Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Parliamentary Finance: The current budget is the two-year budget, and this is the date for approval


yota691
 Share

Recommended Posts

10 minutes ago, yota691 said:

"This year's budget decreased from 164 trillion dinars to 127 trillion dinars, with the reduction of the fiscal deficit in the budget from 71 trillion to 25 trillion dinars."

 

Things are looking a lot better for Iraq, now:

 

1) The budgeted spending is down from 164 to 127 trillion. This a similar percentage to the recent drop in the value of the dinar (just over 20%). That change may be a direct outcome of the devaluation?

2) The deficit for the budget is down over 60% which is quite spectacular. This might be more evidence of corruption being tackled (e.g., ghosts off of double salaries and tax revenue coming in).

3) The current oil prices ($67 a barrel) are almost 50% higher than the budgeted revenue at $45. That is great news. Prices could go higher if Iran continues on its current path of obtaining nukes?

4) The Oil and Gas Law will open up more investment and create an infrastructure similar to the IRS as each Iraqi citizen will get a share of the oil, as a dividend.

5) We have been told, the maintenance of the current rate is tied to the budget. So, they will unlikely tinker with the rate until the budget is approved. That 'pain' is woven into the budget and is a tool that can continue to build public anger against corruption. 

6) Banking systems are in place. 

7) Corona is continuing to push trading away from paper to digital.

8 ) The $$$'s value is declining pushing up the cost of oil.

9) Electronic tax collection systems are in place at ports to collect tax revenues. It is like watching the rise of an IRS-like organization evolving on fast forward.

10) We haven't heard much from the big bankers, recently. They are usually making money when they are quiet!?

11) Coalitions in the ME continue to form to counter Iran's influence in the region.

12) Israel has landed some recent punches to make its points without a lot of return fire.

 

Maybe I am just seeing what I want to sees, but all things remaining equal, it looks like Iraq will see a balanced budget, plus a surplus boosting the reserves and resources/initiatives to off-set poverty caused by the devaluation of the currency.

 

Now, my 64,000 IQD question is, what else does the CBI need to do to push the button to go international? :)

 

  • Thanks 1
  • Upvote 6
Link to comment
Share on other sites

11 minutes ago, bkeiller said:

 

Things are looking a lot better for Iraq, now:

 

1) The budgeted spending is down from 164 to 127 trillion. This a similar percentage to the recent drop in the value of the dinar (just over 20%). That change may be a direct outcome of the devaluation?

2) The deficit for the budget is down over 60% which is quite spectacular. This might be more evidence of corruption being tackled (e.g., ghosts off of double salaries and tax revenue coming in).

3) The current oil prices ($67 a barrel) are almost 50% higher than the budgeted revenue at $45. That is great news. Prices could go higher if Iran continues on its current path of obtaining nukes?

4) The Oil and Gas Law will open up more investment and create an infrastructure similar to the IRS as each Iraqi citizen will get a share of the oil, as a dividend.

5) We have been told, the maintenance of the current rate is tied to the budget. So, they will unlikely tinker with the rate until the budget is approved. That 'pain' is woven into the budget and is a tool that can continue to build public anger against corruption. 

6) Banking systems are in place. 

7) Corona is continuing to push trading away from paper to digital.

8 ) The $$$'s value is declining pushing up the cost of oil.

9) Electronic tax collection systems are in place at ports to collect tax revenues. It is like watching the rise of an IRS-like organization evolving on fast forward.

10) We haven't heard much from the big bankers, recently. They are usually making money when they are quiet!?

11) Coalitions in the ME continue to form to counter Iran's influence in the region.

12) Israel has landed some recent punches to make its points without a lot of return fire.

 

Maybe I am just seeing what I want to sees, but all things remaining equal, it looks like Iraq will see a balanced budget, plus a surplus boosting the reserves and resources/initiatives to off-set poverty caused by the devaluation of the currency.

 

Now, my 64,000 IQD question is, what else does the CBI need to do to push the button to go international? :)

 

The cbi need to do the election called " rate election " to choose the exchange rate for iqd ( it is like a presidential election ) but this time , iraqi citizens has to choose two kinds of rates ( instead of candidate if they choose the president ). The first rate is 1 iqd :1 usd. And the second rate is 1 iqd 3.22 usd. So all iraqi citizens have to come to the booth to vote and choose one of the two rates they think it is the best rate for the sake of iraqi citizens and the country of iraq. What do you think folks about " rate election "? Do you think it is fair enough to determine the best exchange rate for the sake of iraqi citizens and the country of iraq?

  • Thanks 2
  • Upvote 1
Link to comment
Share on other sites

46 minutes ago, rvmydinar said:

" the price of the dollar remained constant at 145 thousand per 100 dollars ". Remained refers to " past tense " , that means the rate 145000 was already applied in the past, therefore, the rate is going to change at whatever rate.

 

Appreciate your input RMD...maybe so. Usually the "arabesk" translations leave much to be desired.  

  • Upvote 1
Link to comment
Share on other sites

MP: The Kurdistan government does not want to solve the problems with Baghdad

Feb 25, 2021

image.php?token=4c9de8bfbf1a13ea66c6a62fe32d36ce&size=


The deputy of the Al-Fateh Alliance, Hamid Al-Mousawi, confirmed today, Thursday, that the Kurdistan Regional Government does not want to solve the problems with Baghdad.


Mousawi said in a statement, "The Kurdistan government does not want to solve the problems with Baghdad," noting that "there will be no agreement with Kurdistan for its lack of seriousness to end the differences."


He added that "there are black holes that generate millions of dollars for the Kurds," noting that "Kurdish parties with foreign relations refuse to reach a solution with Baghdad."

  • Thanks 1
  • Sad 1
Link to comment
Share on other sites

Just now, JonnyV said:

It completely contradicts the other news sources implying that everyone is in agreement.  We were told there would be conflicting news reports when an RV was close.   Hoping this is it.  

The news is going to get more confusing!

it’s part of the plan, to keep us confused.

  • Thanks 2
  • Confused 1
Link to comment
Share on other sites

5ed770424c59b770ca36aa36.jpg?resize=696%

Yes Iraq - Baghdad

 

Today, Thursday, a member of the Parliamentary Finance Committee, Muhammad al-Shabaki revealed that there is a parliamentary refusal to pass the budget bill for the year 2021 without modifying the exchange rate of the dollar against the Iraqi dinar.

"There are political forces and representatives from different political blocs that are working on adjusting the exchange rate of the dollar against the Iraqi dinar in the 2021 budget, and these forces and MPs refuse to pass the budget without this amendment," Al-Shibaki said in a press statement.

And that "there is a parliamentary proposal that the exchange rate of the dollar against the Iraqi dinar be (13000) Iraqi dinars for every $ 100, but the validity of the amendment remains in the hands of the Iraqi government, and there are contacts between parliamentary and governmental parties to discuss the possibility of such an amendment, before voting on the budget."

Earlier, Representative Inaam Al-Khuzai submitted a proposal to restore the old exchange rate of 1,200 dinars against the dollar without affecting the value of money added to the budget as a result of changing the new exchange rate.

Al-Khuzai said in a tweet on Twitter that “Prime Minister Mustafa Al-Kazemi says that raising the exchange rate to 1450 dinars will save 10 trillion dinars for the budget.”

"Raising the price of oil in the budget to a conservative price of $ 52 instead of $ 45 will save 10 trillion dinars as well, without compromising the exchange rate and without prejudice to the real incomes of the poor and middle classes," she added, commenting on Al-Kazemi's statement.

Yesterday, a member of the Parliamentary Economy Committee, MP Mazen Al-Faily, announced that there is a trend within the House of Representatives to restore the dollar exchange rate to reduce the exchange rate of 1,300 dinars against the dollar in the 2021 budget.

Al-Faily said in a televised statement, that "signatures were collected by 113 deputies to reduce the dollar exchange rate to 130,000 dinars in the budget."

He added, "The reason for the increase in the exchange rate of the dollar was the decrease in the price of a barrel of oil. Now, the global price of a barrel of oil has risen and is supplying the treasury, and we can raise the price of a barrel of oil in the budget to 50 dollars or more, and thus we dispense with the decision to raise the exchange rate."

  • Thanks 1
Link to comment
Share on other sites

Parliamentary Finance reveals the official exchange rate of the dollar in the last budget amendment

The final version

 

Photo: 

15 hours ago

56,758 views

On Thursday, the Parliamentary Finance Committee announced part of the items included in the final version of the 2021 budget, confirming that the dollar price will be fixed at 145 thousand per 100 dollars .

A member of the committee, Ikhlas Al-Dulaimi, said in a statement followed by NRT Arabia, (February 25, 2021), that "this year's budget decreased from 164 trillion dinars to 127 trillion dinars, with the reduction of the fiscal deficit in the budget from 71 trillion to 25 trillion dinars."

She added, "The price of the dollar remained constant at 145 thousand per 100 dollars, while confirming that the price of oil was changed from 42 to 45 dollars a barrel, while keeping the price difference to reduce the budget deficit."

Regarding the fate of the lecturers, contracts and procedures in all ministries, she explained that "the Finance Committee has allocated one trillion dinars to the government, to be distributed through the government to all lecturers, contracts and procedures in all ministries without entering into their numbers or salaries as it is an executive, not legislative, matter."

Al-Dulaimi indicated, "The Finance Committee has put in place a legal clause for those with health professions that provides them with functional degrees of deletion and creation," noting that "the first three will be appointed after developing a legal article that obliges the government to implement."

She explained, "This year's budget focused on supporting the private sector and maximizing state imports, without affecting citizens with limited income."

And she emphasized, "The Finance Committee has put in place items that oblige the government to implement the budget literally."

 
  • Thanks 1
Link to comment
Share on other sites

Parliamentary Finance calls for the Presidency of Parliament to set a date for voting on the budget

image.php?token=b955c87b32a451baf3c350e6
 

 


Today, Thursday, the Parliamentary Finance Committee called on the Presidency of the House of Representatives to set a date for voting on the draft federal budget law for 2021.

Committee member Jamal Cougar said in a statement to "Tigris", that "there are great understandings between the political blocs and the Kurdistan delegation about the budget, but it has not been translated into a text within the budget," noting that "the decisive solution to the region’s share has become subject to the agreement of the political blocs."

He added that "some blocs do not have a real will to resolve the dispute with Kurdistan," calling on the Presidency of the House of Representatives to assume its responsibility and set a date for voting on the draft federal budget law for 2021.
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

2 hours ago, JonnyV said:

It completely contradicts the other news sources implying that everyone is in agreement.  We were told there would be conflicting news reports when an RV was close.   Hoping this is it.  

yep. my head is spinning around now. i think i need a break from reading the conflicting articles for a moment before my brain is going to explode,.

Link to comment
Share on other sites

1 hour ago, yota691 said:

He added that "some blocs do not have a real will to resolve the dispute with Kurdistan," calling on the Presidency of the House of Representatives to assume its responsibility and set a date for voting on the draft federal budget law for 2021.

Get on with the VOTE!

  • Like 1
  • Haha 1
  • Upvote 2
Link to comment
Share on other sites

A parliamentary move to adjust the exchange rates of the dollar and a barrel of oil in the budget

 

 

3,047 Policy 02/26/2021 10:04 Baghdad Today -

Baghdad The head of the Al-Fateh Alliance bloc in the House of Representatives, Hassan Shaker, said Friday (February 26, 2021) that his alliance stands with all legal and constitutional measures that serve the Iraqi citizen, indicating that his bloc is determined to change the exchange rate of the dollar against the Iraqi dinar as well as the price of a barrel of oil. Shaker said in an interview with (Baghdad Today), "The Al-Fatah Alliance has worked since the arrival of the federal budget bill for the year 2021, to lift the injustice, as well as the injustice that occurred on the segment of employees and citizens alike," noting that "the budget that arrived from the government was Retaliation against the Iraqis, "as he put it. He added that "the parliamentary movement today is supported by many MPs in order to change the exchange rate of the dollar, as well as a barrel of oil, which was calculated at 45 dollars at a time when the prices of a barrel in world markets today exceeded the barrier of 65 dollars." And that "the current movement, if the majority of the members of the House of Representatives is won, of course, the government will respond to our request regarding changing the exchange rate, as it is a government matter that has nothing to do with the House of Representatives," noting that "the budget is still suspended and has not been submitted to the vote because Baghdad and Erbil have not reached any agreement." On the share of the Kurds. " "The delay in submitting the bill to voting does not only harm the Kurds, all citizens, as well as investment and service projects awaiting the release of funds," he stressed. Representative Inaam Al-Khuzai presented a proposal to restore the old exchange rate of 1,200 dinars against the dollar without affecting the value of money added to the budget as a result of changing the new exchange rate. Al-Khuzai said in a tweet on Twitter, "Prime Minister Mustafa Al-Kazemi says that raising the exchange rate to 1450 dinars will save 10 trillion dinars for the budget." "Raising the price of oil in the budget to a conservative price of $ 52 instead of $ 45 will save 10 trillion dinars as well, without prejudice to the exchange rate and without prejudice to the real incomes of the poor and middle classes," she added. Yesterday, the first day, a member of the Parliamentary Economy Committee, MP Mazen Al-Faily, announced that there is a trend within the House of Representatives to restore the exchange rate of the dollar to reduce the exchange rate of 1,300 dinars against the dollar in the 2021 budget. "Signatures were collected by 113 deputies to reduce the dollar exchange rate to 130,000 dinars in the budget," Al-Faily said in a televised statement that was followed by (Baghdad Today). He added, "The reason for the rise in the exchange rate of the dollar was the decrease in the price of a barrel of oil, but now the global price of a barrel of oil has risen and is supplying the treasury, and we can raise the price of a barrel of oil in the budget to 50 dollars or more, and thus we dispense with the decision to raise the exchange rate."

  • Thanks 1
  • Upvote 3
Link to comment
Share on other sites

Parliamentary Finance sets the date for voting on the budget and confirms: It will pass in accordance with the Kurds
 

National News Center / private

Today, Friday, the Parliamentary Finance Committee announced the date for voting on the 2021 budget, while confirming that the vote will be in accordance with the Kurds.

A member of the Committee, Ikhlas Al-Dulaimi, said in a special statement to the "National News Center" that "the political forces in the Al-Fateh, Sairun and Al-Hikma Alliance do not want to pass the budget without agreeing with the Kurdish political forces."

Pointing out that "the region’s delegation is still in Baghdad awaiting agreement by the Shiite forces on a formula to pass the budget in accordance with political consensus."

Al-Dulaimi indicated, "Passing the 2021 budget without the Kurds is completely unlikely, as the internal and external political and economic circumstances do not tolerate more differences, especially with the near parliamentary elections."

She explained that "there are forces from the Shiites and Sunnis do not want to pass the budget without an agreement with the Kurds."

Al-Dulaimi has set on Tuesday or next Thursday, a likely date to hold the voting session on the 2012 budget for Iraq, after reaching a solution that satisfies all parties and political forces.

  • Thanks 3
  • Haha 2
  • Upvote 1
Link to comment
Share on other sites

 
  •  
 2021-02-26 07:45
 

Shafaq News / Today, Friday, the Parliamentary Finance Committee denied setting a date for voting on the 2021 General Budget Law, while noting that the Cabinet did not respond to parliamentary amendments to the Budget Law.

A member of the committee, Ahmed Haji Rashid, told Shafaq News, "The reports that talk about setting a date for voting on the budget law are incorrect," stressing that "political disputes over the Kurdistan Region’s share of the budget law continue."

He added that "the region's share of the budget is still 12.67% and has not been decided yet, despite the Kurdish blocs' approval of the government text previously agreed upon, but until now there is no agreement to amend this paragraph or replace it with a new text."

Haji Rashid indicated, "The Council of Ministers has not yet responded to the amendments that were drafted and rented by the Parliamentary Finance Committee on the articles of the budget law."

  • Upvote 1
Link to comment
Share on other sites

While this back and forward is frustrating, these are deep issues of mistrust over generations. The Kurds were gassed under Saddam, abused by Maliki., ignored by other leaders when they were lucky. So, there is a long history of mistrust between the Kurds and Baghdad. Also, the Kurds are trying to keep a window open for continued autonomy and a future independent state [supported by Biden at one point]. So, they likely don't want to sell out everything to Baghdad. That and the two political Kurdish parties (both have paramilitary support and have fundamental political differences) are trying to hold on to all the money spinning rackets they run. Back to that sweet corruption and the monopolies the party leaders have on their territory.

 

So, currently, the Kurds have already traded 50% of the port revenues and an oil quota to receive guarantees of pay for federal employees. There is probably some continued resistance to their oil revenues going into the larger Iraqi budget to support poorer areas of Iraq. So, it will be nothing short of spectacular diplomacy and wheeling and dealing that will get them to sign on to the budget deal.

 

Meanwhile, the clock is ticking as the petro-economy continues to be challenged by technological innovation, particularly on commercial sales for transportation as EV markets rise. So, Iraq and the ME needs to get its sh*t together and get on with it. Get 'er done!

 

What do other folks think about this issue? Would love to build on my overly simplistic thoughts.

  • Like 2
  • Upvote 1
  • Pow! 2
Link to comment
Share on other sites

Editing date: 2/26/2021 15:49 • 75 times read
http://www.alliraqnews.com/uploads/news/image/medium/story_img_6038ee3f6f801.jpg
[Baghdad-Where]
The Parliamentary Finance Committee denied today, Friday, setting a date for voting on the General Budget Law for 2021, while noting that the Council of Ministers did not respond to parliamentary amendments to the Budget Law.
Committee member Ahmed Haji Rashid said, "The reports that talk about setting a date for voting on the budget law are incorrect," stressing that "political disputes over the Kurdistan Region’s share of the budget law continue."

He added that "the region's share of the budget is still 12.67% and has not been decided yet, despite the Kurdish blocs' approval of the government text previously agreed upon, but until now there is no agreement to amend this paragraph or replace it with a new text."

Haji Rashid indicated, "The Council of Ministers has not yet responded to the amendments that were drafted and rented by the Parliamentary Finance Committee on the articles of the budget law."
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

21 minutes ago, yota691 said:
Editing date: 2/26/2021 15:49 • 75 times read
[Baghdad-Where]
The Parliamentary Finance Committee denied today, Friday, setting a date for voting on the General Budget Law for 2021, while noting that the Council of Ministers did not respond to parliamentary amendments to the Budget Law.
Committee member Ahmed Haji Rashid said, "The reports that talk about setting a date for voting on the budget law are incorrect," stressing that "political disputes over the Kurdistan Region’s share of the budget law continue."

He added that "the region's share of the budget is still 12.67% and has not been decided yet, despite the Kurdish blocs' approval of the government text previously agreed upon, but until now there is no agreement to amend this paragraph or replace it with a new text."

Haji Rashid indicated, "The Council of Ministers has not yet responded to the amendments that were drafted and rented by the Parliamentary Finance Committee on the articles of the budget law."

Does this surprise anyone??? 🤦🏻

Link to comment
Share on other sites

1 hour ago, bkeiller said:

While this back and forward is frustrating, these are deep issues of mistrust over generations. The Kurds were gassed under Saddam, abused by Maliki., ignored by other leaders when they were lucky. So, there is a long history of mistrust between the Kurds and Baghdad. Also, the Kurds are trying to keep a window open for continued autonomy and a future independent state [supported by Biden at one point]. So, they likely don't want to sell out everything to Baghdad. That and the two political Kurdish parties (both have paramilitary support and have fundamental political differences) are trying to hold on to all the money spinning rackets they run. Back to that sweet corruption and the monopolies the party leaders have on their territory.

 

So, currently, the Kurds have already traded 50% of the port revenues and an oil quota to receive guarantees of pay for federal employees. There is probably some continued resistance to their oil revenues going into the larger Iraqi budget to support system" rel="">support poorer areas of Iraq. So, it will be nothing short of spectacular diplomacy and wheeling and dealing that will get them to sign on to the budget deal.

 

Meanwhile, the clock is ticking as the petro-economy continues to be challenged by technological innovation, particularly on commercial sales for transportation as EV markets rise. So, Iraq and the ME needs to get its sh*t together and get on with it. Get 'er done!

 

What do other folks think about this issue? Would love to build on my overly simplistic thoughts.

 

Good analysis.   I'm wondering if they pass the budget anyway by a majority and leave the Kurds without any agreement of financial support or protection from violence and criminals.  

  • Thanks 1
Link to comment
Share on other sites

9 hours ago, dinarham said:

The new Iraqi currency is printed on one side with Kurdistan symbols which would seem to insure that once it rv's the Kurds will share in the new rate.

 

i remember years ago when the kurds wanted their language on the currency also ....

excellent reminder

  • Upvote 1
Link to comment
Share on other sites

Parliamentary Finance refuses to pay foreign loans to the Kurdistan region and its debts to oil companies

 
 
 
 24 VIEWS
 
 

It emphasized that the treasury is not bound by contracts concluded outside the framework of the state

Baghdad - Waad Al-Shammari:
The Parliamentary Finance Committee announced, yesterday, Wednesday, its refusal to vote on a paragraph in the budget that obliges the federal government to pay the debts of the Kurdistan region to oil companies, stressing that the public treasury is not obligated to pay sums for contracts concluded outside the framework of the state.
Member of the Deputy Committee, Siham Al-Mousawi, said in a statement to "The New Morning", that "most of the articles of the budget law have been completed after reformulating them and making them compatible with the current economic situation."
Moussawi added, "The differences are still going on regarding the article related to the Kurdistan region, as it is the most prominent obstacle to setting a date for voting on the law in the House of Representatives."
She pointed out that "the dialogues conducted by the negotiating delegation for the Kurdistan region with Baghdad have not reached a result so far to be included in the budget in the form of a text."
Moussawi pointed out that "the differences include oil revenues, the returns of border crossings, as well as the commitment of the Kurdistan region with the federal government regarding the marketing of quantities of oil extracted from its lands."
She indicated, "One of the articles of the project that the House of Representatives cannot vote on is that the federal government will pay the debts owed by the Kurdistan region to oil companies and foreign loans."
Al-Mousawi stated, "The state's public treasury is not obligated to pay sums of money as a result of contracts made by the Kurdistan region outside the framework of the state and the federal government, and therefore this paragraph will be canceled from the initiation and will not be passed."
And she noted, "There is no deadline that can be relied upon as the interval for passing the budget, and the conversation is still only speculation that is postponed week after week."
Moussawi went on to say, "It is not possible to continue this situation for a longer period. The budget should be passed, and we do not wait long for political dialogues, as their results may be futile."
For his part, another member of the committee, MP Abd al-Hadi al-Saadawi, said in a statement to “The New Morning”, that “political dialogues have severely delayed the budget, at a time when it is almost ready for voting.”
And Saadawi continued, "The blocs in the House of Representatives do not accept the passage of articles in the law that detract from the public treasury and carry money that is not binding in accordance with the legislation in force."
He believes, "The Kurdistan region bears responsibility for the contracts that went outside the framework of the state, and the federal government cannot pay the sums of debts it owes."
Al-Saadawi concluded, "The current indications show that the House of Representatives is going to pass the law by a majority and with the same texts contained in the law on financing the fiscal deficit, which is the commitment of the Kurdistan region to hand over all its oil revenues in return for its share of the budget."
It is noteworthy that the Finance Committee had previously sent a letter to the Presidency of the Council of Representatives containing its notification that it had completed the discussions on the budget law with the exception of the paragraph related to the Kurdistan region.

 
 
  • Thanks 1
Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.