The Central Bank {stops} the collapse of the dinar, and new amendments await the budget

[screwball]

10 hours ago, 6ly410 said:

Mazhar Mohamed Saleh, expected the draft budget to be submitted to the House of Representatives by the end of January.

great timing

[screwball]

remember this! Dr Abadi from PMO "after 3-4 years Iraq will witness an economic move that will surprise the world" 15 Feb 2018

[screwball]

this is why I am excited....

[RJG]

17 minutes ago, screwball said:

remember this! Dr Abadi from PMO "after 3-4 years Iraq will witness an economic move that will surprise the world" 15 Feb 2018

[screwball]

15 minutes ago, RJG said:

BOOM!

[rvmydinar]

9 hours ago, RJG said:

The date of the article is Feb 15, 2018 and the official CBI rate was 1,190 in the CBI site at that time. And since on december 20 , 2020 , the official CBI rate was devalued to 1,460 until now. In the article , Dr. Abadi said after 3 or 4 years , Iraq will witness an economic move. And , 4 years since date of the article on Feb 15, 2018 means in the year of 2022. And in the year of 2022 , the official CBI rate was still 1,460 until now. And , the rate was devaluated from 2018 to 2023 and does this devaluation mean " Iraq will witness an economic move that surprises the world "?? Does Devaluation equal to surprise?

[yota691]

“Nass” publishes the proposed initial draft of the 2023 budget

2023.01.14 - 13:20

 

Baghdad - Nas  

On Saturday, “NAS” publishes a preliminary draft of the 2023 budget draft.  

  

 

  

  

  

Earlier, Mazhar Muhammad Salih, the financial advisor to the Prime Minister, suggested that the spending ceiling for the current year 2023 budget reach the barrier of 200 trillion dinars, specifying three directions that will be supported in the event of a financial surplus, including strengthening the development funds included in the government curriculum.  

  

Saleh said in a statement to the official newspaper, followed by “Nass” (January 14, 2023), that “although there are statements about an extremist trend in increasing public expenditures, even in light of the price of a conservative oil barrel that does not exceed 65 dollars (and it may reach 70 dollars per barrel). ) and an oil export capacity of about 4.3 million barrels per day, the spending ceiling in the 2023 general budget is the one who will decide in the end, is there a hypothetical deficit or not? Or how much is the amount of that assumed deficit?    

  

Saleh stressed, "The need to include the financial surpluses collected at the end of the fiscal year 2022 and count them as an opening balance for the current year 2023 budget legally."    

  

The financial advisor pointed out that "extreme estimates of public spending say: The budget will have a spending ceiling of about 200 trillion dinars, and that the increases or surpluses will go in three directions, the first to enhance the capital of development funds included in the government curriculum, and the second to fill part of the operational budget and new appointments." And the third will be allocated to the state’s strategic and service projects, including the unimplemented allocations in the Emergency Law for Food Security and Development No. 2 of 2022.  

  

And Saleh affirms that, in “any circumstances, I expect the spending ceiling in the next budget to exceed the barrier of 150 trillion dinars, going up to 200, if the (hypothetical deficit) is in a way that does not exceed 15% of the total spending, due to the presence of financial savings from last year 2022.” .  

[yota691]

Deputy reveals expenditures and deficits in the next budget

• Time: 01/14/2023 14:21:58
•  
• Read: 1,027 times

  

{Economic: Al Furat News} Member of Parliament, Mustafa Sanad, revealed today, Saturday, the expected expenditures, revenues, and the planned deficit in the next budget.

Sanad stated that the proposed expenditures amounted to 269 trillion dinars, while the expected revenues amounted to 148 trillion dinars, and the planned deficit amounted to 121 trillion dinars.

Below is the proposed initial draft of the 2023 budget, as published by Sanad:

[yota691]

The huge deficit in the 2023 budget...a huge percentage that violates the financial management law

2023-01-14

Yes Iraq: Baghdad

 

Expectations and preliminary figures for the budget indicate that the deficit will be in violation of the Financial Management Law, which does not allow the deficit to exceed 3% of the gross domestic product.

Researcher Basil Hussein said, "The next budget will be around 200 trillion Iraqi dinars, with a deficit of 70 trillion Iraqi dinars, or 35% of the budget."

He added, "If this is true, it would violate Financial Management Law No. 6 of 2019, which in its article (6/fourth) does not allow the deficit to exceed 3% of the GDP."

On the other hand, Representative Mustafa Jabbar Sanad revealed that the size of the deficit will reach, according to preliminary figures, 121 trillion dinars, which is a huge number equivalent to the entire budget of Iraq in 2021.

[6ly410]

Iraqi Finance monitors "false" information on the volume of expenditures and revenues in the 2023 budget

Iraqi Finance monitors "false" information on the volume of expenditures and revenues in the 2023 budget (shafaq.com)

2023-01-14 11:48

 

Shafaq News / The Iraqi Ministry of Finance announced on Saturday the monitoring of "false" information regarding the size of expenditures and revenues in the general budget for 2023.

The ministry's media office said in a statement received by Shafaq News Agency, "The Ministry of Finance monitored many false and incorrect information circulating on social media platforms regarding the size of expenditures and expected revenues within the draft general budget law for the year 2

The Ministry of Finance stressed that "this information is nothing more than a set of suggestions received by ministries and unrelated entities, not the final form of the content of the budget law."

She added, "The draft budget law is still in the process of preparation, and discussions about it are continuing with the various official authorities concerned with the maturation of the budget law after including the government curriculum approved by the House of Representatives, and work is underway to prepare the final draft of the draft and then submit it to the Council of Ministers for consideration and adoption of recommendations as imposed by the current economic conditions of the country."

The ministry called on public opinion, specialists and all media professionals to "receive information and news from well-known official sources, through the ministry's website and its official approved pages."

Iraqi MP Mustafa Sanad published figures that he said were extracted from the draft budget for 2023, in which he stated that the planned deficit is 121 trillion Iraqi dinars, and exceeds the figure mentioned by the 2019 budget that was approved by 133.1 trillion dinars (about $ 112 billion), and a financial deficit of $ 19 billion.

[6ly410]

 

[yota691]

2023 budget

A response from the Ministry of Finance to “misleading” information circulated by the communication platforms

2023.01.14 - 21:31

 

Baghdad - Nas  

On Saturday, the Ministry of Finance monitored many "false and incorrect" information circulating on communication platforms regarding the volume of expenditures and expected revenues within the draft general budget law for the year 2023.  

  

  

  

The ministry said in a statement, which "NAS" received a copy of (January 14, 2022), that it "emphasizes that this information is nothing more than a set of proposals received by ministries and unrelated entities, and is not the final form of the content of the budget law."  

  

And the ministry adds, “The draft budget law is still in the process of preparation, and discussions regarding it are continuing with the various official authorities concerned with the maturation of the budget law after it includes the government curriculum approved by the House of Representatives, and work is underway to prepare the final draft of the project and then submit it to the Council of Ministers.” To consider it and take recommendations as required by the current economic conditions of the country.  

  

The Ministry called on "public opinion, specialists and all media professionals to receive information and news from its well-known official sources, through the Ministry's website and its approved official pages."  

[yota691]

POSTED ON 2023-01-16 BY SOTALIRAQ

Parliamentary resentment for the late arrival of the budget to Parliament

Baghdad / Firas Adnan

Yesterday, Sunday, deputies expressed their deep dissatisfaction with the government's delay in sending the federal budget law to the House of Representatives for approval, stressing that this delay had negative effects on the interests of citizens.

Representative Amir Al-Mamouri said, “Several letters were issued by Parliament to the Council of Ministers in order to expedite the sending of the budget law.”

Al-Mamouri added, “The first session of parliament in this chapter was held yesterday, and the law was supposed to be ready for discussion, but this did not happen because of the government’s delay.”

He pointed out, "The budget law concerns all segments of society, especially the fragile and poor classes that await financial support through its approval."

And Al-Mamouri concluded, “Some differences between the political blocs represented within the government may exist, but this is not an obstacle to sending them to Parliament for the purpose of approving them in the correct manner in a manner commensurate with the general interest of the Iraqi people.”

For his part, Representative Abdul Karim Abtan said, "The government should have adhered to the legal contexts and hastened to send the budget law."

Abtan continued, "Parliament has not yet received an official answer on the deadline for the arrival of the budget law, although the Iraqi people are waiting impatiently for it."

And he spoke, that “many interests have been disrupted due to the delay in the arrival of the budget law to the House of Representatives,” and he believed that “the budget will be explosive, according to the current data.”

Abtan concluded, "Holding the government responsible for delaying the approval of the budget until the present time because we have not received it until the present time, and once it reaches Parliament, its discussion will not take long and we will work to complete it as quickly as possible."

In addition, Representative Mueen Al-Kazemi expects that “the budget law will reach parliament next week so that we can start our tasks by approving it.”

Al-Kadhimi stated, "The political forces are almost in agreement on the most prominent clauses, and only simple paragraphs remain related to the high sums imposed by the law, which are being pressured."

[yota691]

Parliamentary Finance reveals the reason for not approving the budget by the government so far

2023.01.17 - 10:55

 

Baghdad - Nas  

The fate of the federal budget for the year 2023 is still oscillating in the drawers of the Council of Ministers after the failure of negotiations to resolve the Kurdish problem with the federal government regarding the share of the Kurdistan region, which means obstructing the Sudanese cabinet’s vote on it and referring it to the House of Representatives due to political leaks.  

  

  

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said in an interview with the official newspaper, followed by “Nass” (January 17, 2023), that “the government is obligated to present the draft budget as soon as possible,” noting that “there are previous political consensuses that must reach the Kurds.” To agree with the federal government regarding the share of Kurdistan, which is scheduled to be approximately 13%.  

  

Al-Kazemi added, "It is necessary for there to be clarity about what the region exports from crude oil, in addition to the total imports of border crossings and airports, and for there to be transparent figures for the number of employees working in the regional government."  

  

And he believed that "in the event that an agreement is not reached, the government can resort to setting approximate numbers for the fairness of Kurdistan and the fairness of the oil-producing provinces throughout the country." In addition, a member of the Finance Committee, Jamal Cougar, called, in an interview with the same newspaper, for "the need to proceed with the budget while resolving any differences."  

[6ly410]

The "huge" 2023 budget. Non-development and will raise inflation and currency printing - urgent

Baghdad Today

The "huge" 2023 budget. Non-development and will raise inflation and currency printing - urgent

•  2 hours ago
•  

Baghdad Today-Follow-up

Researchers and economists agree that the next budget 2023 is a "dangerous" budget, especially with the figures circulating about its size and the amount of spending in it, especially the operational part of spending, which has risen significantly, which will lead to the production of the largest budget in the history of Iraq.

Economic researcher, Nabil Jabbar al-Tamimi, said that "the size of the budget circulating through some leaks confirms the existence of a huge budget that may be the highest in the history of Iraq and may exceed the barrier of 200 trillion dinars."

Al-Tamimi added, in press statements followed by "Baghdad Today", that "the operational side of the budget will exceed 80 trillion dinars to reach more than 100 trillion dinars, which is a very large amount, usually these operating budgets govern government spending, and that the price of oil at $ 57 per barrel as a minimum to enable the government to provide those budgets."

The economic researcher explained that "the decision-maker in Iraq does not realize the size of the incidental economic effects of huge budgets that may contribute to increasing inflation in prices in one way or another."

Al-Tamimi predicted that the implementation of the budget will be disrupted during the coming period if the crisis continues for several months to come, and that treatments require additional time, which pushes the Central Bank to print more local currency during the coming period, to strengthen the government's accounts, which is not without risk.

He pointed out that the government will rely in the budget on the fixed exchange rate of 1,460 dinars per dollar, and the government may assume an oil price between 60-70 dollars per barrel, which is a speculative price based on the minimum price forecasts for oil.

 

For her part, Iraqi economist Salam Smaisim confirmed that the upcoming federal budget faces many challenges, the most important of which is the instability of the dollar exchange rate, which affects the nature of the budget assessment.

Smaisim added that among the challenges is the problem of the share of the Kurdistan region of Iraq from the budget, and that this challenge is subject to political factors, in addition to the fact that the World Bank obligated Iraq to calculate the price of a barrel of oil at $ 64.

All these challenges are solved through political agreement, not economic agreement, but the expected jump in salary spending increases the burden on the budget and increases the size of job stagnation, she said.

She stressed that the budget did not differ in terms of its formulation from previous years, because it proceeds with the same problems and imbalances, through spending on security and defense, as well as most salaries and side incidentals.

Smaisem pointed out that the state's general budget for the year 2023 does not carry with it any aspect that leads to development and investment development, with the absence of proper planning and the spread of corruption on a wide horizon.

 

 

[screwball]

i expect budget to be as high as 200 trillion or even 300 trillion

Edited January 19, 2023 by screwball

[6ly410]

Al-Sudani stresses the importance of speeding up the adoption of the budget law by Parliament

Sudanese stresses the importance of speeding up the adoption of the budget law by Parliament » Baghdad Today News Agency

| Policy Today, 11:52 | 

    

 

 

Baghdad Today - Baghdad

Prime Minister Mohamed Shia Al-Sudani stressed on Thursday the importance of speeding up the approval of the federal budget law by the House of Representatives.

The Prime Minister's Information Office said in a statement received by Baghdad Today that "Al-Sudani chaired a meeting devoted to discussing the final details of the draft federal budget law 2023."

He added that "the draft budget law took time to discuss, in order to reach a budget consistent with the priorities of the ministerial curriculum, and meet the objectives of the government program in fighting poverty, providing basic services to citizens, economic reform, and combating corruption."

"Al-Sudani stressed the importance of speeding up the adoption of the budget law by the House of Representatives, as it is directly related to many economic and social issues and files, and helps the government implement its programs and strategy in vital fields and sectors, which would provide the best services to citizens," he said.

Edited by: R. A.

[6ly410]

 

[6ly410]

 

[6ly410]

Parliamentary Finance sets the date for the adoption of the budget law by the government

Posted 26 seconds ago

 Parliamentary Finance sets the date for the adoption of the budget law by the government - Iraq News (iraqakhbar-com.translate.goog)

 

2023-01-19T12:53:28.000000Z
 

Shafaq News / The Parliamentary Finance Committee revealed on Thursday the reason for the delay in sending the draft general budget law for the year 2023 to the Council of Ministers, stressing that the Council of Ministers will discuss the budget in next week's session.

Committee member Moeen Al-Kazemi told Shafaq News that "financial inflation in some projects in the general budget law for the year 2023 caused a delay in sending them to the Council of Ministers."

"The ministries of finance and planning are now making the final amendments to the draft budget law before sending it to the cabinet," he said.

"The ministries of finance and planning are working to complete the final draft of the budget law and send it to the cabinet before the next session," he said.

Al-Kazemi said that "the Council of Ministers will discuss and approve the budget law in next week's session after its completion by the Ministry of Finance."

[yota691]

Al-Sudani chairs a meeting regarding the "final details" of the general budget

2023-01-19 00:31

 

 

 Shafaq News/ The Iraqi Prime Minister, Muhammad Shia'a Al-Sudani, chaired this morning, Thursday, a meeting regarding the "final details" of the country's draft general budget for the current year.

 

 

 

His media office said, in a brief statement received by Shafaq News Agency, "Prime Minister Muhammad Shia' al-Sudani chairs a meeting to discuss the final details of the draft federal budget law 2023."

And in the middle of this month, Iraqi President Abdul Latif Jamal Rashid informed Prime Minister Muhammad Shia al-Sudani of his intention to approve the draft federal budget law for the year 2023, as soon as it reached the presidential office.

On January 3, 2022, Al-Sudani announced an increase in the amount of salaries in the general budget for the year 2023, realizing that the draft law needs a lot of time.

Al-Sudani said in a press conference that the amount of salaries in the budget rose from 41 to 62 trillion dinars, explaining that the budget needs a lot of time.

The Parliamentary Finance Committee indicates that the completion rate of the 2023 draft budget amounted to more than 95%, while it pointed out that “final touches” delay its discussion in the corridors of the Council of Ministers.

[6ly410]

Prime Minister #محمد_شياع_السوداني chairs a special meeting to discuss the final details of the draft federal public #الموازنة law 2023

[6ly410]

Prime Minister: The draft budget law took time of discussions in order to reach a budget consistent with the priorities of the ministerial curriculum and meet the objectives of the government program in combating poverty, providing basic services to citizens, economic reform and combating corruption

[yota691]

Al-Sudani: The draft budget law took time for discussions

2023-01-19 03:51

 

 

Shafaq News/ The Prime Minister, Muhammad Shia' Al-Sudani, chaired this morning, Thursday, a meeting dedicated to discussing the final details of the draft federal budget law 2023.

Al-Sudani said during the meeting, according to a statement issued by his media office, that the draft budget law took time for discussions, in order to reach a budget that is consistent with the priorities of the ministerial curriculum, and meets the goals of the government program in fighting poverty and providing basic services to citizens, economic reform, and combating corruption.

 

 

 

He stressed the importance of speeding up the approval of the budget law by the parliament, as it is directly related to many economic and social issues and files, and helps the government implement its programs and strategy in vital fields and sectors, which would provide the best services to citizens.

[yota691]

Parliamentary Finance sets the date for approving the budget law by the government

2023-01-19 07:53

 

 

 

Shafaq News/ The Parliamentary Finance Committee revealed, on Thursday, the reason for the delay in sending the draft general budget law for the year 2023 to the Council of Ministers, stressing that the Council of Ministers will discuss the budget in next week's session.

 

 

 

Committee member Moein Al-Kadhimi told Shafaq News agency, "Financial inflation in some projects in the General Budget Law for the year 2023 caused a delay in sending them to the Council of Ministers."

He pointed out that "the Ministries of Finance and Planning are now making the last amendments to the draft budget law before sending it to the Council of Ministers."

He added, "The ministries of Finance and Planning are working on completing the final draft of the budget law and sending it to the Council of Ministers before the next session."

And Al-Kadhimi indicated, "The Council of Ministers will discuss and approve the budget law in next week's session, after its completion by the Ministry of Finance."