After a long wait, the Ministry of Finance finally publishes the instructions for implementing the budget

[yota691]

The Finance Committee is likely to launch the implementation of the budget law tomorrow

2023-07-17 05:58

Shafaq News/ The Parliamentary Finance Committee ruled out, on Monday, the impact of the Iraqi government's appeals on articles of the general budget law in the continuation of the law, suggesting that the implementation of its articles will start from tomorrow.

 

Committee member, Representative Jamal Koujar told Shafaq News agency, "The appeals submitted by the government against articles and paragraphs of the budget law are the ones that stop, not the budget law."

 

Cougar suggested that the cabinet session tomorrow, Tuesday, would be the beginning of the launch, and the implementation of the budget law in ministries and state institutions.

 

Cougar stressed that the Ministry of Finance should be ready to implement the budget law, and we do not know the reasons for the delay in implementing the law.

 

On the third of July, the head of the federal government, Muhammad al-Sudani, submitted an appeal to the Federal Supreme Court against a number of paragraphs of the budget law, with a request to the court to issue a (state order) to stop the implementation of these articles after the law entered into force until the court decided to challenge the constitutionality of these articles.

 

On June 12, the Iraqi parliament voted on the financial budget for the three years (2023-2024-2025), with a value of 198.9 trillion Iraqi dinars ($153 billion) for each year.

[6ly410]

Parliamentary Finance to host CBI overnor next week

 Political

•  Today, 16:51

Baghdad – conscious – Wissam Al-Mulla
The Parliamentary Finance Committee announced on Monday that it has decided to host the Governor of the Central Bank Ali Al-Alaq next week.

Deputy Chairman of the Committee Ahmed Mazhar Al-Jubouri told the Iraqi News Agency (INA): "After approving the budget and fixing the dollar exchange rate to 1320 dinars, there will be hosting the governor of the Central Bank and his advanced staff next week in the Finance Committee to discuss the issue of the exchange rate,"
adding that "the committee will discuss with the governor about the bank's plan to maintain the exchange rate."

[6ly410]

To search the exchange rate. Parliamentary Finance decides to host the Governor of the Central Bank

2023.07.17 - 17:03

To search the exchange rate. Parliamentary Finance decides to host the Governor of the Central Bank (nasnews.com)

 

Baghdad - NAS  

The Parliamentary Finance Committee announced on Monday that it has decided to host Central Bank Governor Ali Al-Alaq next week.  

  

  

 

The deputy chairman of the committee, Ahmed Mazhar al-Jubouri, said in a statement to the official agency affiliated with "NAS", (July 17, 2023), that "after approving the budget and fixing the dollar exchange rate at 1320 dinars, there will be hosting the governor of the Central Bank and his advanced staff next week in the Finance Committee to discuss the issue of the exchange rate."  

  

He added that "the committee will discuss with the governor about the bank's plan to maintain the exchange rate."  

[horsesoldier]

Oh for God's sake hurry the hell up already   🤣

[screwball]

8 hours ago, yota691 said:

Cougar stressed that the Ministry of Finance should be ready to implement the budget law, and we do not know the reasons for the delay in implementing the law.

Love cougars…😂 hmmmm do not know the reasons maybe exchange rate?⏰🤷‍♂️

[screwball]

6 hours ago, horsesoldier said:

Oh for God's sake hurry the hell up already   🤣

😂😂😂😂😂

[pokerplayer]

Not sure if this has been posted yet, if so my apologies. I'm pumped !!

 

   pp

 

To discuss the exchange rate.. Parliamentary Finance decides to host the Governor of the Central Bank

2023.07.17 - 17:03

 

 

Baghdad - Nas  

The Parliamentary Finance Committee announced, on Monday, that it decided to host the Governor of the Central Bank, Ali Al-Alaq, next week.  

  

 

  

The deputy head of the committee, Ahmed Mazhar Al-Jubouri, said in a statement to the official agency, followed by “NAS” (July 17, 2023), that “after approving the budget and fixing the exchange rate of the dollar at 1,320 dinars, there will be hosting for the governor of the Central Bank and his advanced staff next week in the Finance Committee to discuss the issue exchange rate".  

  

He added, "The committee will discuss with the governor the bank's plan to maintain the exchange rate."  

https://www.nasnews.com/view.php?cat=111039

[horsesoldier]

Do ya think the corrupt politicians & businessmen might have something to do with the delay in implementing the Budget.

NAW, of course not, probably just a clerical error. Yeah that's it ! No reason why there would be some that would want to stonewall the Budget for nefarious ways.

What is wrong with me for thinking such terrible thoughts...I'm so ashamed. 

[jake21]

NEXT WEEK!!!!!!🤣

[cody406]

11 hours ago, pokerplayer said:

Not sure if this has been posted yet, if so my apologies. I'm pumped !!

 

   pp

 

To discuss the exchange rate.. Parliamentary Finance decides to host the Governor of the Central Bank

2023.07.17 - 17:03

 

 

Baghdad - Nas  

The Parliamentary Finance Committee announced, on Monday, that it decided to host the Governor of the Central Bank, Ali Al-Alaq, next week.  

  

 

  

The deputy head of the committee, Ahmed Mazhar Al-Jubouri, said in a statement to the official agency, followed by “NAS” (July 17, 2023), that “after approving the budget and fixing the exchange rate of the dollar at 1,320 dinars, there will be hosting for the governor of the Central Bank and his advanced staff next week in the Finance Committee to discuss the issue exchange rate".  

  

He added, "The committee will discuss with the governor the bank's plan to maintain the exchange rate."  

https://www.nasnews.com/view.php?cat=111039

Poker 

I read this as they want to discuss maintaining the exchange rate at the 1320 rate they changed it to…….. 

or, are they saying they want to discuss changing it again and then how to maintain it……? 
 

 

 

 

[3n1]

1 hour ago, cody406 said:

Poker 

I read this as they want to discuss maintaining the exchange rate at the 1320 rate they changed it to…….. 

or, are they saying they want to discuss changing it again and then how to maintain it……? 
 

 

 

 

 not Poker , but i read it as get the iqd to 1320 and maintain it there ... on the other hand a $ 1.32 will work just fine 🤣

[screwball]

22 minutes ago, 3n1 said:

 not Poker , but i read it as get the iqd to 1320 and maintain it there ... on the other hand a $ 1.32 will work just fine 🤣

the problem is nothing is stopping the rates on the ground, they must create purchasing power and real NOT 1320....they will have problems until they remove the zeros or adjust the rate so people on the street on dinar and not usd!

[screwball]

11 hours ago, pokerplayer said:

Not sure if this has been posted yet, if so my apologies. I'm pumped !!

 

   pp

 

To discuss the exchange rate.. Parliamentary Finance decides to host the Governor of the Central Bank

2023.07.17 - 17:03

 

 

Baghdad - Nas  

The Parliamentary Finance Committee announced, on Monday, that it decided to host the Governor of the Central Bank, Ali Al-Alaq, next week.  

  

 

  

The deputy head of the committee, Ahmed Mazhar Al-Jubouri, said in a statement to the official agency, followed by “NAS” (July 17, 2023), that “after approving the budget and fixing the exchange rate of the dollar at 1,320 dinars, there will be hosting for the governor of the Central Bank and his advanced staff next week in the Finance Committee to discuss the issue exchange rate".  

  

He added, "The committee will discuss with the governor the bank's plan to maintain the exchange rate."  

https://www.nasnews.com/view.php?cat=111039

i am also pumped and hopeful....we must keep hope

[keylime]

8 hours ago, cody406 said:

Poker 

I read this as they want to discuss maintaining the exchange rate at the 1320 rate they changed it to…….. 

or, are they saying they want to discuss changing it again and then how to maintain it……? 
 

 

 

 

Who knows how to interpret their articles sometimes.  Rose colored glasses say they  want to discuss the  exchange rate via the new budget and the maintenance of it. 

But on the surface which can be wrong as well,  just as the  word "next" in articles means "this", they want to discuss maintaining the rate of 1320 but why go through a big rigamorole to discuss keeping something that has already been set? A simple phone call would suffice. Why would they need his "advanced staff"?

I think the they want to discuss  making the rate fit the budget and how they will get it there. 

 

[md11fr8dawg]

11 hours ago, horsesoldier said:

I'm so ashamed. 

You should be!!!

[yota691]

The federal government rejects a lawsuit related to the deposit of Kurdistan oil revenues

2023.07.18 - 12:55

 

Baghdad - Nas  

The Federal Supreme Court rejected a lawsuit filed by the representative of Basra Governorate, Uday Awad, regarding the deposit of Kurdistan oil money in Citibank, due to changes in the lawsuit petition and based on the request of the concerned authorities to return it.  

 

The following is the text of the ruling regarding the lawsuit filed against the Prime Minister, the Governor of the Central Bank and the Ministry of Oil, in addition to the Prime Minister of the Kurdistan Region:  

  

[yota691]

Mandalawi directs to work on amending the Banking Law and to host the Governor of the Central Bank

• Time: 07/17/2023 18:55:59
•  
• Read: 1,911 times

  

{Local: Al Furat News} First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, directed the Parliamentary Legal Committee to work on maturing paragraphs and amending the Iraqi banking law in line with the orientation of the legislative and executive authorities in supporting the private sector, as it is a key partner and a real contributor to moving the wheel of development in the country.

 

A statement from his office, of which {Euphrates News} received a copy, stated that: "This came during his sponsorship today of a dialogue seminar held by the Association of Iraqi Private Banks, under the slogan (challenges of the Iraqi banking sector), in the presence of a number of deputies and directors of private banks."

 

Al-Mandalawi called on the Parliamentary Finance Committee to “host Ali Al-Alaq, Governor of the Central Bank, to discuss legislation related to the Iraqi banking sector, and to develop solutions to the problems and challenges facing private banks, especially opportunities for credits, guarantees, taxes and cash liquidity, in a way that contributes to drawing up a comprehensive strategic investment map for the development of the banking sector.” in the country".

[yota691]

POSTED ON 2023-07-18 BY SOTALIRAQ

Parliamentary Finance expects to resolve the government's appeals on the budget within a month

Baghdad / Firas Adnan

Yesterday, Monday, the Finance Committee in the House of Representatives ruled out the Federal Supreme Court’s delay in issuing the final decision on budget appeals, pointing out that the government’s objections were not to expected items, noting that its amendments to the draft increased its articles from 67 to 78 articles.

A member of the committee, Representative Mueen Al-Kadhimi, said, "All the requirements of the budget law have ended, the latest of which was publication in the Official Gazette, and it remains only to issue instructions for its implementation."

And Al-Kadhimi continued, “The government’s appeals will not affect the budget, except for the paragraphs that the Federal Supreme Court decided to stop implementing until the appeal case is resolved after a request from the Council of Ministers.”

He pointed out, “The cabinet resorting to challenging some of the budget paragraphs is a natural matter, because Parliament made fundamental amendments to the project before voting on it.”

And Al-Kadhimi stated, “The draft that we received from the government included 67 articles, and these articles have increased, after the amendments, to 78 articles.”

He pointed out, "The Finance Committee has made transfers estimated at 8 trillion dinars from the ministries to the governorates or other institutions."

Al-Kadhimi said, "The government considered that some of the paragraphs added by Parliament are not within its competence."

And he stated, "The appeals in general drawn up by the government were divided into 10 paragraphs within 12 articles, six of which the Federal Supreme Court did not see justification in stopping their implementation."

Al-Kazemi stressed, "What was issued by the Federal Supreme Court a few days ago to stop the implementation of some articles is not considered a settlement of the lawsuit filed by the Council of Ministers."

And he expected, “The court will issue its final decision on the budget within two weeks or a month at most, and it will not delay in resolving the case,” stressing that “the decision that will be issued is decisive and not subject to appeal, and it will be respected by all, the government and the House of Representatives.”

And Al-Kazemi stated, “Our expectations in the Finance Committee were focused on the fact that the government will appeal against articles, but other than those that it objected to in court.”

For his part, Representative Raed Al-Maliki stated, “An appeal I submitted against the budget does not include the materials that the government objected to, but rather came within the project and was voted on by Parliament.”

Al-Maliki continued, "These articles include granting governors and funds the authority to direct contract as an exception to the instructions for implementing government contracts and as an exception from any controls attached to them."

He pointed out, “My appeal also included the issue of extinguishing advances, and the article related to opening the door to investment and partnership with the private sector, according to instructions issued by the Council of Ministers.”

And Al-Maliki went on to say, “This investment opens the door to the seizure of important government projects that represent state assets, especially since we have a special investment law, and there is no need to grant the Council of Ministers the right to issue instructions that set exceptions.”

In addition, MP Ali Al-Bandawi confirmed that “the law gives the Council of Ministers, deputies, or any other person the right to challenge the budget.”

Al-Bandawi continued, “The state administration coalition, which is the largest component within the House of Representatives, agrees with any decision that the Federal Supreme Court will take regarding the appeals it received on the budget from the government or from other parties.”

And he believed, "Most of the paragraphs voted on by the House of Representatives were correct, both objectively and formally, and were compatible with the provisions of the constitution."

He pointed out that “the vote on the law took place with a majority of the members of the House of Representatives,” noting that “the law has received the support of various parties within the State Administration Alliance.”

Al-Bandawi does not see a justification for “the continued suspension of the budget, whether in terms of issuing instructions for its implementation or challenging its articles.”

And he added, "This law has been suspended for about seven months, just as last year did not witness its approval, and the appellants were supposed to realize the dangers of delay more, but resorting to the judiciary in the end is their right."

Al-Bandawi concluded, “This budget will be for three years and will support the stability of the government’s work by finding the legal basis for spending and carrying out service and investment projects.”

The House of Representatives had voted earlier on the budget law for three years, with annual amounts estimated at 200 trillion dinars, most of which were allocated to operating expenses, with a deficit amounting to 64 trillion dinars, and the government says that the economic situation in Iraq is capable of addressing this deficit.

[horsesoldier]

12 hours ago, cody406 said:

Poker 

I read this as they want to discuss maintaining the exchange rate at the 1320 rate they changed it to…….. 

or, are they saying they want to discuss changing it again and then how to maintain it……? 
 

 

 

 

These people lie like rugs. All we can do is what we've been doing  for 20 years...wait

Edited July 18, 2023 by horsesoldier

[lmb4321]

Need to get that HCL Going Iraq!!...

[Laid Back]

Last increase of the dinar exchange rate was proposed by the ministry of finance.

from 1460 to 1310.

 

Go finance committee 

Go new budget 

Go stronger dinar $1+

[screwball]

29 minutes ago, Laid Back said:

Last increase of the dinar exchange rate was proposed by the ministry of finance.

from 1460 to 1310.

 

Go finance committee 

Go new budget 

Go stronger dinar $1+

⏰

[yota691]

The Iraqi parliament asks "Al-Rafidain and Al-Rasheed" about housing loans and their benefits

 

2023-07-19 07:29

Shafaq News/ The Finance Committee in the Iraqi parliament revealed, on Wednesday, its intention to host the directors of the government-run Al-Rafidain and Al-Rasheed Banks regarding advances and financial loans that the two banks give to citizens, describing the interest rate on those loans as "large".   

 

A member of the Parliamentary Finance Committee, Asaad Al-Toobi, told Shafaq News agency, that the committee will host next week the directors of Al-Rafidain and Al-Rasheed Banks to find out about the loans and the amount of interest on those loans launched by the two banks’ management to employees and citizens, indicating that the interest rate sometimes doubles.

 

And Al-Toby indicated that the hosting will discuss the housing loans granted to citizens by Al-Rafidain and Al-Rasheed Banks, and to know how to set percentages and interests on citizens, how to calculate and limit them, and whether they will be fixed or decreasing during the loan repayment period.

 

He pointed out that the Finance Committee in Parliament will work to reduce the interest rate for housing loans granted to citizens by government banks in order to increase the number of people covered by loans and contribute to solving the housing crisis.

 

Citizens complain about the instructions set by the banking administration regarding the benefits of loans for the purchase of investment housing units, which they considered "do not help achieve the purpose," while economists described the mechanism for granting credit in Iraq as "the worst" among the countries of the world.

 

In a previous interview, economist Muhammad al-Hassani told Shafaq News agency, "Any financing or granting a loan for the purpose of purchasing housing units must be at low costs, i.e. soft financing, with long periods and low interest," noting that "banks in this way are not financing development, but rather commercially with the intent of profit."

 

He added, "The mechanism for granting credit in Iraq is the worst among the countries of the world in terms of financing, complex instructions, and very high interest," adding that "the guarantees and mechanisms are difficult, and the mechanism for collecting interest is unfair, as the interest rate remains full on the principal amount until the end of repayment without deducting the amounts paid."

 

A number of government banks, especially Al-Rafidian and Al-Rasheed Banks, are competing to grant various and numerous loans according to mechanisms and instructions that may sometimes be strict, while some citizens suffer from difficulty in obtaining these loans compared to countries in the world, in which these loans are often directed towards the optimal investment for them.

[yota691]

The crisis of the rise of the dollar returns to the fore... and an upcoming parliamentary procedure

2023-07-21 04:44

Shafaq News/ The Parliamentary Finance Committee confirmed, on Friday, its intention to host the Governor of the Central Bank and the Minister of Finance during the next week, to find out the reasons for not controlling the parallel exchange rate.

 

The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.

 

The exchange rates of the US dollar rose against the Iraqi dinar, in the Baghdad markets, and in Erbil, the capital of the Kurdistan region, after Washington imposed sanctions on 14 Iraqi banks.

 

As the Al-Kifah and Al-Harithiya stock exchanges recorded, with the closing, yesterday evening, Thursday, 150,900 dinars for 100 dollars, while in Erbil it recorded 151,000 dinars for every 100 dollars, and the purchase price was 150,950 dinars for 100 dollars.

 

In this context, member of the Finance Committee, Moein Al-Kadhimi, told Shafaq News agency, "The government tried to control the exchange rate, by reducing the dollar from 145 to 130, and was able to provide remittances to countries to which remittances can be sent."

 

Al-Kadhimi added, "But there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market."

 

He explains, "Which leads to the dollar's price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, it had an impact on the dollar's price rise, to reach 155."

 

Regarding the procedures of the Finance Committee in this regard, Al-Kazemi confirms, "There will be a hosting of the governor of the Central Bank and the Ministry of Finance during the next week, to find out the real reasons for the inability to control the parallel price." 

 

A member of the Finance Committee explains, "The lack of control over the parallel price is due to the sanctions imposed by the United States on countries such as Iraq, Syria, Iran, Lebanon, and even on some Turkish companies, which leads to an increase in the black market demand for the dollar."

 

On Wednesday, the US Treasury Department imposed sanctions on 14 Iraqi banks in a crackdown on Iran's dollar transactions.

 

The Wall Street Journal quoted US officials as saying that "the move came after the disclosure of information indicating that the targeted banks were involved in money laundering and fraudulent transactions."

 

The newspaper added, "Some of these operations may relate to individuals subject to sanctions, which increases fears that Iran will benefit from them."

 

A senior US official told the newspaper: "We have strong reason to suspect that some of these money laundering operations may benefit, either to individuals covered by US sanctions, or to persons who may be covered by sanctions."

 

"The main danger of sanctions in Iraq is definitely related to Iran," the US official added.

Shafaq News Agency learned that the sanctions affected "banks (the Islamic Advisor for Investment and Finance, Al-Qartas Islamic Investment and Finance, as well as the Islamic Spectrum, Elaf Bank, Erbil Bank for Investment and Finance, the International Islamic Bank, Pan-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajeh Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, and Zain Iraq Islamic Bank for Investment and Finance."

 

And the US Treasury Department prevented four other Iraqi banks from accessing the dollar last November, and also imposed, in cooperation with the Central Bank of Iraq, stricter controls on financial transfers in the country in general.

 

In the past weeks, the Central Bank of Iraq had excluded 4 private Iraqi banks from the currency sale auction (namely: Al-Ansari, Al-Sharq Al-Awsat, Al-Qabid, and Asia) following directives and warnings from the US Treasury about these banks accused of smuggling currency.

[screwball]

On 7/18/2023 at 11:14 PM, yota691 said:

, Governor of the Central Bank, to discuss legislation related to the Iraqi banking sector, and to develop solutions to the problems and challenges facing private banks, especially opportunities for credits, guarantees, taxes and cash liquidity,

How do you increase cash liquidity in the private banks? This whole sector really is shite their share prices have remained stagnant for over 19 years, something is about to pop! Cash liquidity is important remember IMF stated they need to create fiscal space? How do you do this?