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

[Dinarrock]

1 hour ago, Dinarrock said:

No not exactly and this is where so many dinar investors are wrong! It makes ZERO difference if Iraq’s currency is at 1460 or $1.17 they would still have to borrow the exact same money!!!! Revaluing their currency higher does NOT create anymore magic money to pay their debts period!!! All that does is give their citizens greater purchasing power inside of Iraq that’s All. Iraq makes income mainly from the sale of oil that is their revenue and they use that income to pay their debts plain and simple it makes no difference what their currency is worth they still have to borrow the money if their debts are less then their income revenue!!

 

Also what Jaygo just said has some truth to it as well why spend any excess capital if people are willing to let you borrow the money!!

Meant to say at the end of the first paragraph Iraq will have to borrow money if their debts are “more” than their income not less than I was typing too fast..lol

[Engine1]

2 hours ago, Jaygo said:

If you were a real estate investor and you found a good property at a good price and wanted to buy it. You have a million dollars in your account. The house cost $150,000. Would you write a check or would you borrow the money? MYSELF, I am going to borrow the money. Rent the house out. Charge enough for rent that covers your loan payment with 25% in your pocket monthly. I still have $150,000 in my account and I am making money monthly. This is what Iraq is doing but with other resources instead of real estate. 

Not me,   I would take the money out of my savings, because savings account dont make as much interest as you would pay on a loan. And rent out the house for 25% than my payment would have been if I borrowed the money.  Still putting the same amount in my pocket without having to pay the loan back at the high interest if I would have borrowed the funds. 

[Engine1]

Oops 25% more than the payment would have been 

[Dretown39]

21 hours ago, PrehistoricMan said:

Wise words.  One gets tired of the chicken littles here.  Thanks for your logical thoughts and your positivity.

No problem!👍

[yota691]

Minister of Electricity and Oil in front of Parliament "soon"

Tuesday, January 26, 2021 58

 

  Baghdad: Morning

 

Al-Kaabi demanded, according to a statement by his media office, that the two ministers should attend before the two aforementioned committees inevitably joint "urgent" meeting, pointing out that in the event that the electricity situation is not addressed soon; We will proceed with the procedures of "interrogating" the two ministers and proceed with their "immediate removal". 

A member of the Parliamentary Oil and Energy Committee, Amjad Al-Oqabi, called in an interview with Al-Sabah to “dismiss the ministers of finance and oil, as they are the two parties that most cause the problem of lack of electric power,” indicating that “the Ministry of Electricity does not have a problem with the supply of energy, but the main reason is It is importing gas from Iran, and because of the Finance Ministry’s failure to pay dues to the Iranian side, the latter was forced to stop pumping gas operating the plants to Iraq, which created the problem of lack of electric power.

[yota691]

Al-Samarrai: Parliamentary Finance is determined to reduce the budget deficit as much as possible

 

371 Policy 01/25/2021 22:23 Baghdad Today -

Baghdad The Deputy Chairman of the Parliamentary Finance Committee, Muthanna Abdul Samad Al-Samarrai, confirmed, on Monday, that the 2021 budget will depend, in an important part, on borrowing, but the committee is determined to reduce dependence on debt in financing it and reduce the deficit to the maximum extent possible. The office of al-Samarrai said in a statement, "The Deputy Chairman of the Parliamentary Finance Committee, Muthanna Abd al-Samad al-Samarrai, chaired a meeting of the committee during which it hosted official delegations representing a number of ministries to discuss the provisions of their appropriations in addition to studying the general articles of the draft budget law. Al-Samarrai stressed, according to the statement, that "the 2021 budget will depend in an important part on borrowing, but the committee is determined to reduce reliance on debt in financing it and reduce the deficit in it to the maximum extent possible, in addition to pushing state institutions to reduce their expenditures and maximize their revenues in proportion to the circumstances." Embarrassing financial the country is going through. " Al-Samarrai called on all political blocs and state officials to assume responsibility for everyone and to sense the difficult economic conditions that Iraq is going through and the need to work to cross the current economic crisis by curbing corruption, waste and mismanagement of the country's resources and commitment to integrity, competence and a high national sense of responsibility towards the people who suffer the accumulation Results of mismanagement of the economic file in Iraq. "

[yota691]

 

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

 

•  

 2021-01-25 08:18

 

Shafaq News / 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.

Committee member 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.

[screwball]

5 hours ago, yota691 said:

Al-Samarrai: Parliamentary Finance is determined to reduce the budget deficit as much as possible

 

371 Policy 01/25/2021 22:23 Baghdad Today -

Baghdad The Deputy Chairman of the Parliamentary Finance Committee, Muthanna Abdul Samad Al-Samarrai, confirmed, on Monday, that the 2021 budget will depend, in an important part, on borrowing, but the committee is determined to reduce dependence on debt in financing it and reduce the deficit to the maximum extent possible. The office of al-Samarrai said in a statement, "The Deputy Chairman of the Parliamentary Finance Committee, Muthanna Abd al-Samad al-Samarrai, chaired a meeting of the committee during which it hosted official delegations representing a number of ministries to discuss the provisions of their appropriations in addition to studying the general articles of the draft budget law. Al-Samarrai stressed, according to the statement, that "the 2021 budget will depend in an important part on borrowing, but the committee is determined to reduce reliance on debt in financing it and reduce the deficit in it to the maximum extent possible, in addition to pushing state institutions to reduce their expenditures and maximize their revenues in proportion to the circumstances." Embarrassing financial the country is going through. " Al-Samarrai called on all political blocs and state officials to assume responsibility for everyone and to sense the difficult economic conditions that Iraq is going through and the need to work to cross the current economic crisis by curbing corruption, waste and mismanagement of the country's resources and commitment to integrity, competence and a high national sense of responsibility towards the people who suffer the accumulation Results of mismanagement of the economic file in Iraq. "

You cant reduce the deficit when you are rebuilding and increasing wages and welfare with an adjustment by removing zeros adjusting accounts and change rates! 

[rvmydinar]

18 hours ago, Jaygo said:

If you were a real estate investor and you found a good property at a good price and wanted to buy it. You have a million dollars in your account. The house cost $150,000. Would you write a check or would you borrow the money? MYSELF, I am going to borrow the money. Rent the house out. Charge enough for rent that covers your loan payment with 25% in your pocket monthly. I still have $150,000 in my account and I am making money monthly. This is what Iraq is doing but with other resources instead of real estate. 

What you said it makes a sense. Just assume, iraq has a lot of monies in their account, and iraq still prefer rent it out. And my first question is where is the rent monies going to? In their own big fat pockets? My second question is why iraq still can't affort to pay the debts, the monthly salary, bills, etc? My last question is why has iraq not deleted 3 zeros ,released  lower denoms , and changed the rate to 1:1 instead of devalueing the rate from 1190 to 1460? What are they waiting for? What have they gotten to lose if they rv the iqd at least 1:1? Anyway,  all dinar investors will exchange dinar for dollars in the us ( out of iraq country , not inside iraq country), and then all dinars will be put back in us reserves, not iraq cash reserves.

[rvmydinar]

18 hours ago, Engine1 said:

If it were to RV just think how much they would be paying out on the dinar which was bought at a very very low price.  

Since you said it that way, that means all dinar investors can only exchange dinar for dollars inside country of iraq only ( not out of iraq country )because iraq will be the only country which would be paying out on the dinar. Actually, some dinar investors still believe that once iqd rv, dinar investors can exchange dinar for dollars in the us ( out of iraq country, not inside of iraq country ). Which one do you prefer?

[alreis]

3 minutes ago, rvmydinar said:

Since you said it that way, that means all dinar investors can only exchange dinar for dollars inside country of iraq only ( not out of iraq country )because iraq will be the only country which would be paying out on the dinar. Actually, some dinar investors still believe that once iqd rv, dinar investors can exchange dinar for dollars in the us ( out of iraq country, not inside of iraq country ). Which one do you prefer?

I prefer IQD for XRP and XLM.

1 IQD/XRP would be 1:0.26 far better return than when I bought IQD

[rvmydinar]

7 minutes ago, alreis said:

I prefer IQD for XRP and XLM.

1 IQD/XRP would be 1:0.26 far better return than when I bought IQD

I like the sound of that. But i also prefer iqd for gold. And 1 iqd/gold would be 1 iqd : 1 pound of gold. It is much better ROI isn't it.

[yota691]

 

Parliamentary Finance decides to amend the price of a barrel of oil in the 2021 budget

 

•  

 2021-01-26 07:03

 

Shafaq News / A member of the Parliamentary Finance Committee announced today, Tuesday, that the price of a barrel of oil will be adjusted in the 2021 budget.

A member of the Parliamentary Finance Committee, Jamal Cougar, told Shafaq News; "The Parliamentary Finance Committee decided, in its continuous meetings, to discuss the draft general budget bill, to raise the price of a barrel of oil in the budget from 42 to 45 dollars, and calculate it according to the specified price."

And between cougars; "This trend of raising oil prices and calculating them in the budget will save the state treasury more than 5 trillion dinars," noting that "this also contributed to reducing the financial deficit in the budget law."

[yota691]

Parliamentary Energy: A meeting this evening to raise the price of a barrel of oil in the budget to 50 dollars

14:47 - 01/26/2021

 

  

Information / Special ...

The Parliamentary Energy Committee announced, on Tuesday, its intention to raise the price of a barrel of oil in the budget to $ 50 per barrel, indicating that it will approve the final decision in an upcoming meeting this evening that brings it together with the Finance Committee.

A member of the Energy Committee, Zahra Al-Bajari, told / Al-Maaloumah / that "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."

[yota691]

Parliamentary Finance: The sudden loan requested by the government is illegal and we do not know about it

18:22 - 25/01/2021

 

Information / Special ...

The Parliamentary Finance Committee expressed, on Monday, its surprise at the urgent loan offered by the government from the international monetary, stressing that it had no knowledge of the loan and was not included in the budget law.

A member of the Finance Committee, Jamal Cougar, told "the information" that "any borrowing made by the government is either included in the budget law or submitted to Parliament for a vote on it before borrowing."

He added that "Parliament has no knowledge of the sudden borrowing that was announced by the government and was not included in the budget law," noting that "this loan is illegal."

"The committee intends to reduce the budget deficit by canceling the existing loans in it, and now it is surprised that the government borrows an urgent loan from the International Monetary Fund," Cougar said, pointing out that "all IMF loans are harmful because they have great conditions and restrictions."

He continued, "The committee will host the advanced cadre of the Al-Kazemi and Finance government to inquire about these loans and the mechanisms for their disbursement."

[yota691]

Parliamentary Finance reveals violations in the 2021 budget of the Financial Management Law

 

money and business Economy News _ Baghdad The Parliamentary Finance Committee revealed, on Tuesday, the existence of violations of the Federal Budget Law for the year 2021, of the provisions of the Financial Management Law. "The Finance Committee has reduced 20 percent of the total budget spending that the government presented to Parliament," said a member of the committee, Representative Jamal Cougar, in a televised interview, which was followed by Al-Iktissad News. He added that "the issue of borrowing 6 billion dollars from the International Monetary Fund is not included in the draft general budget bill." A member of the Finance Committee pointed out that "the 2021 budget law clearly contradicts the provisions of the Financial Management Law." It is noteworthy that members of the Parliamentary Finance Committee revealed yesterday, Monday, that the budget bill will be presented to the vote of members of Parliament within two weeks.

Number of observations 78   Date added 01/26/2021

[yota691]

Revealing the salaries of presidencies, ministers, and deputies in the budget

•  Time: 01/26/2021 15:20:16
•  
•  Read: 1,560 times

  

{Baghdad: Al Furat News} A member of the Parliamentary Finance Committee revealed the salaries of the three presidencies, ministers, and members of Parliament in the draft federal budget bill for 2021.

"The salaries of the three presidencies range from 70 to 100 million dinars, for each of the Prime Minister and President of the Republic and the Speaker of Parliament," Jamal Cougar said in a press statement.
He added, "As for the salaries of ministers, they range from 9 to 11 million dinars, while each member of parliament receives more than 7 million dinars, according to a member of the Finance Committee."
Cougar explained, "Annual oil revenues are estimated at 79 trillion dinars, while non-oil revenues amount to 20 trillion, but these numbers are subject to change."
He pointed out that "the total salary expenditures are estimated at 55 trillion dinars, without an accurate statistics for the number of employees due to the lack of a database."
Ammar Al-Masoudi

[yota691]

Parliamentary Finance holds its 32nd meeting to discuss the budget

•  Time: 01/26/2021 11:51:14
•  
•  Read: 1,937 times

  

{Baghdad: Al Furat News} The Parliamentary Finance Committee held its meeting No. (32) to continue its discussions on the draft federal budget bill for 2021.

The Finance Committee sub-committees hosted the Ministry of Industry and the Baghdad Municipality to complete discussion of their financial data within the current year’s budget.
Ammar Al-Masoudi

[yota691]

 

Deputy: The country's rentier economy is behind Iraq’s tendency to borrow

 

•  

 2021-01-26 04:37

 

Shafaq News / A member of the Parliamentary Economic Committee, Representative Nada Shaker Jawdat, indicated today, Tuesday, that Iraq's rentier economy is behind its tendency to borrow, noting that corruption and poor planning are eroding the Iraqi economy.

Jawdat said in an interview with Shafaq News: "The government borrowed twice in the budget last year, and there is a request for loans in the 2021 budget," indicating that "the main reason behind this is that Iraq’s rentier economy relied on oil to finance its general budget."

Added; "The drop in oil prices due to the Corona pandemic has led to a worsening of the economic conditions in Iraq, and the existing policies inside Iraq have not activated other economic sectors such as agriculture and industry, which has made Iraq's markets open for importation. Therefore, the government resorts to borrowing because the government does not have sufficient funds to go about things. ".

Jawdat stressed that "activating the economic sectors is not an easy task and needs time to advance it again," noting that "Iraq ravages its economy with corruption and poor planning."

The International Monetary Fund said on Sunday that Iraq had requested emergency aid under the Rapid Financing Tool, in a long-term arrangement, to support the planned economic reforms.

And the Iraqi Finance Minister Ali Allawi had said in a press statement that Iraq was in talks with the fund to obtain a loan worth 6 billion dollars.

[rvmydinar]

1 hour ago, yota691 said:

"all IMF loans are harmful because they have great conditions and restrictions."

Of course because the imf wants to make sure that the loan is used wisely to improve the lives of all iraqi citizens for the better. If not, the imf will worry that the iraqi will spend the loan foolishly on huge corruptions ( for their own big pockets ) and finally, iraq can't pay off the loan to the imf. And the result, the condition get worse and worse for the lives of ordinary iraqi citizens in iraq everyday.

[yota691]

Parliamentary Finance: The budget will be ready for voting mid next week

16:52 - 01/26/2021

 

  

Information / Special ...

The Parliamentary Finance Committee announced, on Tuesday, that the budget discussions will reach Article 50, indicating that the budget will be ready for voting in the middle of next week.

A member of the Finance Committee, Jamal Cougar, told "the information" that "the committee continues its discussions of the articles and paragraphs of the 2021 budget by hosting all officials."

He added, "The discussion of the provincial paragraphs was completed in the presence of all the governors, except for the governor of Basra, who was absent from the meeting," noting that "Paradise will host this evening the region’s delegation to discuss the Kurdistan budget."

Cougar explained that "the budget is hoped to be ready for a vote in the middle of next week and delivered to the presidency for the purpose of voting on it."

[64jaguar]

9 minutes ago, rvmydinar said:

Of course because the imf wants to make sure that the loan is used wisely to improve the lives of all iraqi citizens for the better. If not, the imf will worry that the iraqi will spend the loan foolishly on huge corruptions ( for their own big pockets ) and finally, iraq can't pay off the loan to the imf. And the result, the condition get worse and worse for the lives of ordinary iraqi citizens in iraq everyday.

That's pretty naive imo... International Bankster's would love for Iraq to squander any loans, there ultimate goal is Iraqi Bankruptcy where they can come in an takeover the substance of the Country, the land, the oil etc.. If you think the IMF gives a crap about people your dreaming... these creeps have done that all over the world for hundreds of years..

[yota691]

"Negotiations are underway." Al-Shabaki: Talking about passing the budget during the next week is very optimistic

13:47 - 01/26/2021

 

  

The information / Baghdad ..
Future MP in the Al-Fateh Alliance Qusay Al-Shabaki described, on Tuesday, the negotiations to pass the 2021 budget as stalled and believed, ruling out the possibility of passing the budget during the next week.
Al-Shbaki said in a statement to "the information" that "the representatives of the southern governorates are continuing to demand an article that obliges the government to spend the petro-dollar, and that the liberated provinces also objected to their shares, and the destruction in them cannot be ignored, and everyone must properly do justice to them."
He added that "the political forces await the completion of the negotiations in Erbil, Baghdad. The budget may be presented at the end of next week to vote in the event that there is a political consensus on it."
"The negotiations to pass the 2021 budget are stalled and cannot be passed without a Kurdish-Arab consensus regarding the share of the Kurdistan region," Al-Shabky said. End / 25 D.

[yota691]

Parliament threatens to dismiss the ministers of electricity and oil in case services are not improved

12:40 - 01/26/2021

 

  

The information / Baghdad ..
The Parliamentary Oil and Energy Committee waved, on Tuesday, the questioning and dismissal of the ministers of oil and electricity in the event of failure to improve services and provide real and convincing justifications for the shortcoming and provide effective solutions to overcome the crisis in the electricity sector, stressing that the wave of serious questioning by the committee.
A member of the committee, Zaitoun Al-Dulaimi, said in a statement to "the information", that "the Parliamentary Energy Committee is serious about questioning, accountability and dismissing the ministers of electricity and oil, unless the service improves and convincing justifications are presented to solve the electricity crisis."
Al-Dulaimi added that "the lack of coordination and cooperation between the ministries of oil and electricity is the main reason for reducing the processing hours," indicating that "the Ministry of Oil refuses to deliver gas oil instead of imported gas when there is a shortage of produced energy."
It is noteworthy that the past two weeks witnessed a very big shortage in supplying electricity to the citizen with the increase in the number of hours of power cuts. Ended / 25 AD

[yota691]

Documents ... A parliamentary bloc that collects 113 signatures to incorporate amendments into the budget law

Political| 05:43 - 01/26/2021

 

 

 

 

 

Baghdad - Mawazine News
The National Approach bloc announced, on Tuesday, that it has collected 113 signatures for the inclusion of amendments in the Federal Budget Law for 2021.