The Finance Committee announces the start date for ministries financing the budget amounts due for the past months

[yota691]

The Finance Committee announces the start date for ministries financing the budget amounts due for the past months

2023.06.22 - 20:42

 

Baghdad - Nas  

The Parliamentary Finance Committee set, on Thursday, the date to start financing the ministries with the budget amounts due for the past months, while indicating the tendency to adopt an electronic system to complete the procedures for the final accounts.  

  

  

Committee member Mustafa Al-Karawi said in a statement to the official agency, followed by “NAS” (June 22, 2023), that “the instructions for implementing the budget will be issued after Eid Al-Adha, as the Prime Ministry and the Ministry of Finance have prepared a draft of instructions that may need amendments after adding articles to The budget by the House of Representatives," pointing out, "the issuance of instructions for financing and implementing the budget will be ready after the feast and circulated to all government departments and ministries."  

  

He added, "After issuing the instructions, the Ministry of Finance will start financing the amounts due for the past months, especially the operational ones, and other ministries will start implementing the investment budget for projects and others."  

  

Regarding the final accounts, Al-Karawi confirmed that "the Bureau of Financial Supervision is working on this issue, and there is a tendency to adopt an electronic system to complete the procedures of the final accounts."  

  

And he continued, "The last data of the final accounts that were updated was the 2015 budget, which was sent to the House of Representatives with the budgets of 2013 and 2014," stressing "the need for careful follow-up of the final accounts, reviewing them and finally approving them in order for there to be real accounts and to uncover corruption files." .  

  

He stressed that "the three-year budget will be conditional, and data will be submitted and tables updated by the Council of Ministers and approved by the House of Representatives."  

  

Al-Karawi stated, "The application of most of the items will continue year after year, but the digital data will be variable according to the Iraqi and global economic situation, as they are directly linked."  

[yota691]

Parliamentary Finance: There is a tendency to adopt an electronic system for final accounts procedures

 

June 22, 2023

Baghdad / Obelisk Al-Hadath: The Parliamentary Finance Committee set the date to start financing the ministries with the budget amounts due for the past months.

 

Committee member Mustafa Al-Karawi said that instructions for implementing the budget will be issued after Eid Al-Adha, as the Prime Ministry and the Ministry of Finance have prepared a draft for possible instructions that may need amendments after adding articles to the budget by the House of Representatives, pointing out that the issuance of instructions for financing and implementation The budget will be ready after the feast and circulated to all government departments and ministries.

 

He added that after issuing the instructions, the Ministry of Finance will start financing the amounts due for the past months, especially the operational ones, and other ministries will start implementing the investment budget for projects and others.

 

Regarding the final accounts, Al-Karawi confirmed that the Financial Supervision Bureau is working on this issue and there is a tendency to adopt an electronic system to complete the final accounts procedures.

 

And he continued, that the last data of the final accounts that were updated was the 2015 budget, which was sent to the House of Representatives with the budgets of 2013 and 2014, stressing the need for a careful follow-up of the final accounts, reviewing and finally approving them in order for there to be real accounts and to uncover corruption files.

 

He stressed that the three-year budget will be conditional, and data will be submitted and tables updated by the Council of Ministers and approved within the House of Representatives.

 

He stated that the application of most of the items will continue year after year, but the digital data will be variable according to the Iraqi and global economic situation, as they are directly linked.

[gregp]

Good morning Yota. 
I don’t understand why they would have to wait for special instructions. Especially after the provinces voting and approving the budget. 
Must be a major financial change. 
Any thoughts?

[gregp]

39 minutes ago, yota691 said:

Parliamentary Finance: There is a tendency to adopt an electronic system for final accounts procedures

 

June 22, 2023

Baghdad / Obelisk Al-Hadath: The Parliamentary Finance Committee set the date to start financing the ministries with the budget amounts due for the past months.

 

Committee member Mustafa Al-Karawi said that instructions for implementing the budget will be issued after Eid Al-Adha, as the Prime Ministry and the Ministry of Finance have prepared a draft for possible instructions that may need amendments after adding articles to the budget by the House of Representatives, pointing out that the issuance of instructions for financing and implementation The budget will be ready after the feast and circulated to all government departments and ministries.

 

He added that after issuing the instructions, the Ministry of Finance will start financing the amounts due for the past months, especially the operational ones, and other ministries will start implementing the investment budget for projects and others.

 

Regarding the final accounts, Al-Karawi confirmed that the Financial Supervision Bureau is working on this issue and there is a tendency to adopt an electronic system to complete the final accounts procedures.

 

And he continued, that the last data of the final accounts that were updated was the 2015 budget, which was sent to the House of Representatives with the budgets of 2013 and 2014, stressing the need for a careful follow-up of the final accounts, reviewing and finally approving them in order for there to be real accounts and to uncover corruption files.

 

He stressed that the three-year budget will be conditional, and data will be submitted and tables updated by the Council of Ministers and approved within the House of Representatives.

 

He stated that the application of most of the items will continue year after year, but the digital data will be variable according to the Iraqi and global economic situation, as they are directly linked.

I’m keeping a close eye on Banknote News to see if there’s any new banknotes issued for Iraq and Iran. Looks like as you previously posted, Egypt and Western Africa are issuing new notes. Fingers crossed we see lower demons pop up with Iraqs name on them. 
Thank you sir. 

[yota691]

1 minute ago, gregp said:

new banknotes issued for Iraq and Iran

Good Morning gregP and all of DV..I don't see new banknotes coming out together between the 2 coming out together. It will be a single event for Iraq, if or when it happens. That just my thoughts, could be wrong but the way these folks think, the stage isn't big enough for the two of them at one time.

[gregp]

17 minutes ago, yota691 said:

Good Morning gregP and all of DV..I don't see new banknotes coming out together between the 2 coming out together. It will be a single event for Iraq, if or when it happens. That just my thoughts, could be wrong but the way these folks think, the stage isn't big enough for the two of them at one time.

Agreed. This is a pretty big stage. 
God willing we will see a new monetary issue for Iraq. 
Thank you sir. 

[screwball]

10 hours ago, gregp said:

Good morning Yota. 
I don’t understand why they would have to wait for special instructions. Especially after the provinces voting and approving the budget. 
Must be a major financial change. 
Any thoughts?

yes 100% they had to make changes to financial accounting methods as part of IMF requirement, you would think if they were going to make adjustments to rates or remove zeros, then finanlising accounts and updating systems would be now!!!!

[screwball]

also add release lower denoms, could iran and iraq go together 100%, they have been planning and preparing for years, remember TRUMP knows about Iran and Iraq becoming powerhouses, Iran has already voted on and passed bills to delete four zeros, plus they have been quickly signing contracts, lets not forget specials instruction might have to do with  global reset and rates of exchange under new asset backed system??/

[T B]

TRUMP !  you better know! all this deepstate devils will be cast out! getmo is waiting for them!  call it as you wont ! father GOD HAS TRUMPS  BACK! THIS THING WILL BE DONE, ON EARTH AS ITS IN HEAVEN!  DEEPSTATE IS RUNNING LIKE RATS! MY FATHER GOD HAS CONTROL! OH YES! OH YES !! SORRY I AM A CHRISTIAN ! FORGIVE ME! GOTTA LOVE YA LORD! BE BLESSED! PA! PA! GOTTA GO TO BED! , DONT WORRY ALL THIS WILL BE DONE IN GODS TIMING!  OH YES!   BE BLESSED!

[Jaygo]

44 minutes ago, T B said:

TRUMP !  you better know! all this deepstate devils will be cast out! getmo is waiting for them!  call it as you wont ! father GOD HAS TRUMPS  BACK! THIS THING WILL BE DONE, ON EARTH AS ITS IN HEAVEN!  DEEPSTATE IS RUNNING LIKE RATS! MY FATHER GOD HAS CONTROL! OH YES! OH YES !! SORRY I AM A CHRISTIAN ! FORGIVE ME! GOTTA LOVE YA LORD! BE BLESSED! PA! PA! GOTTA GO TO BED! , DONT WORRY ALL THIS WILL BE DONE IN GODS TIMING!  OH YES!   BE BLESSED!

🤦‍♂️

[yota691]

A new clarification from the Iraqi Finance Ministry about extinguishing government advances granted during previous years

2023-06-23 14:54

Shafaq News/ The Iraqi Ministry of Finance issued, on Friday, a new clarification about extinguishing government advances granted during previous years.

 

In a statement received by Shafaq News agency, the ministry said, "What is being reported in the media circles of conversations and statements by some personalities about the issue of extinguishing advances, especially what is related to Article 15 of the Budget Law, which has already been included in the years since 2017 and the relevant Cabinet decisions."

 

In urging the spending units to deal with the suspended advances in their records, in coordination with the Ministry of Finance and the Board of Supreme Audit, through a mechanism mentioned in Article 15 so far, which is concerned with addressing the issue of advances of all kinds, as those advances are registered in the records of the spending units for not completing the conditions for their settlement and conversion into a final expense.

 

Being accumulated from the year 2007, and this was confirmed by the Bureau of Financial Supervision in all its reports issued in this regard, and this account has been accumulated since 2007 and because the spending units did not settle these advances, noting that Article 15 referred to the entry settlement procedure without actual disbursement operations and that the amortization mechanism is based By checking those advances before The Federal Office of Financial Supervision for those advances after the spending units submit the settlement reinforcements to the Audit Bureau, and after obtaining the approval of the Financial Supervision Bureau on the settlement, those units shall submit them to the Ministry of Finance to establish the entry settlement (treatment) and allocate for settlement without cash disbursement.

 

 

And she explained, “The article stipulates that the spending units, after auditing the Financial Supervision Bureau, send the total of the advances shown to them, noting that the Ministry of Finance deals with government spending units at the level of government formation, not individuals or personalities, and the Ministry of Finance has no relationship with individuals and public figures to fund them from the general budget, and from Then it sends it to the Office of Financial Supervision with all the reinforcements that support the settlement of those advances, after that the spending units address the Ministry of Finance to obtain the Office of Financial Supervision on the settlement so that an allocation is made according to the authority of the Minister of Finance in accordance with Article 15 without cash disbursement.

 

And she continued, "As for the availability of priorities on the subject, the report of the Office of Financial Supervision did not refer to the loss of priorities, but when referring to the report of the final accounts of the Republic of Iraq for the years 2014 and 2015, we will find there a statement showing the size of the amounts for advances at the annual level for each year, and that this information It was previously provided by the Ministry of Finance based on the audit balances of the spending units of the Office of Financial Supervision based on the information provided to the Ministry of Finance in the final account of the Republic of Iraq, and in the event of any shortage, the Ministry is ready to send the details of those advances.

[yota691]

Disclosure of the Iraqi government's plan to fill a budget deficit exceeding 64 trillion dinars

2023-06-24 05:23

Shafaq News/ Member of the Parliamentary Finance Committee, Nermin Maarouf, reviewed today, Saturday, details of the tripartite financial budget for Iraq, which was recently approved by the Iraqi Parliament.

 

Maarouf said in a symposium devoted to discussing the issue of the budget held in the city of Sulaymaniyah, that Iraq exports 3 million and 500 thousand barrels of oil per day, and the Kurdistan Region must participate in exporting 400 thousand barrels of oil per day, meaning that the region participates with 11 percent of the oil financial revenues. for Iraq.

 

And she indicated that the price of one barrel had been estimated at 70 dollars, adding that Kurdistan's oil would not be sold for less than the mentioned price, but rather at the same price, according to what was stipulated in the budget law.

 

She touched on the issue of the exchange rate of the dinar against the dollar, and Maarouf explained that the exchange rate of the dinar against the dollar is another important issue, as the price of one dollar was calculated at 1300 dinars in the budget, and any barrel of oil sold for 70 dollars is deposited in the account of the Ministry of Finance, which will transfer it to the Central Bank of Iraq. It will be spent at 1,300 dinars per dollar, and this will give stability to some extent to the exchange rate of the dinar against the dollar.

 

The member of the Finance Committee also indicated that Iraq’s revenues depend 83 percent on crude oil exports in the 2023 budget, and depend on 13 percent of non-oil revenues, including the Kurdistan Region, and that this issue is somewhat dangerous because the lion’s share of the budget It is linked to crude oil exports, and if the price of a barrel falls in global markets, it will inevitably affect the implementation of the budget, adding, "The oil price is expected to continue at around $70 per barrel, so there are no risks to the budget for the current year."

 

With regard to non-oil revenues, the Kurdistan Region shares 4 trillion dinars, or 26 percent, according to Maarouf.

 

With regard to government expenditures, a member of the Finance Committee said that it is similar to previous years because Iraq's economy is rentier, most of its population receive monthly salaries from the government, including the Kurdistan Region, so the expenditures are large and represent 75 percent of the budget, and only 25 percent goes to the investment budget.

 

She went on to say that the total oil and non-oil financial revenues in the budget amount to 134 trillion dinars, but the actual budget is 199 trillion dinars and there is a large deficit in it amounting to 64 trillion, which is considered by specialists in the field of economists as a great threat to the budget and to the future of Iraq, and the government must borrow to bridge This budget deficit.

 

Maarouf added that the federal government intends to fill this deficit, which amounts to approximately 64 trillion, through the existing surplus of financial revenues from last year achieved from the sale of oil, which amounts to 23 trillion, and the rest is covered by selling treasury bonds to the Central Bank of Iraq and borrowing from the Rafidain and Rashid banks. In addition to external borrowing, which amounts to 10 trillion dinars.

[yota691]

Finance clarifies the mechanism for dealing with the accumulated advances since 2007

2023.06.24 - 14:40

 

Baghdad - Nas  

The Ministry of Finance clarified, on Saturday, the mechanism for dealing with advances accumulated since 2007, and obtaining the approval of the Council of Ministers to extinguish them.  

  

  

The Director General of the Accounting Department in the Ministry, Jamil Thajib Youssef, said in a statement to the official agency, followed by “NAS”, (June 24, 2023), that “Article 15 of the Federal Budget Law for the year 2023 indicated that the Minister of Finance has the right to add allocations to extinguish advances until the end of 31 /12/2023, and these advances are included in the reference balances of the spending units that submitted trial balances since 2007 and were not fully processed and remained accumulated until now.  

  

Youssef added, "This article dealt with outstanding issues in the state's closing account, which is the advances account, noting that this account is an intermediate account that requires annual processing without a process of accumulations, and that the Ministry of Finance annually issues a circular urging spending units to process all advances contained in the trial balances until 12/31 date, or the period of final accounts.  

  

He pointed out that "these advances are for spending units, and that the Ministry of Finance does not deal with employees, but rather deals with administrative formations mentioned in the budget law within the allocated allocations or as stated in the Federal Financial Management Law No. 6 of 2019."  

  

He pointed out that “this article came to address the problems that accompanied the state’s closing account and the accumulation of advances without addressing them, knowing that these advances have problems, including the lack of prioritization in some spending units, and therefore the ministry issued instructions to address the loss of prioritization to address secondary copies in spending units.” To settle those advances after the matter is presented to the Bureau of Financial Supervision and obtaining the approval of the Council of Ministers to extinguish those advances, and then make an allocation for the purpose of the entry settlement.  

[yota691]

Adviser to the Sudanese: Approval of the budget does not prevent the submission of the final accounts

• Time: 06/28/2023 15:50:04
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{Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the final accounts of the financial budgets have not been submitted to the House of Representatives for years.

 

Saleh told {Euphrates News} agency: "Governmental institutions have not submitted the final accounts for years, and with the approval of the budget law, this does not prevent them from being submitted and audited by the Federal Financial Supervision Bureau, and those accounts are presented to the Council of Ministers and the House of Representatives for the purpose of voting on them."

The House of Representatives approved the financial budget on the 12th of this month, and it was published the day before yesterday, Monday, in the Official Gazette, to enter into force.

 

Raghad Daham