Friday Morning Iraq Economic News Highlights 12-30-22
Friday Morning Iraq Economic News Highlights 12-30-22
Fixing The Dollar And Oil In The 2023 Budget And The Truth About US Sanctions.. "Sami's Spectrum" Reveals The Details
2022-12-30 03:28 Shafaq News / The Minister of Finance, Taif Sami, revealed, on Friday, new details related to the draft federal budget law for the year 2023, while indicating that it included a fixed price for the exchange of the dollar, in addition to the file of installing lecturers and contracts in all state institutions.
Sami said, in an interview with the official agency, followed by Shafaq News Agency, that "the general budget will focus primarily on the health sector, supporting hospitals, reducing operations abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for projects." small in the Ministry of Labor.
She added, "The price of a barrel of oil, which has been set so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and it has not yet set the total amount of the budget, while the dollar exchange rate has been fixed at 1450."
And the Minister of Finance indicated that "the draft general budget law may include a study to impose some taxes on the oil derivatives sector, if approved by the House of Representatives, which would enhance revenues."
And Sami pointed out, "Monetary policy is the responsibility of the Central Bank of Iraq, but there is an act of solidarity, and an example of this is the central bank's directives to banks affiliated with the Ministry of Finance to sell the dollar at the official price for travel purposes," noting that "there is a committee formed on the file of the high exchange rate that will be presented." The Council of Ministers to vote on new matters.
And the minister refuted the current talk about the American side’s intention to impose restrictions and penalties on the banking sector and others, adding: “There is a platform and a joint system between the Federal Bank and the Central Bank that was supposed to work on it since 2018, but it was implemented for auditing purposes now, so it caused Temporary rise in the exchange rate and it will return to its normal stability. LINK
Minister Of Finance: The Exchange Rate Of The Dollar Was Fixed At 1450 Dinars In The Budget
Economie - 12-30-2022 Number of readings: 3644 Friday, Finance Minister Taif Sami informed the Iraqis about the general budget and dollar exchange rates, in addition to fixing contracts and lecturers.
Sami said, in an interview with the official agency, that “the ministerial program that was approved by the Council of Ministers includes the current expenditures of some ministries, and other investment projects that the Ministry of Planning worked on and included in the 2023 budget, noting that “the Ministry of Finance received the ministerial curriculum and its expenditures from the ministries that were included within the Public Budget.”
Sami added, “The general budget will focus primarily on the health sector, supporting hospitals, reducing operations abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for small projects in the Ministry of Labor.”
And she explained that “the Ministry of Finance is still working on completing the general budget law for the year 2023, and there are meetings held with the Prime Minister to include the directors, and they have not yet been sent to the Council of Ministers, Stressing that “the budget will include the establishment of a development fund, and we set its allocations for the investment platform with a text in the law on how to support it and prepare its internal system and draft within a year.
And the Minister of Finance continued, “The price of a barrel of oil, which has been set so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and the total amount of the budget has not yet been set, while the exchange rate has been fixed at 1450.”
And she stressed that “the draft general budget law may include a study to impose some taxes on the oil derivatives sector, if approved by the House of Representatives, which would enhance revenues.”
Lecturers File
Sami said, "The lecturers' file took a large part with the government, which is working to end it," noting that "all the lecturers who were included in the financial allocation decision by granting them 250,000 are covered by the confirmation decision, and They are considered contracts from the date of 2019, amounting to 289,000.”
Regarding the file of the 2020 lecturers, Sami explained that “the lecturers for the year 2020 have not had funds allocated for them within the Food Security Law, and they need to raise their costs by the Minister of Education and present them to the Council of Ministers, and calculate their costs within Resolution 315.”
Install Contracts
And Sami indicated that “the file for installing contractors and workers in state institutions will include everyone who has two actual contract years, and the mechanism for installing them will be from two directions: the first is the departments that will bear the costs in full, And the other there are allocations for high ministries through transfers, while the state bears the financial differences for the ministries that have numbers.” Large allocations are not enough to cover it.
Exchange Rate
And Sami noted that “monetary policy is the responsibility of the Central Bank of Iraq, but there is an act of solidarity, and an example of this is the central bank's directives to banks affiliated with the Ministry of Finance to sell the dollar at the official price for travel purposes,” noting that “there is a committee formed on the file of the high exchange rate that will be presented to the Council of Ministers to vote on new matters.
She explained that “talk about the American side's intention to impose restrictions and sanctions on the banking sector and others is untrue,” noting that “there is a platform and a joint system between the Federal Bank and the Central Bank that was supposed to work on it since 2018, but it has been implemented for auditing purposes now.” Therefore, it caused a temporary rise in the exchange rate, and it will return to its normal stability.
And she indicated that “there are other measures taken to address the high exchange rate, including working on customs exemptions and providing facilities to merchants to prevent smuggling and extortion, and this will achieve positive purposes, including higher revenues,” noting that “the Ministry of Agriculture will approve the import license, and the mechanism for issuing it will be within one day.”
The White Paper
Sami added, "The ministerial curriculum included a large number of paragraphs of the white paper, especially the automation of customs and taxes, the comprehensive banking system, the unified treasury, and other files."
Theft Of The Century
And she pointed out that "there are two batches that have been returned from the refunded amounts related to tax insurances, and there are other payments that will be returned and delivered to the Integrity Commission in a special account in coordination with the investigation court."
The budget was not sent to the Council of Ministers and work is underway to complete it.. Important statements by Finance Minister Taif Sami
Finance Minister Taif Sami:
🔴 The budget was not sent to the Council of Ministers and work is under way to complete it.
🔴 The general budget will focus on the health sector, supporting vulnerable classes, and raising the ceiling of loan capital for small projects.
🔴 The budget will include the establishment of a development fund and we have established its allocations for the investment platform.
🔴 The price of a barrel that has been set so far in the budget is $65, and it may reach $70
. 🔴 The general budget bill may include a study to impose some taxes on the oil derivatives sector.
🔴 The government is working to finish the lecturers file.
🔴 All lecturers who were included in the financial allocation decision to give them 250 thousand are covered by the installation decision.
🔴 289 thousand records included with installation.
🔴 The 2020 lecturers were not allocated funds within the Food Security Act.
🔴 The 2020 lecturers need to raise their cost from the Minister of Education, present it to the Council of Ministers, and calculate their cost within Resolution 315.
🔴 There is a committee formed on the exchange rate hike file and it will be presented to the Cabinet to vote on new matters.
🔴 Talking about the American side's determination to impose restrictions and penalties on the banking sector and others is a disgrace to health.
🔴 There is a common platform and system between the Federal and Central Banks that were supposed to be working on since 2018, but the work has been applied for audit purposes now.
🔴 The application of the platform has caused a temporary increase in the exchange rate and will return to its normal stability.
🔴 There are other measures taken to address the high exchange rate, including working on customs exemptions and providing facilities to merchants to prevent smuggling and extortion.
🔴 The file for installing contractors and procedures in state institutions will include everyone who has two actual contract years.
🔴 The mechanism for installing contractors and the procedure will be from two directions: the first: the departments that will fully bear the costs, and the other there are allocations for high ministries through transfers, and the state bears the financial differences for the ministries that They have large numbers and allocations that are not enough to fill them.
🔴 The exchange rate of the dollar was fixed at 1450 dinars in the budget.
🔴 New batches of theft of the century will be returned
Deputy: All Blocs Support The Sudanese Government, And For This Reason The Budget Has Been Delayed
Policy 2022-12-29 | 13:25 Source: Alsumaria News 2,886 views Member of Parliament Souad al-Maliki stressed, today, Thursday, that the delay in completing the federal budget law was due to the fixation of service contracts and projects, explaining that all blocs support the Sudanese government for its success.
Al-Maliki said in an interview with the program "Publicly", which is broadcastSumeriansatellite channel, that "the budget law was not completed, but we see that it included jobs, fixing contracts, and fairness to the poor classes by allocating large sums of money to these files."
She added: "The draft budget did not reach the Strategic Committee and Parliament, and there are still great efforts to complete the budget, and there are important projects that are fixing contracts, electricity and other service projects, and there is a study with The Ministry of Planning And the Ministry of Finance to finalize the budget.
Al-Maliki indicated that "the instability of international oil prices also delays the adoption of the budget." LINK