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


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CNN. Broadcasting The Apparent Appearance Of Muhammad Salih And The Utilization Of The Financial Management Law !
 


 

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Saleh: High oil prices will push the government to prepare a supplementary budget

 

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15th February, 2021

 

The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Monday, that when oil prices greatly exceed and fill the deficit, there will be a supplementary budget in the middle of the year, and the budget will be reviewed

Saleh said in a statement reported by Al-Sabah newspaper and seen by Al-Eqtisad News, “The general budget from 2004 to 2019 is based on speculative prices, except for the years (2014 and 2020), as there was no budget, and the price of a barrel of oil comes conservatively in the budget. It generates a hypothetical deficit and needs regulation

He added that bridging the deficit comes through external or internal borrowing, but the final revenues of the budget, as a result of the differences in oil prices or oil rents, usually extinguish part of the borrowings and replace them, and the possibility that the deficit will be filled, and thus there is a surplus

He explained that "when oil prices greatly surpass and fill the deficit, there will be a supplementary budget in the middle of the year, and the budget is being reviewed, and this is what is found in the Financial Management Law

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Advisor Al-Kazemi: The rise in oil will pay the government a supplementary budget  LINK

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Financial Committee decision: The price of a barrel of oil, which should be in the budget, is 48 dollars

 

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15th February, 2021

 

The big difference between the estimated price of a barrel of oil that was approved by the government in the budget, which is $ 42 and was revised to $ 45, sparked widespread parliamentary debate after the current prices exceeded the barrier of $ 62 per barrel of oil

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said in an interview with Al-Sabah newspaper, which was followed by Al-Iqtisad News, that “the conservative price that the price of oil should be in the 2021 budget is 48 dollars per barrel, while the price set by the government is 42 dollars. Per barrel, and what was approved by the Parliamentary Finance Committee (45) dollars according to the vote within the committee, but this price is a great paradox in light of the rise in the price of a barrel to 62 dollars a barrel, i.e. a difference of 17 dollars per barrel, and this difference comes at 25 trillion dinars and covers the deficit. Through it, we need to borrow

Al-Saffar explained, "The increase is called (the oil saving), whether it is from the price difference or from the quantity difference, and through this (the saving) the deficit can be financed, and what remains of it will be within a supplementary budget

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Once again, Kurdistan sends a delegation headed by Talabani to Baghdad

 

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15th February, 2021



A delegation from the Kurdistan Regional Government headed by Deputy Prime Minister Qubad Talabani went to Baghdad, on Sunday, to continue discussions with a view to reaching an agreement on the region's share of the Iraqi public budget for the current year 2021.

The spokesman for the Deputy Prime Minister, Samir Hawrami, said in an interview received by Shafaq News, that the aim of the visit is to continue talks with the Finance Committee in the Iraqi Parliament and the Iraqi political factions and parties regarding the draft Iraqi General Budget Law 2021 and approve the paragraphs related to the Kurdistan region in this legal project.

He explained that the previous visits of the Kurdish delegation and the meetings with the federal government and the concerned parties had explicitly provided all information and databases on oil and non-oil revenues as well as all disbursements in the region, pointing out that the Kurdish delegation expressed all its readiness to reach an agreement on the basis of the constitution and applicable laws.

In December 2020, Baghdad and Erbil reached an agreement on the financial budget stipulating that the region hand over 250 thousand barrels of oil per day and half of the border crossings and other revenues to the federal government, in exchange for a budget share of 12.6 percent.

The agreement was included in the draft budget, but political blocs in Parliament reject the agreement, which hinders its passage.

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The region’s delegation will resume negotiations in Baghdad today on the budget

 
The region’s delegation will resume negotiations in Baghdad today on the budget
 
 
02/15/2021 10:40:38
 
 
The negotiating delegation of the Kurdistan Regional Government headed by Qubad Talabani, Vice President of the Regional Government, begins today, Monday, its meetings in the capital, Baghdad, on the draft federal budget law for 2021 and the oil file.
 
A member of the Parliamentary Finance Committee, Sherwan Mezra, said, "The delegation will meet with the Kurdish representatives in the Parliamentary Finance Committee and will discuss the articles on the Kurdistan region’s share of the budget."

The delegation of the Kurdistan region, headed by Talabani, arrived yesterday afternoon, Sunday, to the capital, Baghdad, to complete negotiations with the Parliamentary Finance Committee and the Iraqi political blocs and parties regarding the region’s share in the draft federal budget law.

Talabani’s spokesman, Samir Hawrami, said in a previous statement that “the delegation’s previous visits to the federal capital Baghdad and its meetings with the federal government and relevant parties included discussing oil and non-oil financial information and revenues in the Kurdistan region, in a transparent manner,” indicating that “the regional government delegation expressed its readiness. To agree according to the constitution and effective laws."
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Kurdish preferences with relief, to pass the budget in its current form while keeping the region's share

 
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11:36 - 15/02/2021
 

Member of the Finance Committee of the Kurdistan Alliance Jamal Cougar, on Monday, suggested that the crisis between the center and the region would ease politically by passing the budget in its current form while keeping the region’s share, indicating that the region’s delegation headed by Qubad Talabani, who arrived in Baghdad yesterday, Sunday will show its readiness to implement any Baghdad sees agreement.

Cougar said in a statement to "the information", "The past days have witnessed some détente in political stances that may herald the passage of the budget in its current form while keeping the share of Kurdistan as it is."

He added that "the delegation of the region headed by Talabani, who arrived yesterday to Baghdad to end the dispute between Baghdad and the Center regarding the budget, will express its readiness to implement any agreement Baghdad deems it to be, provided that social justice is achieved with other provinces without discrimination."

It is noteworthy that Qubad Talabani arrived in Baghdad yesterday, Sunday, at the head of a high-level delegation to complete negotiations with the Parliamentary Finance Committee and the Iraqi political blocs and parties regarding the region’s share in the draft federal budget law. 
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On the disposal of Parliamentary Finance: Next Thursday is the date for voting on the budget law

 

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15th February, 2021


The Parliamentary Finance Committee set, on Monday, the end of this week, a date for voting on the General Budget Law for the year 2021, while indicating the continuing disagreements over the share of the Kurdistan Region and not resolving them.

Committee member Jamal Cougar told Shafaq News, "The Parliamentary Finance Committee has resolved all problems related to the budget law, except for the Kurdistan Region quota because of the Shiite blocs' rejection of what is stipulated in the budget."

Cougar added; "The Finance Committee is now working on checking the numbers and data in the budget," noting that "in the event that the Kurdish delegation reaches an agreement with the Shiite blocs, Thursday of this week will be the date for voting on the budget law."

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19 minutes ago, patrick50 said:

Can someone answer is the HCL in the budget law?


No - It’s A Separate Piece Of Legislation ! ;) 

 

19 minutes ago, patrick50 said:

And also is this more of a reason for them to RV at this time?

 

No, Not Necessarily - But We’d All Be Fine With A Substantial Amount Of Extra ‘Rain’ In The Forecast ! :o 

 

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:D  :D  :D 
 

Edited by DinarThug
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With the auction tightened down the politicians took a big hit to their

stolen money flow. Now with the world wide increase of oil price i'm 

sure they are going to figure a way to steal the difference between the

45 dollars per barrel put in the budget and the actual price of 60 dollars.

The ministry heads are drooling from their chins on this one.  LOL 

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2 minutes ago, Donziman said:

With the auction tightened down the politicians took a big hit to their

stolen money flow. Now with the world wide increase of oil price i'm 

sure they are going to figure a way to steal the difference between the

45 dollars per barrel put in the budget and the actual price of 60 dollars.

The ministry heads are drooling from their chins on this one.  LOL 

 

unfortunately those were my exact thoughts donziman , instead of building the countries reserves , investing in infrastructure and showing the IMF u are able to manage / govern iraqs finances they plan to get another budget cooked up if oil brings in a surplus to pilfer and no one even cares .... we wait 

 

Image result for facepalm

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They’ll always continue their nefarious ways off ripping off billions of $$$$, all the while continue their loans scam with no intention of paying those back....the Budget doesn’t mean anything to them but a vehicle of maneuver & manipulation while they fine tune the next “ piece of the action “scheme.

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The Democratic bloc reveals "positive" signs of resolving the region's share in the budget

 

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15th February, 2021


The Kurdistan Democratic Bloc revealed, on Monday, positive signs for resolving the region’s share in the budget law, in conjunction with a new visit of the Kurdistan Region delegation to Baghdad, to engage in a new round of talks with the parliamentary blocs regarding the region’s share in the federal financial budget.

The head of the bloc, Vian Sabri, told Shafaq News, "We confirm that the Kurdistan Region’s share will be deducted in the budget law for 2021." She added, "There are positive signs from the members of the Parliamentary Finance Committee and the Shiite and Sunni political parties to settle the region's share of the budget."

Last December, Baghdad and Erbil reached an agreement on the financial budget, stipulating that the region hand over 250 thousand barrels of oil per day, and half of the revenues from border crossings and others to the federal government, in exchange for a share in the budget of 12.6 percent.

The agreement was included in the draft budget, but political blocs in Parliament reject the agreement, which impedes its passage in Parliament.

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Al-Bajari: The rise in oil will reduce the budget deficit and revive the Iraqi economy

 
Al-Bajari: The rise in oil will reduce the budget deficit and revive the Iraqi economy
 
 
 02/16/2021 14:29:18
 
 
A member of the Oil and Energy Committee, Zahra Al-Bajari, affirmed that the rise in oil prices to more than $ 63 a barrel," is a good indicator for the Iraqi economy.
 
Al-Bajari said in an interview with the Euphrates News Agency that "the collapse of the economy in the world in general and in Iraq in particular is due to low oil prices, especially that Iraq depends in its economy on oil to a large extent." 

She added, "The rise in crude oil prices today is a good indication that imports will increase and there will be a clear economic improvement, and this issue affects bridging the deficit in the budget, especially since the state has a lot of loans and we hope with this increase it will benefit to fill the deficit and loans."
 

In a related context, Al-Bajari indicated that "the main problem with the Kurdistan region is the amount of oil that the region exports, as well as whether the region is based on delivering the value of oil or delivers it to Sumo and thus the latter exports these are the most important points of contention between the region and Baghdad." 

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On 09/5/2020 - 12:15 PM  29[/size]

The Parliamentary Finance Committee announced, on Saturday, that Iraq may have monthly, rather than annual, budgets as before.
Member of the Finance Committee, Shirvan Mirza, said, "The variation in oil prices and the possibility that Iraq will not have an annual budget, as happened in previous years, is very likely."
He added, "Maybe the budget will be monthly, according to oil prices and the movement of global markets, and imports and expenditures will be determined accordingly."
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Mazhar Saleh: The high oil price of $ 75 could solve the budget deficit

 

Wednesday 17th February 2021

 

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Baghdad: Hazem Muhammad Habib and Shaima Rasheed 
 
 
The Finance Committee in the House of Representatives revealed that the decisions of the curfew due to the Corona pandemic will not affect the continuation of meetings and dialogues to resolve the budget file.

In conjunction with this, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, told Al-Sabah: “The break-even point or balance in the budget requires that the average price of an annual barrel of oil exported abroad be at least $ 75- $ 80 a barrel,” indicating that "At that point, the deficit gap will be closed completely, and the sources of borrowing to cover the budget deficit will be automatically canceled," he said.

He added that "the government is benefiting from the current high oil prices, which have reached more than what was written in the budget, especially with the country heading to closure again," stressing that "this will lead to strengthening the country's financial leverage to face the problems of social need."

For his part, the reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, explained to “Al-Sabah” that “the curfew decision due to the Corona pandemic will not affect the continuation of meetings and dialogues to resolve the budget file and vote on it because it concerns the fate of a country and is supposed to be resolved.”

It is likely that «the end of this week will witness the vote on the budget in the House of Representatives after the Finance Committee completed it. It is awaiting the results of the region’s delegation’s meetings to prepare the text for the region’s share in the budget». 

Al-Saffar pointed out that "negotiations are continuing between Baghdad and the regional delegation to make changes to the government text in Article (11), and in the event that solutions are reached, matters will be resolved and the budget will be voted on."
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4 minutes ago, rvmydinar said:

Do you think iraq foreign currency reserves has anything to do with rv? So do you think rv is taken out of from iraq foreign currency reserves?

Nah just interested in knowing what they are because it goes towards reserves, gold and oil as well 

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