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Al-Kazemi’s advisor sets the date for sending the 2022 budget to Parliament


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Why advises Iraq not to raise the price of a barrel of oil in the port of 2022?
  
{Economic: Al Furat News} The economist, Hamza Al-Jawahiri, advised the federal government not to raise the price of a barrel of oil in the 2022 budget and to keep it as it is.
 

Al-Jawahiri explained via {Euphrates News} that: "It is in Iraq's economic interest to keep the price of a barrel of oil in the 2022 budget as it is and not to raise it, and to exploit the additional oil revenues from the price difference per barrel in sustainable development projects, provided that it is far from the hands of corruption and spoilers."
He stressed, "the need not to link the change in the exchange rate of the dollar in the country to the rise in oil prices, because the dollar is related to the country's internal economy, while oil and its revenues have a different economy that can improve the economic reality in the country significantly through investment projects and development funds."
Al-Jawahiri pointed out that "there are economic steps with economic feasibility in the future that will be able to improve the economic reality in general."
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed through Al-Furat News about the features of the financial budget for the current year 2022, which is very similar to the budget for the year 2021, in terms of operating and investment doors and others.
Salih identified three factors that should be remedied before hasty thinking about adjusting the average return on oil barrels for the purposes of the 2022 budget. Financial management, i.e. 3% of the country's gross domestic product.
While the financial expert Salah Nouri expected that the budget for the year 2022 will be larger than last year, due to the presence of ruling expenses, the most important of which is security after the recent security developments in the country
However, a member of the former Parliamentary Finance Committee, Sherwan Mirza, expected that 2022 would be free from the federal budget - to delay the formation of the government, which needs more than a month, after which the budget law is studied and sent to the House of Representatives.
And that studying the budget in the House of Representatives may take more than two months, and the continuation of the disbursement of the 1/12 allocations.
As for the Iraqi Minister of Finance, Ali Abdul-Amir Allawi, he said earlier that the Iraqi government had adopted in the draft federal general budget for Iraq for the year 2022 the price of a barrel of exported oil at 50 dollars, compared to 70.47 dollars, the selling price of a barrel of oil (Brent crude).
 The Ministry of Oil announced the total exports and revenues achieved for the month of January.
According to the preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO", {Al-Furat News} received a copy of it, the amount of crude oil exports amounted to (99) million (286) thousand and (78) barrels, with revenues amounting to (8.27) billion dollars.
The statistics indicated that the total quantities of crude oil exported for the month of last January from oil fields in central and southern Iraq amounted to (96) million (430) thousand and (596) barrels, while from Kirkuk fields through Ceyhan port, the exported quantities reached (2) ) One million and (545) thousand and (656) barrels.
The average daily exports amounted to (3) million and (203) thousand barrels, while the average price per barrel was (83,246) dollars.

From: Raghad Daham

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Deputy: The 2022 Budget Is Explosive

 
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information/special

On Sunday, State of Law Representative Firas Turki expected the 2022 budget to be explosive for several reasons.

Turki said in a statement to the "Information" agency, "The 2022 budget will be explosive in relation to previous years for several reasons, the most important of which is the increase in oil production, the increase in demand, and most importantly, oil prices will be between 60_70 dollars, figures that previous budgets did not witness."

He added, "Through our work as representatives of the people, we seek to monitor the next government and work to provide all life requirements such as electricity, water and a decent life for the citizen."

He pointed out that "the next government must provide all the requirements for a decent life, such as infrastructure, job opportunities, and others, as it has a very large budget."

It is noteworthy that the price of a barrel of oil exceeded $90 per barrel, especially in the recent period.

A member of the Finance Committee, Jamal Cougar, revealed, earlier, the possibility of approving the 2022 budget before the formation of the new Iraqi government.

https://almaalomah.me/2022/02/20/583341/

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Deputy: The 2022 Budget Is Explosive
 
ECONOMIC
LAST UPDATE 02/20/2022 | 3:05 PM
information/special
On Sunday, State of Law Representative Firas Turki expected the 2022 budget to be explosive for several reasons.
Turki said in a statement to the "Information" agency, "The 2022 budget will be explosive in relation to previous years for several reasons, the most important of which is the increase in oil production, the increase in demand, and most importantly, oil prices will be between 60_70 dollars, figures that previous budgets did not witness."
He added, "Through our work as representatives of the people, we seek to monitor the next government and work to provide all life requirements such as electricity, water and a decent life for the citizen."
He pointed out that "the next government must provide all the requirements for a decent life, such as infrastructure, job opportunities, and others, as it has a very large budget."
It is noteworthy that the price of a barrel of oil exceeded $90 per barrel, especially in the recent period.
A member of the Finance Committee, Jamal Cougar, revealed, earlier, the possibility of approving the 2022 budget before the formation of the new Iraqi government.
 
 
 
 
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6 hours ago, CSM (R) Thack said:

Agreed!!!🤣😂👍🇺🇸


I kinda like “ Explosive “ ... definitely makes people stand up and take notice.


As a former Abrams Tank Commander “ I love the smell of Cordite in the morning, anytime of the day or night for that matter !!! That’s the smell of Victory “ ... you may quote me.

 

Too bad we have such feckless, hapless, moronic, amateurish brain dead leaders. There’s quite a few more adjectives I would use, but everyone here catches my drift.

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Good news for the pockets of Iraqis.. an important proposal for the most important item in the 2022 budget, one of which is the dollar price
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News source / Baghdad today
Baghdad Today - Special

Today, Thursday, an independent member of the House of Representatives, Basem Khashan, confirmed the House's intention to reconsider the oil selling price in the draft 2022 budget law.

In an interview with (Baghdad Today), Khashan said, "The rise in the selling price of oil in the global market prompts us to review the selling price of a barrel of oil in the draft 2022 budget law."

He added that “it is not possible to calculate the price of a barrel in terms of the value of its price at which it is sold,” noting that “the House of Representatives is awaiting the arrival of the draft budget law, by the new government, after its formation, to start studying and discussing the budget paragraphs, especially with regard to the dollar exchange rate and prices. Selling oil.

He stated that "there is a tendency to raise the price of oil in the budget, and this matter definitely reduces the budget deficit."

 

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Government official: 12/1 disbursement will continue until the end of the year, and the Presidency of Parliament requested a draft budget for 2022
  
{Economic: Al Furat News} Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, confirmed the parliament's request for the draft budget law for 2022 from the government.

Saleh told {Euphrates News} that "work continues to spend from Law 12/1 until the end of the year in case the budget is not approved."

He stressed that "the exchange is based on the Financial Administration Law and according to what was allocated from last year's budget."

It is reported that the Speaker of Parliament directed the General Secretariat of the House of Representatives to address the General Secretariat of the Council of Ministers to send the federal budget for 2022 to Parliament, at the request of the Head of the State Forces Alliance bloc, Representative Faleh Al-Sari, to issue a legislative decision obligating the government to send the budget for the purpose of approving it in the service of the Iraqi people.

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On 2/21/2022 at 9:22 AM, JonnyV said:

 

Unless they ate spicy Mexican food.  

 Who needs Mexican food when you have Malarki? What comes out of his mouth is explosive enough for the whole world and then some.

Edited by Theseus
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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Saturday, February 26, 2022, that Iraq will witness another type of financial discipline in expenditures in order to achieve development.
Saleh said, in a press statement, that "the general budget is not austere in its investment aspect related to accelerating growth and economic prosperity and reducing unemployment," noting that "the funding will be ideally directed towards this aspect, as well as financing the productive private sector and moving the market economy into operational investment directions. work and maximize the added value in the national economy.
He explained that "
And he added, "Iraq will witness another type of financial discipline in expenditures in order to achieve maximizing employment and development."
The financial advisor stressed, "It is preferable that the general budget be approved, at least in such circumstances, before the first half of the year, in order to achieve the ideal time range for the exhaustion of the planned programs and projects during the fiscal year."
He added that "time is subject to investment, and wasting it represents a waste of life and progress opportunities, accompanied by the payment of humanitarian and strategic costs that are difficult to recover."

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Mazhar Saleh: Iraq will witness a new pattern of fiscal discipline of expenditures

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News source / change channel

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that Iraq will witness another type of financial discipline in expenditures in order to achieve development.

Saleh said, that the general budget is not austere in its investment aspect related to accelerating growth and economic prosperity and reducing unemployment, pointing out that the funding will be ideally directed towards this aspect, as well as financing the productive private sector and moving the market economy with investment directions that operate work and maximize the added value in the national economy. .

He added that time is subject to investment, and wasting it represents a waste of life and progress opportunities, accompanied by human and strategic costs that are difficult to recover

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Iraq will experience a new pattern of expenditures fiscal discipline, Al-Kadhimi's advisor

Today, 12:42

 upload_1645868559_1401193352.jpg
Baghdad-INA
 
The financial advisor to the Prime Minister, Madher Mohammad Salih, confirmed that Iraq will witness another type of financial discipline in expenditures in order to achieve development.
 
Salih said, in a statement to the Iraqi News Agency (INA), that "The general budget is not austere in its investment aspect related to accelerating growth and economic prosperity and reducing unemployment," noting that "the funding will be ideally focused on this aspect, as well as financing the productive private sector and motivating a market economy with investment trends that engage the work and maximize the added value in the national economy”.
"The budget will remain more disciplined in operational spending, and the principles of the Financial Management Act will be pursued in the Sovereign Fund, which will generate supportive national savings for future budget and national income, including surpluses that outweigh the sustainability of current operational expenditures, rather than expanding them and squandering resources in consumer trends that will waste the country's national wealth", Salih elaborated.
 
The financial advisor stressed, "It is preferable that the general budget be approved, at least in such circumstances, before the first half of the year, in order to achieve the ideal time range to achieve the planned programs and projects during the fiscal year."
"Time is subject to investment and waste it represents a waste of life and progress, accompanied by the payment of difficult-to-recover humanitarian and strategic costs."

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On 2/20/2022 at 11:10 PM, HowieC said:

I don't see 1460 as being "explosive"

 

On 2/21/2022 at 12:56 AM, screwball said:

will be when 3 zeros are removed

Lets see 1/1.46 = 0.68 versus 1/1.18 = 0.847. Yeah I am all for the previous rate being more explosive than the current rate even with the zeros removed. 

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An economist estimates the costs of returning the exchange rate to before the change
 

Baghdad - people  

On Sunday, Nabil Al-Marsoumi, professor of economics at the University of Basra, explained the costs of returning the exchange rate to before the change, and the repercussions of this on the Iraqi economy.  

  

 

  

Al-Marsoumi said in a post followed by “Nass” (February 27, 2022), during which he asked, “How much will Iraq lose in the event of a return to the old exchange rate?”, while he answered at the same time, noting that “the expected net oil revenues in 2022 amount to 70 billion dollars.” (After subtracting the costs paid to oil licensing companies and government imports), while oil revenues are denominated in dinars at the current exchange rate of 101.5 trillion dinars, and oil revenues are denominated in dinars at the old exchange rate of 78.260 trillion dinars.  

  

And between, "the difference between the two prices above is equal to 23.240 trillion dinars."  

  

He added, "The internal debt of Iraq is 68.214 trillion dinars, and the Ministry of Finance will pay at the current exchange rate 47.044 billion dollars to pay the value of the internal debt, while the Ministry of Finance will pay 61.014 billion dollars at the old exchange rate to pay the value of the internal debt, and the difference between the two prices is 13.970 billion dollars." .  

  

And he stated, "The total financial losses for Iraq in 2022 as a result of returning to the old exchange rate will be about $34.757 billion, and this amount is equivalent to seven times Syria's budget and more than twice Jordan's budget in 2022."  

  

He concluded, "This amount is sufficient to complete the port of Faw in its three phases and to complete most of the necessary infrastructure to connect with the Silk Road, which subsequently leads to an effective contribution to providing job opportunities and confronting and reducing poverty."  

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How much does Iraq lose by 'returning the dollar' to its old price? Economist explains

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News source / Alsumaria channel
"The expected net oil revenues in 2022 = 70 billion dollars (after subtracting the costs paid to oil licensing companies and government imports)," Al Marsoumi said in a blog post seen by Alsumaria News.

 

He added that "oil revenues are denominated in dinars at the current exchange rate = 101.5 trillion dinars."

He continued, "Oil revenues are denominated in dinars at the old exchange rate = 78.260 trillion dinars."

And the specialist in economic affairs indicated that "the difference between the two prices = 101.5 - 78.260 = 23.240 trillion dinars," adding that "the internal debt of Iraq = 68.214 trillion dinars."

Al-Marsoumi considered that “the Ministry of Finance will pay at the current exchange rate 47.044 billion dollars to pay the value of the internal debt,” noting that “the Ministry of Finance will pay at the old exchange rate 61.014 billion dollars to pay the value of the internal debt.”

He explained that "the difference between the two prices = 61.014 - 47.044 = 13.970 billion dollars."

And the economic affairs specialist added, "The total financial losses for Iraq in 2022 due to the return to the old exchange rate (after converting the dinar to dollars) will be about 34.757 billion dollars."

Al-Marsoumi concluded: “This amount is equivalent to seven times the budget of Syria and more than twice the budget of Jordan in 2022, and this amount is sufficient to complete the port of Faw in its three phases and to complete most of the necessary infrastructure to connect with the Silk Road, which subsequently leads to an effective contribution to providing job opportunities and confronting poverty and reduce it

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In numbers.. Iraq's losses in the "case of a return to the old dollar exchange rate"
  
{Economic: Al Furat News} An economic expert identified Iraq's expected losses in the "case of a return to the old dollar exchange rate."

"The expected net oil revenues in 2022 are estimated at $70 billion (after subtracting the costs paid to oil licensing companies and government imports)," Nabil Al-Marsoumi said in a statement.

And he indicated that "oil revenues are denominated in dinars at the current exchange rate equal to {101.5} trillion dinars, and oil revenues are denominated in dinars at the old exchange rate equal to 78.260 trillion dinars."

Al-Marsoumi indicated that "the difference between the two prices {101.5 - 78.260 = 23.240} trillion dinars, as for Iraq's internal debt, it is equal to 68.214 trillion dinars, and the Ministry of Finance will pay at the current exchange rate 47.044 billion dollars to pay the value of the internal debt, and the ministry will pay at the old exchange rate 61.014 billion dollars. to pay off the internal debt.

He explained that "the difference between the two prices {61.014 - 47.044 = 13.970 billion dollars} will be the total financial losses for Iraq in 2022 due to the return to the old exchange rate {after converting the dinar to dollars} about 34.757 billion dollars.

Al-Marsoumi confirmed that "this amount is equivalent to seven times the budget of Syria and more than twice the budget of Jordan in 2022."

He added, "This amount is sufficient to complete the Grand Port of Faw in its three phases and to complete most of the necessary infrastructure to connect with the Silk Road, which subsequently leads to an effective contribution to providing job opportunities and confronting and reducing poverty."

And the Central Bank of Iraq announced last Sunday that there are no intentions to change the current exchange rate of the dollar against the Iraqi dinar, "especially after the positive results that it achieved during the past period," according to an authorized source in the bank.

The source called on the public not to deal with news that indicates the possibility of a price change, stressing that “the central bank possesses sufficient foreign reserves to stabilize the current exchange rate,” after local markets witnessed turmoil a few days ago in the dollar exchange rate and its relative decline.

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Via {Euphrates News}..A advisor to Al-Kazemi clarifies the proposal to distribute a financial grant with the ration card
  
{Economic: Al Furat News} The financial advisor to the Prime Minister, Mustafa Al-Kazemi, clarified the proposal of the Ministry of Finance regarding the distribution of a financial grant through the ration card.

Mazhar Muhammad Salih told {Euphrates News}: "As for the proposal of the Minister of Finance to distribute a grant to the poor through the ration card, it needs to ensure financial allocations, and the approval of the House of Representatives on it as long as there is no general budget for the country."

He added, "The current budget is disbursed according to 1/12 of the last budget, and this proposed grant is considered as additional expenses, and it needs to be approved by the House of Representatives on these amounts, and that what falls to the Ministry of Finance is to prepare the proposal, and it is approved and approved by Parliament."

And Finance Minister Ali Allawi had suggested, during a session hosted in Parliament last Monday, "to support the vulnerable segments of society by allocating a direct grant distributed through the ration card or social welfare and to support small and medium-sized enterprises, especially in rural areas, as a result of the financial abundance resulting from the increase in oil prices." .

Raghad Daham

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Adviser to the Prime Minister: The financial deficit will disappear and the rise in oil will have negative effects on Iraq
  
{Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected the "disappearance" of the financial deficit in the federal financial budget with the continued rise in oil prices globally.

Saleh told {Euphrates News}: "The economic situation in Iraq in light of the high rise in oil prices will witness a remarkable improvement, as will the general financial situation, and at the very least, the financial deficit of budgets will disappear if oil prices continue in this way."

Saleh added, "However, there are global negative effects on this rise, because the rise in fuel is global and Iraq is an importing country, which will lead to bearing the inflation of imported materials. Food, because these two countries produce 30% of the world's grain.

Saleh added, "Iraq and the world will receive high inflationary waves."

It is noteworthy that with the escalation of the fighting in Ukraine, it seems that Iraq will be affected, like other countries, but the degree of its impact will be great, according to experts who pointed to 3 strategic sectors that will face major challenges due to the war: wheat, arms deals and oil.

Raghad Daham

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Al-Kazemi’s advisor is likely to raise the price of a barrel of oil in the budget to $70

Economie

06:54 - 03-05-2022

 

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The economic advisor to the Prime Minister, Mazhar Muhammad Salih, expected that the price of a barrel of oil in the 2022 budget would be raised to $70.

Mazhar Muhammad Salih said in a statement to the official "Al-Sabah" newspaper, "The Russian-Ukrainian war opened the opportunity for Iraq to develop its industrial and agricultural sectors," noting that "Iraq has two opportunities, the first of which is to benefit from the positive returns of high oil prices in developing its investment, and the second is that the gas crisis And the pills should motivate us to develop our own potential.”

Saleh added, "The war today in the world is not far from Iraq, and it has positive effects that are in the financial interest of Iraq, due to the rise in oil revenues, in addition to the fact that OPEC may lift restrictions on the export of oil due to a shortage of energy," adding that

Salih considered this war a "historic opportunity. The government must examine the possibility of what can be produced through high oil prices and harnessed for the benefit of the country's economic growth," noting that "Iraq is at a break-even point from these effects, but the benefits will be greater if the economic and administrative and financial matters are studied." correctly".

Saleh expected that "the price of a barrel of oil in the budget of this year 2022 will change and may reach 70 (dollars), according to government estimates," calling for "encouraging agriculture in order to secure grain and reduce imports."

The economic advisor to the Prime Minister stressed "the need to start paying attention to the infrastructure of the energy sector, especially gas, and the development of associated gas and natural gas," saying: "It is time for the government to act decisively and give priority to this sector."

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A statement by Al-Kazemi's advisor regarding the price of the dollar and population growth in Iraq

upload_1646475936_1983435306.jpg
 
News source / Iraqi News Agency (INA)

Baghdad - conscious - Muhammad Al-Talbi

Today, Saturday, the economic advisor to the Prime Minister, Alaa Abdel Hussein, stressed that population growth in Iraq is one of the challenges facing the country's economy .

Abdul Hussein told the Iraqi News Agency (INA), that "population growth in Iraq is one of the challenges facing the country's economy and at the same time represents an opportunity if we make good use of it, because the larger the population, the larger the market and the greater the business, and this represents an investment opportunity for companies that want to distribute their products." in this market .”

And regarding the return of the exchange rate to its previous position, he stressed that “this leads to major problems at the level of the economy and to a lack of confidence in the market, so it is difficult to think of returning to the previous exchange rate at the present time, given that Iraq’s economy is currently working on the new rate .” 

Regarding the file of high oil prices, he indicated that “a double-edged sword, and when it rises, it will lead to a state of uncertainty, so there is no guarantee that it will continue at a rate of $100 per barrel, so most countries’ budgets are built on conservative oil prices. If a surplus is achieved, it transfers the surplus to what is not other revenue .”

He added, "We cannot base the upcoming budget scenarios on high numbers, but we must be conservative, because we are dealing with public finances for 40 million people ."

He pointed out that "the white paper was launched at the beginning of August of last year, and now we have completed 6 months and the achievement has reached satisfactory rates by about 61% of the total achievement rates ."

He pointed out that "the coming period will bring more achievements, and others may not see them, but it can be diagnosed, for example, housing initiatives for loans launched by the Central Bank as part of the initiative, where the amount was 45 million and now it has reached 75 million, and the number of beneficiaries of this loan is still large

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  • yota691 changed the title to FINANCE COMMITTEE ANNOUNCES OIL PRICE IN DRAFT OF IRAQI BUDGET LAW

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