Parliamentary Finance: Approval of the budget will be delayed until the end of next month

[screwball]

6 hours ago, jg1 said:

Knock off three zeros to the rate of the Iraqi currency, and you’re all good to go.

yep....week ago was deficit....then surplus in articles now deficit....excatly zeros will have to come off

[yota691]

According to the government formula

The full report of the Finance Committee on the budget for the next two years

2023.04.17 - 11:03

like0 

 

  

Baghdad - people  

The Finance Committee in the House of Representatives issued a detailed report on the general budget law for this year and the next two years, according to the formula received from the government headed by Muhammad Shia’a al-Sudani.  

  

"Nass" channel on Telegram.. our latest updates  

  

  

The report included major observations about the largest budget in the history of Iraq, with an increase in operational spending by 75%, as the Finance Committee criticized the “traditional method adopted in preparing the budget,” and said that it had become “inconsistent with developments in the volume of resources and spending and the accompanying decrease in the volume of allocated amounts.” for investment projects.  

  

In its report, the committee indicated the necessity of adopting a "modern method in determining the state's public expenditures, reducing waste and extravagance, investing revenues in investment projects, and preserving the environment and natural resources to ensure the interest of future generations."  

  

The committee recommended shifting to "gradually balancing programs and performance, designing programs capable of achieving the required goals, paying attention to investment projects that contribute to solving unemployment and poverty problems, ensuring sustainable development, and finding new sources of income that are supportive of the changing primary source (oil)."  

  

The committee listed the challenges facing the budget law in a number of points, most notably:  

  

- The huge allocations required to finance state institutions.  

  

- The magnitude of the planned deficit and its funding sources.  

  

High rates of unemployment, poverty rates and economic inflation.  

  

- The challenges of providing financial liquidity in the short or medium term.  

  

The monetary and financial authorities did not disclose their policies towards developing interest rates.  

  

The instability of the global oil market.  

  

The report indicates that the volume of estimated revenues for 2023 increased from 2021 by 33%, at a value of 134.6 trillion dinars, by adopting a price of $70 per barrel of oil compared to $45 in 2021, of which oil revenues constitute 87%, which means an increase in dependence on oil by 7%. %.  

  

Expenditures, according to the budget law for the year 2023, recorded an increase of 53% compared to the previous budget, due to the increase in the estimated allocations for the current budget and the capital budget, while the deficit increased by 125%, with a value of 64.5 trillion dinars.  

  

The committee's report also indicated an increase in the estimated allocations in the budget by 49%, most of which is due to the salaries of new employees, grants, subsidies, and social welfare.  

  

The report included detailed tables of increased allocations to ministries and agencies, including a table that revealed the increase in the number of employees compared to 2021.  

  

According to the table, the Ministry of Education recorded the highest increase in the number of employees by 525%, bringing the number of its workforce to more than 963 thousand people.  

  

The Ministry of Health recorded, in turn, the second largest increase by 320%, bringing the number of its employees to more than 488 thousand people, followed by the Popular Mobilization Authority, which increased the number of its employees from 122 thousand to 238 thousand employees, an increase of 95%.  

  

 

At the end of its report, the Finance Committee recorded 17 notes on the budget law, including those related to economic reform, revenue maximization, electronic governance, continued dependence on oil, as well as a huge increase in spending and an increase in public debt, which means high financial risks related to the extent of the state treasury's ability to Continue to secure overhead.  

  

And issued 20 recommendations, most notably; Reconsidering the volume of expenditure, the structure of public revenues, and the economic feasibility of some projects.  

  

It also recommended continuing to support the ration card, support non-oil revenues, support the private sector and investment projects, reduce the level of deficit and rearrange spending priorities.   

  

The text of the report and notes issued by the Finance Committee in the House of Representatives regarding the general budget law received from the government:  

  

[yota691]

Parliamentary Finance: Ministries spend about 20 trillion dinars annually on unnecessary matters

money and business
   

Economy News-Baghdad
Today, Sunday, the Parliamentary Finance Committee identified the most prominent observations recorded in the special budget report, while proposing a reduction in consumption matters amounting to about 20 trillion.

A member of the committee, Representative Mueen Al-Kadhimi, said in a statement, "Our meeting with Prime Minister Muhammad Shia'a Al-Sudani and the ministers yesterday was positive," noting that "the prime minister explained the features and positives of the budget and made some observations on the issue of the three years, support for the private sector, and how to benefit from the field of investment outside the budget for development." Country".

He added, "The observations have been fixed, the most prominent of which includes the issue of the large deficit of 64 trillion, which the budget complains about, given that our revenues are 134 trillion, according to financial estimates, while the expenditures are 199 trillion," noting that "we proposed reducing the deficit by reducing the commodity and service consumption matters consumed by the ministries." Which is unnecessary and estimated at 15 to 20 trillion.

And he continued, "The government has included in the budget external borrowing, which is 9 trillion dinars, but if we are able to reduce unnecessary and luxury expenditures, we will move away from borrowing and the increasing annual loan interests," explaining that "the other note that was made is the support of the provinces, as the committee stressed the need to pay attention to the provinces, Considering that the development of the regions allocated to the provinces is few, as well as the petrodollar and how to distribute the petrodollar to the oil-producing provinces.

And he stressed "the need to clarify many issues that will be after the second reading," pointing out that "the prime minister provided clarification about the three-year budget, which is that the government will present amendments and a new regulation at the end of the year and the House of Representatives will approve it."

He stressed "the importance of thinking seriously about non-oil revenues," noting that "we will reach the final results and vote on the budget at the beginning of the fifth month."

 

 

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Views 584

Added 04/16/2023 - 9:45 PM

[yota691]

A "detailed report".. Parliamentary Finance: Employees' salaries increased by 31%

 

money and business
   

Economy News - Baghdad
The Parliamentary Finance Committee confirmed that Iraq is living in difficult circumstances represented by the high level of inflation and the failure to approve the budget for the year 2022.

 

The committee said in its report on the 2023-2025 budget, which was seen by Al-Iqtisad News, that this budget is the largest in the history of Iraq, with the continued increase in the volume of operational spending, which reached 75%, noting that the challenges facing the budget are the huge volume of allocations to finance State institutions, the magnitude of the planned deficit, and the increase in unemployment and poverty rates.

The committee indicated that the volume of budget allocations increased by 49 trillion dinars compared to 2021, while the total investment budget allocation increased by 20 trillion dinars compared to 2021. 

 

The committee pointed out that the total planned deficit amounted to 64.5 trillion dinars, which is more than the planned deficit for the 2021 budget, which amounts to 28.5 trillion dinars, by 125%, and the planned deficit percentage constitutes approximately 48% of the total estimated revenues.

 

She noted that employee salaries increased by 31%, as in 2021 it was more than 45 trillion dinars, while now it is 59 trillion dinars, as well as social welfare rose to 28 trillion dinars, from 19.6 trillion dinars.

 

And she emphasized that the number of labor forces increased by 13%, and the amount of increase was in the Ministry of Education, which obtained 809 thousand degrees, followed by health by 371 thousand degrees, and the popular crowd by 116 thousand degrees.

Below is the committee's report:  

 

https://economy-news.net/admine/download.php?file=../vrsfls/cntnt/file/11989.pdf

 

 

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Views 33

Added 04/17/2023 - 11:36 AM

[yota691]

Parliamentary Finance: Approval of the budget will be delayed until the end of next month

money and business
   

Economy News - Baghdad
A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Thursday, the committee’s intention to reduce the budget deficit rate, expecting to vote on the budget until the end of next May.

 

Cougar said, "The vote on the general budget will be delayed until the end of next May, when there will be joint meetings and seminars in which ministers and governors will be hosted by the Finance Committee."

 

He added, "The deficit rate in the general budget will inevitably be reduced, after checking all the numbers with the concerned authorities to reach the required reduction," explaining that "reducing the deficit is one of the exclusive powers of the House of Representatives, which is reduction, transfer, and addition of paragraphs that are not subject to a financial commission."

 

And Cougar continued, in an interview with "NINA" agency, followed by "Al-Iqtisad News", "We can work on adding paragraphs to cancel some expenses, add paragraphs to enhance other resources, and add paragraphs that will reduce the deficit rate."

 

And a member of the Parliamentary Finance Committee went on to say, “If the revenues are large, the deficit rate will automatically decrease, and if the revenues are small, we will inevitably go to cancel some paragraphs in the original budget.”

 

 

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Views 170

Added 04/20/2023 - 1:11 PM

[yota691]

Member of Parliamentary Finance, Jamal Cougar: Trillions of dinars in the 2023 budget, we do not know anything about it or its details

by Moahmmad Editor Iraq news 1 Day ago

A member of the Parliamentary Finance Committee, Jamal Cougar, saw that there are allocations in the budget estimated at trillions of dinars, the details of which the Parliamentary Finance Committee does not know.

 

Representative Jamal Cougar said that “there are no details for allocating a trillion and a half trillion for the government program,” noting that “the Parliamentary Finance Committee is surprised,” about that.

 

Cougar indicated that this paragraph in the budget is “one of the numbers that will be talked about with the government,” noting that “there are many numbers and new numbers that are exaggerated, we do not have details about them, and they were not mentioned in previous budgets, and we stopped at them, so we are waiting for the government to inquire about them ".

 

 

A member of the Parliamentary Finance Committee, he stated that “what has been done so far regarding the budget is the first and second readings, and the second reading was not even completed, so its session was merely opening the door to discussions about it, no less or more.”

 

Representative Jamal Cougar, explained: “We expressed our observations on the budget, but how to formulate these observations and translate them into the budget remains until now.”

 

The Iraqi parliament is scheduled to convene after the Eid al-Fitr holiday, in order to discuss the amendments to the Federal Budget Law, as the House of Representatives completed the second reading of the draft federal budget law for the fiscal years (2023, 2024, 2025), Monday evening (April 17, 2023), and raised session until further notice.

[md11fr8dawg]

21 minutes ago, yota691 said:

Parliamentary Finance: Approval of the budget will be delayed until the end of next month

One of the members vapor locked and now can't do business until the end go the month!! What month??

[horsesoldier]

Here we go again 

[Dretown39]

24 minutes ago, horsesoldier said:

Here we go again 

I came real close in the past week to buying more dinar. Not that I need more but I started thinking these guys are on a roll.....NOT!😆

[horsesoldier]

Just now, Dretown39 said:

I came real close in the past week to buying more dinar. Not that I need more but I started thinking these guys are on a roll.....NOT!😆

They can just keep this thing rolling on forever with " in the coming days, just around the corner, SOON, Next " and so on huh.

[Dretown39]

15 minutes ago, horsesoldier said:

They can just keep this thing rolling on forever with " in the coming days, just around the corner, SOON, Next " and so on huh.

Facts!!💯 These people will turn you into the man Job from the Bible because your patience will go to another level!

[horsesoldier]

1 minute ago, Dretown39 said:

Facts!!💯 These people will turn you into the man Job from the Bible because your patience will go to another level!

Lucky I have a large supply of sarcasm to keep me sane.

On the other hand, patience has bottomed out.

[NoviceInvestor]

We can be assured of many certainties in life but the RV of the Iraqi Dinar is definitely not one of them. 

Thank you Heavenly Father for giving me the Virtue of Patience. 🙏

[dinarham]

Keep the faith and shine on , you crazy diamonds. we are so close.

 

 

[Thief]

Same ol same ol.....

These guys they just don't care about their people. 

Pathetic. 

[haymon]

[yota691]

Parliamentary law: the 2023 budget for the ministries and concerns for the governorates

• Time: 04/20/2023 20:13:04
•  
• Read: 1,976 times

  

{Politics: Al Furat News} The Parliamentary Legal Committee commented today, Thursday, about the confusion surrounding the Federal Budget Law.

 

A member of the committee, Aref Al-Hamami, told Al-Furat News: "The confusion surrounding the budget law is a result of demands by the governorates, committees, ministries, and the region."
He added, "The government directs this budget to be ministerial, not to the governorates, and its greatest weight is to the ministries."
Al-Hamami pointed out that "the central and southern governorates are very afraid of the ministries' legislators, because they are the most lagging projects."
It is noteworthy that the House of Representatives finished the second reading of the draft financial budget law, amid the odds of voting on it after the Eid al-Fitr holiday.
And Prime Minister Muhammad Shia al-Sudani announced that the total percentage of the allocations of the Kurdistan region in the budget is still fixed, which is 12.67, and it has not been changed.
He stressed that the duty of the federal government is to pay the salaries of employees, whether they are in the region or any governorate, and it is not an honor, and this is what the Council of Ministers is working on.

From: Raghad Dahham
 

[yota691]

Parliamentary Legal: The new salary scale does not add a financial burden to the state, and it will be discussed after the Eid

• Time: 04/21/2023 12:58:51
•  
• Read: 2,405 times

  

{Economic: Al Furat News} The Parliamentary Legal Committee revealed a new meeting regarding the new salary scale after the Eid Al-Fitr holiday.

Committee member Aref al-Hamami told {Euphrates News} agency, "The Parliamentary Legal Committee met with the ministerial committee formed by the government to follow up and discuss the new salary scale."
He added, "There was a first meeting, and there will be another meeting after the Eid holiday to discuss the law, and everyone knows that the outcome of the meeting is that the implementation of the salary scale project will benefit a large segment of employees and will not be a financial burden on the state, as there will be money circulation and transfers with it." ".
During the past weeks and until now, millions of Iraqis have been preoccupied with talking about the leaked details of the new salary scale and the possibility of applying it in the current year or the next. It is still in the corridors of the General Secretariat of the Council of Ministers under discussion, and there is a consensus that it achieves justice among state employees and bridges the wide gap in salaries between them, and it achieves fairness when they retire.

Raghad Daham

[yota691]

Parliamentary Law: All roads lead to passing the budget, and consensus is the master of the situation

 20 hours ago

550

 

A member of the Parliamentary Legal Committee, Omid Muhammad, confirmed, on Thursday, that there are no major political differences that impede the passage of the budget bill within the House of Representatives, indicating that all differences in the budget have been resolved, especially those related between the Kurdistan region and the center.

Muhammad said in a press interview, which was seen by Taqaddam, that “all political forces support the passage of the law after the blessed Eid Al-Fitr holiday.”

 Adding that “there are disagreements about the financial entitlement of the governorates and finding a solution to the deficit and the mechanisms of appointments in the budget.”

  He added, "There are no political differences that impede the passage of the budget, stressing that the vote on the budget will take place after the blessed Eid al-Fitr holiday, and it will not take long."

[Laid Back]

“There are no political differences that impede the passage of the budget, stressing that the vote on the budget will take place after the blessed Eid al-Fitr holiday, and it will not take long."

 

Sounds Good …. Just do it.!

 

1- Oil Agreement between the federal government and Kurdistan region 

2- Budget Law 2023-2024-2025

3- Hydrocarbon Law (HCL)

4- Stronger Dinar $1+

[Carrello]

What period of time must the dinar sit at 1320 for it to be considered "stable" since stability is one key for increase?" Dr Shabibi's students want to know.

[Hotcurl]

1 hour ago, Carrello said:

What period of time must the dinar sit at 1320 for it to be considered "stable" since stability is one key for increase?" Dr Shabibi's students want to know.

 

I think the term "stable" is irrelevant when looking at the exchange rate changes that occur in a nano second on the international currency markets.

These guys are bickering and arguing about who can steal the most from the next budget.

I think that the term "stable" is better applied to the political status in Iraq rather than the currency rate set by the CBI.

Rates change on a supply / demand and political basis.

For example, watch the NYMEX or BRENT oil market. Same illustration just a different commodity.

 

Just sayin' .... I could be wrong and will admit it if so .........................

 

Semper Fi

[Carrello]

Thanks, HotCurl. Not looking for anyone to right or wrong, but appreciate anyone actually thinking and analyzing the situation.

 

I was thinking back about the IMF requiring the dinar to be held within a 2% range for, I believe, 120 days. 

[HowieC]

Just a guess...But I would say the IMF has a pretty good idea at this point where Iraq stands as far as stability and financially.  Different time different scenario.  As Phoenix used to say......"We're now in a fluid situation".

[3n1]

1 hour ago, Carrello said:

was thinking back about the IMF requiring the dinar to be held within a 2% range for, I believe, 120 days. 

 

cbi - iraq has hit that benchmark several times that im aware of since that requirement was revealed , not sure if that was the litmus test to show they are capable of maintaining the 2% fluctuation or that it could have been more of the process  , who knows really imo among the chaos i have seen forward progress by the articles they put out , the pessimist in me thinks some of what they reveal is factual and some is fake or propaganda if you will and thats why i never live or die by the articles but try and glean some sense of what they might be doing  . we wait  ,cheers dv'ers