the regional governments. When preparing annual budgets.
She added that "the waving of the region’s representatives after attending the session to vote on the budget is part of the pressures that are exerted at every budget, and thus it is retracted when they feel that all the doors are set in front of them."
The deputy from the State of Law coalition, Mansour Al-Baiji, demanded, today, to present the budget on the agenda of the nearest session in order to be passed by the political majority in the event that the Kurdistan Regional Government continues to procrastinate. Ended / 25 AD

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The Independent / - MP for the Sabah Al-Ugaili Bloc confirmed that Parliament agreed to solve the region’s share problem before voting on the budget.

 
 

Al-Oqaili said in a press statement that its independent follow-up, that the Finance Committee is working very hard to finalize its final report on the budget, after hosting many relevant officials in the ministries, pointing out that next week may witness the completion of the preparation of the report in order to vote on the budget.

He explained that the political blocs are determined to develop solutions to the differences with the Kurdistan region on the budget to be a road map for the future in preparing budgets.

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12 hours ago, yota691 said:

Parliament will vote on the paragraph that sets the exchange rate (145) to be received by the Central Bank of Iraq (147) and thus sold to the citizen the $ 100 bill for (150) thousand dinars,

I guess the exchange rate will be in the budget!

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20 hours ago, yota691 said:

Parliament will vote on the paragraph that sets the exchange rate (145) to be received by the Central Bank of Iraq (147) and thus sold to the citizen the $ 100 bill for (150) thousand dinars

8 hours ago, DWS112 said:

I guess the exchange rate will be in the budget!

 

Yep. You are already looking at the exchange rate and it is clearly said the rate is 145 or 147 or 150. I could be wrong though.

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8 hours ago, screwball said:

most probs but wont be rate everyone is looking for!!!!! post RV rate will not be in budget

You may be right. But to prove it right, What we have to do is just wait until next week for them to vote the budget. Hopefully, no more BS, no more delay, no more holiday.

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9 hours ago, DWS112 said:

Parliamentary Finance: Next week, the date for voting on the budget

Feb 3, 2021

the committee will end, next week, the discussions on the budget and vote on it.

Just remember folks. The date of this article is on feb 03, 2021 and next week the date is going to be on feb 10, 20....( just fill in the year whatever folks like.  i have a huge doubt to write the year ). May be it is better Just to let the minister of finance and cbi write the year. 

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