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Saleh: High Oil Prices Will Push The Government To Prepare A Supplementary Budget !


DinarThug
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Parliamentary planning: The budget will be passed quickly when presented to a vote
 

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23rd February, 2021


The Government Program Control and Strategic Planning Committee, Tuesday, ruled out returning the budget to the government because the amendments that were made in agreement with the government are likely to pass the budget quickly if it is presented to a vote.

The deputy head of the committee, Mohamed Karim, said in a press interview, that “the Finance Committee communicates first-hand with the government when making amendments to the budget paragraphs by taking into account the government's view,” excluding “returning the budget to the government because its point of view is first informed.”

He added that "most of the representatives of the political blocs, including those in the region, are keen to find solutions to the problem of the region and that solutions are available because the two parties have come a long way from the agreement."

Karim pointed out that "there is no estimate for the mother to present the budget in a specific time because it is related to resolving all the obstacles that concern the region." 

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Parliamentary planning: The budget will be passed quickly when presented to a vote  LINK

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19 hours ago, RV MY DINAR 3USD said:

that would be 1 usd=1170 iqd, delete 3 zero=1.17. therefore, 1 iqd=0.85 usd. not bad. i think some can live with that rate 0.85 usd eventhough most still prefer the rate at least 1:1.. but, right now, the official cbi rate is 1 usd=1460 iqd, delete 3 zero=1.46. then 1 iqd=0.68 usd. so what we have to do is wait for the cbi to increase the rate from 1460 to 1170 or even 1000 ( delete 3 zero and become 1 iqd=1 usd / 1:1 ) right folks.

Having the capacity UP to something doesn't mean that Iraq will RV at the max amount. The range is between 0.01 and 1.70 USD per dinar. The speculation is the 0.85/0.86, however Iraq could come out with any number between 0 and 1.70. Will Iraq get back up to 3 USD per dinar? Time will tell but if anything the rate Saddam set was artificially high when the currency was purported to only be half of that. Getting up to 1.70 USD per dinar will be a long shot in the end and highly doubtful it will even go beyond 1.65 USD per dinar within the next decade or two. Again anything can happen. 

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3 hours ago, Theseus said:

The range is between 0.01 and 1.70 USD per dinar. 

1 cent is the rate for the worst case scenario and hopefully, it isn't happening. as what adam predicts is at least 10 cents. but the most reasonable rate is between 0.85 - 1.7 usd and i think few people will agree too.. if the rate is between 3 - 5 usd, that would be a miracle from heaven. again, as you said, anything can happen right folks.

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Kurdistan Union: An agreement will be announced within hours to pass the budget and stabilize the Kurdistan’s share

 
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13:37 - 02/24/2021
 

The Patriotic Union of Kurdistan announced, on Wednesday, that an agreement has been reached between Baghdad and Erbil regarding proving the share of Kurdistan in the budget, indicating that the coming hours will announce the agreement in the absence of objection by the political forces.

"The political forces are almost satisfied with determining the proportion of Kurdistan in the budget according to what the government raised in the budget, which is the delivery of 250 thousand barrels of oil from Kurdistan and half of the non-oil imports from the region," said union member Ghiath Al-Surji.

"During the next few days, an agreement will be announced to pass the 2021 budget, after a convergence of visions between the political forces," Surji added.

He pointed out that "the issue of cutting water from dams in Kurdistan during the talks with Kurdistan is absolutely unconstitutional and cannot be allowed." 
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Source: The province will hand over the file of all its employees and its share of oil in exchange for this condition

 
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14:17 - 02/24/2021

A representative source in the Parliamentary Finance Committee revealed, on Wednesday, that the delegation of the Kurdistan region of Iraq agreed to hand over the file of the region’s employees to the government, in addition to handing over the prescribed share to the Oil Marketing Company “SOMO”, indicating that the delegation stipulated that the political forces pledge to pass a law Oil and gas during the current year.

The source said in a statement to "the information", that "the region's crisis in the draft budget law for the current year has begun to take its way towards a solution, with the response of the region's delegation to the conditions imposed by the Finance Committee."

The source added, "The delegation will hand over the file of all the names of its employees to the government and to the Parliamentary Finance Committee, in addition to its agreement to hand over the prescribed share of the region’s oil to the Oil Marketing Company (SOMO),” indicating that “the discussions that the delegation will conduct today will relate to setting up a mechanism on border crossings. And taxes”.

He explained, "The region stipulated that the political forces undertake to approve the oil and gas law during the current year in order for all future budgets to come to an end from the problems that the region and the center suffers from every year."
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16 minutes ago, patrick50 said:

So does this mean they will approve the oil and gas law just sometime this year or they want to get it done now?

 

1 hour ago, DinarThug said:

indicating that the delegation stipulated that the political forces pledge to pass a law Oil and gas during the current year.

 

patrick to me its saying the kurds are doing what needs to be done to get their share of the budget with some kind of pledge from someone that sometime this year oil n gas law will get batted around some more ...... imo the hcl or oil n gas law will give the citizens their cut of the oil profits and thats a big problem for those that use iraqs oil sales for corruption and thievery especially when iraq has not even began a free market economy away from or in addition to oil  ..... cheers  

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The Kurdistan Regional Government expects an imminent agreement regarding its budget share

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24th February, 2021


The Kurdistan Regional Government expected, on Wednesday, that it would reach an imminent agreement regarding its share in the federal financial budget for the current year.

"Discussions are continuing with Baghdad regarding the region's share in the budget," government spokesman Gutiar Adel said in a press conference after the weekly cabinet meeting in Erbil. He added, "We want to agree with Baghdad not to secure the salaries of employees only, but to provide job opportunities for youth and new graduates."

Adel pointed out that "if the need arises, the Kurdistan Regional Government delegation will head to Baghdad again," adding, "We expect to reach an agreement soon with Baghdad in this regard." He said, "The political parties must take into account that failure to reach an agreement will harm the whole of Iraq and not the Kurdistan Region alone." 

And on the draft financial budget for the Kurdistan Region, Adel said that "in the near future, we will finish preparing the draft budget." He added that "all ministries in the region have sent their data to the Council of Ministers, and I expect to complete the draft law within ten days to send it to the regional parliament for discussion and voting on it." Adel added, "We consider preparing the budget as part of the reform project, and adding more transparency to the government's imports and expenditures."

Regarding the recent restrictions to fight Corona, which were issued by the Ministry of Interior yesterday, Tuesday, he said that "the recent decisions issued regarding confronting the Corona virus are not final measures. Rather, the committee will meet soon to assess the situation and issue other decisions in light of the epidemiological situation."

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8 minutes ago, Pitcher said:

Happy Birthday Thugs.  We got the vid of you celebrating.  Nice moves!  😝 


Me And Madame Wu Were Doing The ‘Wu Wu - Screw The Wuhan Flu And Social Distancing’ Boogie ! :o 

 

749437DB-27F0-4EA9-A43F-838A2380F1C1.gif.f734c1170eae368eed566ff1bcd03d90.gif

 

:D  :D  :D 
 

Edited by DinarThug
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Parliamentary Finance is likely to pass the budget next Saturday after compatibility with Kurdistan  

 

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24th February, 2021


A parliamentary Finance Committee almost, on Wednesday, the arrival of negotiations between Arbil and Baghdad to the end point, indicating that the parliament is ready to pass the budget next Saturday.

Committee member Shirwan Mirza said in a statement to "Tigris", "The next two days will hold final meetings to resolve the issue of the Kurdistan region’s share of the federal budget for 2021 and confirm it formally and in accordance with a final agreement."

He added, "The rapprochement between Baghdad and Erbil is very important, and there will be a joint agreement on the Kurdistan region’s share in the coming hours, in a manner that satisfies all parties."

He explained that "the indicators are moving towards passing the budget next Saturday, as a maximum, in case the final agreement is announced between Baghdad and Erbil."

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4 hours ago, Pitcher said:

WTI, 63.20.  Plenty high enough to run the Iraqi Budget and get us paid.  

 

not quite sure that'll do it yet pitch, thinking 100 or more a barrel would give those new goi members time to get all their money laundering shell corporations tax evading offshore accounts set up ready for deposits , it went 100+ a barrel when maliki had his dictatorship rolling, he and others became unbelievably wealthy all the while proclaiming the oil belongs to all iraqis .

when the iqd pegged to the USD in 1959 its value was never below 2 iqd to 1 usd ,until saddam in his final years gave the iqd a self imposed rate over 3 to 1...... sarcasm in 1st paragraph ,, all fact in the 2nd .. hope ur well in lone star state 

we wait

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5 minutes ago, 3n1 said:

would give those new goi members time to get all their money laundering shell corporations tax evading offshore accounts set up ready for deposits , it went 100+ a barrel when maliki had his dictatorship rolling, he and others became unbelievably wealthy all the while proclaiming the oil belongs to all iraqis .

 

I agree with what you wrote but compared to oil in the 20’s anything over 60 should work well for their Budgets.  Oil over 100 bucks a barrel ignites every small oil company in Texas, the Bakkens, and offshore.  This isn’t 1980 anymore.  The world is awash with oil and Iraq needs to use this window to get their Country off the the ground.  

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The dollar to 130 thousand in the 2021 budget: the recent rise in oil prices necessitates a return to rapidly lowering the exchange rate!


2021-02-24
 
102-105613-dollar-lebanon-today-tuesday-

 

 

The statements about serious efforts to restore the dollar’s exchange rate to its previous position are continuing at the limits of 120,000 dinars per 100 dollar bill in Iraq, accompanied by the “I want a diamond” campaign that swept the social networking site Twitter today to record the top spot in the website Trend.

Today, Wednesday, a member of the Parliamentary Economic 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.

"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, monitored by Yass Iraq.

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. 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."

The Minister of Finance, Ali Abdul Amir Allawi, chaired, on Wednesday 2/24/2021, an expanded meeting to discuss the goals achieved by changing the currency exchange rate, according to a ministry statement.

The statement said that during the meeting, a review and discussion of the positive effects of changing the exchange rate of the dinar against the dollar and the impact of that step on rebalancing the Iraqi economic reality, which is burdened with challenges and obstacles, and protecting it from the risk of collapse, according to the text of the statement.

Allawi stressed that the Ministry of Finance has taken several measures in support of the effects of changing the exchange and is continuing to work on translating them effectively to protect the poor classes, in conjunction with the approaching vote of the House of Representatives on the draft general budget bill.

It is noteworthy that the social and economic repercussions are increasing since the dollar’s exchange rate rose against the dinar, after it was rapidly reflected in the prices of goods and services in the country, with the continuing fears of an uncontrolled rise in prices in the Iraqi market, while in the meantime a parliamentary proposal has emerged calling for the investment of the encouraging global development with higher prices. Oil to adjust the current exchange rate.

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10 hours ago, DinarThug said:

The dollar to 130 thousand in the 2021 budget: the recent rise in oil prices necessitates a return to rapidly lowering the exchange rate!

"Signatures were collected by 113 deputies to reduce the dollar exchange rate to 130,000 dinars in the budget,"

If the signatures were already collected, that means the rate is going to be 1300 in the 2021 budget for sure. Is this the rate 1300 in the 2021 budget that we are waiting for folks?

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Economist: Every dollar higher in a barrel of oil supports the budget of one trillion dinars annually

 
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19:05 - 25/02/2021
 
 

The economic expert, Faleh Al-Zubaidi, confirmed, Thursday, that the rise in oil prices by one dollar saves the budget one trillion dinars annually, which contributes to bridging the budget deficit.  Al-Zubaidi said to / the information / that "the government has rushed and made many taxes available in the budget, and Parliament can take it into account before voting after the high oil prices and not burdening the citizen with it."

He added that "the rate of what high oil prices provide for the budget is estimated at one trillion Iraqi dinars for every dollar annually, which means that the deficit is completely filled," noting that "imposing taxes is a matter that must be reviewed on many budget items."

Al-Zubaidi explained that "the increase in the price of the dollar is the other must be reviewed by the government after it has achieved large profits from it at the expense of the poor citizen and its lack of need to order the rise of oil."

The Parliamentary Economic Committee announced, on Wednesday, that there was no need to raise the exchange rate of the dollar after the increase in the price of a barrel of oil.

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Allocating one trillion dinars to support the industrial and agricultural sector in the 2021 budget

 

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25th February, 2021

 

On Thursday, the Parliamentary Finance Committee revealed the allocation of two trillion dinars in the current year 2021 budget to support the industrial and agricultural sectors and encourage farmers to support local product

A member of the Finance Committee, Siham Al-Aqili, said, in a statement reported by the official newspaper "Al-Sabah" and seen by "Al-Iqtisad News", that "the Finance Committee in the House of Representatives took into consideration allocating funds for the development of industrial and agricultural sectors in the current year 2021 budget, as it allocated an amount of two trillion dinars to achieve this the purpose

She added that "the budget contained items to pay farmers' dues and increase the capital of the industrial and agricultural banks," as well as "imposing annual taxes on foreign workers amounting to one million and 500 thousand dinars, and to benefit from these sums collected in support of the industrial and agricultural sectors

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Parliamentary Finance: Allocating An Amount Of Two Trillion Dinars To support The Industrial And Agricultural Sectors    LINK

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The regional government reveals the latest results of the budget negotiations with Baghdad

 
The regional government reveals the latest results of the budget negotiations with Baghdad
 
 
02/26/2021 15:17:17
 
 
A spokesman for the deputy head of the Kurdistan Regional Government, head of the Kurdish delegation, Qubad Talabani, revealed that the region's delegation, on its recent visit to Baghdad, discussed with the political parties and handed over all information related to expenditures, oil revenues and the number of employees to the federal government.

 

"The delegation is awaiting the preparation of the second draft of the general budget bill by the Finance Committee in the House of Representatives, which is the demand of the political parties, and it was discussed during the meetings," Samir Hawrami said in a press statement. He explained, "The second proposal has not been prepared yet and the draft budget law for the year 2021 has been sent to the Presidency of Parliament without settling the region’s share, so we are waiting for the Finance Committee to prepare a draft of paragraphs 10 and 11 of the draft law on the region’s share in the budget and then vote on the entire project. Legal in the House of Representatives."

Hawrami added, "The Parliamentary Finance Committee announced last Tuesday that it had sent a letter on February 15 to the Presidency of the House of Representatives stating that it had completed the semi-final draft of the 2021 budget project and that the only pending point was the text on the obligations of the Kurdistan region, which was detailed in Article 11 of project of law. She pointed out that it "met with the political blocs of various components to bridge the gap in viewpoints and come up with a consensus on the entirety of the texts contained in that draft, but until now we are awaiting a final form of agreement on this article."
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