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Mr. Sadr tweets on the budget and warns


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Parliamentary committee: We will proceed to withdraw the powers of those who are not qualified in this case


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30th March, 2021


The head of the Parliamentary Government Program Monitoring Committee, Hazem Al-Khalidi, said that if the government and the Central Bank insisted on the decision to raise the price of the dollar, we will start procedures for withdrawing the powers of those who are not qualified.

In a statement received by the Tigris, Khalidi said, "The government has admitted on more than one occasion the damages and negative effects of the decision to raise the price of the dollar against the Iraqi dinar, including:

1 - The report of the Central Bureau of Statistics of the Ministry of Planning, which approved a continuous increase in annual inflation rates from November 2020 until February 2021, to nearly 5 percent, which means that the price of consumer goods will continue to increase in the local Iraqi market.

2 - A paragraph was added to the budget that included allocating compensation to contractors affected by the decision of the dollar exchange rate of about 500 billion dinars, which is a clear recognition of the damages of the decision, so the government goes to compensate contractors and neglects the millions of Iraqis who live below the poverty line.

3 - The Ministry of Planning's affirmation of the rise in poverty rates to about 25 percent, which means that there are about 10 million poor citizens inside the country, especially in the central and southern governorates.

4 - The High Commission for Human Rights warns of the continued increase in food prices and the rise in poverty rates, and the government’s call to declare a humanitarian emergency.

He added, "Despite these admissions and warnings, the government, backed by some political forces, continues to insist on this decision despite its negatives and risks, as well as the absence of all government justifications for taking it, which is surprising after the popular campaign launched by the citizens to cancel the decision."

He continued, "In the event that the government and the central bank continue to insist on this decision, then we will initiate a parliamentary campaign to amend the laws of the Central Bank and the Ministry of Finance and withdraw these powers from those who are not qualified."

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Al-Khalidi threatens: In the event that the government and the Central Bank insist on the decision to raise the price of the dollar, we will proceed with the procedures of withdrawing the powers of those who are not qualified  LINK

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An official in the Central Bank: There is no return to the previous dollar price .. Any decision to decrease means an economic massacre

 

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4,339 Economie 2021/03/30 15:09 

 

The Central Bank resolved the debate on the price of the dollar against the dinar and the process of reducing it, announcing that there is no return to the previous price, and the price will not be reduced under any circumstances, while confirming that there is no intention, at the same time, to raise the price from 145 thousand per 100 dollars. 

The general manager of accounting at the bank, Ihssan Shamran, said in a press statement followed by (Baghdad Today), that "the current price of the dollar is very reasonable and therefore the bank has settled on it and that any decision to reduce it means that we are heading towards an economic massacre." central bank". 

The Central Bank called for "ending" what it called "the quarrels and shouts calling for the return of the previous price," indicating that "this matter is not based on any economic vision ... despite the intentions of those who demand it."

And he considered that "these statements contribute to the instability of the price, since the news and its differences contribute to a lack of confidence in the exchange market and its stability." 

Shamran, an advisor to the central bank governor, considered that "the process of raising the dollar against the dinar was long overdue because this matter contributed to protecting the domestic product in addition to that the lifting process increased the financial costs of the exporting countries to Iraq by 22%, which contributes to increasing competition between the imported product." And domestic product. " 

And Shamran said, "Even suspicions of money laundering also ended with the raising of the dollar, and this is one of the most important benefits that Iraq obtained as a result of changing the exchange process." 

The Director General of Accounting at the Central Bank revealed that "the public finances obtained about 10 trillion dinars as a result of the process of raising the exchange rate of the dollar against the dinar. 
 

Consequently, that ministry is now supposed to allocate about 20 to 30 percent of the collected amount (10 trillion) for the purpose of distributing it to citizens who are among the The poverty line and today they went below this line, which amounted to about ten million citizens, as financial grants, and this is part of the central bank's understandings with the ministry regarding the process of changing the currency exchange rate.

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The Minister of Finance reveals the amount of the stolen Iraqi funds

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29th March, 2021


The Minister of Finance, Muhammad Allawi revealed, on Monday, that the looted Iraqi funds amounted to $ 150 billion, indicating that Iraq's foreign debts amounted to $ 60 billion. 

Allawi said in a statement to "Al Sharq Bloomberg" that "Iraqi funds stolen through previous political regimes amount to $ 150 billion, and there is international aid to recover these funds."

He explained that "the external debt of Iraq reaches 60 billion US dollars, of which 6 billion are to Iran, which are Iranian deposits. Not all of them represent debts related to import dues for goods such as gas and fuel," indicating that a large proportion of the debts belong to financial institutions.

The minister pointed out that 

the current price of the Iraqi currency against the US dollar after reducing its value will continue for a long time,

and a full float may occur in the future,

but the central bank will now work to maintain the current exchange rate level for as long as possible.

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Dr.. The appearance of Muhammad Salih *: The Iraqi dinar: between the debates of floating and reducing **


3/14/2021

 

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Although the monetary policy of the Central Bank of Iraq followed the shock method in adjusting the value of the Iraqi dinar by the procedures of December 19, 2020, the reduction in the exchange rate of the dinar, at a rate of 20%, was identical to the deficit in the current account of the Iraqi balance of payments relative to the estimated gross domestic product.

About (minus 20%) for the year 2020.

Thus, the amendment was in conformity with the theoretical foundations that relate the exchange rate adjustment to the two states of deficit or surplus in the current account of the balance of payments if the deficit and surplus fluctuated to GDP by more than 4% (negative) or (positive).

The debate has remained among some economists about the importance of the Central Bank of Iraq resorting to the floating currency float philosophy as an introduction to gradual adjustment instead of adopting the shock method and surprise the market with an alternative, low external value of the Iraqi dinar overnight!).

Floating the currency exchange rate, in essence, means adopting an exchange system whereby the external value of the national currency is determined according to the forces of supply and demand in the exchange market. 
 

This comes in contrast to the fixed exchange regime, in which the monetary authority or the central bank is in charge of determining the value of the dinar in relation to the foreign currency in advance and according to the rules of its monetary policy. The policies of floating the exchange rate adopted since the failure of the (Bretton Woods) system in 1971 based on the exchange rule

To continue reading, click on the following link to download the PDF

The appearance of Muhammad Salih - the Iraqi dinar - between the debates of the float and the reduction - edited

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Al-Kazemi's economic advisor determines the path to redemption of loans

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30th March, 2021


Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Tuesday, that Iraq will not resort to borrowing again if the price of oil reaches $ 70.

Saleh said in a television interview, 

"The government will not go towards borrowing again in the event that the price of one barrel of oil reaches $ 70 during the coming period,

as this will increase financial abundance,"

stressing "the need to provide a stabilization fund."

He added that 

"this fund aims at financial stability from the fluctuations of rise or fall,"

noting that "this fund must be sovereign and support the federal budget." 

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The Finance Committee is angry and "reveals papers" and sides obstructing the budget: one thing will change about it

2021-03-30

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Yes Iraq: Baghdad

 

The Parliamentary Finance Committee revealed, in "angry" remarks, the reasons for not passing the budget by some blocs, while it indicated that a slight change will be made to the budget related to the price of a barrel of oil only, confirming that the budget will be passed by the majority soon.

A member of the committee, MP Naji Al-Saeedi, said, "The political blocs in parliament are of various kinds, including those that reject the budget draft absolutely, and their goal is not to pass the budget from a political standpoint.

He added, "Political blocs in Parliament are trying to leverage me to add some articles after the Finance Committee votes on the draft budget and handing it over to the Presidency of the House of Representatives, and this is unacceptable and we will not allow it and all the blocs have representatives in the committee and three months ago they attended committee meetings and agreed to the budget items," 

Indicating that, after the end of the draft budget now and handing it over to the presidency, they are trying to add new articles through the arm-twisting.

 

A member of the Parliamentary Finance Committee continued,

"This period is an opening (the period of discussions about the budget),

after which we will pass the draft budget by the majority,

and we will not allow a single letter to be changed in the budget,

adding that, a barrel of oil will turn into $ 46 in the budget in order to cancel external borrowing."

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Parliamentary Finance announces that the budget is ready for voting and expects the passage within two days

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30th March, 2021


A member of the Parliamentary Finance Committee, Majida Al-Tamimi, announced, on Tuesday, that 

the general budget law is ready for voting,

and it is likely that the budget law will be voted on within the next two days.

Al-Tamimi told Shafaq News, 

"We expect at any moment to set a session by the Presidency of the House of Representatives to vote on the budget law," noting that "the Parliamentary Finance Committee delivered the draft budget law to the Presidency of Parliament since mid-February and since that date the budget has been ready for voting." 

The representative of the Saeron bloc indicated that 

"the bloc was present with the full number of its members in the House of Representatives to vote on the budget law last Sunday," indicating that "any political bloc or any deputy has the right to vote or not on some articles and paragraphs of the law, according to their convictions." 

She pointed out that "some political blocs have an objection to some articles of the law, so they announced their boycott of the session to vote on the budget."

On Sunday, the members of the Finance Committee in the Iraqi Parliament voted to pass the Kurdistan Region’s share in the federal budget. 
The House of Representatives failed to vote on the federal budget bill for 2021, due to the continuing disagreements over some items. 

The budget allocations are estimated at 130 trillion Iraqi dinars (about $ 89.6 billion).

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7 minutes ago, Rugbylaird19 said:

So if the budget is locked in at $46.00 per barrel and oil happens to hit $70.00,

I wonder what they might do with that surplus?
Anyone, anyone, Bueller? 


Raise The Rate So That Pitcher And I Can Go In On A New Ferrari ! :o 

 

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And Then Tell This Investment - ‘Later Fitches’ ...  :wave: 

 

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:D  :D  :D 

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Al-Kazemi calls for speeding up the approval of the budget and reveals directives to confront "greedy" traders

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30th March, 2021

Prime Minister Mustafa Al-Kazemi called on the Council of Representatives to expedite the approval of the federal budget for 2021, while revealing directives issued to the security services to monitor the "unreasonable" rise in prices and confront "greedy" traders.

Al-Kazemi said during the cabinet session held today, Tuesday, 

"We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes, and support service projects that affect the lives of citizens."

He added that "all ministries must work with all their efforts to support the Ministry of Trade in order to distribute the ration card items to citizens and not give some traders an opportunity to exploit the citizen's needs.

Al-Kazemi added, "We instructed the Ministry of the Interior and the National Security Agency to monitor the unreasonable rise in prices as a result of the greed of some merchants."

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22 minutes ago, DinarThug said:

The Finance Committee is angry and "reveals papers" and sides obstructing the budget: one thing will change about it

2021-03-30

Sequence-01.00_00_52_14.Still001.jpg?res


Yes Iraq: Baghdad

 

The Parliamentary Finance Committee revealed, in "angry" remarks, the reasons for not passing the budget by some blocs, while it indicated that a slight change will be made to the budget related to the price of a barrel of oil only, confirming that the budget will be passed by the majority soon.

A member of the committee, MP Naji Al-Saeedi, said, "The political blocs in parliament are of various kinds, including those that reject the budget draft absolutely, and their goal is not to pass the budget from a political standpoint.

He added, "Political blocs in Parliament are trying to leverage me to add some articles after the Finance Committee votes on the draft budget and handing it over to the Presidency of the House of Representatives, and this is unacceptable and we will not allow it and all the blocs have representatives in the committee and three months ago they attended committee meetings and agreed to the budget items," 

Indicating that, after the end of the draft budget now and handing it over to the presidency, they are trying to add new articles through the arm-twisting.

 

A member of the Parliamentary Finance Committee continued,

"This period is an opening (the period of discussions about the budget),

after which we will pass the draft budget by the majority,

and we will not allow a single letter to be changed in the budget,

adding that, a barrel of oil will turn into $ 46 in the budget in order to cancel external borrowing."

LINK

Ahhh, trying to squeeze the last few juicy drops out of all that pork that is included. 

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22 minutes ago, Rugbylaird19 said:

So if the budget is locked in at $46.00 per barrel and oil happens to hit $70.00, I wonder what they might do with that surplus? Anyone, anyone, Bueller?


Gonna take a wild stab at this in the neck and state - What is steal the surplus? 
 Surely that’s a Daily Double right there ....cue Jeopardy theme 

 

All the Best to U

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17 minutes ago, DinarThug said:

Al-Kazemi calls for  ‘Speeding’  up the approval of the budget and reveals directives to confront "greedy" traders

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15 minutes ago, gregp said:

Speed? 


That’s Just How We ‘Roll’ Fitches - Let’s Bro ! :o 

 

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:D  :D  :D 
 

Edited by DinarThug
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4 hours ago, DinarThug said:

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Al-Kazemi calls for speeding up the approval of the budget and reveals directives to confront "greedy" traders

image.php?token=a3f6d1c9b737cb5184e05a279b7e34f1&size=

30th March, 2021

Prime Minister Mustafa Al-Kazemi called on the Council of Representatives to expedite the approval of the federal budget for 2021, while revealing directives issued to the security services to monitor the "unreasonable" rise in prices and confront "greedy" traders.

Al-Kazemi said during the cabinet session held today, Tuesday, 

"We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes, and support system" rel="">support service projects that affect the lives of citizens."

 

4 hours ago, 6ly410 said:

April 1st is looking really good..

:cigar:

 

 

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Advisor to the Prime Minister: China agreement will enter into force this year

 
Advisor to the Prime Minister: China agreement will enter into force this year
 
 
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03/29/2021 23:48:28
 
 
The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, revealed that the Iraqi-Chinese agreement could not be implemented last year; It will enter into force after the approval of the draft federal budget law for 2021.
 
Saleh said in a press statement, "As everyone knows, the term of the agreement is 20 years, and it was signed in Beijing on September 23, 2020 during the government of former Prime Minister Adel Abdul-Mahdi, and it became effective about a month later, on October 18, but the financial crisis delayed "To implement it, as putting the money in the Iraqi-Chinese fund faltered.
 
China closed the world when the pandemic began. In general, there were obstacles on the Chinese and Iraqi sides for reasons beyond the control of the two parties."

Saleh added according to my knowledge, the 2021 budget law includes financing the Iraqi-Chinese agreement, in the amount of two billion to implement projects agreed upon between the two parties, and the two billion can be added to loans and other amounts under the agreement and with credit support from the Chinese side. If the budget goes, including the agreement financing clause; The Iraqi-Chinese agreement will start working on it starting this year, as it was not implemented last year due to the lack of a budget.

He pointed out that, the agreement "includes depositing the amounts of 100,000 barrels of oil into the fund to finance the projects that are implemented through the agreement, whereby the Chinese side completes the amounts required for the projects, but I expect that Iraq will increase its production in the future to finance the agreement fund by 500 thousand barrels per day, as China is currently the second. A trading partner for Iraq."
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Parliamentary weights to vote on the budget tomorrow

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30th March, 2021


A Deputy from the Patriotic Union of Kurdistan said that the parliament would hold a session tomorrow, Wednesday, to vote on the budget bill for 2021.

According to his party's media, MP Hussein Nermo said, "A number of parliament members collected about 40 signatures to hold a session tomorrow, Wednesday," To vote and settle the draft federal budget law for 2021."

Nermo added, "The Kurdish blocs in the House of Representatives do not oppose holding a session Wednesday to settle the budget,"pointing out that "the Parliamentary Finance Committee voted during the past days on Article 11 of the Kurdistan region in the draft budget law." 

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Vice President: Tomorrow is the date for voting on the budget

Vice President: Tomorrow is the date for voting on the budget
 
 
03/30/2021 17:44:10
 
 
The deputy of the Patriotic Union of Kurdistan, Hussein Narmo, suggested tomorrow, Wednesday, the date for the vote on the draft federal budget bill for 2021.
 
Nermo said, in a press statement, that "deputies collected about 40 signatures to hold the session on passing the budget tomorrow, Wednesday, and that the Kurdish blocs did not oppose the decision." "The Parliamentary Finance Committee has voted in recent days on Article 11 of the Kurdistan Region in the draft budget law," Nermo said.
The House of Representatives, on Sunday, failed again to vote on the 2021 budget, despite reports of an agreement on the Kurdistan region’s share.

A representative source stated (to the Euphrates News) that, despite the agreement on the share of the Kurdistan region, which was the budget knot, the differences moved to other materials such as contracts, job grades, the dollar exchange rate, the displaced, and the reconstruction of devastated areas.
A member of the Parliamentary Finance Committee, Sherwan Mirza, also expected a new date for voting on the budget through {Euphrates News}, stressing the continuing differences over the draft law between the political blocs. Mirza is likely to approve the budget this week.
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