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


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Parliamentary Finance: The budget discussions are over and the presidency is awaiting political consensus to pass it

 
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19:29 - 02/21/2021
 
 

The Parliamentary Finance Committee confirmed, on Sunday, the completion of all discussions on the budget and its amendments, and the matter turns into political consensus between the region’s delegation and the Shiite blocs, indicating that the matter is in the hands of the presidency and is awaiting agreement on the matter.

A member of the Financial Committee, Jamal Cougar, said to / the information / that "the Finance Committee handed over the draft budget to the Presidency of Parliament and the matter is shifting from its powers to be included on the agenda for the purpose of voting on it."

He added that "the presidency awaits the resolution of the dialogues and consensus on it between the region’s delegation and the Shiite blocs," indicating that the region’s delegation is keen on the agreement of the two governments, which was rejected by the Shiite blocs and insisted on handing over the region to its imports.

Cougar explained that "passing the budget without the Kurds in the event that the Shiite blocs wanted to do so, then it takes two days before the session to enable the deputies to gather the majority and pass it," indicating that "negotiations are still ongoing until this hour despite the passage of 50 days."

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Today .. a Kurdish delegation headed by Talabani returns to visit Baghdad to discuss these files?

 

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22nd February, 2021


A high-ranking delegation from the Kurdistan region headed by the Vice President of the Kurdistan Regional Government, Qubad Talabani, visited the capital, Baghdad, Monday, to complete negotiations to solve administrative problems and the Kurds ’share in the financial budget for 2021.

According to the Patriotic Union of Kurdistan website," a high delegation from the Kurdistan Region Kurdistan headed by the Vice President of the Kurdistan Regional Government, Qubad Talabani, will head today, to Baghdad."

The site stated, "The delegation will discuss the financial dues of the Kurdistan region and the salaries of employees, in continuation of a series of meetings, more than a year ago, headed by Qubad Talabani, Vice President of the Kurdistan Regional Government." 

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Parliament session next Thursday .. Kurdish Parliament: Positive atmosphere prevails in the negotiations in Baghdad and Erbil


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22nd February 2021


Dylan Ghafour, MP for the Patriotic Union of Kurdistan in the House of Representatives, suggested Monday that the parliament will convene next Thursday, pointing out that a positive atmosphere prevails in the negotiations in Baghdad and Erbil.

Representative Dylan Ghafour explained that "the House of Representatives will meet next Thursday," noting that "the priority for the federal budget bill for 2021." Regarding the delegation’s visit, Ghafour said that "a positive atmosphere prevails over the meetings," expressing "optimism that a decisive agreement will be reached within the coming days."

She suggested, "the inclusion of the draft federal budget law for 2021 in the agenda of the House of Representatives." She added, "Two articles in the budget regarding the dues of the Kurdistan region will remain as they came in the draft law," expressing "optimism for the success of the negotiations." 

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Parliamentary Finance Presidency of Parliament hands over the draft budget to determine the voting session

 

Posted 4 hours ago

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Baghdad today - Baghdad

 

A parliamentary source stated, on Monday (February 22, 2021), that the Parliamentary Finance Committee had handed over the draft of the Federal Budget Law to the Presidency Commission

The source said in speaking to (Baghdad Today), "The Parliamentary Finance Committee has handed over the final draft of the 2021 budget law to the Presidency of the House of Representatives, for the purpose of setting a date for the voting session on the law

He pointed out that "the Finance Committee handed over the draft law to the Presidency of Parliament, without resolving the paragraph on the share of the Kurdistan region

The House of Representatives completed the first and second readings of the federal budget law for 2021, amid conflicting discussions and views on several paragraphs of the law, foremost among which is the size of the budget and its deficit

The Parliamentary Finance Committee has held 46 meetings so far, hosting a large number of ministries, government agencies and entities not associated with a ministry, to discuss allocations in the budget

It is scheduled to arrive this evening a delegation from the Kurdistan region headed by Vice President of the Regional Government Qubad Talabani, to discuss the share of Kurdistan in the budget

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Oil Minister: The dispute with the region is on the way to a solution, and we agreed on this formula

 
Oil Minister: The dispute with the region is on the way to a solution, and we agreed on this formula
 
 
02/22/2021 12:39:32
 
 
The Minister of Oil, Ihssan Abdul Jabbar, expressed his optimism that the outstanding issues with the Kurdistan region would be resolved in the near future "if there is confidence between the two sides."

Abdul Jabbar said in an interview with the BBC, regarding relations with the region: "I think that it is on its way to a solution and there are high-level committees from the Kurdistan region visiting Baghdad to discuss with those with political, technical and economic decisions in the field of budgeting, and there is progress in the relationship." He added, "The information was almost withheld from the central government previously, but now information and data have been exchanged between the Federal Office of Financial Supervision and the Office of Financial Supervision in the Kurdistan region, and we in the Ministry of Oil received a number of data and it was agreed on a formula in the budget that the center would receive the value of 250 thousand." A barrel of crude oil at the price of (sumo), meaning high competition, and there are other formulas for discussion, and I think the issue is heading towards a solution." 

In response to the rumors that the Kurdistan region concluded an agreement with Turkey to sell oil for a period of 50 years, Abdul Jabbar explained: “The data received by us say other than this. The Kurdistan region concluded at a certain stage contracts with companies of extraction, transportation and export based on the electrified political atmosphere during the period of signing These contracts, and we believe that these contracts were not successful at this time, although at that time they were a financial solution for the region, but now they are unsuccessful and lead to the failure to provide an integrated return from the export of crude oil. I believe that the near future will solve these problems with a joint agreement. The Oil Minister went on to say that "the relationship with the region will be positive in the near future if there is confidence between the two sides. We are trying to extend elements of confidence and give positive signals, and that the center thinks about the Kurdish people as it thinks about the people in central and southern Iraq, but the issue needs time to build confidence." 

During the last period, the negotiating delegation for the Kurdistan region headed by the Deputy Prime Minister, Qubad Talabani, made many repeated visits to Baghdad, which resulted in the inclusion of Article 11 - first of the draft budget that stipulates the settlement of dues between the federal government and the Kurdistan region for the years 2004 to 2020 After the Federal Office of Financial Supervision, in coordination with the Kurdistan Regional Office of Financial Supervision, audited it.  Also, starting from the year 2021, the Federal Ministry of Finance will download the debt installments owed by the Kurdistan Region granted to it by the Iraqi Commercial Bank and schedule it over ten years. Article 11-second of the draft law obliges the Kurdistan Regional Government to deliver 250 thousand barrels of crude oil per day of crude oil produced from its fields, and to hand over oil and non-oil revenues exclusively to the state's public treasury, but the objection of the Shiite blocs delayed the vote on the law.

Earlier, the Parliamentary Finance Committee set, next Thursday, the date for voting on the 2021 budget, after the announcement that the Shiite blocs had reached an agreement on the Kurdistan region’s oil exports and its budget share represented in the delivery of 250,000 in-kind barrels per day to the Kurdistan region in favor of the national oil marketing company (SOMO). ), And the remainder of the production is paid in the form of production, marketing and domestic consumption costs in the Kurdistan region. The Kurdistan Region delegation will visit Baghdad again this week, to follow up on stabilizing the region’s share of the budget and passing the bill, on which Parliament is scheduled to begin voting on as of next Thursday.
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6 minutes ago, horsesoldier said:

Interesting to see how all this plays out considering Ramadan 2021 begins 12/13 March '21

during 1 month between april 12/13 until may 12/13, 21, when the sun comes down, they eat as much as they like and sleep as many hours as possible because when the sun comes up, they aren't allowed to eat and drink at all. that's why when they work during the sun comes up, they get hungry, thirsty, and tired very easily. therefore, they work slower than before ramadan and never get the job done on time. after 1 month, after may 13, they have a long holiday to celebrate and everything is back to normal ( they eat and sleep like a normal person again ). i can't say rv wil happen before or after ramadan eventhough i want the iqd to rv so badly and desperately..

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On 2/17/2021 at 5:02 AM, screwball said:

I think they have more than enough for  over $5.00

And you would have thunk incorrectly. 

 

Iraq has an estimated 68.02 billion USD (2019) in reserves, including gold.

 

Iraq has an estimated 40 Trillion dinars (2019) outside of the banks (approximately 5 Trillion inside of Iraq in circulation).

 

At the most, using the aforementioned figures, Iraq has the capacity to RV up to 1.70 USD per dinar, but don't expect to see that number come RV. Half of that would be reasonable.

 

During the era of Saddam, the IQD, set by Saddam, the IQD was over 3 USD per dinar. However, experts claimed the true value of the IQD, worth, was no more than 1.62 USD per dinar, half its official value,  at its peak. An RV at 0.85/.86 USD per dinar would be the most reasonable figure to come out with. 

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7 minutes ago, Theseus said:

 An RV at 0.85/.86 USD per dinar would be the most reasonable figure to come out with. 

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.

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2 hours ago, Theseus said:

And you would have thunk incorrectly. 

 

Iraq has an estimated 68.02 billion USD (2019) in reserves, including gold.

 

Iraq has an estimated 40 Trillion dinars (2019) outside of the banks (approximately 5 Trillion inside of Iraq in circulation).

 

At the most, using the aforementioned figures, Iraq has the capacity to RV up to 1.70 USD per dinar, but don't expect to see that number come RV. Half of that would be reasonable.

 

During the era of Saddam, the IQD, set by Saddam, the IQD was over 3 USD per dinar. However, experts claimed the true value of the IQD, worth, was no more than 1.62 USD per dinar, half its official value,  at its peak. An RV at 0.85/.86 USD per dinar would be the most reasonable figure to come out with. 

Have for you to be right but time will tell...

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2 minutes ago, Longtimelurker said:

In my opinion, anything can happen. There are many variables that "could" push the exchange rate up or down considerably.

 

 

 

Yep. You are right. 1 usd=0.2 iqd ( after deleting 3 zero ) and 1 iqd=1/0.2=5 usd. So, the exchange rate has to increase from 1460 to 200 iqd ( before deleting 3 zero ). 5 bucks are very possible.

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8 hours ago, Theseus said:

An RV at 0.85/.86 USD per dinar would be the most reasonable figure to come out with. 

And I would be extremely happy with that rate! If they do that, I’m not waiting around for a chance for it to go higher. 
That reminds me of that hidden page the CBI had a few years ago that showed the rate of 1.2 dinars to 1 dollar. That would give us about .83¢, right there in the range you’re talking about. I’ve been focused on that rate since then.  :crossedfingers:

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9 minutes ago, Half Crazy Runner said:

I’m not waiting around for a chance for it to go higher. 

That would give us about .83¢

Me too. I amn't waiting for a chance either because it has been a long wait almost 18 years. It doesn't matter whether the rate is 0.83 or 0.85 or 0.86 as long as they can rv in 2021. That's what we want it " sooner than later ".

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1 minute ago, rvmydinar said:

Me too. I amn't waiting for a chance either because it has been a long wait almost 18 years. It doesn't matter whether the rate is 0.83 or 0.85 or 0.86 as long as they can rv in 2021. That's what we want it " sooner than later ".

At that rate I will cash in some and wait it out. I feel it will get back above the $3 range at some point. 

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14 minutes ago, Jaygo said:

At that rate I will cash in some and wait it out. I feel it will get back above the $3 range at some point. 

If they rv at 3 bucks, that would like a bonus. If they rv at 5.26 ( as few people still believe it will ), that would be like winning a huge lottery ( like a hundred million dollar jackpot ) that is only happened once in a lifetime.

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Parliamentary Finance reveals an increase in the investment budget to 30 percent

 

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23rd February, 2021

 

The decision of the Parliamentary Finance Committee, MP Ahmad Al-Saffar, revealed, on Tuesday, that the investment budget has increased from 22 percent to about 30 percent of the general budget for the year 2021, expecting the approval of the budget law at the end of this week

Al-Saffar said in an interview with Al-Sabah newspaper, which was followed by Al-Eqtisad News, that "sums were allocated from the development of the regions to buy fertilizers, seeds and pesticides, in addition to purchasing materials for the agricultural and industrial sectors, in addition to supporting the industrial sector and its participation with the private sector through facilities and incentives." As well as the implementation of many projects, which is what drives these sectors to some extent

Al-Saffar added, "It is expected that other adjustments will be made to the investment budget that can be increased," stressing that it is "balancing items and not balancing goals," because "balancing goals is feasible and achieves development and development, and includes an economic and social vision, but the current is more than 70 percent of it." Operational, that is, for salaries, wages, supplies, etc
 
Al-Saffar continued, "The budget is feasible, achieves benefit and development, and expands social capital, when the majority of it is devoted to investment, in the sense of factories and factories projects, absorption of the unemployed manpower and the operation of capital." And social, which is summarized by industry, agriculture, trade, transportation, transportation, services and infrastructure, as well as social capital, meaning human development
 
Al-Saffar noted, "The House of Representatives is involved in the budget preparation process, although the Parliament has limited powers to reduce and transfer, but it does enter after noticing the presence of deficiencies," noting that "the government is supposed to translate the economic vision in its program, ministerial platform, and white paper into Reality is through figures and data," adding that: "I do not carry any mistakes in the current government, because it is new and was formed during the period of the financial and health crisis, but previously during previous governments in the years of prosperity and stability did not change the strategy of budgets until they changed the economy of the rentier country that depends More than 90 percent of oil revenues are allocated to the operating budget

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Parliamentary Finance: Most of the political blocs want to pass the budget by consensus, not by majority

 
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09:40 - 23/02/2021
 
 

A member of the Parliamentary Finance Committee, Muhammad al-Shabaki, confirmed, on Tuesday, that most of the political blocs have a tendency to pass the budget through political consensus instead of going to a majority vote in the House of Representatives.

Al-Shbaki said in a statement to "the information", that "the date for voting on the budget is still unknown, especially with the presence of some obstacles between Baghdad and Erbil regarding Kurdistan's share in the budget."

He added that "negotiations with the Kurds stalled and did not result in resolving the budget in order to determine the date for voting on it in Parliament."

"The parliament is able to pass the budget by the majority, but there is no desire to resort to such an option, as happened when voting on financing the fiscal deficit, so there is a tendency for the political blocs to pass the budget by consensus with all parties," Al-Shabaki explained. 

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Parliament presidency: The last version of the budget did not reach us and a Kurdish delegation arrives today in Baghdad

 

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23rd February, 2021


The Presidency of the House of Representatives confirmed, on Tuesday, that the latest version of the budget law has not reached it, pointing out that there is a delegation from the region that will arrive today to complete negotiations on the region’s share.

The Vice President of the Council, Bashir Khalil Al-Haddad, said in a statement that Mawazine News received a copy of, that "the latest and amended version of the federal budget law for 2021 has not yet reached the Council's Presidency from the Parliamentary Finance Committee."

Al-Haddad added, "There is a delegation from the Kurdistan Regional Government that will arrive today to complete the round of negotiations between Baghdad and Erbil regarding the region's share of the budget law," indicating his hope that "there will be convergence between the two sides and reaching appropriate joint solutions and resolving disputes soon before passing the budget law in the House of Representatives."

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Parliament: The visit of the Kurdish delegation will result in a joint agreement and vote on the budget on this day?

 

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23rd February, 2021


The Parliamentary Finance Committee considered, on Tuesday, that the visit of the Kurdish delegation scheduled for today will result in a joint agreement, pointing out that the vote on the budget will be either Thursday or Saturday.

The deputy of the committee, Sherwan Mirza, said that "during the next two days, crucial meetings will be held to finalize the issue of the Kurdistan region’s share of the federal budget for the year 2021, because things have reached the end and it is not permissible to delay the budget any longer."

He added, "All orientations are going to hold a session to vote on the budget either next Thursday or Saturday next week. Therefore, during the next two days, crucial meetings will be held to finalize the draft budget law."

He explained, "There is a great convergence between the negotiating delegation of the Kurdistan Regional Government and the Finance Committee, and I envision that there will be a joint agreement on the Kurdistan region’s share of the budget soon."

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24 minutes ago, DinarThug said:

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Parliament: The visit of the Kurdish delegation will result in a joint agreement and vote on the budget on this day?

 

image.jpeg.f547ac80bdfd7631166dd0d7b7604dbc.jpeg

 

23rd February, 2021


The Parliamentary Finance Committee considered, on Tuesday, that the visit of the Kurdish delegation scheduled for today will result in a joint agreement, pointing out that the vote on the budget will be either Thursday or Saturday.

The deputy of the committee, Sherwan Mirza, said that "during the next two days, crucial meetings will be held to finalize the issue of the Kurdistan region’s share of the federal budget for the year 2021, because things have reached the end and it is not permissible to delay the budget any longer."

He added, "All orientations are going to hold a session to vote on the budget either next Thursday or Saturday next week. Therefore, during the next two days, crucial meetings will be held to finalize the draft budget law."

He explained, "There is a great convergence between the negotiating delegation of the Kurdistan Regional Government and the Finance Committee, and I envision that there will be a joint agreement on the Kurdistan region’s share of the budget soon."

Thursday OR Saturday???? 😭

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