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Al-Kazemi's advisor draws a road map for the sustainability of Iraqi economic growth


yota691
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  Baghdad: Haider Falih Al-Rubaie 
The financial advisor in the Prime Minister, Dr. Mazhar Muhammad Salih, suggested that the next year’s budget 2022 will witness more new investment projects, which will be guaranteed to be implemented as a result of the increase in oil revenues. The price of black gold rose to exceed $70 a barrel, which economists rely on a lot to bridge the deficit gap in the public budget, which was built on the basis of a barrel price of $45.
Saleh stressed, during his speech to Al-Sabah, that "reducing the hypothetical deficit due to the increase in oil revenues in the federal general budget for the year 2022 will exceed important percentages of financing that deficit by means of traditional borrowing from local or international financing institutions to secure the needs of implementing new investment projects."
And the government advisor indicated that this matter will be done through two parts, the first is the additional funding and filling the deficit due to the improvement in the price of a barrel of oil, at five dollars above the price of a barrel approved by the 2021 budget, which will be mostly $ 50 instead of $ 45.
 
oil assets 
Saleh explained, “The second part relates to the cycle of oil assets, which still indicates an improvement in global oil prices, with an annual average expected to exceed $65 a barrel in 2022, with the growing détente of the global economy and the increasing levels of vaccination against the Corona pandemic and the return of its trade and investment entanglements and prosperity All forms of transportation sectors, indicating that the transportation sector is responsible for consuming 75% of oil derivatives in the world.
 
investment projects 
The financial advisor believes, “The list of new investment projects will be guaranteed to be implemented, and according to the flow of additional revenues in the general budget, which will cover the hypothetical deficit in the 2022 budget without having to resort to domestic or external borrowing, which helps to provide strength to the state of financial consolidation that is looking forward to to public finances in providing means of its sustainability.
Revenue stability
A spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA) that “the stability of oil prices at $70, despite the great challenges and the economic stagnation of many countries’ economies, is a good indicator for the member states of “OPEC +”, including Iraq, because it enhances their its fiscal revenues, revives their economies, and reduces the proportion of the fiscal deficit.”
Jihad indicated, "The stability of financial revenues for Iraq between 65 and 70 dollars during the past months is a good realistic indicator in light of the challenges facing the economies of countries and the (fragile) reality of the oil market," noting that "Iraq aspires to achieve higher revenues through commitment." With the gradual increases that were agreed upon in “OPEC +”, which contribute to reducing the proportion of the budget deficit.”
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  •  Time: 09/09/2021 19:42:05
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Al-Kazemi’s advisor reveals a disturbing surprise in the 2022 budget
  
{Economic: Al Furat News} The advisor, the Prime Minister's advisor for financial and economic affairs, Mazhar Muhammad Salih, revealed, on Thursday, a disturbing surprise regarding the spending process in the federal budget for the fiscal year 2022.
 

He explained, Saleh {for Al Furat News} that: "The next budget will have great spending pressures. If all pressures are implemented, its ceiling should increase, and this is not commensurate with Iraq's economic situation."
He added: "The budget in some adaptations accommodates some jobs and changes, and it has some reasonable flexibility within the limits of the spending ceiling, such as accommodating some important degrees."
Saleh pointed out that: "Iraq's resources are limited compared to many commitments."
He continued, "The price of a barrel of oil is 50 dollars, and if the spending ceiling remains as it is, 129 trillion, with the strengthening of non-oil revenues, the deficit will drop by half."
Saleh concluded: "In our estimates, the 2022 budget may raise its ceilings by a small amount of up to 10%, and reduce the deficit to 50%."

While the government confirmed, through the spokesman of the Council of Ministers, Hassan Nazim, that the dollar exchange rate will be fixed in the draft financial budget law for 2022 and there will be no change in it.

From: Raghad Daham / Tah: Wafaa Al-Fatlawy

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  • 2 weeks later...

Far from borrowing... a government advisor reveals the financing of the 2021 budget deficit

political06:10 - 09/22/2021

 
image
 
 

 

Baghdad - Mawazine News
, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Wednesday, that the improvement in oil revenues allowed financing this year's budget deficit away from borrowing, while revealing that there are 6,000 projects worth more than $100 billion.
Saleh told the official news agency, "The spending ceilings in the operating budget in particular, are still high and depleting public revenues, including oil revenues, which have improved to compensate for the planned deficit in the general budget for the fiscal year 2021, and finance it with increases in oil revenues instead of expanding by borrowing."
He added, "Non-oil revenues are also still below the planned level in supporting budget revenues and diversifying revenues from outside the oil resource."
Saleh added, "With the increase in these spending ceilings in favor of the operating budget, which is of a mostly consumer nature, the opportunities available from improving oil revenues did not increase the sufficient space to operate six thousand government investment projects, most of which are suspended, and their value exceeds one hundred billion dollars." That "those projects will take their natural path to implementation in order to maximize economic growth rates in the country and raise employment levels."
He stated that "what is allocated annually for the purposes of government investment projects, more than half goes to the sustainability of the energy sector, and the remaining part is absorbed by the necessities of maintaining municipal service projects to a minimum."
On the other hand, Saleh pointed out that "the opportunity to help strengthen investment activity and raise employment rates for the unemployed, in addition to what is available annually from government investment, is summed up in going towards the advancement of investment opportunities for the private sector, which is a strategic role assumed by the National Investment Commission today and investment departments in the governorates."
The size of the financial deficit in the 2021 budget, after its approval in Parliament, amounted to approximately 29 trillion dinars, while the total size of the budget amounted to 130 trillion dinars. Ended 29/R77

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Adviser to the Prime Minister sets the conditions for re-exchange of the dollar to the previous rate
  
{Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the conditions for reconsidering the exchange rate of the dollar against the dinar and returning it to the previous rate.

Saleh told {Euphrates News} that "restoring the dollar exchange rate to its previous era requires a number of things and a period of time," stressing "the country's foreign currency reserves must be stabilized by addressing the budget deficit as well as improving the economy."

He stressed that "this matter cannot happen in the short period, according to the current economic fluctuations and the general economic policy, which is difficult for anyone to speculate on its current
conditions." The exchange rate previously between 2006 and 2008, according to the Iraqi reserves of foreign currency.
It is noteworthy that the Central Bank of Iraq decided on January 19 last to make a significant change in the dollar exchange rate, as follows:
1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.
1460 dinars per dollar, the price of selling foreign currency to banks.
1470 dinars per dollar, the price of selling foreign currency to the public.
The Central Bank's decision caused a rise in prices for foodstuffs, consumer goods and commodities, which negatively impacted the standard of living of citizens and exacerbated unemployment.

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13 hours ago, dinarham said:

  Looks like the rate is going up / down , with round numbers.  what's up with the 5 zeros to the right of the decimal ?  What use could they be ?

 

Could you post where it says "5 zeros to the right of the decimal"?  I skimmed through the articles and didn't find it.  No time to read through everything.

 

Thanks so much.

 

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  I quoted the rate that appeared yesterday on thus site . Todays rate is different

52 minutes ago, Floridian said:

 

Could you post where it says "5 zeros to the right of the decimal"?  I skimmed through the articles and didn't find it.  No time to read through everything.

 

Thanks so much.

 

 

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14 hours ago, dinarham said:

what's up with the 5 zeros to the right of the decimal ?  

1 USD=1,460 IQD, and then, 1 IQD=0.00068 49USD. And if delete 5 zeros, that means 1 IQD=68,5 USD. Wow, this is unbeliavable. and i am really shocked if that rate is truly happening one day.

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  •  Time: 09/27/2021 18:34:23
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Adviser to the Prime Minister sets the optimal price for oil in the budget
  
{Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Monday, the optimal price for oil in the federal budget.
 

Saleh said {to Euphrates News} that "if the general budget depends on oil only and without a financial deficit, the price of a barrel is not less than 75 dollars and exports are not less than 3 and a half million barrels with an annual average, this price will be optimal in the budget."
He added, "Non-oil revenues, despite their smallness, do not reach their estimated earnings, so Iraq can benefit from the increase in oil prices in this case in the budget."
And the financial advisor to the Prime Minister, Mustafa Al-Kazemi, revealed the completion of the draft federal budget bill for 2022.
Saleh said in a press statement, "The financial authority represented by the Federal Ministry of Finance is close to completing the preparation of the draft federal budget bill for 2022, and that the Strategic Budget Committee, through its meetings held in more than 24 meetings throughout the year, has concluded that the ceiling Spending in the 2022 budget will not exceed the spending ceiling in the 2021 budget, and if there is an increase, it is likely to be 10%
.The only thing new in the 2022 budget is that the price of a barrel of oil will be around $50 per barrel, as announced by the Minister of Finance, There are non-oil revenues that are supposed to increase, and therefore the assumed deficit that was proven in the 2021 budget is around 29 trillion dinars, and it is expected that it will decrease to 18-20 trillion dinars, which will lead to a decrease in the deficit and an increase in revenues.

From: Raghad Daham / Tah: Wafaa Al-Fatlawi

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Including appointments... Revealing information about the 2022 budget and the date of its submission to Parliament
  
{Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that the next year’s budget 2022 will witness an increase in oil revenues.

Saleh said, in a press interview, that "the budget will be submitted before the end of this year to Parliament for discussion," expecting that "the price of a barrel of oil will be $50, while the budget if it can achieve $70 a barrel over 12 months with non-oil revenues." And that achieves what is decreed for it, things will be fine.”

Saleh added, that the 2022 budget contains opportunities for appointment, but it will not be large," denying that "there will be any prejudice to the salaries of employees."

He pointed out that "the share of the Kurdistan region will be left to the political negotiations between the government and the region, and all these matters are also left to Parliament."

Forgiveness of Lights 

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Wednesday, 29 September 2021 11:10 AM

Baghdad/National News Center

Today, Wednesday, the economic advisor to the Prime Minister, Mustafa Al-Kazemi, Mazhar Muhammad Salih, suggested that there are opportunities for appointment, but they will not be large in the 2022 budget, denying that “there will be any prejudice to the salaries of employees.

Saleh said in a press statement that "the draft budget is one of the important projects for the country, so it will be one of the first tasks of the next parliament."

He added, "The budget will be submitted before the end of the year to Parliament for discussion," expecting that "the price of a barrel of oil will be 50 dollars."

He continued, "If the budget is able to achieve $70 a barrel over 12 months, with non-oil revenues that achieve what was decreed for it, then things will be good."

Regarding the region’s share, the financial advisor said, “It will be left to the political negotiations between the government and the region, and these matters are all left to Parliament.”

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Adviser to the Prime Minister warns against optimism about an alarming rise in oil and food prices
  
{Economic: Al Furat News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that the reform of the economy starts from the non-oil financial sectors, warning against optimism about the rise in oil prices.

Saleh said in a press statement, "The public finances depend on oil revenues by about 93%."
He added, "There is an energy crisis in the world, with positive and negative dimensions. The positive is the possibility that the price of a barrel of oil will reach $100, and this is not surprising because Iraq has previously sold a barrel of oil for $143."
And he stated that "the negative thing lies in the escalation of energy prices, which generates inflation in the world, as the prices of food and other commodities are likely to rise dramatically, which may lead to a global recession, so the stability of the economic situation is very important."
Saleh stressed that "the oil returns are good, and in the event that the expenditures of the general budget are adhered to and controlled with the improvement of crude prices, the financial situation of Iraq will be sustainable."
He pointed out, "there is a problem in how to control public expenditures, so adopting the spending ceiling in the 2022 budget to be similar to the current year, will move the country to a financially comfortable position and will almost eliminate the deficit, and some savings will be achieved to transfer it to investment projects."
Saleh warned against "excessive optimism about the rise in oil prices, so this matter must be invested in an optimal manner, especially since Iraq has fixed consumption expenditures, which are the salaries of employees and retirees." 
He pointed out that "reducing spending has become at the expense of the investment budget, and thus the number of the unemployed has increased and employment opportunities have decreased, and this is a big problem we are facing," explaining that "

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 Baghdad: Shaima Rashid
 
The economic and financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that the reform of the economy starts with the non-oil financial sectors, noting that the administrations are unable to collect or manage funds for the benefit of the state treasury, while warning against optimism about the rise in oil prices.
Saleh told Al-Sabah that "public finances depend on oil revenues by about 93%."
He added, "There is an energy crisis in the world, with both positive and negative dimensions. The positive is the possibility that the price of a barrel of oil will reach $100, and this is not strange because Iraq has previously sold a barrel of oil for $143."
And he indicated that "the negative thing lies in the escalation of energy prices, which generates inflation in the world, as the prices of food and other commodities are likely to rise dramatically, which may lead to a global recession, so the stability of the economic situation is very important."
Salih stressed that "the oil returns are good, and in the event that the expenditures of the general budget are adhered to and controlled with the improvement of crude prices, the financial situation of Iraq will be sustainable."
He pointed out, "There is a problem in how to control public expenditures, so adopting the spending ceiling in the 2022 budget to be similar to the current year, will move the country to a financially comfortable position and will almost eliminate the deficit, and some abundance will be achieved to be transferred to investment projects."
Saleh warned against "excessive optimism about the rise in oil prices, so this matter must be invested in an optimal manner, especially since Iraq has fixed consumption expenditures, which are the salaries of employees and retirees." He pointed out that "reducing spending has become at the expense of the investment budget, and thus the number of the unemployed has increased and employment opportunities have decreased, and this is a big problem that we are facing," explaining that "non-oil revenues are a problem in themselves because of what he described as (institutional chaos), as the administrations do not have the ability to To collect and not to manage funds for the benefit of the state treasury, and solving this issue is very difficult and takes a long time as well.”
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%D8%AA%D8%B9%D8%B1%D9%81-%D8%B9%D9%84%D9

Economie

Today, Monday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, determined the extent of the possibility of relieving pressure on the operating budget and addressing the financial situation in the country, while proposing solutions to support the private sector, reduce unemployment and reduce the value of the dollar against the dinar.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, "It is possible to benefit from the recovery in oil prices by moving stalled projects, attracting manpower, and solving the problem of unemployment, which averages 450 thousand work force willing to work, and this results in an entire society."

He pointed out, “The importance of spending additional rentier resources on projects to relieve pressure on the operating budget,” noting that “the operational budget includes dozens of decisions and laws and bears financial burdens, and needs to double the 2021 budget to implement all its requirements.”
Saleh explained, "There is poor planning, as well as the accumulation of unemployment, and treatment cannot take place unless the state sets laws for the private sector, such as the Social Security Law, which grants privileges to its workers, including ensuring his retirement rights or transferring an employee from the private sector to the government and others."
He added, "The additional oil resources cannot be benefited from without directives to manage them," noting that "the private sector has the ability and leadership, and money must be disbursed to it within a specific plan and be in the form of soft, recoverable loans to preserve wealth, as for the disbursement of the amounts as consumption. It is just a huge loss for the future.”
And he continued, "The government today is hampered by thousands of decisions and laws that carry consumer spending burdens par excellence, and cannot be applied even if the price of a barrel of oil reaches $ 160," referring the reasons to "the adoption of legislation without studying the financial burdens and thus costing the state to carry out a review of those legislation, and therefore Today, the Ministry of Finance is unable to implement dozens of legislation due to the financial burdens.”
And he indicated, "The transfer of problems from one cycle to another has caused a major imbalance, and long-term plans that are governed by laws must be developed and adhered to in order to rebuild the country properly," noting that "Iraq in recent years has followed a policy of deportation and it must be replaced by a policy of communication, meaning that the government is changing With the continued implementation of the drawn plan, an example of this is the electricity sector, which has spent about 120 billion dollars and so far the country is unable to produce 20 thousand megawatts per day.”
And on the extent of the possibility of reducing the value of the dollar against the dinar, the financial advisor said, “The monetary policy depends on the amount of foreign reserves supporting the Iraqi dinar, that is, the efficiency of the reserves and their escalation towards safe lines.”
He added, "There are expectations that the Iraqi dinar will improve with the development of reserves, and this matter is left to the monetary policy, especially since the timing is appropriate and the opportunity is appropriate, provided that there is financial discipline and correct development, and without them there is no value for any attempts."
He pointed out that "the 2022 budget will be subjected to great pressures, especially since the 2021 budget is built on a deficit," stressing that "the improvement in oil prices will reduce the deficit in the 2022 budget, but there is an expansion if it is achieved, the spending ceiling will be fixed, meaning that the increase in revenues with Increasing operational spending does not achieve anything.”

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    • By yota691
      It is likely that next year's budget will witness more investment projects. The appearance of Saleh: Reducing the hypothetical deficit due to the increase in revenues.
      Thursday 09 September 2021 174
          Baghdad: Haider Falih Al-Rubaie  The financial advisor in the Prime Minister, Dr. Mazhar Muhammad Salih, suggested that the next year’s budget 2022 will witness more new investment projects, which will be guaranteed to be implemented as a result of the increase in oil revenues. The price of black gold rose to exceed $70 a barrel, which economists rely on a lot to bridge the deficit gap in the public budget, which was built on the basis of a barrel price of $45. Saleh stressed, during his speech to Al-Sabah, that "reducing the hypothetical deficit due to the increase in oil revenues in the federal general budget for the year 2022 will exceed important percentages of financing that deficit by means of traditional borrowing from local or international financing institutions to secure the needs of implementing new investment projects." And the government advisor indicated that this matter will be done through two parts, the first is the additional funding and filling the deficit due to the improvement in the price of a barrel of oil, at five dollars above the price of a barrel approved by the 2021 budget, which will be mostly $ 50 instead of $ 45.   oil assets  Saleh explained, “The second part relates to the cycle of oil assets, which still indicates an improvement in global oil prices, with an annual average expected to exceed $65 a barrel in 2022, with the growing détente of the global economy and the increasing levels of vaccination against the Corona pandemic and the return of its trade and investment entanglements and prosperity All forms of transportation sectors, indicating that the transportation sector is responsible for consuming 75% of oil derivatives in the world.   investment projects  The financial advisor believes, “The list of new investment projects will be guaranteed to be implemented, and according to the flow of additional revenues in the general budget, which will cover the hypothetical deficit in the 2022 budget without having to resort to domestic or external borrowing, which helps to provide strength to the state of financial consolidation that is looking forward to to public finances in providing means of its sustainability. Revenue stability A spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA) that “the stability of oil prices at $70, despite the great challenges and the economic stagnation of many countries’ economies, is a good indicator for the member states of “OPEC +”, including Iraq, because it enhances their its fiscal revenues, revives their economies, and reduces the proportion of the fiscal deficit.” Jihad indicated, "The stability of financial revenues for Iraq between 65 and 70 dollars during the past months is a good realistic indicator in light of the challenges facing the economies of countries and the (fragile) reality of the oil market," noting that "Iraq aspires to achieve higher revenues through commitment." With the gradual increases that were agreed upon in “OPEC +”, which contribute to reducing the proportion of the budget deficit.”
    • By yota691
      It is likely that next year's budget will witness more investment projects. The appearance of Saleh: Reducing the hypothetical deficit due to the increase in revenues.
      Thursday 09 September 2021 174
          Baghdad: Haider Falih Al-Rubaie  The financial advisor in the Prime Minister, Dr. Mazhar Muhammad Salih, suggested that the next year’s budget 2022 will witness more new investment projects, which will be guaranteed to be implemented as a result of the increase in oil revenues. The price of black gold rose to exceed $70 a barrel, which economists rely on a lot to bridge the deficit gap in the public budget, which was built on the basis of a barrel price of $45. Saleh stressed, during his speech to Al-Sabah, that "reducing the hypothetical deficit due to the increase in oil revenues in the federal general budget for the year 2022 will exceed important percentages of financing that deficit by means of traditional borrowing from local or international financing institutions to secure the needs of implementing new investment projects." And the government advisor indicated that this matter will be done through two parts, the first is the additional funding and filling the deficit due to the improvement in the price of a barrel of oil, at five dollars above the price of a barrel approved by the 2021 budget, which will be mostly $ 50 instead of $ 45.   oil assets  Saleh explained, “The second part relates to the cycle of oil assets, which still indicates an improvement in global oil prices, with an annual average expected to exceed $65 a barrel in 2022, with the growing détente of the global economy and the increasing levels of vaccination against the Corona pandemic and the return of its trade and investment entanglements and prosperity All forms of transportation sectors, indicating that the transportation sector is responsible for consuming 75% of oil derivatives in the world.   investment projects  The financial advisor believes, “The list of new investment projects will be guaranteed to be implemented, and according to the flow of additional revenues in the general budget, which will cover the hypothetical deficit in the 2022 budget without having to resort to domestic or external borrowing, which helps to provide strength to the state of financial consolidation that is looking forward to to public finances in providing means of its sustainability. Revenue stability A spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA) that “the stability of oil prices at $70, despite the great challenges and the economic stagnation of many countries’ economies, is a good indicator for the member states of “OPEC +”, including Iraq, because it enhances their its fiscal revenues, revives their economies, and reduces the proportion of the fiscal deficit.” Jihad indicated, "The stability of financial revenues for Iraq between 65 and 70 dollars during the past months is a good realistic indicator in light of the challenges facing the economies of countries and the (fragile) reality of the oil market," noting that "Iraq aspires to achieve higher revenues through commitment." With the gradual increases that were agreed upon in “OPEC +”, which contribute to reducing the proportion of the budget deficit.”
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