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What are the real reasons behind the government's delay in sending the 2024 budget schedules?

6ly410
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6ly410 Grand Master

6ly410

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What are the real reasons behind the government's delay in sending the 2024 budget schedules?

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With the mounting criticism and calls to speed up sending the current year's budget to Parliament, ambiguity still surrounds the government's delay in sending the budget schedules, despite Finance Minister Taif Sami's pledge to complete the schedules and send them soon to the Council for approval.

After demanding Parliamentary Finance, yesterday, Monday, to reveal the reasons for the delay behind the government's failure to send the budget schedules, Deputy Chairman of the Parliamentary Planning Committee, Muhammad Al-Baldawi, revealed today, Tuesday, the real reasons behind the delay in the government sending amendments to the current year's budget schedules to the House of Representatives for the purpose of approval.

Al-Baldawi said, "The delay in sending amendments to the 2024 budget schedules to Parliament is due to several reasons, including the ministries not completing their plans regarding the lagging projects, as the government is working to close this file, as well as the difference in prices and currency values," according to Al-Alam Al-Jadeed newspaper.

He added, "Among those reasons relates to the schedules and amounts allocated to the Kurdistan region of Iraq, especially after the recent decisions issued by the Federal Court that obligated the government to do so," noting that "most of these reasons and obstacles have been overcome by the government and will be sent to Parliament very soon."

Members of the House of Representatives criticized the government's delay in sending the revised 2024 budget tables for study and approval, despite the facilities it enjoys as part of a three-year "tripartite budget" that only needs some amendments in the numbers of the exchange and revenue sections, adding that violating the legal timings regarding the "budget" and even others has become a "custom" in the country.

Jamal Kojar, a member of the parliamentary finance committee, confirmed on January 2 that the 2024 budget will witness changes in its operational and investment aspects, indicating that many changes will be made in it and it will be something different in terms of resources, oil price estimates and exchanges.

The exchange rates of the dollar in the local market have fluctuated greatly during the past months, as they suddenly fell to 148 thousand dinars per 100 dollars, and quickly rose again to 160 thousand dinars, and then continued to fluctuate until today, reaching 151 thousand. dinars per 100 dollars, after its price nearly two weeks ago was about 153 thousand dinars.

From time to time, the Iraqi market is witnessing a crisis that leads to a rise in prices, which began with the change in the exchange rate of the dollar, and then the Russian-Ukrainian crisis, and the rise of the dollar again during the current year to record levels.

It is noteworthy that the draft budget law for the current year, worth 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while in the budget for the next two years The numbers will change, according to events at the time.

The dollar exchange rate in the budget amounted to 1,300 dinars per dollar, and the budget was based on an oil price of $70 per barrel and expectations of exporting 3.5 million barrels of oil per day, including 400,000 barrels per day from the Kurdistan region.

The three-year budget version included many articles on external borrowing, including continuing to borrow according to previous agreements, as well as new borrowing from international institutions and various governments, and some borrowing amounted to more than $3,000 billion.

It is noteworthy that this tripartite budget, as a result of the value of very high salaries, due to the new appointments, led to a significant reduction in the budget investment, and according to economists that this will force the state to borrow.

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screwball Grand Master

screwball

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48 minutes ago, 6ly410 said:

Al-Baldawi said, "The delay in sending amendments to the 2024 budget schedules to Parliament is due to several reasons, including the ministries not completing their plans regarding the lagging projects, as the government is working to close this file, as well as the difference in prices and currency values," according to Al-Alam Al-Jadeed newspaper.

Hmmm…new rate I would say 💯🎯

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horsesoldier Grand Master

horsesoldier

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On 3/5/2024 at 4:11 PM, Longtimelurker said:

March 19th is the day we invaded Iraq, that could be a potential date

Coincidentally that's the day of my finalizing my divorce from my 1st wife( what a harpy).

Obviously not the same year but who cares it's the day!!! 

Another party coming up.

 

Edited by horsesoldier
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