Parliamentary Finance reveals the reasons for the delay in launching the 2023 budget

[yota691]

Collecting parliamentary signatures to host the Minister of Finance...and the reason?

• Time: 10/06/2023 14:44:35
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• Read: 1,781 times

  

{Politics: Al-Furat News} Member of the Parliamentary Oil and Energy Committee, Ali Saadoun Ghulam, revealed today, Friday, that parliamentary signatures had been collected to host Finance Minister Taif Sami.

 

Ghulam told {Al-Furat News} agency, “Parliamentary signatures were collected to host the Minister of Finance on the reasons for the delay in releasing financial amounts to the governorates and some ministries so far, despite the rise in oil prices and the availability of financial liquidity for that.”

 

He added: "We expect that the hosting will take place during the next week to determine the reasons."

 

Raghad Dahham

[gregp]

Malaki had to do a remodel. 

[nannab]

Malaki needs a horizontal remodel. 

3 hours ago, gregp said:

Malaki had to do a remodel. 

 

[horsesoldier]

Ain't these people a hoot !?!?

What a hot mess. It's deliberate of course but they do incompetent, confused, bumbling,stumbling, bafoonery, gridlock & Crisis, beautifly.

[T B]

get em buddy!  hell yea! get em lord!

[yota691]

Labor reveals the formation of a committee to negotiate with the Finance Ministry regarding the construction of housing complexes for the ministry’s beneficiaries

• Time: 10/08/2023 12:40:55
•  
• Read: 871 times

  

{Local: Al-Furat News} Today, Sunday, the Ministry of Labor and Social Affairs revealed negotiations with the Ministry of Finance regarding the construction of residential complexes for beneficiaries of the ministry’s services.

Media advisor to the Minister of Labor and Social Affairs, Kazem Al-Atwani, told {Al-Furat News}: “With regard to population complexes for beneficiaries of the ministry’s services, whether social protection or people with disabilities, there are proposals under study to build these complexes.” 

He added, "A committee will be formed by the Ministry of Labor to negotiate with the Ministry of Finance in order to grant appropriate lands and the necessary allocations for this purpose in order to have suitable population complexes for these categories at nominal prices and deductions that may be deducted from the monthly subsidy in a way that does not affect it or granted for free." 

He noted that "the project is extremely important and requires concerted government efforts in order to achieve it, which is the least that can be provided to these families." 

[horsesoldier]

... another committee 🤣 What fabulous comedy

[yota691]

A parliamentary committee calls for holding the Minister of Finance accountable due to the delay in funding ministries and governorates

• Time: 10/09/2023 13:46:16
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• Read: 1,287 times

  

{Economic: Al-Furat News} A member of the Parliamentary Oil and Gas Committee, Ali Saadoun, criticized the Ministry of Finance’s delay in releasing allocations and financing for ministries and governorates.

Saadoun told {Al-Furat News} agency, “Parliament approved the price of a barrel of oil in the budget at 64 dollars per barrel, and in fact, oil prices since the budget was approved until now have averaged 80 to 90 dollars.”

He stated that this increase "is supposed to fill the deficit in the budget and cover it, but even the policy of the Ministry of Finance, despite the financial increase and the export of oil, did not provide the financial funding that was specified and drawn up by the budget law."

Saadoun stressed, "There must be an accountability for the Minister of Finance and an explanation of the reasons for her failure to fund the governorates and ministries so far."

From.. Raghad Dahham

[yota691]

Parliamentary Finance sets the date for increasing the salaries of retirees

 

Sweeteners
   

Economy News - Baghdad

Member of the Parliamentary Finance Committee, Muhammad Nouri, expected today, Wednesday, that the beginning of next year will witness an increase in the salaries of retirees.

Nouri told the official newspaper, followed by Al-Iqtisad News, that “the announced increase in the salaries of retirees for the lower grades has stopped due to the lack of cash flow to cover it,” noting that “work is underway to include it in the budget so that salaries are consistent with the high cost of living.”

 

He pointed out, "The Finance Committee is waiting for there to be actual cash liquidity, especially after the economic crisis that we are witnessing as a result of the increase in the exchange rate of the dollar against the Iraqi dinar in the parallel market," expecting that "the beginning of next year will witness an increase in the salaries of retirees."

 

Nouri explained that the increase will be given to those with the lowest grades to be compatible with the cost of living, according to reports from the Ministry of Planning, pointing out that “the increase, with the adjustment of the salary scale up to the sixth grade, may cost the state more than 4.5 trillion dinars.”

 

On May 15, the head of the National Retirement Authority, Maher Al-Bayati, announced the completion of a study to increase retirees’ salaries, amid expectations that it would be 100,000 dinars for the lower grades, but this did not actually materialize.

 

On April 3, the Ministry of Finance denied reports that Minister Taif Sami had withheld her approval regarding proposals to increase retirees’ salaries.

 

---

Views 65

Added 10/11/2023 - 9:49 AM

[yota691]

Parliamentary Finance reveals the reasons for the delay in launching the 2023 budget

Economy

11:33 - 2023-10-12

The Parliamentary Finance Committee explained the reasons for the delay in launching the 2023 budget, despite two months having passed since the publication of instructions for its implementation and its arrival to the ministries and governorates.
Committee member Moeen Al-Kadhimi said that last week, the Minister of Planning and the governors were hosted to discuss the delay in launching budget funding and distributing it to the ministries.
He added that the Federal Ministry of Finance was supposed to begin releasing the budget to the ministries during the next week, indicating that the ministry does not have sufficient financial liquidity to cover the launch of the budget.
He pointed out that there is a problem facing the ministry due to problems related to purchasing the dollar and the fluctuation of the exchange rate, pointing out that the Iraqi currency is stored in homes and citizens are afraid of the fluctuation of the exchange rate.
A member of the Parliamentary Finance Committee confirmed that the committee will host the Federal Minister of Finance and the Regional Minister of Finance, to find out all the budget problems in general.

[rvmydinar]

1 hour ago, yota691 said:

Parliamentary Finance reveals the reasons for the delay in launching the 2023 budget

So many excuses. Don't worry about it cause there is still 2 more months to delay again until the end of year 2023.

[yota691]

Parliamentary Finance stresses the necessity of developing packages to control the dollar exchange rates

 10/15/2023

 

 34

 

Baghdad/Al-Mawrid News

The Parliamentary Finance Committee stressed the necessity of developing packages to confront the challenges facing monetary policy to control the dollar exchange rates.

The Media Department of the House of Representatives stated in a statement , “The Finance Committee held a meeting, headed by Atwan Al-Atwani and in the presence of members of the Subcommittee (Central Bank and Banks Committee) today, Sunday 10/15/2023, to discuss the report prepared by the Subcommittee on the procedures of the Central Bank and private banks as well as On monetary policy in the country.
During the meeting held at the committee’s headquarters, Al-Atwani stressed “the importance of following up on all measures related to economic affairs and automating taxes as they are the basis for money and the economy, in addition to creating a practical and realistic study by the committee in implementation of the supervisory role, to maintain financial and banking stability, as well as the mechanism of dealing.” With monetary policy.
The statement added, "The committee discussed at the same time the reasons for the rise in the exchange rates of the dollar against the dinar and the necessity of controlling the labor market and putting it on the right track, as the committee stressed the importance of activating the private sector and inviting investors and merchants to listen to relevant opinions and proposals."
He continued, "The Finance Committee listened to the report of the subcommittee on the policy of the Central Bank and private banks and conducted an evaluation of the dealing management and the bank's tasks in financial transactions and developed confrontation packages and challenges facing monetary policy, to control exchange rates, in addition to the issues of granting loans and the housing initiative."

[yota691]

Parliamentary Finance stresses the necessity of developing packages to control the dollar exchange rates

Economy | 03:20 - 10/15/2023

 

 

 

Baghdad - Mawazine News

The Parliamentary Finance Committee stressed the necessity of developing packages to confront the challenges facing monetary policy to control the dollar exchange rates.
The Media Department of the House of Representatives stated in a statement, which Mawazine News received a copy of, that “the Finance Committee held a meeting, headed by Atwan Al-Atwani and in the presence of members of the Subcommittee (Central Bank and Banking Committee) today, Sunday 10/15/2023, to discuss the report prepared by the Subcommittee.” About the procedures of the Central Bank and private banks, as well as monetary policy in the country.”

During the meeting held at the committee’s headquarters, Al-Atwani stressed “the importance of following up on all measures related to economic affairs and automating taxes as they are the basis for money and the economy, in addition to creating a practical and realistic study by the committee in implementation of the supervisory role, to maintain financial and banking stability, as well as the mechanism of dealing.” With monetary policy.

The statement added, "The committee discussed at the same time the reasons for the rise in the exchange rates of the dollar against the dinar and the necessity of controlling the labor market and putting it on the right track, as the committee stressed the importance of activating the private sector and inviting investors and merchants to listen to relevant opinions and proposals."

He continued, “The Finance Committee listened to the report of the subcommittee on the policy of the Central Bank and private banks and conducted an evaluation of the dealing management and the bank’s tasks in financial trading and developed confrontation packages and challenges facing monetary policy, to control exchange rates, in addition to the issues of granting loans and the housing initiative.” End 29 /h

[screwball]

On 10/13/2023 at 2:42 AM, yota691 said:

Federal Ministry of Finance was supposed to begin releasing the budget to the ministries during the next week, indicating that the ministry does not have sufficient financial liquidity to cover the launch of the budget.

😂😂⏰🤷‍♂️

[yota691]

A parliamentary committee reveals the reasons for the delay in launching allocations for ministries and governorates

• Time: 2023/10/16 12:51:40
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• Read: 1,040 times

  

{Economic: Al-Furat News} A member of the Parliamentary Oil and Gas Committee revealed the reasons for the Ministry of Finance’s delay in releasing allocations to ministries, institutions, government departments and governorates so far, despite months having passed since the approval of the tripartite budget.

Kazem Al-Touki told Al-Furat News Agency, “Two weeks ago, the Ministers of Finance and Planning were hosted to find out the reasons behind the delay in paying the financial dues allocated in the budget and the non-payment of advances and commitments in the budget item, provided that 80% of the financial allocations continue to be paid.” To sustain projects.
He added, "The Ministry of Finance does not give the real reasons behind non-payment of these allocations," suggesting that "the undeclared reasons are the lack of financial liquidity or crossing the largest possible period of time to avoid the financial deficit."
It is noteworthy that, after five months have passed since the adoption of the federal general budget law, it has not been implemented yet, for reasons that specialists attributed to the delay that occurred in enacting the law and then in issuing implementation instructions, while others attributed it to the fear that its funds would be exploited in the scheduled local elections. On December 18th. 
For the first time in its history, Iraq approved a three-year financial budget in a single draft law, which Parliament voted on last June. The government defended the step by saying that it aims to develop plans for important projects in the country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.
The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the oil price was approved at 70 dollars per barrel, as Iraqi oil exports constitute more than 96% of Iraq’s financial imports.
After several months have passed since its approval date, the tripartite budget allocations have not been launched on the ground yet, which has opened the door to speculation and questions about the reasons behind the delay in implementing its provisions.

Raghad Dahham

[Laid Back]

They will wait till the beginning of 2024 to release the Budget.!

 

just my opinion.!

[screwball]

On 10/12/2023 at 2:20 AM, yota691 said:

The Finance Committee is waiting for there to be actual cash liquidity, especially after the economic crisis that we are witnessing as a result of the increase in the exchange rate of the dollar against the Iraqi dinar in the parallel market," expecting that "the beginning of next year will witness an increase in the salaries of retirees."

No cash liquidity…..due to ER….beginning of next year will witness increas in salaries…..Jan 1 2024?

[screwball]

2 hours ago, Laid Back said:

They will wait till the beginning of 2024 to release the Budget.!

 

just my opinion.!

Yep all pointing to that….

[screwball]

IMF said Iraq needs to make a sizeable fiscal adjustment to create fiscal space? Is fiscal space also called liquidity? 

[3n1]

6 hours ago, screwball said:

IMF said Iraq needs to make a sizeable fiscal adjustment to create fiscal space? Is fiscal space also called liquidity? 

 

i think its room in the budget allowing the government to provide resources for public purposes without impacting their fiscal sustainability.... fiscal space, outer space, lost in space lets get the show on the road iraq ......... cheers SB  

[screwball]

when they talk of 50 billion USD kept in homes is that the dinar kept in homes to the value of 5o billion USD, because an RV at a decent rate will cause all the money to flow into the banking system....50 billions is more than enough to get the show in the road....

Edited October 17, 2023 by screwball

[Laid Back]

13 hours ago, screwball said:

when they talk of 50 billion USD kept in homes is that the dinar kept in homes to the value of 5o billion USD, because an RV at a decent rate will cause all the money to flow into the banking system....50 billions is more than enough to get the show in the road....

"The solid amount of dollars in Iraqi homes is no less than 50 billion dollars. If the Central Bank criminalizes dealing in dollars, how will they be spent?"
 

Talking about $50 billion US Dollars in actual dollars not Dinars.

[Carrello]

You have to ask yourself why dollar would be chunky money now??? The Iraqi people know, they have been told by the PM Sudani, the dinar will be worth more than the dinar shortly. The dollar has been banned from use in Iraq as of 1/1/24. Why would you hoard something worth less than what is in your hand? You would NOT. You can't buy a car currently with US dollars. 

 

Don't believe everything you read. We are at the end RV process. No 2024, no 2025. NOW.

 

[BETTYBOOP]

I did say a few months back they would not release the budget this year. I am now convinced it will not happen. I now also believe they need a true rate to be able to gain liquidity  and give the citizens purchasing power. I don't believe anything significant can happen without a proper exchange rate. The budget will not see the light of day until that happens. The HCL will either happen when the rate changes or never at all

[screwball]

5 hours ago, BETTYBOOP said:

I did say a few months back they would not release the budget this year. I am now convinced it will not happen. I now also believe they need a true rate to be able to gain liquidity  and give the citizens purchasing power. I don't believe anything significant can happen without a proper exchange rate. The budget will not see the light of day until that happens. The HCL will either happen when the rate changes or never at all

Great post! Pretty much says it all😉