Parliamentary Finance: The 2021 budget will be passed by consensus of the political blocs

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Parliamentary Finance asks the region for data on budgets from 2010 to 2020 and a map of oil wells

16:26 - 11/03/2021

 

  

Information / private.

On Thursday, the Parliamentary Finance Committee announced its request to the Kurdish delegation to provide the committee with data on the region's budgets from 2010 to 2020 and the oil map of the oil fields in Kurdistan.

A member of the Finance Committee, Majida Al-Tamimi, told / Al-Maalouma / that "the budget is long overdue. It is supposed to be approved at the end of 2020 until it arrived very late by the government."

She added, "The committee requested several digital data from the Kurdish negotiating delegation, some of which have arrived and the other is awaiting their arrival to find out the real numbers."

Al-Tamimi explained that "the committee is waiting for the region’s delegation to send data on the region’s budgets from 2010 to 2020 and the number of its employees according to the salary lists that are disbursed and the map of oil wells for the Kurdistan region according to the borders of the administrative provinces."

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The last moments ... Parliamentary Finance reveals the latest developments in the budget debate

•  Time: 03/12/2021 14:50:52
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•  Read: 3,669 times

  

{Economical: Al Furat News} A member of the Parliamentary Finance Committee said that "there is convergence regarding the share of the Kurdistan Region in the draft federal budget law for the current year 2021."

 

Sherwan Mirza said in a press statement, "The Kurdish blocs are waiting for the Shiite blocs to present their last opinion regarding the region’s share," noting that "there is convergence between the two sides in opinions."
He added, "The government proposal and the proposal of the Shiite blocs are close."
Mirza ruled out "passing the budget law in the House of Representatives without the Kurds," noting that "there may be a final agreement regarding the region’s share in the last moments before the vote on the bill in the parliament session scheduled for next Monday."
The Speaker of Parliament, Muhammad al-Halbousi, had directed in the last session to include the draft federal budget bill for 2021 in the parliament session scheduled for next Monday, based on a request submitted by Representative Yusef al-Kalabi signed by 150 deputies.

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Parliamentary Finance: Disputes over the region’s share of the budget are still going on

http://aliraqnews.com/wp-content/uploads/2021/03/%D8%AA%D9%86%D8%B2%D9%8A%D9%84-3-9.jpg

Last updated: March 10, 2021 - 12:16 PM

 Baghdad / Iraq News Network - A member of the Parliamentary Finance Committee, Sherwan Mirza, expected, on Wednesday, to resolve the dispute that is still pending between the federal government and the Kurdistan region regarding Article 11 in the draft budget law for 2021, ahead of the House of Representatives session next Monday. , In a press interview, "The dispute over the terms and paragraphs of Article 11 in the draft budget law 2021 concerning the share of the Kurdistan region is still going on with Baghdad, and we hope that it will be resolved before holding the session set next Monday to present the draft 2021 budget law. Mirza, "Things are complicated so far and there is no breakthrough for the problem, but we hope that the two sides will reach an agreement before the session is held," stressing that "the parliament will proceed to pass the budget bill in its current form."And a member of the Finance Committee in Parliament stated that "the political blocs at the present time are trying to reach an agreement with the Kurdish political forces in order to pass the bill without boycotting the Kurds or any other problem that may occur and hinder the voting session."

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Parliamentary Finance excludes the possibility of raising the estimate of a barrel of oil in the budget

Economie

2021-03-12 | 10:39

 

 

4,406 Views

 

On Friday, a member of the Parliamentary Finance Committee, Jamal Cougar, ruled out the possibility of raising the estimate of the price of a barrel of oil in the federal budget for 2021 despite its high prices in the global market, while indicating the possibility of benefiting from the price difference within a supplementary budget.

Cougar said in an interview with Alsumaria News, "The price cannot be changed, given that the Ministry of Oil has expressed concern about any trend to change the price in the budget because the current prices are not real, given that there are two reductions in the quantities sold now, the first of which is the reduction of Iraq's oil quota from four million to 3 million and 250 thousand barrels. As for the second reduction, it was voluntarily from Saudi Arabia, at a rate of one million barrels per day. Therefore, any return to previous quantities, or Saudi Arabia's retreat from the voluntary reduction, will lead to a return of prices again to the decline, and we cannot build a state budget on something that is not stable and insecure. "

 

He added, "These additional prices, with the difference in the price of a barrel of oil, do not mean that the Iraqi state will not benefit from them at the present time, given that we have bank reserves that have decreased to great levels, in addition to that we have repayable loans, including the Iranian loan that Iran is pressing to repay it despite This loan has been classified under deferred loans. "

Couger pointed out that "the third issue is related to the doors that were pressed by us in the Finance Committee, in addition to other sections that were not originally included in the budget, which means that the addition can be used in a supplementary budget for the last months of the current year in the event of price stability for the next period."

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The Finance Committee talks about new details of the five-year license and the price of a barrel of oil in the budget

2021-03-12

Yes Iraq: Baghdad

 

On Friday, the Finance Committee announced the submission of a new proposal regarding Article 27 of the financial budget, related to the five-year leave for employees, while referring to the price of oil approved in the budget.  

 

Committee member Magda Al-Tamimi told the official agency, "The committee has made an amendment to Article 27 first regarding employee leave, which includes submitting a proposal that an employee who has (5) actual years is entitled to take the five-year leave with a one-time nominal salary."

She added that "the proposal included calculating the leave for retirement purposes, provided that retirement pensions and all deductions be paid during his enjoyment of the leave," indicating that "the proposal includes the employee's entitlement to work in the private sector."

 

And on the price of oil in the budget, she pointed out that "the deficit in the current year budget is 28.6 trillion, which requires the need for more than 19 billion dollars to reach the break-even point between revenues and expenditures."

 

She pointed out that "the approved price of a barrel of oil is $ 45, while the reimbursement of expenses requires the price of oil at $ 64."

 

And she continued, "Iraq has internal and external obligations and debts, indicating that" the increase in the price of oil for what is decided in the budget will cover the deficit in the budget.

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Parliamentary Finance: The budget will not be passed without the Kurds

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12/3/2021 13:15:00

 

       

Parliamentary Finance: The budget will not be passed without the Kurds

 

A member of the Parliamentary Finance Committee confirmed that there is convergence with regard to the Kurdistan Region’s share of the federal budget for the current year. 

MP Shirwan Mirza, a member of the Finance Committee, said in a special statement to PUKmedia , today, Friday 3/12/2021, that the Kurdish blocs are waiting for the Shiite blocs to present their last opinion regarding the region's share, indicating that there is convergence between the two sides in opinions, pointing out that the proposal The government and the proposed Shiite blocs are close. 

Representative Shirwan Mirza ruled out passing the budget law in the House of Representatives without the Kurds, indicating that there might be a final agreement regarding the region’s share in the last moments before the vote on the bill in the parliament session scheduled for next Monday. 

 

PUKmedia / Ultra Yazdi 

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The new price of a barrel of oil and the deficit in the general budget

• FRIDAY, MARCH 12-2021, PM 8:53
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• KARRAR AL-ASADI
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• 478

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Written by: Dr. Bilal Al-Khalifa

We talked a lot about the federal budget in the past, and despite that, we were not able to cover all the budget items and issues, due to the many problems that it included.

We talked about the exchange rate of the dollar and the deficit and that it is exaggerated, not real. Indeed, the draft included the amount of the deficit that is much exaggerated, which is 43 billion dollars, but the members of the Iraqi parliament felt that the amount is large and unrealistic, especially since the experience of the reform paper was a lesson in that the deficit is exaggerated (it was The government's estimate of the amount of expenditures that the government needs to borrow to is 57 trillion dinars, but parliament voted 22.5 trillion dinars, so Parliament decided to reduce the deficit to 18 billion dollars.

Today, the price of a barrel of Basra Light Oil reached (70) dollars per barrel, and the price of a barrel of heavy oil reached 65.8 dollars. Therefore, in this article, I wanted to show people two points:
1 - What is the price of a barrel of oil that spares the government internal borrowing
2- How much is the price of a barrel at which we can return the dollar exchange value to its previous era

In the beginning, we must know two things, namely (the amount of the deficit and the price of a barrel of oil approved in the budget). The cut is $ 43 billion, but Parliament decided to reduce the value of the deficit to $ 18 billion. As for the approved value of selling the price of a barrel of oil, it was revised from 42 dollars to 45 dollars per barrel of oil.

 

Scenarios for the impact of the price of a barrel The
first scenario: a barrel of oil = $ 70
today, and as I mentioned, the selling price of a barrel of Basra Light crude reached $ 70 as I mentioned, so the price difference between the two is $ 25, and therefore the amount of the difference per year is $ 29.656 billion, and in the Iraqi currency, depending on the value Spending approved in the budget, the amount is (43) trillion dinars.
First: The deficit, the
difference, is 11 billion dinars, a surplus, after 18 billion dollars were taken instead of external and internal borrowing.
Second: the dollar exchange rate
. Oil imports at the new price are around $ 83 billion. That is, 120 trillion Iraqi dinars, depending on the current exchange rate, which is (1450). But if we go back to the old price, suppose it is (1200) dinars per dollar, then the value of oil revenues is 99 trillion dinars.
Since the expenditures will be reduced to 127 trillion dinars, the new price will not need to borrow any amount from inside or outside, especially that the budget.

The second scenario: a barrel of oil = $ 65.
If the oil is sold at a price of 65 dollars, that is, ten dollars more than the price approved in the general federal budget, the additional amount that enters Iraq's imports will be 11 billion dollars, or 17 trillion Iraqi dinars.
First: The deficit
we noticed that the additional amount is 11 billion and the deficit is 18 billion, meaning that the difference is 7 seven billion dollars. The amount is not large, and the lending should be carried over to the end of the year because borrowing may not be needed due to the lack or reluctance of some investment programs.
Second: the exchange rate
. Oil imports at the new price are around $ 77 billion. That is, 111 trillion Iraqi dinars, depending on the current exchange rate (1450). If we go back to the old price, let us assume it is (1200) dinars per dollar, so the value of oil revenues is 92 trillion dinars.

The third scenario: a barrel of oil = 70, the amount of oil export = 3 million
that the federal budget includes in one of its items that the region must deliver 250 thousand barrels per day, and as it also stipulated that the daily export amount of oil is 3.250 million barrels, but after subtracting the amount What Erbil will deliver to the federal government becomes the total amount for export is 3 million barrels per day.
The amount of total oil revenues will be 76.6 billion dollars annually and in Iraq, but when the specified exchange value in the budget is adopted, which is 1450 dinars, and thus the value of oil revenues in dinars is 111 trillion dinars,
we conclude
1 - This means that the deficit is 16 trillion dinars despite the high price of oil
2 - the amount What the region exports is 250 thousand and its annual revenues are 6.3 billion annually, or 9.2 trillion dinars, and this amount will be added to the deficit value that was calculated from above.

The fourth scenario: a barrel of oil = $ 65, the exported oil is 3 million barrels per day
, the total return is $ 71 billion, and in Iraq it is 103 trillion dinars, so the deficit for the amount stipulated in the budget is 24 trillion, in addition to the original deficit.

 

Conclusion:
1 - In the event that the region delivers oil and adopts the current oil prices, borrowing is unnecessary and there is also a surplus of funds.
2 - It is also possible to re-exchange the dollar to the old price if the current price of a barrel of oil is adopted.
3 - In the event that the region does not deliver the oil stipulated in the budget, the deficit will increase.

Result from the above two questions
1 - The current price is sufficient in the event that the region does not deliver the oil, a surplus if the oil is delivered from the region.
2 - The current rate (70) is sufficient to return the dollar exchange rate to the old value.

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The budget law "reverberates" between political disputes and the ball in the court of the Shiite blocs

 

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 2021-03-13 07:55

 

 

Shafaq News / The Federal Budget Law for the year 2021 is still ranging between the differences of political blocs and their lack of agreement on several items in it despite the passage of nearly three months after his arrival in the parliament from the government, and according to the statements of representatives, the law will not see the light in the upcoming parliamentary session .

 

A member of the Parliamentary Finance Committee, Ahmed Hajj Rashid, told Shafaq News, "The budget law has been ready for voting since February 15, with a letter sent from the Parliamentary Finance Committee to the Presidency of the Council of Representatives, but what remains of the law has not been resolved is Article 11 related to the region's share. Kurdistan ".

 

He points out that "the Shiite blocs did not agree on the text in the budget law and did not submit a proposal to replace it, and this is what delayed the inclusion of the budget law for a vote on it in the previous sessions."

 

Haji Rashid confirms that "the vote on the budget law at next Monday's session is linked to the approval of the Shiite blocs on the existing text, otherwise it will be postponed to the next few days' sessions."

 

Last Monday, Parliament Speaker Muhammad al-Halbousi directed that the budget bill be included on the agenda of next Monday’s session, based on a request submitted by Representative Yusef al-Kalabi, signed by 150 deputies.

 

However, the Deputy Speaker of Parliament, Bashir Al-Haddad, ruled out last Thursday the approval of the federal budget for 2021 at the mid-session next week.

 

Al-Haddad said in a statement to reporters in Erbil that it is "difficult to pass the financial budget in next Monday's session because the Federal Court law has not been approved yet," stressing that another special session for the budget should be determined.

 

This was agreed with the head of the Bayariq al-Khair bloc, Muhammad al-Khalidi, who confirmed on Thursday, and al-Khalidi told Shafaq News Agency, that “the political disputes and problems regarding the articles related to the Kurdistan Region’s share of the budget law have not been resolved yet, despite the continuing dialogues and political negotiations to resolve these articles before Voting on the budget law. "

 

He added that "talking about resorting to the majority to vote on the budget law in next Monday's session has serious repercussions and will affect the political scene in general and Parliament in particular."

 

Al-Khalidi stated that "the interests of the Iraqi people with all its components must be taken into consideration during the vote on the budget law," describing the budget law as "complicated", and he ruled out "settling the budget at next Monday's session."

 

In turn, the Parliamentary Legal Committee revealed, today, Saturday, a condition for the political blocs to link the vote on the General Budget Law to the Federal Court Law, while voting on the two laws was excluded in the next session.

 

A member of the committee, Salim Hamza, told Shafaq News, "There are differences and problems over the laws of the Federal Court and the general budget for the year 2021," pointing out that "voting on the two laws in next Monday's session is very unlikely."

 

He added that "some political blocs linked the two laws together, and stipulated not to vote on the budget law until after the vote on the Federal Court law."

 

Earlier today, the Saeron Alliance, supported by the leader of the Sadrist movement, Muqtada al-Sadr, revealed that the dispute over the Kurdistan Region’s share in the 2021 budget is not the reason for the delay in voting on it by the House of Representatives.

 

The deputy of the coalition, Riyadh Al-Masoudi, told Shafaq News, “The problems and disagreements about the draft budget law for the year 2021 are not related only to the share of the Kurdistan Region, but there are technical differences, including the issue of the exchange rate of the dinar against the dollar, as well as the issue of including job degrees in the law, in addition to The surplus amounts due to the rise in oil prices, and others. "

 

He added, "Until now, there is no agreement to pass the 2021 budget law during next Monday's session," explaining that "the inclusion of the law for a vote on it does not mean passing it or getting approval for that."

 

Al-Masoudi ruled out "the possibility of passing the budget bill without the agreement of all political parties on it, but this agreement has not happened until now."

 

According to MPs' statements, voting on the budget law depends on political consensus on points of contention more than it is linked to legal violations included in the law.

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What is the last Kurdish position on the budget vote?

12:37 - 13/03/2021

 

  

The information / Sulaymaniyah ...

Member of the Parliament of the Kurdistan Region revealed the Patriotic Union of Kurdistan, Othman Karim, on Saturday, the last position of the Kurds regarding the date of voting on the budget next Monday.

Karim said in a statement to "the information", that "so far, no agreement has been reached regarding the share of the Kurdistan region of Iraq , and therefore this paragraph may postpone the other sessions."

He added that "there is a problem related to paragraph 11 of the budget law and until now there is objection from a group of political blocs to proceed with voting on the region’s share, offset by a rejection of parliamentary proposals on the regional government."

Karim pointed out that "the Kurds will attend Monday's session, but if the majority is relied upon in the vote and the region's share clause is presented without agreement, then they will withdraw from the session." End / 25p

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The Kurdistan National Assembly expects the region’s oil provisions to be postponed and the budget passed

 

- 03-13-2021 11:01 AM - Readings: 1494

 

Osman Karim, a member of the Patriotic Union of Kurdistan, expected today, Saturday, to postpone the region’s oil provisions in order to pass the budget for the current year.

Karim said in a statement to "Tigris", "So far, no agreement has been reached between Baghdad and Erbil that will lead to resolving the crisis regarding the Kurdistan region’s share of the budget . "

 

He added that "there is a possibility to postpone the materials related to Kurdistan during Monday's session in order to speed up the passage of the budget for other provinces . "

 

Karim pointed out that "in the event that the laws are passed by a majority, the Kurdish forces are compelled to boycott the voting session and present their strong objection to the exclusion of the main components . "

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A surprise to the regional government about employee salaries in the 2021 budget

•  Time: 03/13/2021 18:33:18
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•  Read: 3,432 times

  

{Economy: Al Furat News} A member of the Parliamentary Finance Committee, Sherwan Mirza, revealed, on Saturday, the addition of a paragraph in the 2021 budget that obligates the Kurdistan Regional Government to distribute the salaries of employees without any deduction.

 

Mirza said in a press statement, "The committee has put in place a paragraph in the draft budget law, through which it obligates the Kurdistan Regional Government to distribute the salaries of employees without any deduction.
And if the governments of the center and the region reach an agreement on the budget and Baghdad sends the money to Kurdistan."
He pointed out that "tomorrow, Sunday, a meeting will be held under the chairmanship of Muhammad Al-Halbousi, Chairman of the Houses of Representatives, with the heads of parliamentary blocs to discuss the draft law of the Federal Court."
Mirza indicated that "after the meeting, a decision will be taken to include the budget bill or not."
It is noteworthy that the head of the representation of the Kurdistan Regional Government in Baghdad, Faris Issa, confirmed that a government delegation from Erbil will go to the capital Baghdad a day before the presentation of the draft fiscal budget law for 2021 to vote in the House of Representatives scheduled for next Monday.
For his part, the Speaker of Parliament, Muhammad al-Halbousi, called for a vote on the draft budget law next Monday, but the matter has not yet been settled due to the objection of the Shiite blocs to the formula contained in the draft on the share of the Kurdistan region.
Wafa Al-Fatlawi

[yota691]

The budget dialectic

Sunday 14th March 2021 71

 

Yasser Al-Metwally 

 

This saying may be correct and apply to the case of the delay that accompanied the approval of the budget, a view that is debatable and I have my justifications in this regard.

The delay in approving the budget may be of great benefit equal to its disadvantages, in comparison to the structural defect that overwhelmed it according to the vision of experts in economics, if some of its items were reconsidered.

And since the current budget is the subject of controversy from a side other than the partners regarding technical aspects in the field of useless entertainment allocations and the field of budget classification in a way that makes it a development budget, then economists take it, i.e. the budget, that it lacks the basic development goals and considers it a one-sided budget in the sense that it is consumptive, As there are allocations on the operational side in excess of need unnecessary in light of the current situation in Iraq, which is represented by a budget burdened with a large hypothetical deficit, and there are aspects in its allocations that raise economists' fears of wasting and losing money.

The assumption of the benefits of the delay here is justified by the noticeable improvement in oil prices, as the price differentials now cover the hypothetical deficit and have increased by some figures.

This means that there is a need to re-classify the budget again, in order to invest the benefits of delaying the budget in an optimal investment that is consistent with the economists ’vision of the need to amend and improve investment allocations and raise them in a way that makes them the main engine of the wheel of development.

Therefore, if I want to correct the course of the economy and address the great challenges facing the country as a whole, it is imperative to revitalize the productive sectors through the implementation of projects with rapid economic returns that provide wide job opportunities to absorb unemployment, which is the biggest challenge and obstacle facing the country's political system in achieving stability.

The revitalization of the productive sectors should not be limited to public companies. Rather, private sector projects must be included in this aspect, then important projects must be selected according to the priorities of their utility in achieving development, and based on this hopeful transformation due to the improvement in oil prices, the items must be reconsidered. The budget in a way that makes it developmental and expeditiously better than organizing a supplementary budget that takes insufficient time to benefit from the additional revenues after its approval. The delay is occurring in order to take advantage of the delay and return our accounts to compensate the economy for the losses caused by this delay, there is no time left to delay the budget, Will the budget be returned to the government to reconsider its tabulation and correct the defect indicated by it? We are waiting to see.

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A deputy reveals a new price for the dollar in the budget .. and explains about the region’s share

 

 

12 hours ago

3582 Views

The deputy, Rami Al-Skiny, confirmed, on Saturday, that the 2021 budget will be included in the agenda of Parliament for a vote on it at its next session, while he made clear that differences still exist regarding the reduction of the dollar exchange rate and the Kurdistan Region’s share, as many members object to it and see it as exaggerated, and that it is Above entitlement.

Al-Skini said, to NRT Arabia today, (March 13, 2021), that "the budget will be included on the agenda of the House of Representatives with the presence of controversial points, including the exchange rate of the dollar, the share of the Kurdistan region, and other matters."

And that "Parliament submitted an objection to the exchange rate of the dollar, although it clarified that there is no financial or monetary policy for the government when the exchange rate is listed at 145 thousand dinars, and this is what caused a crisis in the Iraqi market (the local market)."

He added, "Yes, there are proposals from many members of the House of Representatives that the exchange rate for the $ 100 be 130,000 Iraqi dinars, and this is an acceptable price, and the local movement has been applied, okay, but the vision of the Central Bank and the financial policy for the Ministry of Finance wants to keep it at the high price of 145 thousand." Dinar".

He continued, "This paragraph can remain for the selection of members of the House of Representatives on the day of the vote. Will they vote on this exchange rate, and if the exchange rate changes, many financial implications and the financial vision for the 2021 budget will change."

He continued, "There are many objections from the House of Representatives on the share of the Kurdistan Region, and that it is exaggerated and given above its entitlement, and more than 11 trillion will be given to the Kurdistan Region and one trillion and a thousand to the Basra Governorate.

And he added, "Also, these controversial paragraphs can be submitted to the vote and will remain for the opinions of members of Parliament on the day of the vote."

 

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Sairoun talks about a real budget problem and holds the government responsible

9 hours ago
4916 views

The deputy of the Saeron Alliance, Riyad Al-Masoudi, said, on Saturday, that there is a serious decline in the level of services in Karbala, indicating that if there is no real seriousness in the fairness of this province, its services will remain stuttering, delayed and not at the required level .

Al-Masoudi said in a statement to NRT Arabia, (March 13, 2021), that "according to Article 80 of the constitution, the Iraqi government is responsible for setting up the Council of Ministers and is responsible for drawing up the budget and final accounts and setting development lines. Therefore, it is the duty of the Iraqi government to prepare the budget." In detail, whether at the provincial level or at the level of sectoral ministries and other bodies not linked to the ministry, "indicating that" the preparation of the budget depends on the percentage of the population, and everyone knows the last population census of Iraq was in 1997 and did not include the governorates of the Kurdistan region. Therefore, this is a real problem with regard to Karbala Governorate. ".

He added, "The governorate is not a producer of oil and gas, does not have a governorate of Takreya and does not have a border outlet. Even the port of Arar with the Saudi neighbor has become within the administrative boundaries of Anbar Governorate, which borders Karbala," stressing that "the provinces that do not have oil and gas are not genuinely oppressed borders and the amounts are limited. Very often, whether in Karbala, Babil, Diwaniyah, or in Muthanna to some extent . "

Al-Masoudi explained, "There is prejudice to the right of Karbala Governorate, especially in previous years, and even in these years, and in light of the Corona pandemic, the governorate includes millions of visitors, religious events and other occasions, Thursday, Friday and Saturday, in addition to immigration from the southern and unstable governorates to Karbala, there are more than 60 residential neighborhoods and thousands of slums and the leveling of agricultural lands and converting them into residential lands . "

He pointed out that "those who come to Karbala are aware of the serious decline in the level of services, as there are 5 sewage stations that have not been fully completed, and that they need more than 6 billion dinars annually for the purpose of operating these stations," adding that "there is a shortage of The supply of electric power exceeds (8-10) hours a day and there is an acute shortage in Imam Hussein Medical City Hospital, and therefore we notice that most patients resort to private hospitals, and there is a shortage of 200 primary and middle schools, and there is a serious decline in municipal services and drinking water, and this all stems from Tremendous pressure . "

Al-Masoudi added, "There are more than 800,000 citizens who have arrived in Karbala governorate and they are not registered in the governorate. They follow other governorates such as Basra, Maysan and Wasit. Therefore, if there is no real seriousness in the fairness of Karbala governorate and the governorates that do not have the ability to obtain money as It is allocated to Basra, Dhi Qar and Salah al-Din, and its services will remain faltering, lagging, and not of the required standard . "

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Representative economy: collecting more than one hundred signatures to include the budget law in the next session

17:21 - 13/03/2021

 

  

Information / Special ...

The Parliamentary Economy Committee revealed, on Saturday, that more than 100 signatures have been collected to include the Federal Budget Law on the agenda of the House of Representatives at the next session.

A member of the committee, Mithaq Al-Hamdi, said in a statement to / Al-Maalouma /, that “the Parliament Presidency’s call for the inclusion of the Federal Budget Law in the next session came after collecting the signatures of more than 100 deputies who demanded that it be included in the next Monday’s session.”

Al-Hamidi added, "The difference in the budget numbers between exchange rates and oil prices has caused a delay in listing the budget on the council’s session schedule until now, and thus it will be in accordance with the suit of the presidency of Parliament within the agenda of next Monday."

And she noted that "the Parliamentary Economic Committee will alert Parliament to the big difference in exchange rates during the session to vote on the budget, and it will be discussed in detail to be appropriate with the current oil prices."

He pointed out that " Iraq at the present time sells oil abroad at current prices, which exceeded $ 70 per barrel, while the government has placed the price per barrel in the budget of only $ 42."

[Officiallytook]

Just put it back to pre dummy rate

[rvmydinar]

5 hours ago, Officiallytook said:

Just put it back to pre dummy rate

$3.22.

[WheresmyRV?]

Why do they go through this debacle ever year?! 

[yota691]

Parliamentary Finance expects a new date for approving the budget ... and this is the fate of the abundance of oil

•  Time: 03/14/2021 13:31:40
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•  Read: 3,146 times

  

{Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Sherwan Mirza, preferred to vote on the federal budget for 2021 this week.

 

 

Mirza told {Al-Furat News} that "approving the budget is very likely during this week, within the coming sessions," indicating that "the Finance Committee needs another meeting before approving it."
With regard to the price of a barrel of oil, a member of Parliament added, "The price of a barrel specified in the budget is a conservative one, and we do not know how it will become in the coming months."
He pointed out that "when there is financial abundance, it goes to cover the deficit."
Earlier, the Speaker of Parliament, Muhammad al-Halbousi, affirmed that Parliament was keen to proceed with the laws suspended in previous sessions, most notably the Federal Supreme Court Law, which was suspended throughout previous sessions.
Al-Halbousi indicated that the draft budget law will be in the coming days within the council’s agenda to vote on it.

[yota691]

An economist reveals the annual interest paid by Iraq and determines the importance of high oil

•  Time: 03/14/2021 14:24:00
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•  Read: 3,042 times

  

{Baghdad: Al Furat News} Economic expert Basem Jamil Antoine confirmed, today, Sunday, that any increase in oil prices will lead to the economic recovery to higher levels in the country, indicating that the increase leads to reducing the budget deficit and addressing borrowing.

 

Antoine told {Euphrates News} that "Iraq is more rentier than any other oil-producing country," stressing that "any increase in oil prices leads to a good level, and this in turn is also reflected in reducing the financial deficit in the budget and stimulating the economy."
He added that "using the differentials in oil prices leads to investment, job creation and local production." 
Antoine pointed out that "Iraq is a lender, and borrowing part of it is not productive, as it burdens Iraq, and Iraq pays at least 10 trillion Iraqi dinars annually on the benefits of the office."
The economist went on to say, "We need to improve management to use this money to benefit from it, to create a productive sector and reduce dependence on the oil sector."    

[yota691]

The appearance of Muhammad Saleh: The delay in approving the budget is reflected in economic activity

Sunday 14, March 2021 19:31 | Economical Views: 322

Baghdad / NINA / Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed that new investments and launching their allocations depend on the legislation of the general budget law for the current year, indicating that the delay in adopting them is reflected in economic activity.

Saleh said in a statement to the official agency, "The federal budget is the country's financial plan at the level of a whole year, and many strategic and important decisions depend on its legislation, especially investment decision-makers and the implementation of related activities at the market and private sector level, as well as settling many outstanding rights that It belongs to the people and the general private sector that prepares and executes government projects and requests. "

He added that the new investments and the launch of T_khasisatha depends entirely on the adoption of the legislation of the budget law, particularly the implementation of new projects to be included for the first time and processes referred without delay to implementing the business sector and is related to the revitalization of the operating cycle of manpower and material resources predisposing to use. "

He explained that the slowdown in the adoption of the budget would fall economic activity in achieving the role of spending and optimized in economic growth, particularly investment spending and the implementation of other annual programs including the fight against poverty , social programs , educational and technological key relevant.

He pointed out that "total government spending accounts for roughly 50% to GDP ratio Total in the economy and its effects as government spending extend to about 85% of the country's economic activity. "

And he indicated that "recession and economic recovery are directly related to government expenditures, which should contribute to achieving growth in gross domestic product that exceeds the annual population growth in order to achieve economic prosperity." / End 8

[yota691]

CHANGING THE EXCHANGE RATE OF THE DOLLAR ... PARLIAMENTARY PAYMENT AND GOVERNMENT REJECTION

Sunday, March 14, 2021 5:05 PM

 

 

 

Private / National News Center

The head of the Bayariq Al-Khair Parliamentary Bloc, MP Muhammad Othman Al-Khaldi, ruled out today, Sunday, changing the exchange rate of the dollar, while stressing that the government is determined to keep the exchange rate in its normal condition without change.

Al-Khalidi said, in an exclusive interview with the National News Center, that “there is increasing parliamentary pressure in recent days to push the government to change the course of the dollar’s exchange rate fixed at 1450 dinars, and return it back or at least reach a middle area that ensures alleviation of the impact. The rise in the prices of basic materials in the Iraqi market, especially foodstuffs, due to the repercussions of the increase on the poor and those with limited income.

He added, "Despite the parliamentary pressure, the government continues its determination to keep the dollar exchange rate unchanged," adding that "there will be a change in the near term despite the fact that oil prices have started to recover in the past weeks."

He stressed, "The need for the government to have a framework or a program that contributes to reducing the negative effects of raising the dollar exchange rate on the poor segments, especially since poverty rates in Iraq exceed the 30% barrier, meaning that there are millions in a situation that needs support, and any change in the prices of materials." Basic has painful repercussions on them. ”

[yota691]

Political blocs call for passing the budget by {the majority}

Monday 15th March 2021 137

 

 Baghdad: Hoda Al-Azzawi 

 

Deep and thorny disagreements continue between the political blocs regarding the draft general budget bill 2021, prompting parties to those blocs to adopt the thesis of voting on the budget and passing it by "the majority" after dozens of marathon rounds without reaching an agreement on it, which led to the lifting of the vote on it in a session 

Today.

Member of the Parliamentary Legal Committee, Hussein Al-Uqabi, confirmed to “Al-Sabah” the position of the “National Approach” bloc, to which he belongs, regarding the federal budget, and their boycott of the voting session “if the forty essential paragraphs that they announced in official positions and statements have not been modified since the leaked budget was released to the public. “.

He explained that “members of the bloc will not attend the vote on the budget law,” citing the most prominent paragraphs that they are demanding, including “returning the exchange rate to what it was previously, because of the severe damage caused to citizens, especially those with limited incomes and poor segments, and the significant rise in prices.”

He added, “The other paragraph that we emphasized is the abolition of the article that allows the privatization of the energy sectors by which we mean oil, gas and electricity, as well as paragraphs 41 and 42 that allow the ownership of agricultural lands, and also the abolition of Article 47 for the sale of the assets of the industrial state, which contributes to the control of whales. Corruption on the capabilities of citizens and the people, "noting that" this is a sample of articles that must be changed, otherwise we will not attend the voting session on the law. "

In addition, a member of the Parliamentary Finance Committee, Sherwan Mirza, preferred to vote on the federal budget for 2021 during this week, and said: “The approval of the budget is very likely during this week, within the coming sessions,” indicating that “the Finance Committee needs another meeting before approving it.” .

[yota691]

The Financial Committee gives "the final say" about the fate of changing the dollar price in the budget

2021-03-15

Yes Iraq: Baghdad

 

The Parliamentary Finance Committee highlighted the possibility of changing the price of the dollar again in the budget and its implications, stressing the difficulty of re-changing the pricing.

 

Committee member Jamal Cougar said in a press statement that "the Central Bank and the Ministry of Finance cannot reduce the exchange rate again for several reasons, including that the main goal of increasing the dollar was to reduce the deficit and operating expenses of the government in the general budget."

 

He continued, "One of the other reasons is that the general budget is designed on the price of the new dollar, and there are projects and commitments, and therefore when you ask to change the dollar, meaning you require changing the entire budget from A to Z," noting that "the calls for changing the price of the dollar are based on the rise in the price of oil, When there is no guarantee that oil prices will remain high.

 

Cougar pointed out that "there are many people affected by the high price of the dollar, and therefore these people may resort to court when it is reduced again as a result of the damage they have suffered," pointing out that "changing the price of the dollar again by the bank will confuse the market because of the presence of investors and contractors with The government will distrust the central bank as a result.

 

Cougar believes that "the Central Bank and the Ministry of Finance are not ready to go and change the dollar for all these reasons," noting that "the Ministry of Finance and the Central Bank are specialists in financial policy and they have many reasons for not changing the price of the dollar."

 

The Central Bank of Iraq had decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues resulting from the deterioration of oil prices.

 

It is noteworthy that all the prices of materials and commodities witnessed a significant increase in the local market, which sparked a strong wave of discontent among the popular circles and some of the political bloc, as well as the objections of some interested in economic affairs.

[md11fr8dawg]

5 minutes ago, yota691 said:

the Central Bank and the Ministry of Finance are not ready to go and change the dollar for all these reasons," noting that "the Ministry of Finance and the Central Bank are specialists in financial policy and they have many reasons for not changing the price of the dollar."

So they sit on their arses with one thumb in their mouth and one up their butt and every 30 seconds they switch! What a Clown Show! No offense Thug!