By 2023.. Warnings of disruption of public life and suspension of salaries

[6ly410]

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Adviser to the Prime Minister: The rise in the global oil price puts the government in front of two options

Saturday, March 5, 2022 9:50 AM

Special / National News Center

The financial advisor to the Prime Minister , Mazhar Muhammad Salih, revealed today , Saturday , that the rise in global oil prices to nearly 120 dollars per barrel puts the government in front of two third options .

Saleh said in a statement singled out by the " National News Center ": " The economic conditions are now completely positive , and the rise in oil prices leads to a surplus in the current account of the budget and a significant increase in Iraq 's financial leverage , but the most important question here is how to dispose of these rentier funds. The big one that came   about an increase in prices .

The consultant indicated that “the Financial Management Law assumes that there is a budget , and since the new government did not form and therefore did not approve the budget , the new Financial Administration Law places the financial surplus in a sovereign account or a sovereign fund that supports future budgets in the event of a financial  deficit ,” noting at the same time to that “The economic downturn and the rise in poverty puts the government in front of two directions , one of which is waiting for the issuance of a new budget that takes into account the surrounding economic conditions , including fighting poverty and increasing the proportion of the investment budget and investment projects , or the parliament ’s support for the government in issuing new laws on some aspects that serve the Iraqi people such as care Social , for example , or maximizing the ration through quantity and quality , including the poor classes, and proposing important strategic projects that advance Iraq , fight poverty , and increase the employment of the unemployed

[6ly410]

Specialists: Benefiting from oil revenues depends on approving the budget

Monday 07 March 2022 7

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 Baghdad: Haider Falih Al-Rubaie 

Specialists in economic affairs stipulated the adoption of the federal budget law, with the aim of achieving the highest possible benefit from oil revenues, whose prices jumped to approach the $120 barrier, as a result of the global crisis caused by the battles between Russia and Ukraine, stressing that without approving the budget, the exchange rates It will continue the approach of last year itself, based on the Financial Management Law, while they suggested using the financial abundance to expand investment spending and increase the Central Bank's initiatives to finance projects.

 

Oil prices witnessed successive jumps due to the Russian-Ukrainian crisis, reaching the limits of 120 dollars per barrel, a price that black gold has not reached since 2008, while Iraq’s oil exports recorded the highest rate in two years, reaching last February, according to the Oil Marketing Company. (SOMO), 3.314 million barrels per day.

 

 

Approval of the budget 

The economist, Manar Al-Obaidi, who expected the continued rise in oil prices globally, believes that this rise will not achieve direct economic benefit unless the budget is approved, stressing that “without approving the budget, the exchange rates will continue the approach that took place last year, depending on the law The financial administration, which authorized the Iraqi state to continue spending in the months in which the budget was not approved at the same rates as the previous year.”

Al-Obaidi suggested that the budget for the current year 2022 would not be approved soon, attributing this to the “political blockage and the delay in forming the government,” which needs time after its formation to present this year’s budget.

 

financial reserve

Al-Obaidi also expected, that the rise in oil prices would cast a shadow on the rise in the prices of various materials, because an important part of the price structure is transportation, as well as the rise of various materials, which means that we will face a continuation of the high prices of various materials, including food, and others as a result of high prices and high prices. transportation cost.

The spokesman pointed out, "The rise in oil prices without the ability to increase spending as a result of the absence of the budget will raise the reserves of the Iraqi state and the reserves of the Central Bank, which will contribute to strengthening the currency, and raising its real value against the dollar as a result of the rise in reserves."

 

 

investment spending

Al-Obaidi stressed the need to expedite the formation of the government and submit and approve the budget, in order to exploit the revenue generated from the rise in oil prices, to increase investment spending and to work on building real projects and infrastructure that improve the work environment and develop various sectors.

The economist urged to increase the initiatives of the Central Bank, and to work with banks to finance projects of various orientations, and to focus on economically weak governorates and important sectors, specifically the agricultural and water sector, because of their importance in achieving food security, which has become a strategic necessity as a result of many global factors, including climate changes and wars. The international community that reduces the global production of various crops, calling at the same time, the importance of focusing on providing initiatives to support very small projects for various unemployed youth in order to create an enterprise sector

 small.

 

Program balancing

For his part, the economic expert, Dr. Bilal Al-Khalifa, stressed the need to exploit the financial abundance achieved as a result of the high oil prices in approving the budget of programs and plans, and to overcome the mistakes that occurred in the past, stressing that “all previous budgets were item budgets, and they are usually similar to the copy that preceded it, with a change in the price of a barrel of oil, which is usually the basis for calculating the volume of spending and the deficit.”

With the aim of achieving economic gains, the Caliph stressed the need to reduce public spending in the next budget, indicating that this step represents the success of the reform plan, taking into account the increase in non-oil revenues, and reducing dependence on oil revenues, as well as giving priority and attention to investment projects in the productive sectors. other non-oil.

 

[yota691]

Iraqi Planning: The 2022 budget will focus on completing 4,000 projects

archival

 March 06, 2022 08:51 PM

 

 

Mubasher: The Iraqi Ministry of Planning confirmed, today, Sunday, that the draft federal general budget law for the fiscal year 2022, in its investment aspect and priorities, will focus on completing more than four thousand projects throughout Iraq and resuming suspended projects.

Ministry spokesman Abdul-Zahra Al-Hindawi said in a statement to the Iraqi News Agency (INA), that "the 2022 budget will focus on the projects that are under implementation, and we have quite a few projects that are still incomplete, we call them the ongoing ones that are under implementation, and the number may be More than four thousand projects across Iraq, some of them within the investment program of the ministries and some within the development program of regions in the provinces and in various fields.

Al-Hindawi added, "These projects are not limited to a specific field, and include water services, sewage, roads, agricultural projects, water resources, and many other areas.

He continued, "This entails financial obligations on the beneficiaries, so the ministry stressed in the draft budget the need to complete these projects and to resume work on our stalled projects also for various reasons, including the lack of financial allocations for some time periods, which led to the halt."

Al-Hindawi stated that "the 2022 budget will not witness the inclusion of new projects except in the case of extreme necessity and conditional on the approval of the Council of Ministers, and this method was applied in the last year 2021 budget, and in fact it had good results. It was stopped and listed in previous years and was fully completed in all governorates, and the share of Basra was 444 schools."

The Ministry of Planning announced, earlier, that there are more than 6000 projects under implementation.

The ministry's spokesman, Abdul-Zahra Al-Hindawi, told the Iraqi News Agency (INA), that "there are more than 6000 projects under implementation," noting that "the ministry's priority is the continuation of these projects and ensuring that they do not stop in front of any financial or any other circumstance."

He added, "There is a focus on service-oriented projects with high rates of implementation and projects that provide job opportunities, including health, housing, education, roads, irrigation, water and sewage projects," noting that "these projects are essential because they represent a service to the citizen and provide job opportunities."

[yota691]

 

A legal expert reveals loopholes that allow an appeal against the decision to raise the dollar exchange rate in the budget

 

 2022-03-08 07:22

 

Shafaq News/ Legal expert Ali Al-Tamimi identified, on Tuesday, constitutional violations by the decision to raise the dollar exchange rate against the local currency, allowing the possibility of appealing this decision in the country's financial budget bill in 2022.

Al-Tamimi said in a statement received by Shafaq News Agency, that raising the dollar exchange rate in the budget law is in violation of the constitution and the Charter of the International Covenant, and this decision can be challenged and returned to the government by Parliament and the budget law is not legislated.

He explained that the rise in the exchange rate of the dollar to 1450 dinars violates articles 30 and 31 of the Iraqi constitution, which require the state to provide a free, decent life and appropriate income. United Nations commitment.

The legal expert also indicated that the Central Bank Law by virtue of Law 56 of 2004 is an independent body under Article 3 of this law and also the instructions of the Central Bank of 2017, and therefore it is he who determines the exchange rate, and if there is an increase in the price, it is necessary to control market prices and prevent inflation, which Poverty will get poorer.

He continued by saying that this law, i.e. the budget law, can be challenged if it is legislated by Parliament before the Federal Court, and Parliament can not approve the legislation of this law and return it to the government for amendment because Parliament can do so constitutionally as it represents society in accordance with Article 61 of the Constitution as well as Article 13 of the Law Financial Management 6 of 2019".

Earlier in the day, the Federal Supreme Court (the highest judicial authority in Iraq) postponed the consideration of the case for restoring the dollar exchange rate to its predecessor until March 14.

Earlier in the day, the court held a session for the lawsuit regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its predecessor, at the amount of (120,000) Iraqi dinars for every 100 dollars.

The court explained that it decided to postpone for the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

 

 

On December 19, 2020, the Central Bank of Iraq officially announced the adjustment of the foreign exchange rate (the US dollar) to 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar against the dinar in the 2021 budget.

It is noteworthy that all prices of materials and goods in the Iraqi market witnessed a significant increase, in conjunction with the devaluation of the dinar, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

[6ly410]

 

A legal expert reveals loopholes that allow an appeal against the decision to raise the dollar exchange rate in the budget

https://shafaq.com/ar/سیاسة/خبير-قانوني-يكشف-ثغرات-تتيح-الطعن-بقرار-رفع-سعر-صرف-الدولار-بالموازنة

 2022-03-08 07:22

 

Shafaq News/ Legal expert Ali Al-Tamimi identified, on Tuesday, constitutional violations by the decision to raise the dollar exchange rate against the local currency, allowing the possibility of appealing this decision in the country's financial budget bill in 2022.

Al-Tamimi said in a statement received by Shafaq News Agency, that raising the dollar exchange rate in the budget law is in violation of the constitution and the Charter of the International Covenant, and this decision can be challenged and returned to the government by Parliament and the budget law is not legislated.

He explained that the rise in the exchange rate of the dollar to 1450 dinars violates articles 30 and 31 of the Iraqi constitution, which require the state to provide a free, decent life and appropriate income. United Nations commitment.

The legal expert also indicated that the Central Bank Law by virtue of Law 56 of 2004 is an independent body under Article 3 of this law and also the instructions of the Central Bank of 2017, and therefore it is he who determines the exchange rate, and if there is an increase in the price, it is necessary to control market prices and prevent inflation, which Poverty will get poorer.

He continued by saying that this law, i.e. the budget law, can be challenged if it is legislated by Parliament before the Federal Court, and Parliament can not approve the legislation of this law and return it to the government for amendment because Parliament can do so constitutionally as it represents society in accordance with Article 61 of the Constitution as well as Article 13 of the Law Financial Management 6 of 2019".

Earlier in the day, the Federal Supreme Court (the highest judicial authority in Iraq) postponed the consideration of the case for restoring the dollar exchange rate to its predecessor until March 14.

Earlier today, the court held a session for the lawsuit regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its predecessor, at the amount of (120,000) Iraqi dinars for every 100 dollars.

The court explained that it decided to postpone for the purpose of informing the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.

 

 

On December 19, 2020, the Central Bank of Iraq officially announced the adjustment of the foreign exchange rate (the US dollar) to 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar against the dinar in the 2021 budget.

It is noteworthy that all prices of materials and goods in the Iraqi market witnessed a significant increase, in conjunction with the devaluation of the dinar, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

[yota691]

High oil prices save Iraq's 2022 budget from borrowing

10 March 2022 | 08:04

Fourth - Baghdad
 

Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected to achieve cash benefits of 20 billion dollars due to the rise in oil prices, while he ruled out resorting to borrowing.

 

 

Saleh said, in a statement that was followed by (the Fourth), that "the federal financial policy is implementing the effective Financial Management Law No. 6 of 2019 amending, which requires disbursement at a rate of 1/12 of the total actual ongoing expenditures made in the 2021 budget."

 

He explained, "Despite partial borrowing of 15 percent of the total planned deficit in the 2021 budget of 29 trillion dinars, the financial situation and its expected indicators during 2022 indicate a high average for a barrel of oil, not less than $100 per barrel compared to the revenues of the year's budget." 2021, whose average annual oil revenues are estimated at less than $70 a barrel.

 

He added, "Accordingly, expected net financial surpluses of not less than 20 billion dollars in the event that the exchange continues at a rate of 1/12 of last year's budget, and therefore the prevailing cash flows will be reassuring and there is no need for borrowing in all its forms."

 

He stressed that "the surplus reserve financial resources can be allocated for the purposes of supporting the stability of the budget in the coming years in the face of unknown potential fluctuations in the global oil market."

[6ly410]

 

Adviser to the Prime Minister: Iraq faces a “financial leeway” after the rise in oil prices

Friday, March 11, 2022 11:12 PM

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Special / National News Center

The financial advisor to the Prime Minister stressed , today, Friday, that the rise in cash flows to our country due to the boom in oil prices and the increase in its export revenues will undoubtedly achieve the principle of the so- called financial consolidation .  

Counselor Mazhar Muhammad Salih said in a statement to the " National News Center" , that "the rise in oil prices will lead to financial prosperity according to the so-called financial space and in two directions , the first : the cases of financing diminished with the annual deficit in view of the exchange and spending requirements in the general budget , and then the decrease or fading of borrowing cases     As a method of financing the deficit in the annual horizons , and the second , accelerating the payment of debts in accordance with the approved national payment strategy and the dates established annually to service the internal and external debt .

The advisor also added , " Iraq 's financial record in the commitment to pay its debts has given the country an advanced level of rating or creditworthiness standards and according to the advanced level that Iraq currently enjoys with the first three credit rating companies in the world since it was officially approved in the year 2015-2016 ,     As the mentioned credit rating for Iraq was not less than the B level for the long period in all cases , a level that gives Iraq high confidence on the part of the international financial community

[6ly410]

Iraq is heading towards sustainable development

Saturday 12 March 2022 49

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 Baghdad: Mustafa Al-Hashemi

The expectations of specialists in economic affairs indicate that Iraq will get rid of all its foreign debts and other international financial obligations, during the current year, especially after oil prices recorded a rise that exceeded $100 per barrel during the past two weeks, amid predictions of achieving financial surpluses as a result of the rise estimated at about $20 billion. .

According to the financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, expected net financial surpluses of no less than 20 billion dollars in the event that the exchange continues at a rate of 1/12 of last year’s budget, and therefore the prevailing cash flows will be reassuring and there is no need for borrowing in all its forms.

In this regard, the economic researcher Saif Al-Sumaidaie believes that “Iraq is on its way to get rid of all its foreign debts, especially after the final closure of the Kuwaiti compensation file,” noting that “the rest of the debts will be able to be paid in light of the rise in oil prices and the adoption of the fiscal policy for spending 1/ 12 because it will also provide a surplus of allocations to the ministries ».

Al-Sumaidaie added in an interview with "Al-Sabah" that "Iraq will witness for the first time since 1990 a financial liberation from its external obligations, which means that the budget will be almost free of deductions for debts, except for the debts of the International Monetary Fund and the World Bank."

Al-Sumaidaie pointed out that "this is one of the things that count for the country, as it will go on the path to achieving economic development and liberating it from the restrictions that were impeding development and sustainable development."

It is noteworthy that the volume of debts owed by Iraq to the International Monetary Fund and the World Bank ranges between 5-6 billion dollars, an amount that moves in decrease with the payment of its installments and interests periodically.

Adviser to the Prime Minister, Mazhar Muhammad Salih, had confirmed earlier that the total external public debt on Iraq had decreased to $20 billion, noting that the year 2022 would be free of financial hardships and financing restrictions.

While the internal debt “is still the largest at the present time, and exceeds the external debt three times, but it remains confined within the framework of the government financial system and is not related to the public,” explaining that “the loans of the World Bank in particular are long-term, with grace periods of about 6 years, It usually extends for about 14 years and the benefits are moderate.”

In turn, the expert in economic affairs, Dr. Hussein Al-Khaqani, renewed his call to those responsible for preparing the budget, to continue allocating 5% of the oil revenues, which were deducted as compensation to Kuwait, and to transfer them to a comprehensive and comprehensive fund that protects Iraq from the impact of fluctuations in oil prices in the global market, and to reduce dependence on Oil as the sole resource for the budget.

Al-Khaqani told “Al-Sabah” that “this percentage was deducted from Iraq’s annual sales of oil, whether those sales increased or decreased, and it is a moving number that is not fixed, but the percentage is fixed, and a group of funds can also be established that contribute to achieving sustainable development, as a fund to promote Iraq’s exports. of agricultural and industrial products, the Natural Disaster Damage Reduction Fund, the Private Sector support Fund, and others.

He continued: “Instead of adding this percentage to the budget without controlling government spending, the 5% will be a limit to the waste of public money, and a control of the operational budget outputs, the majority of whose allocations go as salaries to sector employees.

general.”

And the economic academic, Dr. Majid Al-Baydani, said earlier to "Al-Sabah": "Now, after liberation from the Kuwait compensation file, Iraq has to start a series of development measures to establish local funds that support Iraq's economy."

Al-Baydani stated that this would increase Iraq's gross domestic product, and enter the path of recovery 

economic.”

Which allows for the possibility of paying off the debts of the International Monetary Fund and the World Bank, and some other foreign debts, so that Iraq will be completely free from the constraints of foreign debts, and thus achieve prosperity for its children

[screwball]

On 3/9/2022 at 1:09 AM, yota691 said:

He explained that the rise in the exchange rate of the dollar to 1450 dinars violates articles 30 and 31 of the Iraqi constitution, which require the state to provide a free, decent life and appropriate income. United Nations commitment.

The legal expert also indicated that the Central Bank Law by virtue of Law 56 of 2004 is an independent body under Article 3 of this law and also the instructions of the Central Bank of 2017, and therefore it is he who determines the exchange rate, and if there is an increase in the price, it is necessary to control market prices and prevent inflation, which Poverty will get poorer.

yep....cbi determine rate...always in consultation

[screwball]

what does the constitution say about the the value and its weight against gold and silver?

[yota691]

Cabinet secretariat for {Al-Sabah}: 2022 will be a year of reconstruction and advancement of the economy

Wednesday 09 March 2022 867

 

  Baghdad: Farah Al-Khafaf 

The General Secretariat of the Council of Ministers announced that 2022 will be a year for reconstruction, project implementation, and the advancement of the Iraqi economy. The official spokesman for the General Secretariat, Haider Majid, told "Al-Sabah": There is a government tendency to generalize the successful experience in Dhi Qar governorate to move lagging projects and implement new ones, to the rest of the governorates.

 

Project preparation and scheduling

He added: "2022 will be a year of reconstruction, improving the economy, following up on and completing all lagging projects and adding other projects," noting that "more time is needed to prepare projects, schedule them, and include them in investment plans, meaning that delaying the approval of the budget for three months will not affect, especially since The work will continue, and the General Secretariat of the Council of Ministers is supervising it.”

Majeed explained that "the delay in approving the budget will not affect the implementation of projects, because it is approved in the 2021 budget, and the disbursement is according to 12/1," noting that "the government's direction for 2022 includes openness to all governorates to develop services provided to citizens in them." 

 

Financial Management Law 

It is noteworthy that the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed to Al-Sabah that in the event the budget approval process is delayed, the alternative solution is to adopt the Financial Management Law, which states: If the new fiscal year enters, and the budget is not approved, the Administration Law shall be approved. The fiscal policy for the conduct of the fiscal policy in the country, as the disbursement is made in a ratio of 1/12 of the previous year, i.e. every month its expenses will be for the corresponding month of the previous year, and they are expenses of a current and continuous nature, i.e. salaries, wages and ongoing projects, whether they are operational or investment.

The official spokesman noted that the Secretary-General of the Council of Ministers, Dr. Hamid Al-Ghazi, directed, during his visit to Najaf Governorate, to adhere to the timelines for the completion of projects, especially stalled and lagging ones, stressing that “the General Secretariat will work to overcome all the difficulties facing the work of investment companies for the purpose of reaching advanced stages of completion.” for these projects.

And he continued, "Prime Minister Mustafa Al-Kazemi directed attention to Najaf Governorate, so a meeting was held with the Governor of Najaf and the Director of the Reconstruction Authority in the province, and the Secretary-General stressed the importance of developing an integrated vision and an appropriate action plan for the priority of projects that will be prepared for Najaf Governorate after the experience of moving the lagging projects succeeded." Follow-up in Dhi Qar Governorate, and the creation of the Reconstruction Fund in it.

The Secretary-General of the Council of Ministers had confirmed that the government is determined to provide all means of support, and harness its capabilities, in order to advance the service and economic reality, indicating that he will personally follow up the file of reconstruction and the provision of services in Najaf directly with the governor and the rest of the service departments, especially that the General Secretariat For the Council of Ministers, it will work in direct coordination with the relevant institutions to provide all kinds of necessary support for the reconstruction process. 

 

Commitment to the investment plan

In a related context, the Chairman of the Najaf Investment Authority, Durgham Kiko, indicated that "the number of licenses granted by the authority reached 300 investment licenses in most sectors (industrial, residential, agricultural, health, educational, tourism, entertainment, commercial, service and others), while the National Investment Commission granted 39 investment licenses in Governorate.

He stressed, "The relevant departments have not sent the investment map to the Investment Authority for more than five years, and the departments did not comply with Cabinet Resolution No. 245 of 2019, which stipulates that the map be submitted in the first month of each year," indicating in a statement that "Al-Sabah" received a copy of it. Seeking to support the industrial, agricultural and residential sectors because of their important role in meeting the needs of society, employing manpower, providing local product and supporting the national industry. 

[horsesoldier]

Sure he's right ... Enough is enough already.

[yota691]

POSTED ON 2022-03-16 BY SOTALIRAQ

The delay in forming the government freezes the country's activities

 Baghdad: Shaima Rashid

 

The failure to form the government stopped the entire country and most of the activities in it, foremost of which is the existence of a general budget for the current year 2022, due to political differences and the lack of agreement so far on naming the President of the Republic and forming the new government, as the general atmosphere does not herald any soon breakthroughs that may lead to resolving the situation, which means Disruption of the interests and livelihood of citizens.

Member of Parliament Jamal Cougar said in an interview: “The country has stopped due to the failure to approve the 2022 budget, and this matter happens every year due to political differences and politicians’ interference in all matters, which made the country’s condition frozen until further notice, which may extend to the middle of the year. In the event of the formation of the government.”

He added that "the budget will not be approved because it is the political blocs that hinder this, as the implementation of the budget law and others come at the last of their priorities," noting that "the constitutional timings are not fixed, and there are constitutional timings that require the government to ratify and send the budget before mid-October." Every year, and before the beginning of the new year, the budget must be ratified, but the budget, unfortunately, is delayed, and this has no solutions for not implementing the law.”

[6ly410]

 

Understandings to return the Kurdistan region's share to 17 percent in the current year's budget

Posted 1 minute ago

https://iraqakhbar-com.translate.goog/3520625?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

news source /Iraqi News Agency ( INA )

News source / Iraqi News Agency (INA)

Baghdad - INA - Nour al-Zaidi
, the Kurdistan Democratic Party confirmed, today, Wednesday, that there is an evening to reconsider the Kurdistan region’s share in the 2022 budget 
. Representative of the Democratic Party, Suleiman Sharif, told the Iraqi News Agency (INA), that “it was agreed on the broad outlines of the general budget.” In general, the region’s share should be proportional to the population density, which is 17%, as it was in the past, instead of 12.67 percent. 
 He added, "The region does not demand more than the real percentage it deserves from the general budget," stressing "the need to rely on political agreements and to stay away from the polemics that led to many problems between the center and the region in the past." 
He pointed out that "Parliament will be responsible in the next stage to approve the budget law in a special and just way, and that the region's share is just." 
The deputy head of the Sadrist bloc, Hassan Al-Kaabi, called on parliament, earlier, to propose a draft budget for the current year, in coordination with the government, to expedite its approval. 
Al-Kaabi told Al-Iraqiya News, and it was followed by the Iraqi News Agency (INA), that "the 2022 draft budget is very important for the administration of the state and all governorates, and the benefits of its approval are not limited to official institutions and are reflected in the overall work of the public and private sectors."
He added, "The executive authority's internal system prevents the disruption of important laws such as the budget law, and there must be cooperation and coordination between the legislative authority and the government by proposing the draft budget from the House of Representatives and through full coordination with the Ministry of Finance and the government, and this must happen so that the budget's provisions are not challenged." before the federal government.
He stressed, “The executive and legislative authorities must share the need to pay attention and consider that the budget law is important for the Iraqi state, especially in this period when prices are rising, because the budget will be reflected on its beneficiaries directly and indirectly on the private, agricultural, industrial, and oil sectors, especially since the financial abundance now is not speculative, but true.
He pointed out that “the House of Representatives in the 2021 budget set a hypothetical price for a barrel proposed by the government at $42, and parliament raised it to $45, and now prices have exceeded that by many times, and if we set prices ranging between 65-90 dollars per barrel, this will be normal because the current crises represented by the war between Russia and Ukraine will continue.” Even after its termination due to its repercussions, for example, the sanctions that happened with Iraq after the second Gulf War and the American occupation, if their repercussions expanded towards banning the supply of some goods and products

[seks]

this should hopefully cover the HCL , Lets hope the Iraq people get the 17% their due ...

[yota691]

The Parliamentary Development Institute holds a specialized seminar on reading and analyzing the federal budget

• Time: 03/16/2022 18:37:23
•  
• Reading: 611 times

 

 

  

{Politics: Al Furat News} The Parliamentary Development Institute, in cooperation with the International Republican Institute, held today, Wednesday, a specialized symposium for representatives on (reading and analyzing the federal general budget and the financial concepts contained therein).

 

According to a statement by the Council’s media department, {Al-Furat News} received a copy of it, that the Director General of the Parliamentary Development Institute, Saad Fayyad, confirmed in his speech during the symposium that was held in the Constitutional Hall in the Parliament building that: “The methodology adopted by the Institute in its work is based on development The skills and capabilities of members of the House of Representatives in the legislative and oversight fields, as well as the relentless pursuit to prepare the best national and international competencies and expertise in various fields to advance the work of the legislative authority in Iraq.
He pointed out that "benefiting from this specialized symposium represents an important goal to enhance the knowledge opportunities that the Institute is keen to achieve through the valuable information it provides in the field of concepts contained in the Federal Budget Law," explaining that "this workshop is part of a series of workshops with multiple titles and specializations that will be organized in cooperation with With local and international agencies and organizations during the coming period to proceed in achieving the desired goals and reach the ultimate goal in developing the performance of the legislative institution.
Then the financial expert, Mahmoud Dagher, gave in his lecture an analytical presentation on the mechanisms for formulating the budget, the methods for benefiting from resources and the process of approving them, stressing “the importance of the budget’s role in achieving development and implementing financial policy as it is the legal document approved by the legislative authority to monitor estimates of expenditures necessary for the state.”
Dagher pointed out that “there are basic rules for the general budget to be adopted and several concepts, including the difference between the government sector, which deals with central government funds, and the year in which self-financed companies are included,” noting that “Maronites have an annual basis for every 12 months, in addition to the general rule, balance and non-allocation. ".
And he indicated, that "the fiscal policy is of two types, the first is expansionary towards growth and investment of resources, and the other is contractionary affected by the dominance of the public sector," explaining "the types of budgets that include balancing items that are easy to formulate and follow-up and which Iraq adopts, and balancing programs and performance, which have positive advantages and a zero-based budget that is placed on the basis that It is carried out without a deficit or surplus.
The financial expert reviewed the stages of preparing the general budget since discussing the strategy prepared by a specialized financial committee, passing it on to the government and finally submitting it to the House of Representatives for approval.
The minutes touched on public revenues, public expenditures, and the monetary process of dealing in dollars, calling for “diversification of income sources in order to increase revenues, whether direct revenues such as taxes on salaries or corporate profits, or indirectly such as taxes on sales or the level of production, in addition to the public treasury’s share of the profits of funded institutions.” self".
The symposium also included many inquiries, ideas and proposals for following up on the mechanisms of budget legislation, holding seminars and lectures related to the budget, in addition to knowing the ways to perform the budget in the best form, especially with regard to salaries, self-financing institutions, loans and advances.
In response to the interventions, Dagher stressed, "the necessity of the presence of deputies within the joints of the production and distribution process in state institutions," urging "
Dagher explained, "The growth equation is achieved by directing tourism, economic and commercial projects through the private sector and getting rid of the problems of the public sector, in addition to the importance of establishing a financing fund that bears the responsibility of the private sector even if it is financed from public money in order to advance the economic reality."

[yota691]

 

Al-Kazemi’s advisor: The absence of a budget puts officials in front of “two options” to confront the problem

 

 2022-03-17 05:19

 

Shafaq News/ The financial advisor to the Prime Minister, Mazhar Muhammad Salih, stated, on Thursday, that the delay in approving the budget law for 2022, makes officials in front of two options to confront the problem of delaying the budget for the current year 2022, indicating that the current exchange operations are based on 1/12 of last year's expenses. .

Saleh said in an interview with Shafak News Agency; The "Financial Management Law is based on the disbursement of a percentage (1/12) of the actual expenditures for the past year for the purpose of paying obligations, expenses and salaries," noting that "this law does not include expenditures on new projects and programs."

Saleh added; “This matter makes the concerned official in front of two jaws or two options: either waiting for the budget law, which does not know when it will be issued because it is related to forming a government, or going in coordination with the legislative authority in order to legislate financial laws for the current year to package new projects and to support the ration card or support social welfare to combat poverty.” .

He pointed out that "there is a financial abundance as a result of the rise in oil prices, and therefore it is possible to issue laws with financial expenditures through the legislative authority to reduce poverty and support the standard of living and at the same time adopt new projects to encourage development and investment projects."

Mustafa Al-Kazemi’s government stumbled by sending the budget law before the Iraqi parliament dissolved itself in preparation for early elections on October 10, 2021.

A number of specialists considered that the delay in approving the budget for the current year would negatively affect investment projects and delay ongoing projects, in addition to stopping economic activities of the market in general.

[yota691]

With the rise in oil... the fate of the Iraqi import surplus was revealed

• Time: 03/18/2022 11:10:47
•  
• Reading: 1,677 times

  

{Economic: Al Furat News} A financial advisor to the Prime Minister revealed the fate of the Iraqi oil surplus, with the continued rise in crude prices in global markets.

Mazhar Muhammad Salih told {Euphrates News}: "If the financial difference in the country's surplus oil imports continues for a year with spending pressure and maximizing non-oil revenues, it will be placed in a sovereign fund used for development purposes after paying the financial deficit."

And "this fund serves the economy through investment projects without approving the budget in accordance with the Financial Management Law / Chapter One, which replaces the budget in the event of its delay in approval."

It is noteworthy that the calls of a number of political forces and economic experts, have recently escalated, for the necessity of establishing an Iraqi sovereign fund, similar to several countries in the region, so that the fund would seize the current financial abundance after the rise in oil prices, and manage this wealth and use it in the context of alleviating the severity of any future financial crisis. .

The price of a barrel of oil reached 110 dollars on Friday morning, with little progress in peace talks between Russia and Ukraine, raising fears of tightening sanctions and disruption of oil supplies for a long time.

While Iraq's resources increased after stopping the deduction of 3 percent of revenues to pay compensation to Kuwait, which Iraq finished paying in full last month.
The Ministry of Oil announced that the rate of exports and revenues achieved for the month of February was the highest in eight years, reaching 8.5 billion dollars, and an export rate of 3 million and 314 thousand barrels per day.

The National Oil Marketing Company (SOMO) expected that the revenues of the current month of March will be higher than February, based on the current market data.

[yota691]

 

Al-Kazemi’s advisor: The previous budgets went to salaries, and amending the white paper is a necessity

 

 2022-03-17 17:10

 

Shafaq News/ Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, noted on Thursday that the previous public budgets consisted of paying salaries instead of services, while stressing the need for an amendment to the "white paper" by the specialists.

This came during a financial and accounting training center set up by the Ministry of Finance entitled (Assessment of fiscal vitality in public budgets), according to a statement issued by the ministry, received by Shafak News Agency.

Saleh said, according to the statement, that "most of the previous budgets were compensatory budgets, that is, distributing salaries instead of free public services, and transferring them to special services such as electricity and water, and this is a failure in preparing public budgets."

He added that "the ministry's financial policy came with positive financial results, and modified the Iraqi economy," noting that "this change should not continue for a long time because it will affect the general members of society."

The economic advisor praised “the economic reforms presented by the white paper that significantly improved the country’s situation and the conduct of financial matters,” stressing the need to “adopt these reforms and amend this paper by the specialists.”

[yota691]

Saleh: The reforms led to an improvement in the financial situation, and the previous budgets were compensatory

3 hours ago

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, criticized the method of preparing previous public budgets.

Saleh said during his participation in a financial and accounting training center set up by the Ministry of Finance entitled Assessing the Financial Vitality in Public Budgets, he said that the previous budgets were mostly compensatory budgets, ie distributing salaries instead of free public services and converting them to private services such as electricity and water.

He added that the economic reforms presented by the white paper led to the improvement of the country's situation and the management of financial matters significantly.

[6ly410]

Jamal Cougar: Parliament will not pass an austerity budget

Saturday 19 March 2022 62

https://alsabaah-iq.translate.goog/62146/جمال-كوجر-مجلس-النواب-لن-ي-مر-ر-موازنة-تقشفي-ة?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

 

 Baghdad: Farah Al-Khaffaf 

The current deputy and member of the former Finance Committee, Jamal Cougar, said that the House of Representatives will not pass any austerity budget during the current year 2022, as happened in previous years. Cougar's assertions came at a time when oil prices stabilized above the $100 barrier, and amid mounting voices to invest this rise and financial abundance. Cougar told {Sabah}: {The House of Representatives in general, and the concerned committees in particular, will not agree to keep the price of a barrel of oil low in the budget. 2022, and no austerity budget will be passed

 

 

 Especially since this type of budget will not revive the economy, will not create job opportunities, and will not change the citizen’s view of focusing and relying on government jobs, instead of focusing and heading towards private sector jobs.” He added, “The government can set a good budget after oil prices cross a barrier.” $100 per barrel, in addition to the need to take several steps, including fighting corruption, ending the file of the so-called “alien, double and multi-salary,” controlling border crossings and controlling their resources, as well as resolving the issue of currency auctions and corruption in them, with the need to slim the government and state departments , especially that its branches and sections are very large and do not correspond to the outputs of these 

institutions}.

 

investment budget

Cougar continued: {If the government takes these steps with the continued rise in oil prices, a budget can be drawn up in which the active part is the investment budget that serves the private sector on the one hand, and creates job opportunities on the other hand, and contributes to developing infrastructure and implementing projects. 

strategy}.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had expected cash benefits of $20 billion due to the rise in oil prices, stressing that {despite the partial borrowing of 15 percent of the total planned deficit in the 2021 budget of 29 trillion dinars, the The financial situation and its expected indicators during the year 2022 indicate a high average of a barrel of oil, not less than $100 per barrel, compared to the revenues of the 2021 budget oil, whose average annual oil revenues were estimated to be less than $70. 

barrel}.

 

financial surpluses

He added, "Accordingly, net financial surpluses are expected to be no less than $20 billion if the exchange rate continues 

1/12 of last year's budget, and therefore the prevailing cash flows will be reassuring and there is no need to borrow in any way 

its forms.

In the same context, financial expert Thamer Al-Azzawi suggested the approval of the 2022 budget next June.

Al-Azzawi told Al-Sabah: “The budget will be semi-annual, and with the financial abundance achieved due to the high oil prices and the reliance on the Financial Management Law, i.e. 1/12, which adopted the price of $ 45 per barrel, the budget will not be austerity at all,” pointing to the importance of its investment. shape 

the correct.

He called on the ministries of finance and planning to re-prepare the 2022 budget, to calculate a good price for a barrel of oil, as well as to develop a strategic plan to implement the budget texts during the remaining months of 2022, and not consider them from 1/1/ 2022, except for the dues of employees, retirees and others Segments that must be redressed, especially with regard to bonuses and promotions 

and others.”

 

[horsesoldier]

IMHO ... these people can't get outta their own way.

Iraq is open for business, no restrictions & nothing stands in their way to launching a prosperous future in 2022.

Except one thing, themselves.

What I see being played out in the news & yes certainly some of the news is poop: nevertheless, this looks like another stupendous effort in derailing a golden opportunity.

End of 1st quarter is at hand. . . & this still looks like another fine mess.

[yota691]

Al-Kazemi’s advisor: The lack of approval of the budget creates an economic gap

• Time: 03/19/2022 14:06:07
•  
• Reading: 572 times

  

{Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that the lack of approval of the budget creates an economic gap.

Saleh told {Euphrates News}, "The failure to approve a general budget for any of the years creates an economic gap between the years."

He added, "In our current situation, it is possible to control if we adhere to low spending ceilings, with the rise in oil prices. We will be able to control the economic course in general."

He pointed out that "it is not possible to speculate whether or not there is a budget for this year, but Iraq is now committed to spending in accordance with the Financial Management Law."

Raghad Daham

[WheresmyRV?]

They better start on the 2023 budget because by the time they figure out the 2022 budget it will be November or December.

[horsesoldier]

3 hours ago, WheresmyRV? said:

They better start on the 2023 budget because by the time they figure out the 2022 budget it will be November or December.

 

We're on the road to nowhere with these people aren't we.