Oil announces the transfer of a copy of the oil and gas law to the Council of Ministers for approval

[DinarThug]

LINK

Parliamentary Finance announces the completion of all budget law articles

 

 

1st March, 2021

The Parliamentary Finance Committee announced, on Monday, that it has completed all the articles of the Federal Budget Law for the fiscal year 2021.

The Media Department of Parliament stated, in a statement received by Mawazine News, a copy of it, that “The Finance Committee is headed by Representative Haitham Al-Jubouri, Chairman of the Committee, and the presence of Members, it held a meeting in which it discussed a number of topics on its agenda.

The statement added, "The committee concluded, during its meeting, which was held at its headquarters, its discussions regarding the third amendment to the Law of the Accountants and Auditors Syndicate and raising it to a vote, in order to keep pace with the development in the professions of accounting and internal auditing, and for its importance in preserving public funds and being an element of fighting corruption, and to organize work Those who are practicing the profession, and organizing the election process for members of the union’s board of directors and members of the control and monitoring committees."

According to the statement, the Finance Committee stated its "position regarding the draft federal budget bill for 2021," stressing that it "has completed all the articles of the law and delivered a letter to the Presidency of the House of Representatives since 2/15/2021 for the purpose of setting a date for voting on it."

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Parliamentary Finance ends discussion of the Accountants Syndicate law and announces its position on the budget  LINK

[DinarThug]

LINK

Deputy is likely to pass the budget during the current week

 

 

 

14:04 - 01/03/2021

 

Deputy Chairman of the Committee for Supervising the Governmental Program, Muhammad Karim, on Monday, suggested passing the budget bill during the current week, whether or not it was agreed with the region, indicating that the increase in calculating the price of a barrel of oil to $ 45 came as a result of high oil prices.

Karim said in a statement to "the information", that "the need to approve the budget has become very necessary at this stage for several reasons, including economic and security, and that the delay in the lack of a consensus between the region and the center so far does not mean that we will wait more until the relief."

He added that "all expectations and data that happen on reality indicate that the current budget will be paid to Parliament during the next two days, whether or not it was agreed." It is likely that "the budget will be passed during the current week or the beginning of next week as a maximum."

MP Mansour Al-Baiji was surprised, today, that the budget law was not included in the agenda of today's session despite the completion of the law by the Finance Committee after making the necessary amendments to the law and it is ready to vote. 

[DinarThug]

LINK

Despite The Completion Of The Law ... MP Is Surprised That The Budget Was Not Included In Today's Session

 

 

1st March, 2021

Representative Mansour Al-Baiji was surprised that the budget law was not included in the agenda of today's session despite the completion of the law by the Finance Committee after making the necessary amendments to the law and it is ready to vote.

He said in a statement that Al-Mustaqila received a copy of it today, Monday, that the only paragraph that has not been resolved is the share of the Kurdistan region, because the regional government has not delivered its oil and other revenues to the federal government, despite the visit of several delegations by the region to Baghdad, but they do not wish to hand over the revenues similar to other governorates.

He explained that delaying the approval of the budget law until now, despite its readiness to vote, is unacceptable and will harm the economy of the country and the people's livelihood, and will cause a major crisis, given that everything is idle due to the failure to approve the budget, and everyone is waiting for its approval as soon as possible.

He added that it is unacceptable for the country's budget to be suspended because of the Kurdistan Regional Government, which refuses to surrender its revenues and wants to take only, and this matter will not allow it permanently because it is not possible to give a share to the Kurdistan government at the expense of our deprived governorates.

Al-Baiji demanded the Presidency of the House of Representatives to present the budget law in an open session in front of the people and leave the matter to the people's representatives in order to vote on it and end this crisis, and if the regional government wants its share, it must hand over its revenues, so without receiving the oil and other revenues, we will not vote on the region’s share permanently.

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Deputy: The budget is ready for voting, and we are surprised that it has not been included in the table  LINK

[DinarThug]

LINK

Parliamentary Finance: The budget bill will not pass without the Kurds

 

 

1st March, 2021

A member of the Parliamentary Finance Committee, Sherwan Mirza, ruled out the presentation of the draft law in the Iraqi parliament for voting without the participation of the Kurds, indicating: "If this happens, the project will not have enough votes to pass it."

Mirza said in a television interview, "The opportunity to reach an agreement between Erbil and Baghdad is still there, and we are optimistic about it, as the atmosphere is positive and good." 
He pointed out that what is delaying reaching an agreement "is not related to the Kurds only, but also to other parties."

On submitting a Shiite proposal for the Kurdistan region’s share of the budget, the Kurdish MP explained that “the Shiite parties have not yet submitted any joint proposal, and we are awaiting what those parties reach in this regard.” He pointed out that today's parliament session will not address the budget bill, and explained: "Mirza reiterated the Kurdistan Regional Government’s commitment to the text contained in the draft budget law and the delivery of 250 thousand barrels of oil to SOMO.

[DinarThug]

(meaning an increase in the rate of the dinar as compared to the dollar)  

 

     

 

The market charts a new future for the price of the dollar in Iraq, far from the "official pricing" .. Expectations of lower exchange rates as a "fait accompli"

2021-03-01

 

 

 

Yes Iraq: Baghdad

 

It seems that the dollar prices in the Iraqi market have begun to sing away from the central bank's pricing, and have already begun to decline with the mounting calls to return the old pricing, following the rise in oil prices and the trend of lack of financial deficit, which negates the need for the continuation of the new price of the dollar.

And the exchange rates of the dollar against the dinar began during the past few days in the Iraqi markets, which fall within the circle of 145 thousand, as the selling prices for today, Monday, were recorded at 145.750 dinars per hundred dollars, compared to 144750 for purchase.

For his part, the expert on economic affairs, Raad Twig, suggested a decrease in the dollar’s exchange rate against the dinar as a result of the revival of the local market and the rise in oil prices.

Twig said in a press statement, that the average price of the dollar recorded a decrease from 1460 dollars, which is the official price of the Central Bank of Iraq, 1447.5 dinars for purchase and 1457.5 for sale, as a result of the recovery of sales of the Central Bank through the currency window last Thursday, to 155.984 million dollars at the official price.

He pointed out that “this move in the cash demand comes after it was met by stagnation in the Central Bank of Iraq’s dollar sales since the Iraqi dinar price was reduced as a result of the presence of excessive real domestic demand for imported goods, fearing an extension of urban periods as a result of the epidemic, as well as merchants’ reliance on contentment with the steadfastness of a decision. The Central Bank reduced the exchange rate of the Iraqi dinar, and the Ministry of Finance pledged to compensate traders and contractors for their losses due to the decrease in the price of the dinar.

He explained that the decisive issue in the decrease in the price of the dinar is the increase in the reserves of the Central Bank of Iraq from 15 billion dollars to 55 billion dollars as a result of the rise in oil prices to 67 dollars per barrel and the decrease in the domestic demand for the dollar. No increase in oil prices and the arrival of vaccines in Iraq.

The economist expected more oil gains, which amount to 20% per month, and that the sale of oil would reach $ 70 a barrel

link

[DinarThug]

LINK

Bahr Al-Ulum: Oil prices will continue at a good rate, and the government will pay to complete a supplementary budget

 

 

 

13:30 - 01/03/2021

 

Former Oil Minister Ibrahim Bahr Al-Ulum confirmed, Monday, that oil prices will continue at a good selling rate for the current year and will range to more than $ 60, indicating that this will push the government to invest the surplus to complete a supplementary budget.

Bahr Al-Ulum said in a statement to "the information", that "oil prices will continue to rise in an acceptable manner and will not fall this year, but rather will maintain prices of more than $ 60," stressing that "oil prices will not exceed $ 70 due to several factors, including the decline in oil reserves." 
 

American and the promise of vaccines against the Corona pandemic. He added that "the survival of prices at this level will certainly push the government to exploit the cash surplus as a result of the rise to complete a supplementary budget and fill the deficit in the current budget."

Bahr Al-Ulum called on OPEC Plus countries to "maintain the current prices and not to go high in oil prices, as it will encourage competition with shale oil." 

[6ly410]

UK Co-President Jangi says has high hopes Erbil and Baghdad reach agreement on Thursday

Patriotic Union of Kurdistan (PUK) Co-President Lahur Sheikh Jangi (PUK)

6 Hours ago

https://nrttv.com/En/News.aspx?id=26613&MapID=1#NRTnews

SULAIMANI — Patriotic Union of Kurdistan (PUK) Co-President Lahur Sheikh Jangi said on Monday (March 1) that he has high hopes that an agreement will be reached between Baghdad and Erbil regarding their outstanding disagreements this coming Thursday.

During a ceremony commemorating Kurdish politician and Change Movement (Gorran) co-founder Qadir Haji Ali, Sheikh Jangi said that Erbil and Baghdad “must reach” an agreement.

The Kurdistan Regional Government (KRG) had sent delegations to Baghdad at least sixteen times since last year, but has not officially announced an agreement yet.

On Sunday, the KRG representative in Baghdad Fars Esa claimed that the delegation has reached agreement with the Council of Representatives’ Finance Committee, but warned that a number of political parties from the other ethno-sectarian blocs were trying to increase pressure on Erbil at the last minute.

(NRT Digital Media)

[DinarThug]

LINK

Saleh to new ambassadors: Iraq looks forward to strengthening its political relations and easing regional tension

 

 

 

1/03/2021 13:11:52

 

 

The President of the Republic, Barham Salih, affirmed to a number of new ambassadors, the mother of Iraq is looking forward to strengthening its political relations and easing regional tension, stressing the need for joint international action to face the challenges.

The media office of the President of the Republic said in a statement, which Al-Furat News received a copy of, that "the latter received the credentials of the ambassadors of the Arab Republic of Egypt, Walid Muhammad Ismail, Australia's Paula Elizabeth Kanley, Indonesia's Elmar Ioan Lopes and Brazil's Louis Evaldo." During his meeting with the ambassadors separately, the President affirmed that "Iraq is looking forward to strengthening its political, economic and commercial relations, and supports international and regional coordination in order to face various global challenges, reduce tensions and establish peace in the region, and continue the war on terrorist groups." 

 

According to the statement, he referred to "the importance of developing economic relations and trade exchange," noting that "the country is looking towards construction and reconstruction, by enhancing investment opportunities in various fields, and exchanging scientific and cultural experiences."

The President expressed his wishes for the new ambassadors to succeed in performing their new duties, and in a way that would contribute to the consolidation of friendly relations and cooperation between Iraq and their countries.  For their part, the ambassadors extended their thanks and appreciation to the President of the Republic, expressing their aspirations to develop relations with Iraq in various fields, in a way that strengthens common bonds.

 

          
 

 

               

[DinarThug]

International Monetary Fund to "Al-Sabah": Iraq is capable of achieving comprehensive development

 

Tuesday 02 March 2021

 

Baghdad: Hussein Thugb 

 

 

The International Monetary Fund described the government's orientations to reform the national economy as the task, and stressed that Iraq is able to achieve comprehensive development, provided that medium and long strategic plans are prepared. This came during a press interview for "Al-Sabah" with the representative of the International Monetary Fund in Iraq, Dr. Gazi Spikat:
 

* How does the International Monetary Fund view the Iraqi economy and how is it affected by the Corona pandemic?

There is a significant decline in state resources, which barely covered the salary and retirement bill in the first months of 2020. There was a decline in economic activity by 8% in the non-oil sector, while the oil sector declined by 11% due to production cuts in compliance with the OPEC + agreement. . The budget deficit increased to 20 percent and the external sector deficit increased to 15 percent of GDP. Financing these deficits significantly increased the debt ratio and decreased foreign exchange reserves.

* What are the best methods of achieving the economic advancement of Iraq?

- The Iraqi economy should not continue to depend on oil as the only source of public financial revenues and the balance of payments, and here we emphasize the importance of diversifying the Iraqi economy and paying attention to production and clearing the way for the private sector, to take the initiative in leading the economy towards exports and achieving economic growth, and of course, this requires adopting Prudent policies and strategies in the fields of education, health, communications and technology, for example, in addition to that, the social protection network needs to be strengthened to protect the most vulnerable, and in order for the government to carry out its developmental tasks, financial space must be created, and this requires controlling operational expenditures, Especially the salary and retirement bill, through reforms in the civil service system and the pension system, as well as reforms in the electricity sector, which constitutes a great burden on state resources.

* What are the most important ways to overcome the trend towards borrowing?

There is local and external borrowing. Naturally, countries have to borrow locally and / or externally to finance some projects, but the important thing is to take into account the ability to pay in terms of the size of borrowing, its costs and its importance to the economy, so it is not permissible for the state to borrow to finance salaries and consumption expenditures, but rather there must be investment projects that generate income for the state that strengthen Its public finances and its ability to pay off its external obligations, and to overcome borrowing, it is imperative to reduce public financial deficits and to exploit the recovery periods of the oil market to build oil surpluses that can be used in times of declining prices, and this avoids borrowing and at the same time reduces the economic fluctuations that prevailed in Iraq as a result of linking Government spending at oil prices. Oil exporters also tend to provide oil revenues for future generations, in addition to providing basic needs (most oil exporters have sovereign wealth funds).

 

* How does the fund view the government's actions to devalue the currency?

- The International Monetary Fund supports the devaluation of the Iraqi dinar, because it helps reduce external imbalances, preserves foreign reserves and strengthens public finances, as reducing the value of the dinar helps reduce the budget deficit and improves the trade balance by stimulating exports and restraining imports, and also helps to maintain a comfortable level of reserves In addition, the reduction has reform effects on the labor market by affecting real incomes and stimulating the private sector, to take the initiative in directing the wheel of the economy.

Of course, the reduction in the exchange rate has social consequences that require mitigating them as much as possible. It is certain that reducing the value of the dinar will result in an increase in the general level of prices, especially since imports in the consumer basket in Iraq constitute a high percentage, and here we stress the need to increase allocations to the social safety net and expand A database of the beneficiaries to ensure its adequate coverage and protection of the groups whose purchasing power has been affected by the reduction. 

 

* What does Article 4 mean, and are there details about its content?

Article IV consultations are consultations and discussions on economic conditions and policy priorities that the fund conducts periodically (usually annually) with member states, and it is a requirement of Article IV of the IMF agreement that member states must abide by. Accordingly, a team of IMF economists visits the member country to assess the economic and financial developments and discuss the economic and financial policies of the governments and central banks of the state, and the consultations most likely include meetings of parliamentarians, businessmen, trade unions and unions and civil society institutions, and the Fund conducted the last of these consultations at the end of 2020 and approved The Fund's Board of Directors, the experts' report in February of this year, and the report can be viewed through the link https://www.imf.org/en/Countries/IRQ.

 

* From the fund’s point of view to Iraq, is there a possibility of advancing industrial and agricultural production, and what is the fund advising?

There is always an opportunity for advancement in any country, provided that the fiscal conditions are controlled and prudent macroeconomic policies are followed that reduce waste, imbalance and mismanagement so as to clear the way for the private sector and small and medium enterprises to play their role. The industrial and agricultural sectors in Iraq are among the vital sectors that must be given great importance and motivated by modern legislation, and to provide support and financing for them to enable them to play their role in production, export and employment. Among other things, this requires improving the investment environment, strengthening the financial sector, providing adequate financing, enhancing infrastructure and accessing basic services such as electricity.

 

* Is there an Iraqi horizon to achieve comprehensive development?

Comprehensive development is a broad word that includes several medium and long-term strategies, and Iraq can achieve this in the long term by implementing reforms in public finances and strengthening them, as well as diversifying the economy and not relying on oil as the only source of revenue, and of course this requires reform policies and strategies in several In areas, including health, education, social protection, financial and banking sector, technology, communications, infrastructure, logistical services, etc., in addition to modernizing economic legislation, in order to attract foreign investment and contribute to the transfer of technology to Iraq, and there is no doubt that reforms take time, and their implementation does not It is done appropriately at times. Nevertheless, it is of utmost importance to continue to introduce gradual improvements, so that citizens feel the positive effects of the reforms, thus helping to accept them.

LINK

[screwball]

13 hours ago, DinarThug said:

the Finance Committee stated its "position regarding the draft federal budget bill for 2021," stressing that it "has completed all the articles of the law and delivered a letter to the Presidency of the House of Representatives since 2/15/2021 for the purpose of setting a date for voting on it."

Winner! 

[screwball]

2 hours ago, DinarThug said:

International Monetary Fund to "Al-Sabah": Iraq is capable of achieving comprehensive development

Not without a substantial rate change of atleast 1:1

[screwball]

in addition to modernizing economic legislation, in order to attract foreign investment and contribute to the transfer of technology to Iraq

[screwball]

Change rate and take foreign currency this will build a healthy balance sheet and as imf dad create fiscal space!!!!

[screwball]

Oh and delete zeroes 

[DinarThug]

LINK

Deputy: The constitution guarantees a solution to the crisis between Baghdad and Erbil, provided it is recognized

 

 

 

19:55 - 03/01/2021

 

 

Member of Parliament, Muthanna Nader, called on Monday to resort to constitutional controls in resolving the crisis of interests between the government and the region.

"The differences between Baghdad and Erbil complicated the political scene and were reflected in the reality of the budget, which caused the delay in approving it and causing great damage to the Iraqi state and the citizen," Nader said .

Nader said, "The only solution to end the necessary is to resort to the constitutional controls to determine the federal rights and duties that the region entails in delivering imports to Baghdad."

He added, "Staying on this curriculum is a matter that does not serve the interest of citizens, and the two parties to the dialogue must reach quick constitutional solutions to end the file of differences, as it is not worth the great time that it consumed."

He pointed out that "both Baghdad and Erbil do not observe the constitution in the dialogues, which suspended solutions and increased tension between the region and the center."

[DinarThug]

May end the differences .. a decisive meeting of the presidency of parliament and leaders of the blocs on the budget today

 

2021/03/02 12:56

Baghdad today - special 

 

A member of the Parliamentary Finance Committee, Muhammad al-Shabaki, confirmed, on Tuesday (March 2, 2021), that today's meeting between the Presidency of the House of Representatives and the leaders of political blocs will settle disputes over the 2021 budget bill. 

Al-Shabaki said, in an interview with (Baghdad Today), "The House of Representatives and the political forces are determined to pass the 2021 budget bill as soon as possible."

He added, "Today's meeting between the Presidency of Parliament and the political forces will witness reaching an agreement and agreeing to resolve differences over the budget, especially with regard to the region's proportion, as it is the main obstacle in passing the project."

Al-Shabaki expected, "After today's meeting, the draft budget bill will be voted on Thursday of this week, and this matter certainly depends on the results and understandings of the meeting."

And the Speaker of the House of Representatives, Muhammad al-Halbousi, set today, Tuesday, a date for a meeting with the heads of political blocs to resolve the budget laws and the Federal Court.

Al-Halbousi said during the parliament session yesterday, Monday, that "it was decided on Tuesday to meet the Presidency of the Council with the heads of political forces on the necessary laws in the corridors of the Council, including the Budget Law to expedite its approval, in addition to the Federal Court law."

Earlier in the day, the former Minister of Construction and Housing, two Rikani banks, spoke about the latest developments regarding the ongoing negotiations between Baghdad and Erbil regarding the provisions of the 2021 budget bill, while it is expected that it will be presented to the vote next Thursday.

Rikani said, in a press interview, followed by (Baghdad Today), that "the oil agreement is present and agreed upon, and nothing can be added to it, but the dispute revolves around the drafting of the text of the agreement. Should Kurdistan receive 250 thousand barrels and fix it in the budget, or add a clause that obliges a region Kurdistan delivers all its oil after deducting the value of the wages of producing and operating companies in Kurdistan and deducting domestic consumption. 

He added, "The disagreement between the political parties revolves around the nature of drafting the text of the agreement."

The former Kurdish minister expressed his hope that "the political blocs will reach an agreement in the coming hours in order to present the budget law to a vote next Thursday."

LINK

[GreedyDinar07]

Thursday.....and I will see what happens after then.

[Jaygo]

15 minutes ago, GreedyDinar07 said:

Thursday.....and I will see what happens after then.

😭

[DinarThug]

27 minutes ago, GreedyDinar07 said:

Thursday.....and I will see what happens after then.

Usually Friday !  

 

 

So Beer Me ...  

 

 

     

[horsesoldier]

Next day, week, month, year. Gotta dig the decisive nature of these “ politicians “

[RV MY DINAR 3USD]

8 hours ago, DinarThug said:

Usually Friday !

do you mean " friday the 13th "? revaluation's day at 1.3 usd?

[DinarThug]

LINK

Parliamentary Finance: The government's budget text related to the region will be presented to the leaders of the blocs for a decision

 

 

3rd March, 2021

A member of the Parliamentary Finance Committee, Jamal Ismail Cougar, revealed, on Wednesday, the presentation of the material related to the meeting of the leaders of the blocs to decide on it, indicating that the amendment will be with the conviction of the leaders and if the amendment is not made, the budget will be raised by the government text as it is for a vote on it inside the parliament.

Cougar said in a press interview, "The lack of agreement to amend the article on the region’s share, as the Finance Committee decided to throw the ball into the court of the leaders of the political blocs to decide in a very soon meeting," it is likely that "the budget is presented for a vote next week."

He added that "the Parliamentary Finance raised the government text related to the region as it came from the government to the leaders of the blocs in order to agree on a formula that is satisfactory to all. Conversely, the budget and the government text related to the region will be raised to vote on it by the majority."

[DinarThug]

LINK

The constitutional amendments identify three reasons behind the delayed completion of its tasks

 

 

3rd March, 2021

A member of the Constitutional Amendments Committee, Yonadam Kanna, identified three reasons behind the delay in the Constitutional Amendments Committee's completion of its tasks assigned to it.

Kanna said, according to the official agency, that "the Constitutional Amendments Committee was late in fulfilling its mission to draft amendments to a number of paragraphs of the constitution for three reasons, the first of which is that the parliament presidency assigned the deputies of Kirkuk governorate, at the request of the Constitutional Amendments Committee, to rewrite Article 140 related to the disputed areas." However, the governorate’s deputies have not sent us anything, and we are still waiting for a new formulation of Article 140 that is acceptable to all parties.

He added, "The second reason is the existence of fundamental disagreements over the nature of the system ... So will the regime in Iraq remain parliamentary or will it be changed to a presidential system?" Until now".

Kanna continued, "There is a third disagreement between the exclusive and joint powers of the federal government and the powers of the regional government, as there is an overlap between the powers of all federal and joint," expecting that "the amendments will not pass during this parliamentary session."

[DinarThug]

LINK

The Government Is Considering Compensating Contractors For Raising The Price Of The Dollar

 

2nd March, 2021

The Parliamentary Government Program Control Committee announced that the government had formed a committee to study the damage to contractors as a result of raising the price of the dollar, and millions of citizens affected by this decision were neglected after adding 500 billion dinars as financial compensation to contractors within the budget law.

The head of the committee, Hazem Al-Khalidi, said in a statement to (Al-Mustaqilla): We were surprised by the cabinet’s decision to form a committee to study the consequences of changing the currency exchange rate and to propose the required solutions as far as investment projects are concerned.

"The committee is headed by a representative of the Ministry of Planning, and in its membership, along with the General Secretariat of the Council of Ministers, includes representatives of the ministries of finance, reconstruction, housing, works, public municipalities and electricity, as well as the National Investment Commission, the Central Bank of Iraq and the Iraqi Contractors Union," he explained.

Kan pointed out, "The first is to pay this great attention to studying the damage that has befallen citizens as a result of raising the dollar exchange rate, especially since the Ministry of Planning had announced a while ago that the poverty rate in Iraq had exceeded 31 and a half percent, in addition to the large increase in prices that exceeded a third." The value of all commodities and services, exacerbated the poor living conditions of many middle and vulnerable families, and the poorest citizen was the most affected.

He added, "The government's tendency to form a committee to study the damage inflicted on contractors confirms the realism, our repeated request to review the decision to raise the dollar’s exchange rate, which is not considered, and return it to what it was in order to avoid all these damages to the general population." He stressed that "the surprising matter that reflects the interest in contractors only without sensing citizens, adding an article to the draft budget law, which includes compensation for contractors at a value of (500) billion dinars."

[DinarThug]

LINK

Al-Sudani Criticizes The Minister Of Finance After His Statements About Those Affected By The Increase In The Price Of The Dollar

 

 

3rd March, 2021

Al-Sudani expressed his surprise, in a tweet via “Twitter” that was followed by the independent today, Wednesday, from the recent statement of the Minister of Finance that the contractors are the ones affected by the increase in the price of the dollar in Iraq. Enhances the success of the country's fiscal policy.