A deputy reveals a set of options regarding the 2022 budget, including the price of the dollar

[yota691]

The budget is freed from the constraints of hardship and achieves a financial surplus

Thursday 11 November 2021 125

 Baghdad: Haider Falih Al-Rubaie

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, confirmed that Iraq will witness a clear economic recovery during the next year 2022, and it is likely that the general budget will not witness financial hardships or financing restrictions due to a lack of revenues, attributing that economic improvement to the recovery of the energy market and the boom in demand for oil. At the same time, it is expected that the rise in oil prices will contribute to achieving an annual added revenue of about 17 trillion dinars.

 

Despite the positives achieved by the continuous rise in global oil prices, which exceeded the $80 barrier, represented in reducing the budget deficit gap, and financing many important strategic projects, economists stress the harm of finding financing outlets other than oil, warning of the danger of continuing to rely Totally on oil revenues to finance public budgets.

 

total expenses

On the possibility that the increase in oil prices would contribute to filling the budget deficit gap, Saleh said during a statement to “Al-Sabah” that “the matter depends on the total expenditure ceilings in the budget, and if we assume that the spending ceiling in the 2022 budget is the same in the current year 2021 and that the average price of a barrel The oil achieved throughout the year is not less than $75, as the oil revenues will alone cover the total expenditures in the budget, and some of the surplus will be achieved.”

 

financial surplus

The financial advisor to the Prime Minister believes that “for the first time, the increase in oil prices will contribute to achieving a financial surplus in the budget without the need to borrow, and if borrowing is achieved, it does not exceed 3% of the gross domestic product stipulated in the financial management law in force due to reconstruction projects. It is ongoing, and its financing is linked to international loans,” he said, adding that “these loans do not exceed three billion dollars per year, in addition to the construction loan whose bonds are offered for circulation to the public at one trillion dinars.”

 

low public debt

In addition to the achievements that are expected to be achieved economically thanks to the recovery in oil prices, other expectations made by Chancellor Saleh regarding the external public debt, it is likely that this debt, which now amounts to 20 billion dollars, will witness a continuous waiver during the coming period, and that the public budget bears the debt extinguishing services and according to Drawn timings.

Saleh pointed out that "the internal debt is still the largest at the present time, which exceeds the external debt three times," noting that "the internal debt remains confined within the framework of the government financial system and is not related to the public."

 

Iraq is recovering

Saleh expressed his confidence that “an economic recovery will occur during the next year 2022, and that the budget will not witness financial hardships or financing restrictions due to a lack of revenues,” attributing this recovery to “the recovery in global oil prices, as well as the increase in the proceeds of Iraq’s oil production by an additional 400,000 barrels.” daily,” adding that “this addition to the current total oil production will contribute to achieving an annual added revenue of about 17 trillion dinars, if the average price of a barrel of oil reaches $75.”

Despite the improvement in oil revenues in the current year, Saleh pointed out that “the growth indicators in the gross domestic product still indicate a modest (less than positive 1%), and this situation will mostly indicate a slow annual growth that remains below the annual population growth rate. of 2.6%.

The Arab Monetary Fund had expected in the fifteenth edition of the “Arab Economic Prospects” report, which includes an update of the international economic environment and its repercussions on Arab countries, and expectations of economic growth and inflation in Arab countries during 2021 and 2022, that the Iraqi economy will witness growth rates despite the current circumstances. As a result of the rise in oil prices and the gradual decline of the effects of the pandemic, which will lead to an improvement in global economic activity and a rise in demand for petroleum products.

The report expected that the measures taken by the Central Bank to reduce the exchange rate, the initiatives directed at encouraging investment, and the government's adoption of a number of reforms would contribute to supporting the output in the non-oil sector.

The 2021 budget and its growth-enhancing investment spending will support economic prospects during 2021 and 2022.

It is expected that the real GDP will grow by 6.3% in 2021, and increase significantly in 2022 to reach 8%, which reflects the raising of the reference baseline for oil production for Iraq within the framework of the “OPEC +” agreement by about 100,000 barrels per day and the continued recovery of non-oil economic activities In light of the gradual improvement of internal conditions.

 

[Laid Back]

“Iraq is recovering

Saleh expressed his confidence that “an economic recovery will occur during the next year 2022, and that the budget will not witness financial hardships or financing restrictions due to a lack of revenues,” attributing this recovery to “the recovery in global oil prices, as well as the increase in the proceeds of Iraq’s oil production by an additional 400,000 barrels.” daily,” adding that “this addition to the current total oil production will contribute to achieving an annual added revenue of about 17 trillion dinars, if the average price of a barrel of oil reaches $75.”

 

We first heard it from the IMF, now from the prime minister financial advisor.

 

Go Iraq 🇮🇶 

Go reforms

Go economic recovery 

Go purchasing power 

[Fairways&Greens]

There is so much momentum building in Iraq right now.
 

Based on what they are saying about the economy in 2022 along with finally paying off Kuwait at the beginning of 2022; I predict the Dinar will gain considerable purchasing power between now and April 2022.

 

I don’t know whether that will mean a de-peg from the dollar and gradually increase or an RV/RI. Either way they will have to move forward with the project to delete 000s and introduce the lower denominations. 
 

Sadr and Kazemi, make it so!

[yota691]

Cougar: There Is No Budget Before June, And It Will Be A Copy Of 2021

 

LAST UPDATE 11/15/2021 | 2:04 PM

Information/Baghdad..
The former member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Monday, that it is not possible to approve the budget before next June, indicating that the budget will be reproduced for the current year.
Cougar said in a statement to Al-Maalouma, "The budget bill has not been submitted by the current government so far, and it is in the process of completing the project, and it will be transferred to the new parliament."
He added that "the budget for the next year does not differ much, except for some minor paragraphs, which are reproduced from the previous one. What is wrong with those budgets is the reliance on operational issues and leaving investment and revenues."
Cougar explained, "It is not possible to spend hundreds of billions annually in salaries and others without recovering that money from annual profits through the ministries, and the next government should pay attention to this matter and invest the surplus funds from the rise in global oil prices in industrial and commercial projects that generate income." Done/ 25 d

[yota691]

Saleh: The Financial Abundance Of Oil Will Contribute To Improving The Economic Situation

 

LAST UPDATE 11/15/2021 | 2:52 PM

 0

 to share

information/special

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Monday, that the financial abundance achieved from the rise in oil prices will contribute to improving the economic situation in general, indicating that Iraq will not resort to borrowing if the rise in global oil prices continues.

Saleh said in a statement to the "Information" agency, that "Iraq's economic recovery depends on the total spending ceilings in the budget, and if it is assumed that the spending ceiling in the 2022 budget is the same in 2021 and that the average price of a barrel of oil achieved throughout the year is not less than 75 dollars." The oil revenues will alone cover the total expenditures in the budget.”

He added, "Wounding the upcoming budget with a hypothetical deficit does not mean that the government will resort to borrowing, provided that the public spending ceiling remains close to the ceiling of the 2021 budget, and the average annual oil barrel is not less than 71 dollars."

Saleh pointed out, "There are expectations of financial abundance and the disappearance of the deficit in the 2022 budget in the event that oil prices continue to rise globally and some surplus is achieved in the availability of other revenues."

He pointed out that "the budget stability fund must be available as a sovereign hedge fund from the exposure of financial sustainability to the risk of fluctuation or decline in the sustainability of financial revenues achieved from the rise in global oil prices."

[ronscarpa]

 "Wounding the upcoming budget with a hypothetical deficit does not mean that the government will resort to borrowing, provided that the public spending ceiling remains close to the ceiling of the 2021 budget, and the average annual oil barrel is not less than $71 dollars."

 

Thanks - This appears to be good news for Iraq, and hopefully for us if it leads to an increase in value of the IQD...! 

[yota691]

Former Director of the Audit Bureau: The Minister of Finance is strict with his theses, and we exclude an increase in salaries

•  Time: 11/17/2021 09:14:02
•  
•  Reading: 1,235 times

  

{Economist: Al Furat News} The former director of the Financial Supervision Bureau, Salah Nuri, described the current Minister of Finance, Ali Abdul Amir Allawi, as "hard-line in his theses."

Nuri told {Euphrates News}: "We rule out taking any action regarding the salary increase process, because the current Minister of Finance is strict, and one of his proposals was to reduce salaries."
"Until now, it is not possible to know the fiscal policy of the new government, but the issue of salary increases is excluded," he added.
Nuri pointed out, "The most affected are the poor and vulnerable segment that does not have an income or salary such as earners or those who work in the private sector, so it is necessary to support the budget of the Ministry of Labor and Social Affairs to support these segments."
The Prime Minister's advisor for financial and economic affairs, Mazhar Muhammad Salih, reassured the employees about their salaries.
And Saleh confirmed the first yesterday, Monday, to Al Furat News: “The salaries of employees will not be affected by the delay in approving the financial budget for the next year 2022 because government expenditures or their revenues are governed by the Financial Management Law and this law regulates the financial work of the new administration for 2022 in the absence of a budget.”
And he indicated that "the formation of the government and parliament and its delay requires legislation and the law confirms the disbursement of 12/1 from the financial administration for the previous year and on a monthly basis for each corresponding month in the past year, as well as the expenditures in disbursing payments for ongoing projects."

Raghad Daham

[Laid Back]

“We rule out taking any action regarding the salary increase process, because the current Minister of Finance is strict,and one of his proposals was to reduce salaries."

 

“Until now, it is not possible to know the fiscal policy of the new government, but the issue of salary increases is excluded,"

 

Maybe because they’re planning to increase purchasing power.

Go CBI  

Go purchasing power

Go $1:1

[ronscarpa]

1 hour ago, Laid Back said:

“We rule out taking any action regarding the salary increase process, because the current Minister of Finance is strict,and one of his proposals was to reduce salaries." “Until now, it is not possible to know the fiscal policy of the new government, but the issue of salary increases is excluded,"

.......Maybe because they’re planning to increase purchasing power.

 

I sincerely hope that's the case Laid Back  ....... Ron 

[new york kevin]

On 11/11/2021 at 5:27 AM, yota691 said:

Baghdad: Haider Falih Al-Rubaie

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, confirmed that Iraq will witness a clear economic recovery during the next year 2022, and it is likely that the general budget will not witness financial hardships or financing restrictions due to a lack of revenues, attributing that economic improvement to the recovery of the energy market and the boom in demand for oil.

Yota, your contributions are, and always have been appreciated .  You continue to supply those nuggets of informative hope for those, like me, that are to busy/lazy to do the research ourselves . Thank you.

[screwball]

9 hours ago, Laid Back said:

“We rule out taking any action regarding the salary increase process, because the current Minister of Finance is strict,and one of his proposals was to reduce salaries."

 

“Until now, it is not possible to know the fiscal policy of the new government, but the issue of salary increases is excluded,"

 

Maybe because they’re planning to increase purchasing power.

Go CBI  

Go purchasing power

Go $1:1

yes agree

[yota691]

A financial director suggests that the government will continue to act financially and make amendments to the 2022 budget

•  Time: 11/18/2021 19:48:19
•  
•  Reading: 2,496 times

  

{Economic: Al Furat News} The former director of the Office of Financial Supervision, Salah Nuri, suggested, on Thursday, that the government will continue to act financially for several months until the approval of the federal budget for the year 2022.

 

Nuri told Al Furat News that "the new government will announce the formula for the general budget that the current government has completed, and it is certain that the same draft will not be adopted."
And Nuri said, "Iraq will continue to dispose of the financial system from the Financial Management Law 1/12 for several months, due to the delay in approving the budget, and we expected the delay in approving the budget law according to the delay in forming the government and then preparing the budget formula."
He explained, "The general budget for 2022 is available, but the constitutional timing prevented its referral to the House of Representatives because it coincided after the elections."
"The project is ready in the Ministry of Finance, and some amendments may be made to it, and the action will be taken within 1/12 until it is approved," Nuri said.

From: Raghad Daham

[yota691]

Documents .. Finance violates the instructions of the Council of Ministers and sets a condition for the promotion of the employee

•  Time: 11/19/2021 08:44:38
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•  Reading: 2,106 times

  

{Economic: Al Furat News} Documents revealed that the Ministry of Finance “violated” the directives of the General Secretariat of the Council of Ministers on canceling the job description of employees and promoting them according to their entitlements.

A document obtained by {Euphrates News} indicated that “the Ministry of Finance has set a prerequisite for the promotion of the employee, which is that he has been included in his job more than once, and this represents a violation of the directives of the General Secretariat of the Council of Ministers in their letter, which stipulates that the employee does not bear the error of his management and that Employees who have graduated in administrative titles are promoted."
She pointed out, "The letter of the General Secretariat of the Council of Ministers did not mention and did not specify the promotion of the employee who was promoted to more than one degree, which was violated by the Ministry of Finance in its jurisprudence, as many employees were promoted for one time only, after which their promotion was stopped under the pretext of the job description and that the employee did not He bears the error of his administration and does not pay for it, as the judicial decisions of the Employees Judiciary Court have settled in many of its decisions that have acquired the final degree of promoting the employee and its refusal to refrain from promoting him on the basis of not matching his educational certificate.
Employees said that "the decision of the Ministry of Finance encouraged state departments and institutions to refuse and refrain from promoting their employees, and issued instructions and conditions that were impossible to promote, and they impose personal judgments against the employee's entitlement, which will deprive thousands of employees of promotion."
The employees called on "the Minister of Finance and the Undersecretary to intervene urgently to solve this problem in violation of the law and the letter of the General Secretariat of the Council of Ministers."

Ammar Al Masoudi

[yota691]

Mazhar Saleh: The 2022 budget is “prudential”

Wednesday 01 December 2021 162

 

 Baghdad: Shaima Rashid

 

The government is moving to adopt a “prudential” budget for 2022, in order to face the repercussions of international and regional turmoil and its impact on the stability of oil prices globally.

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, told Al-Sabah: The draft budget for next year is ready, and for the first time contains a plan for investment projects that is clear and built for a period of three years, and every year there are allocations so that there is no commitment and delay, revealing that the budget 2022 was built on the basis of an oil price of 50 dollars per barrel, despite the fact that the current oil prices exceeded 80 dollars per barrel.

Saleh explained, that the government adopts this price as a “precaution”, because Iraq is a rentier country and lives on oil that is mortgaged at world market prices, indicating that this measure will create a hypothetical and not real deficit, meaning if there is a surplus of oil, it will cover budget obligations, and if If this is not achieved they (the state) will borrow.

 However, Saleh added that the possibility of borrowing has been present in all of Iraq's budgets since 2004 until today as a precautionary part with a hypothetical deficit, due to the previous and current Financial Management Law, which demands the financial authorities not to go to an increase in oil prices. 

He added that borrowing is placed in the budget for necessity, as it was in the 2021 budget, which contained 29 trillion, but in practice there were no borrowings, adding that if there was permissible borrowing, called financial space, it does not affect financial sustainability in the future, noting The borrowing in the budget is internal and external, but the government resorts to the internal for its ease and low risk.

The Prime Minister’s Adviser for Economic Affairs dispelled concerns about the spread of the new mutant of the Corona virus “Omicron” and its impact on the economy in general, explaining that the new pandemic will reduce oil prices, but there will be no complete closures, as happened previously for the global economy, because the world adopted the closure in advance. , and got great losses.

[yota691]

Adviser to the Prime Minister: The 2022 budget is guarded against surprises and includes appointments

•  Time: 11/30/2021 13:41:00
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•  Reading: 2,639 times

  

{Economic: Al Furat News} An economic advisor to Prime Minister Mustafa Al-Kazemi revealed that the financial budget for 2022 includes job grades and appointments.

Mazhar Muhammad Salih told {Euphrates News}: "The economic fears about the 2022 budget are due to the pandemic, and all economic tracks and plans are changed by surprises."

And he indicated that "the 2022 budget is protected for all surprises and is rationally planned," noting that "there are laws that obligate appointments, and it is certain that the budget includes them."

Raghad Daham
 

[yota691]

Adviser to the Prime Minister reveals the amount of borrowing in the 2022 budget: There is no return to complete closure

•  Time: 12/01/2021 08:32:26
•  
•  Reading: 247 times

  

{Economic: Al Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed that there is a clause for borrowing in the draft financial budget law for the year 2022.

Saleh said in a press statement: "The possibility of borrowing has existed in all of Iraq's budgets since 2004 until today as a precautionary part with a hypothetical deficit, due to the previous and current financial management law, which requires the financial authorities not to go to an increase in oil prices."
He added, "Borrowing is placed in the budget as necessary, as was the case in the 2021 budget, which contained 29 trillion, but practically there were no borrowing operations, adding that if there is a financial deficit, then the allowance is allowed for the future." He pointed out that the borrowing in the budget is internal and external, but the government resorts to the internal for its ease and low risk.
The dashing adviser to Prime Minister for Economic Affairs concerns about the new variable spread of the virus Corona {Omicron} and its impact on the economy in general, pointing out that the new pandemic would reduce oil prices, but there will be no full closures, as happened before the global economy, because the world adopted the pre-shutdown , and got great losses.

[yota691]

A financial official reveals the dollar exchange rates in the 2022 budget

•  Time: 12/04/2021 10:15:14
•  
•  Reading: 2015 times

  

{Economic: Al Furat News} The former director of the Financial Supervision Bureau, Salah Nuri, revealed today, Saturday, the exchange rates of the dollar in the 2022 budget.

Nuri said in a statement to {Euphrates News}, that "the dollar exchange rates remain unchanged in the 2022 budget."

And he indicated that "the Ministry of Finance insists on keeping the dollar exchange rate unchanged until the next two years."

Nuri expected that "the budget for the year 2023 will be built on the same current price," noting that "the budget was built with austerity and the fluctuation of oil prices will not affect it."

He pointed out that "a plan has been prepared, if necessary, to move towards internal borrowing."

[screwball]

On 11/12/2021 at 7:34 AM, Laid Back said:

Saleh expressed his confidence that “an economic recovery will occur during the next year 2022,

read the words.... that "an'' refers to an event, one event

[screwball]

21 hours ago, yota691 said:

A financial official reveals the dollar exchange rates in the 2022 budget

•  Time: 12/04/2021 10:15:14
•  
•  Reading: 2015 times

  

{Economic: Al Furat News} The former director of the Financial Supervision Bureau, Salah Nuri, revealed today, Saturday, the exchange rates of the dollar in the 2022 budget.

Nuri said in a statement to {Euphrates News}, that "the dollar exchange rates remain unchanged in the 2022 budget."

And he indicated that "the Ministry of Finance insists on keeping the dollar exchange rate unchanged until the next two years."

Nuri expected that "the budget for the year 2023 will be built on the same current price," noting that "the budget was built with austerity and the fluctuation of oil prices will not affect it."

He pointed out that "a plan has been prepared, if necessary, to move towards internal borrowing."

yep unchanged just with some zeros missing

[screwball]

21 hours ago, yota691 said:

He pointed out that "a plan has been prepared, if necessary, to move towards internal borrowing."

this is what makes money velocity.....BIG TIME

[6ly410]

https://al-iraqinews.com/archives/204012 

Conscious / an economist reveals the date of launching the budget next year

 December 6, 2021 9 Views

Conscious / Baghdad / g. NS

The economic expert, Wissam Al-Tamimi, said today, Monday, that the exchange rate of the dollar against the Iraqi dinar will remain at the number currently circulating during the next year, warning against taking advantage of some weak-minded people to go towards raising the price of fuel and the power of electricity.

Al-Tamimi said in an interview carried by (the Iraqi Media News Agency / INA) , that "the general budget for the next year will not see the light before the formation of the new government, which will take approximately six months to be born after the approval of the election results."

He added, "The current government, which prepared the 2022 budget, has not developed any plans to reduce the exchange rate after the benefits it achieved from raising it at the end of last year, and therefore the exchange rate will remain unchanged without any change in the next year's budget."

And he indicated that "the inflation rate for the current year rose by only 7.4%, after raising the exchange rate of the dollar, but it will rise significantly and quickly also in the event that the government raises fuel prices, in addition to the generator owners raising the price of amps, taking advantage of the lack of control over their work." .

[Laid Back]

What is interesting to me is how many times and how many news articles  talking about the same thing. 
 

“The exchange rate of the dollar against the Iraqi dinar will remain the same in the 2022 budget”

 

Why so much insistent in letting know people about this?

 

Where there’s smoke there’s fire.!

 

Go Iraq 

Go international 

Go purchasing power 

[Half Crazy Runner]

1 minute ago, Laid Back said:

Why so much insistent in letting know people about this?

Exactly! Especially when no one is asking. 🤔

Hoping you’re right! Lots of smoke, big fire 🔥 

[horsesoldier]

Oh Lord, where there’s smoke there’s fire . . . Please oh please let this be the year where all this smoke DOESN'T get blown straight up our back sides ! 

[Longtimelurker]

"He added, "The current government, which prepared the 2022 budget, has not developed any plans to reduce the exchange rate after the benefits it achieved from raising it at the end of last year, and therefore the exchange rate will remain unchanged without any.."

 

"The CURRENT government"

 

I like this wording... We have a new govt coming in very soon. A great way for the new government to be trusted and appreciated would be to give purchasing power back to the Iraqis by reinstating the currency!