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

[yota691]

There is no third

Parliament Finance: Changing the exchange rate portends a budget deficit..and the government has two options

2023.02.11 - 09:08

 

Baghdad - people  

The government took advantage of the financial comfort as a result of the surplus of oil rents, so it was an opportunity to appoint and install more than 750,000 new employees. This comes at a time when the 2023 budget, which will reach Parliament soon, will break many numbers in allocations, and the deficit as well.  

  

 

  

Parliamentary Finance indicated that changing the exchange rate may increase the budget deficit by no less than 10 to 15 trillion dinars, with the price of a barrel of oil remaining at around $70.  

  

Committee member Jamal Cougar said, in a statement to the official newspaper, followed by “Nass” (February 11, 2023), that “the financial management law does not allow the government to exceed the 3% budget deficit, which in all cases does not exceed 15 trillion dinars, but the truth is It is the arrival of the deficit to more than 60 trillion dinars before changing the exchange rate, and we expect that at least 10 to 15 trillion dinars will be added to this deficit,” explaining that the government, “has two options, not a third, either compressing expenditures or going towards deleting some Paragraphs in the executive budget or the operational and investment budget, or accepting an increase in the deficit from 60 trillion to 75 trillion.  

  

And he believed that "the government should not borrow from local banks that owe it to it in the first place."  

  

Regarding the government's internal debts, he said: "These banks are supposed to play the role that is synonymous with the role of the government because the latter can create job opportunities through projects through the investment budget, while banks can create job opportunities for the private sector by granting soft loans."  

  

And he continued, "If the government tends to withdraw liquidity from these banks, it will burden it with increasing debts and loans and handcuffing the banks to create job opportunities, and thus the pressure will transfer to the government, which tended towards appointment."  

  

Regarding the price of a barrel of oil, Cougar explained that "it will be in the budget estimates about $70, even with its low prices, and the government will have to withdraw from bank reserves as happened in previous budgets," pointing out that "the operational budget will be fixed, while the investment budget will change if it chooses." The government is compressing expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of higher oil prices.  

  

Recently, the US Treasury Department discussed, with the Iraqi delegation, the economic challenges the country faces, including corruption, energy dependence, and exchange rate issues.  

  

According to a Treasury statement, which "NAS" received a copy of (February 10, 2023), "US Deputy Secretary of the Treasury, Wali Adimo, met with Iraqi Deputy Prime Minister and Foreign Minister Fouad Hussein and the Governor of the Central Bank of Iraq, Ali Al-Alaq, to discuss the economic situation in Iraq and the government's plans to reform the economic and financial sector." And mutual commitment to anti-money laundering and terrorist financing procedures.    

  

According to the statement, "The Deputy Secretary of State and Deputy Prime Minister reaffirmed the continued importance of bilateral economic relations between the United States and Iraq and shared their goal of strengthening the Iraqi economy."    

  

The two sides also discussed "the economic challenges facing Iraq, including corruption, dependence on energy and exchange rate issues."   

[6ly410]

"Pressure of expenditure or acceptance of rising deficits". MP: Two options for the government on the budget

 

Economy News Agency - "Pressure of expenditures or acceptance of a rising deficit". MP: Two options for the government on the budget (economy-news.net)

   

---

Economy News - Baghdad

The parliamentary finance committee indicated on Saturday that changing the exchange rate may increase the budget deficit by at least 10 to 15 trillion dinars, with the price of a barrel of oil remaining around $ 70.

"The Financial Management Law does not allow the government to exceed the budget deficit of 3%, which in any case does not exceed 15 trillion dinars, but the truth is that the deficit reached more than 60 trillion dinars before changing the exchange rate, and we expect that at least 10 to 15 trillion dinars will be added to this deficit," said committee member Jamal Kojar.

He explained that the government "has two options, either to compress expenditures and go towards deleting some paragraphs in the executive budget or the operational and investment budget, or to accept the rise in the deficit from 60 trillion to 75 trillion," and considered that "the government should not borrow from local banks that owe it in the first place."

Regarding the government's internal debt, he said: "These banks are supposed to play the role synonymous with the role of the government because the latter can create jobs through projects through the investment budget, while banks can create jobs for the private sector by granting soft loans."

"If the government moves towards withdrawing liquidity from these banks, it will burden them with increasing debts and loans and tying the hands of banks to create jobs, and thus the pressure will shift to the government, which has tended towards appointment," Koger said in an interview with the official newspaper.

Regarding the price of a barrel of oil, Koger explained that "the budget estimates will be about $ 70 even with the decline in its prices, and the government will be forced to withdraw from the bank reserve as happened in previous budgets," pointing out that "the operating budget will be fixed, while the investment budget will change if the government chooses to compress expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of rising oil prices."

52 Views

Added 2023/02/11 - 6:05 PM

Update 2023/02/11 - 6:36 PM

    

[keylime]

Deputy: Approval of the budget will take place before Ramadan

 

2023-02-12

A member of the Parliamentary Legal Committee, Ahmed Al-Fawaz, saw that the approval of the General Budget Law 2023 will take place before the month of Ramadan, indicating that five sessions will be held per week in order to discuss the budget law and then approve it.

Al-Fawaz told the Rudaw media network, “It is possible that the draft budget will be submitted to the Iraqi parliament this week,” adding that “there will be five consecutive sessions every week in order to discuss the budget law for the year 2023.”

“Within two weeks, the discussions will be completed, so it is expected that the budget will be approved before Ramadan.”

It is noteworthy that Iraq did not vote on the 2022 budget, due to differences between the political parties, which followed the parliamentary elections.

As for the possibility of disagreements over the budget law, Al-Fawwaz noted that “disputes were settled during the last meeting of the State Administration Coalition, through a convergence of views and distancing the budget from some of the existing problems and outstanding files,” pointing to “preparing a timetable to end these outstanding files and problems.”

The size of the Iraqi federal general budget for the year 2021 was more than 101 trillion dinars, and the price of oil was estimated at $45 per barrel, but the price of oil has risen to nearly double that price.

The fiscal year covered by the General Budget Law ends on December 31 of the same year, and the Financial Management Law, which requires the disbursement of one twelfth of the actual spending in the previous year, is in effect until the new General Budget Law is issued.

A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, previously told Shabaka that the Iraqi government’s decision to reduce the exchange rate of the US dollar to 1,300 dinars will contribute to raising the budget deficit to 90 trillion dinars, which is “a violation of the Financial Management Law.”

Representative Mustafa Al-Karawi said, regarding the government’s recent decision to reduce the exchange rate of the US dollar: “We are waiting for the government’s measures in this regard, because it is certain that the decline of the dollar will increase the budget deficit, or they will reduce investment expenditures, given that this creates a problem.”

Al-Karawi explained, “The deficit in the general budget is supposed to be 70 trillion dinars, but in light of the government’s recent measure, the budget deficit may rise to 90 trillion dinars, which is a violation of the financial management law.”

A member of the Parliamentary Finance Committee, he saw that “the decision to lower the dollar exchange rate is a good thing to serve the poor citizen and relieve economic pressure on him,” adding that “the local markets and foreign transfers that are the basis and control of the local market must be controlled.”

Mustafa Al-Karawi pointed out that “the black market is important in this aspect, so the government must control it and fulfill the requirements of the Federal Bank and provide real documents and invoices for import,” noting that “if these requirements are met, the World Bank will certainly agree to latest government action.

burathanews.com

[HowieC]

“there will be five consecutive sessions every week in order to discuss the budget law for the year 2023.”

 

Like the sense of urgency

[horsesoldier]

According to calendar Ramadan begins on 3/22/2023... Happy Birthday to me.

This is what we've been waiting for Gang... it's going down this time !!!

😆

[6ly410]

 

The House of Representatives sets the month of forgetting as a date for approving the budget and warns

Posted 19 seconds ago

 President of the Republic: Iraqis are waiting for the approval of the budget and the oil and gas law - Iraq News (iraqakhbar-com.translate.goog)
 

news source /Iraq Today Agency

 

Baghdad - Iraq today:

The Parliamentary Finance Committee warned of the delay in sending the budget to the Iraqi parliament, while stressing that it should be sent before the middle of the year.

Committee member Jamal Cougar said in a press interview, "The House of Representatives is awaiting the arrival of the budget from the Council of Ministers, and the Council has nothing to do with its delay, since preparing the budget is the responsibility of the executive body, and its legislation and approval is up to the Iraqi Council of Representatives."

He added, "The House of Representatives is awaiting the arrival of the budget, and there are no obstacles that prevent it from being approved upon its arrival," noting that "Parliament does not have the authority to take any position on the delay in the budget because the government is responsible for it."

Cougar indicated that "the budget must be approved before the beginning of the fourth month, and we do not have any other measures."

[jake21]

Let's wait and see. This is Iraq. If there's one thing their experts at, it's stalling!

[BETTYBOOP]

If they pass it before Ramadan... the HCL will be with it or right after Ramadan. IMO

[6ly410]

Crises and sensitive conditions

A warning from the treasury regarding the budget and a demand for an urgent joint session

2023.02.12 - 22:10

https://www.nasnews.com/view.php?cat=101944

  

Baghdad - people  

On Sunday, the Parliamentary Finance Committee issued a warning regarding the budget, while calling for an urgent joint session.  

  

  

 

  

Committee member Nermin Maarouf warned, in a statement, of which "NAS" received a copy (February 12, 2023), against "delaying approving the budget, while calling on the Prime Minister to hold an urgent joint meeting between the Finance Committee and the Council of Ministers, including the Minister of Finance, to resolve and bypass all problems in the budget law. In order to ensure that it is passed urgently within the appropriate period to ensure its implementation and to achieve the aspirations and rights of the Iraqi people in all its sects.  

Nermin explained, "Her invitation to hold this meeting comes due to the sensitive and influential circumstances and crises in Iraq and the region in order to fully discuss the budget with the Parliamentary Finance Committee in order to present observations and proposals of the House of Representatives on the budget and its amendment by the government before voting on it in the Council of Ministers."  

And she stressed that "it will ensure that the budget is not returned by the House of Representatives to the government, thus expediting a vote on it in the House of Representatives, publishing it in the official newspaper, and issuing instructions for its implementation and circulating them to ministries, government agencies and related bodies."  

And she stressed that "the budget includes the rights and entitlements of all segments of society, most of which are suspended due to the delay in sending the budget to the House of Representatives, warning that there is no longer time and that next month is the last month to approve and legislate the budget law within the timelines in order to provide the appropriate time to implement its provisions and paragraphs without Delay and delay, thus returning most of its funds to the state treasury.  

[screwball]

3 hours ago, 6ly410 said:

delaying the approval of the budget, while calling on the Prime Minister to hold an urgent joint meeting between the Finance Committee and the Council of Ministers, including the Minister of Finance, to resolve and bypass.

hmmmm...wonder if the  impending second stage of CBI packages are pushing this ahead quickly...???

[screwball]

3 hours ago, 6ly410 said:

warning that there is no longer enough time and that next month is the last month for the approval and legislation of the budget law within the time frames in order to provide the appropriate time to implement its items and paragraphs without delay and delay, thus returning most of its amounts to the state treasury

yep.....

[screwball]

3 hours ago, BETTYBOOP said:

If they pass it before Ramadan... the HCL will be with it or right after Ramadan. IMO

yep...if they pass it within the next week or so, our rate change will be with it IMO

[Spartakus]

I hope so.

 

[screwball]

Just now, Spartakus said:

I hope so.

 

🙏

[yota691]

Taif Sami announces the near completion of the preparation of the 2023 budget

• MONDAY, 02-13-2023, PM 3:44
•  
• TAYSEER AL-ASADI
•  
• 126

---

http://non14.net/public/images/large/9-1676292289.jpg

The Minister of Finance, Taif Sami, announced, on Monday, that the problem of the high price of the dollar was remedied by governmental and popular will to enhance the value of the Iraqi dinar, while she indicated that the ministry is in the process of ending work on the federal budget for the year 2023.

 

Sami said in a press statement on the sidelines of her speech at the forum (Financial Sustainability in the Arab Region in the Post-Corona Pandemic Crisis: Challenges and Opportunities), which opened today in the UAE capital, Abu Dhabi: “We sought to pass the Food Security, Development and Financial Hedging Law in the amount of ( 25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens.

 

She added, "The Iraqi government has faced the Corona epidemic by taking several immediate measures to limit its spread through national, mobilization, health and social policies that focused on marginalized social groups and facilitated access to health services and social care, which added these immediate and precautionary measures heavy financial burdens on public money."

 

Minister Taif added, "The Iraqi economy suffers from chronic structural problems, as the spring character still often has it, and its recovery depends on oil prices in the global market, which puts the government and its economic and financial institutions on alert to overcome challenges and crises."

 

And she indicated, “The Iraqi government, headed by Prime Minister Muhammad Shia’a Al-Sudani, has adopted an ambitious program at the economic and financial level, and during a period of several months, and over a few months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability,” adding, “We are on the verge of ending work with the federal budget.” For the year 2023 and heading towards comprehensive economic reforms in the Iraqi economy and developing a clear strategy to diversify its economy, raise its revenues and push development forward.

 

And she pointed out, "The Iraqi government's appreciation for the unremitting efforts, and its keenness to enhance economic cooperation between the Arab countries and coordination with partners to serve the economies and investments of those countries, noting that international relations are based on balance and expanding the base of interests to serve the goals of economic and financial development in the Arab countries."

 

She drew attention to "the challenges that the world faces from the effects of climate change, which have become more dramatic and their repercussions on peoples, which makes it imperative for Arab countries to increase financing, cooperation and investment that helps mitigate the effects of climate change."

 

And Sami expressed, "The Iraqi government's high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences, and the lessons it offers from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is exposed to very serious challenges."

[6ly410]

 

[6ly410]

Minister of Finance: The problem of the high price of the dollar was remedied by governmental and popular will

Minister of Finance: The problem of the high price of the dollar was remedied by governmental and popular will (ninanews-com.translate.goog)

Baghdad /NinaFinance Minister Taif Sami said: "The problem of the rise in the price of the dollar has been corrected by the will of the government and the people to enhance the value of the Iraqi dinar." During her participation in the forum (Financial Sustainability in the Arab Region in the Post-Corona Pandemic Crisis) in Abu Dhabi, she said: "The Iraqi government has adopted an ambitious program at the economic and financial level, whose positive indicators have appeared on the life of society and the institutional structure of the state to achieve financial sustainability.”

She added: "We sought to approve the law on food security, development and financial prudential in the amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens," indicating: "The Iraqi The government has faced the Corona epidemic by taking several immediate measures to limit its spread through national, mobilization, health and social policies that focused on marginalized social groups and facilitated access to health services and social welfare.

The Minister of Finance explained: “The Iraqi economy suffers from chronic structural problems, as the rentier nature is still predominantly on it and that its recovery depends on oil prices in the global market, which makes the government and its economic and financial institutions on alert to overcome challenges and crises."
Sami pointed out that the Iraqi government, headed by Prime Minister Eng. Muhammad Shia Al-Sudani, adopted an ambitious program at the economic and financial level, and within a period of several months and over a few months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability , he added, "We are about to end the federal budget for the year 2023 and move towards comprehensive economic reforms in the Iraqi economy and develop a clear strategy to diversify its economy, raise its revenues and push development forward."

She stressed Iraq's keenness to strengthen economic cooperation between Arab countries and coordination with partners to serve the economies and investments of those countries, noting that international relations are based on balance and expanding the base of interests to serve the goals of economic and financial development in Arab countries.

It is noteworthy that the forum is organized by the Arab Monetary Fund in cooperation with the International Monetary Fund and the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.

[6ly410]

Parliamentary Finance of a European Industrial Delegation: The 2023 Budget Includes support for These Sectors

Monday 13 , February 2023 17:55 |EconomicalViews: 79

Parliamentary Finance of a European Industrial Delegation: The 2023 Budget Includes support for These Sectors (ninanews-com.translate.goog)

Baghdad /Nina / TheThe Parliamentary Finance Committee confirmed that the general budget 2023 includes allocations to the health sectors and focuses on supporting the private sector and reducing dependence on the oil side. During a joint meeting with the Group of Seven industrialized countries committee, the discussed German Ambassador Martin Yeger, Canadian Ambassador Gregory Galligan, US Ambassador Elena Romanovsky, Japanese Ambassador Kenigi Ma Samoto, British Chargé d'Affaires Serena Stone, French Chargé d'Affaires Christine Paris, and First Secretary Julia Mazara, on Monday, the possibility of supporting projects in the Federal Budget Law for the year 2023.

The committee praised the initiative of industrialized countries to support Iraq in managing financial and economic resources and working on the right track, reviewing the Council's vision on the federal law budget and continuous communication with the government and the Ministry of Finance to complete all appropriate requirements and ideas that help in all aspects of life, in terms of social welfare and providing well-being, as well as the importance of including a larger number of families under the poverty line and improving the ration card.

The committee confirmed that the general budget 2023 includes allocations for the health sectors related to the construction and development of hospitals, and the energy suffered by previous governments represented in the production of renewable energy through wind and solar energy, as well as the proposal to benefit from recycling waste through plasma that is not harmful to the environment, in addition to focusing on the private sector and its importance in providing job opportunities and enabling performance, and reducing dependence on the oil side, stressing the need to communicate with upstream countries to enable The safe passage of water, especially while being affected by the changing climate.


as well as supporting Iraq in the field of using the associated gas constructively to enter the market for Iraq. The delegation stressed the importance of an appropriate environment in the field of partnership between Iraq and companies within the strategic agreement to establish business and investment, in addition to providing water support, and addressing the state of desertification, and the delegation of member states expressed its readiness to harness all experiences in providing assistance and emphasizing priorities, in supporting small and medium enterprises and looking forward to cooperation with the

Iraqi Council of Representatives.

 

[6ly410]

Finance: The problem of the rise in the price of the dollar was corrected by government and popular will

Al-Eqtessad News Agency - Finance: The problem of the rise in the price of the dollar has been corrected by government and popular will (economy-news.net)

Finance Minister Taif Sami announced on Monday that the ministry is in the process of finalizing the federal budget for the current year, while noting that the problem of the high price of the dollar has been remedied by the will of the government and the people.

Sami said in her speech at the Seventh Arab Finance Forum, which opened its work in the UAE capital, Abu Dhabi, "We sought to approve the law on food security, development and financial hedging in the amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens," noting that "the Iraqi government has confronted the Corona epidemic by taking several immediate measures to limit its spread through national, mobilization, health and social policies that focused on marginalized social groups and facilitated access to health services and care." These immediate and precautionary measures have added heavy financial burdens to public funds."

She added that "the Iraqi economy suffers from chronic structural problems, as the spring character is still often on it and that its recovery depends on oil prices in the global market, which makes the government and its economic and financial institutions on alert to overcome challenges and crises," noting that "the adoption of the Iraqi government headed by Prime Minister Muhammad Shia Al-Sudani ambitious program at the economic and financial level and within a period of several months and over a few months appeared positive indicators on the life of society and the institutional structure of the state to achieve financial sustainability."

"We are about to finalize the federal budget for the year 2023 and move towards comprehensive economic reforms in the Iraqi economy and develop a clear strategy to diversify its economy, raise its revenues and push development forward," she said, pointing out that "the Iraqi government appreciates the tireless efforts and keenness to strengthen economic cooperation between Arab countries and coordinate with partners to serve the economies and investments of those countries."

She added that "international relations are based on balance and expanding the base of interests to serve the goals of economic and financial development in the Arab countries," pointing to "the challenges facing the world from the effects of climate change, which have become more dramatic and their repercussions on peoples, which requires Arab countries to increase financing, cooperation and enter into investments that help mitigate the effects of climate change."

Sami expressed "the Iraqi government's high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences and the lessons they offer from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is facing very serious challenges."

106 views

Added 2023/02/13 - 3:35 PM

Update 2023/02/13 - 6:27 PM

[6ly410]

Finance Minister in a new comment on the dollar rate and the federal budget

2023.02.13 - 15:20

Finance Minister in a new comment on the dollar rate and the federal budget (nasnews.com)

 

  

Baghdad - Nas  

Finance Minister Taif Sami said on Monday that the problem of the rise in the price of the dollar was corrected by government and popular will to enhance the value of the Iraqi dinar, while noting that the ministry is in the process of ending the federal budget for the year 2023.  

 

  

  

During her speech at the Forum (Financial Sustainability in the Arab Region in the Post-Corona Pandemic Crisis: Challenges and Opportunities), which opened today (February 13, 2023), in the UAE capital, Abu Dhabi, Sami said: "We sought to approve the Food Security, Development and Financial Hedging Law in the amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens."  

  

She added that "the Iraqi government has confronted the Corona epidemic by taking several immediate measures to limit its spread through national, mobilization, health and social policies that focused on marginalized social groups and facilitated access to health and social care services, which added these immediate and precautionary measures heavy financial burdens on public money."  

  

"The Iraqi economy suffers from chronic structural problems, as it is still often spring-on-the-counter, and its recovery depends on oil prices in the global market, which makes the government and its economic and financial institutions on alert to overcome challenges and crises," Taif added.  

  

She pointed to "the adoption of the Iraqi government headed by Prime Minister Muhammad Shia Al-Sudani an ambitious program at the economic and financial level, and within a period of several months and over a few months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability, adding, "We are about to end the federal budget for the year 2023 and move towards comprehensive economic reforms in the Iraqi economy and develop a clear strategy to diversify its economy, raise its revenues and push development forward."  

  

  

The Minister of Finance indicated "the appreciation of the Iraqi government for the tireless efforts, and keenness to strengthen economic cooperation between Arab countries and coordination with partners to serve the economies and investments of those countries, noting that international relations are based on balance and expanding the base of interests to serve the goals of economic and financial development in Arab countries."  

  

She pointed to "the challenges facing the world from the effects of climate change, which have become more dramatic and their repercussions on peoples, which makes it imperative for Arab countries to increase financing, cooperation and enter into investments that help mitigate the effects of climate change."  

  

Sami expressed "the Iraqi government's high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences and the lessons they offer from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is facing very serious challenges."  

  

The forum is being organized by the Arab Monetary Fund (AMF) in cooperation with the International Monetary Fund (IMF) and the participation of Arab finance ministries, governors of Arab central banks and monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions, according to the statement.  

  

  

[6ly410]

Minister of Finance: Reducing the exchange rate of the dollar with the effort of the Sudanese and the framework!!

Minister of Finance: Reducing the exchange rate of the dollar with the effort of the Sudanese and the framework!! – Iraq News Network (aliraqnews.com)

Last Updated: 13 February 2023 - 4:08 PM

Baghdad / Iraq News Network - Iraqi Finance Minister, Taif Sami, said on Monday that the problem of the rise in the dollar has been corrected by the will of the government and the people. During her participation in the Financial Sustainability Forum held in the UAE, the Minister of Finance stressed that "the Iraqi government is adopting an ambitious program at the economic and financial level, whose positive indicators have appeared on the life of society and the institutional structure of the state to achieve financial sustainability." And financial hedging in the amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens," adding that "the Iraqi government has faced the Corona epidemic by taking several immediate measures to limit its spread through national, mobilization, health and social policies that focused on marginalized social groups and facilitated access to health and social care services, which added these immediate and precautionary measures heavy financial burdens on public money She explained during the forum, that "the Iraqi economy suffers from chronic structural problems, as the spring character is still predominantly on it and that its recovery depends on oil prices in the global market, which makes the government and its economic and financial institutions on alert to overcome challenges and crises." She said that "the government is about to end the federal budget for the year 2023 and move towards comprehensive economic reforms in the Iraqi economy and develop a clear strategy to diversify its economy, raise its revenues and push development forward." "It is noteworthy that the forum is organized by the Arab Monetary Fund in cooperation with the International Monetary Fund and the participation of Arab ministries of finance, governors of Arab central banks and monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.

[6ly410]

Nice Sami talking about the new dollar exchange rate and financial efforts to stabilize it

 

policy  ,  2023/02/13 19:02  ,

Iraq today (iraqtoday-com.translate.goog)

 

 

 

Baghdad - Iraq Today: The most important thing that Finance Minister Taif Sami spoke during her participation in the forum held under the title (Financial Sustainability in the Arab Region in the Post-Corona Pandemic Crisis:
Challenges and Opportunities).
The Iraqi government has adopted an ambitious program at the economic and financial level, whose positive indicators have appeared on the life of society and the institutional structure of the state to achieve financial sustainability.

The problem of the rise in the price of the dollar has been corrected by the will of the government and the people to enhance the value of the Iraqi dinar.
The Minister of Finance said in her speech at the forum, which opened its work in the UAE capital, Abu Dhabi, “We sought to approve the law of food security, development and financial hedging in the amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens, " adding that the Iraqi government has confronted the Corona epidemic by taking several immediate measures to limit its spread through national, mobilization, health and social policies that focused on marginalized social groups. and facilitated access to health services and care. These immediate and precautionary measures have added heavy financial burdens to public money.
Sami pointed out that the Iraqi government, headed by the Prime Minister, Eng. Muhammad Shia Al-Sudani, adopted an ambitious program at the economic and financial level, and within a period of several months and over a few months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability , he added, "We are about to end the federal budget for the year 2023 and move towards comprehensive economic reforms in the Iraqi economy and develop a clear strategy to diversify its economy, raise its revenues and push development forward."

The Minister of Finance indicated the appreciation of the Iraqi government for the tireless efforts, and its keenness to strengthen economic cooperation between Arab countries and coordination with partners to serve the economies and investments of those countries, noting that international relations are based on balance and expansion. base of interests to serve the goals of economic and financial development in the Arab countries.
The Minister of Finance pointed to the challenges facing the world from the effects of climate change, which have become more dramatic and their repercussions on people, which necessitates the Arab countries to increase financing, cooperation and enter into investments that help mitigate the effects of climate change.
Sami expressed the Iraqi government's high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences and the lessons they offer from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is exposed to very serious challenges.

It is worth mentioning that the forum is organized by the Arab Monetary Fund in cooperation with the International Monetary Fund and the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and Experts from international and regional financial institutions.

 

[6ly410]

Sami: Finance is in the process of finalizing the federal budget for the current year

Layla Waleed

4 hours ago

 

Sami: Finance is in the process of finalizing the federal budget for the current year – First News Agency (awla.news) Share via mail

Finance Minister Taif Sami announced on Monday that the ministry is in the process of finalizing the federal budget for the current year, while noting that the problem of the high price of the dollar has been remedied by the will of the government and the people.

Sami said in her speech at the Seventh Arab Finance Forum, which opened its work in the UAE capital, Abu Dhabi, and was received by (Al-Oula News), "We sought to approve the law on food security, development and financial hedging in the amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens," noting that "the Iraqi government has faced the Corona epidemic by taking several immediate measures to limit its spread through national, mobilization, health and social policies that focused on marginalized social groups and facilitated access to health services and social welfare, which added these immediate and precautionary measures to heavy financial burdens on public funds."

She added that "the Iraqi economy suffers from chronic structural problems, as the spring character is still often on it and that its recovery depends on oil prices in the global market, which makes the government and its economic and financial institutions on alert to overcome challenges and crises," noting that "the adoption of the Iraqi government headed by Prime Minister Muhammad Shia Al-Sudani ambitious program at the economic and financial level and within a period of several months and over a few months appeared positive indicators on the life of society and the institutional structure of the state to achieve financial sustainability."

"We are about to finalize the federal budget for the year 2023 and move towards comprehensive economic reforms in the Iraqi economy and develop a clear strategy to diversify its economy, raise its revenues and push development forward," she said, pointing out that "the Iraqi government appreciates the tireless efforts and keenness to strengthen economic cooperation between Arab countries and coordinate with partners to serve the economies and investments of those countries."

She added that "international relations are based on balance and expanding the base of interests to serve the goals of economic and financial development in the Arab countries," pointing to "the challenges facing the world from the effects of climate change, which have become more dramatic and their repercussions on peoples, which requires Arab countries to increase financing, cooperation and enter into investments that help mitigate the effects of climate change."

Sami expressed "the Iraqi government's high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences and the lessons they offer from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is facing very serious challenges."

It is worth mentioning that the seventh Arab Finance Forum was organized by the Arab Monetary Fund in cooperation with the International Monetary Fund and the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.

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The Minister of Finance confirms that the ministry is in the process of finalizing the federal budget for the current year

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Narmin Maruf: In the next two weeks, the budget bill will come to parliament

 

 

Narmin Ma'roof: The budget bill will come to parliament in the next two weeks Narmin Ma'roof Save Share it Westga News A member of the Finance Committee of the Iraqi Parliament said that the value of the dinar against the dollar is volatile and expects the budget bill to be sent to the Iraqi parliament within the next two weeks. د. "It is normal for the dollar to have a difference in the markets, while the dollar has fallen sharply compared to last week or the past few months," said Narmin Ma'roof, a member of the Finance Committee. "Prices are still higher than the official central bank rate, which is normal because the situation can be controlled through demand and the supply of dollars," he said. Narmin Ma'roof said the amount of dollars in the market is still less than the demand, but many of those who deal in dollars are not willing to sell their dollars at that price, because they believe that prices will rise in the future. "The measures taken by the central bank to facilitate citizens and businessmen should be fully implemented in all provinces, or have not been implemented, including the sale of $ 7,000 at the official price," he said For tourists from international airports.” The member of the Finance Committee said that according to what they have received, only in Baghdad airport facilities and payment of money to tourists, businessmen, factory owners and laboratories, although they have requested the airports in Erbil and Sulaimani, but not yet completed. This has once again led traders to turn to the currency market to obtain currency, which has a major impact on the increase in demand in the markets and there is still a difference between the official and fixed government prices and the exchange rate. He added that citizens should know that in the near future the two prices will not be equal to each other, because the price between the two has always been a difference of several thousand dinars. "The implementation of the budget bill was delayed due to the demonstrations and instability in Iraq and the volatility of the dinar against the dollar," Ma'roof said. He said the budget bill is expected to reach the Iraqi parliament in the next two weeks. PM:04:24:13/02/2