Friday Morning Iraq Economic News Highlights 6-9-23
Friday Morning Iraq Economic News Highlights 6-9-23
Parliament Votes On Two Articles That Include The Exchange Rate At 130 Thousand Dinars
2023.06.09 -Baghdad - Nas Parliament voted, Thursday, on two articles that include the exchange rate at 130,000 dinars. The House of Representatives also voted, earlier, on the first paragraph of the budget law. On Thursday, the House of Representatives proceeded to vote on the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025).
And the media department of the House of Representatives announced the start of the voting session on the budget, in the presence of 258 deputies.
The Parliament's media department stated in a statement, which "NAS" received a copy of, (June 8, 2023), that "the Speaker of the Parliament, Muhammad al-Halbousi, opened the work of the parliament session in the fifth electoral cycle, for the second legislative year, in the first legislative term."
The department added, "The session was held in the presence of 258 deputies."
According to deputies inside the corridors of Parliament, that the Finance Committee agreed to pass 15 of the budget articles at today's session, with the rest postponed to a session to be held tomorrow.
In turn, Representative Uday Awad confirmed, in a statement to the official agency, followed by "NAS", (June 8, 2023), that "today's session will witness the passing of 15 articles of the budget law, and the rest of the articles will be completed on Friday." https://www.nasnews.com/view.php?cat=108784
The House Of Representatives Votes On The First Paragraph Of The Budget Law
2023.06.08 - Baghdad - Nas On Thursday, the House of Representatives voted on the first paragraph of the budget law.
On Thursday, the House of Representatives proceeded to vote on the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025).
And the media department of the House of Representatives announced the start of the voting session on the budget, in the presence of 258 deputies.
The Parliament's media department stated in a statement, which "NAS" received a copy of, (June 8, 2023), that "the Speaker of the Parliament, Muhammad al-Halbousi, opened the work of the parliament session in the fifth electoral cycle, for the second legislative year, in the first legislative term."
The department added, "The session was held in the presence of 258 deputies."
According to deputies inside the corridors of Parliament, that the Finance Committee agreed to pass 15 of the budget articles at today's session, with the rest postponed to a session to be held tomorrow.
In turn, Representative Uday Awad confirmed, in a statement to the official agency, followed by "NAS", (June 8, 2023), that "today's session will witness the passing of 15 articles of the budget law, and the rest of the articles will be completed on Friday." https://www.nasnews.com/view.php?cat=108783
Postponing The Session To Complete The Vote On The Budget Materials For Several Hours
2023.06.09 - Baghdad - Nas On Friday, the head of the Kurdistan Democratic Bloc, Vian Sabri, announced the postponement of the session to complete the vote on the budget materials until six in the evening.
According to a statement issued by the Media Department of the House of Representatives, the session was supposed to start at one o'clock on Friday afternoon, but field sources indicated that all the representatives had not yet arrived at the parliament building. https://www.nasnews.com/view.php?cat=108804
The Chairman Of The Parliamentary Finance Committee Announces The Settlement Of Differences And The Agreement To Hold A Session To Pass The Budget
Today, Thursday, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, announced the settlement of differences and the agreement to hold a session to pass the budget.
Al-Atwani said , in a statement to the Iraqi News Agency (INA) , that the differences regarding the budget were settled, and it was agreed to hold a voting session. The budget law and the rest of the articles will be completed on Friday. https://www.ina.iq/187048--.htm
Parliament Votes To Adopt The Value Of A Barrel Of Oil At $70 And The Exchange Rate Of The Dollar At 1,300 Dinars
2023-06-08 Shafaq News/ The Iraqi Parliament approved, late Thursday night, the exchange rate of the Iraqi dinar, at a value of 1,300 dinars against one dollar, with a financial revenue of $70 per barrel of oil.
According to the budget materials that the House of Representatives voted on, tonight, and which Shafaq News Agency viewed, that the federal budget for the year 2023 amounts to 134 trillion and 552 billion and 919 million and 63 thousand dinars.
And by calculating speculative revenues from exporting crude oil at a price of $70 per barrel, at an export rate of three million and 500 thousand barrels per day, including 400 thousand barrels per day of Kurdistan Region oil, based on an exchange rate for the dollar equivalent to 1,300 dinars per dollar. LINK
A New Postponement Of The Budget Settlement Session
Money and business Economy News – Baghdad Parliament member Nour Nafeh said that the budget vote session has been postponed to 11 pm today, Thursday, according to the Rudaw network.
In the context, Jamal Cougar, a member of Parliamentary Finance, stated that the committee "has not yet received the final draft of the budget until it holds a meeting to discuss the final touches."
The House of Representatives was scheduled to hold, at 8 pm today, Thursday, its session to vote on the draft budget law. Views 587 06/08/2023 - https://economy-news.net/content.php?id=34646
A Budget Usurped By And From It, Will It End The Controversy Of Emptiness And Fill The Pockets Of Citizens, Or Will People Return With Nostalgia?
Policy 09/06/2023, the number of readings: 99 Baghdad-Iraq today: The political editor of Iraq Today wrote:
With his success in voting on some articles of the budget in an (evening) session, it seems that it has become a custom in the parliament, which takes the night as a camel, a veil and a cover, so it passes the governments, and votes on controversial laws, and here he is repeating it with the forthcoming budget law, this The budget, which is described as the largest and largest in the history of the country,
and the most incapacitated as well, as its deficit amounts to nearly a Third, in light of the insane increase in operating expenses in which government recruitment campaigns were put, especially after 2019, a pulse that does not want to return to the conditions it was. Before this date, with the opening of everyone's appetite, for the public job, which has become an easy source of income,
We are not able to evaluate the effectiveness of the government employment program, which has been taken in a clear clientelistic form by the political forces in control, where employment takes place in return for obtaining popular support in successful electoral events, and the ability of successive governments to Confront a huge flood that eats the state's financial resources, which are already derived from it. From oil revenues, foreign companies that contracted in the so-called licensing rounds contribute by taking a balanced share.
We say that the budget that seems to have no father, although everyone claims from a hidden side, some connection to it, but he attacks it, because it did not meet his ambition, which is mostly subjective, partisan, factional, and does not put general considerations in the list of national priorities, we say this budget will be in the event that the House of Representatives today completes the approval of the remainder of its articles. It is the critical test for the government of Prime Minister Muhammad Shia'a al-Sudani, as it will reveal its ability to employ it in order to build economic growth and development, or it may reveal - God forbid - a Governmental deficit, it It seems that due to the bureaucratic legacy and corruption is present and strong in the scene, but the will of the Sudanese can curb it,
We, facing a pivotal position, may end up approving a budget, from which everyone wants what they want, and they attack it as well, and this is the case of democratic parliamentary systems, but what matters to us is that the political anger does not spread to the street and strategize it. LINK
A Deputy For Karbala Blames The Government And The Leaders Of The Blocs For Delaying The Budget And Reveals A Transfer Of Funds Without Taking Into Account The Poor Governorates
FRI, 09-06-2023, TAYSEER AL-ASADI The representative of Karbala governorate revealed the reasons for the delay in voting on the budget, explaining that voting for the budget in three years means wasting more money without supervision and spending most of its money on electoral propaganda and miserable projects.
Zuhair Shaheed Abdullah said in a statement obtained by Noon News Agency today that the delay in the budget was due to the government, the leaders of the blocs, and the political consensus, and not because of the parliament.
Abdullah revealed the transfer of 6 trillion dinars, at the rate of 3 trillion to the governorates, that is, for each governorate 200 billion without taking into account the poorest governorates.
The MP, who belongs to Ishraqa Canon, criticized the three-year budget legislation, saying that talking about financial stability through three-year budget legislation is not true at all. Stability comes by converting it into a program budget, not an item budget. He explained that voting for the three-year budget means wasting more money without supervision and spending most of its money for electoral campaigns miserable projects.
And the Iraqi parliament voted on a budget for the years 2023, 2024 and 2025, in part, to end the differences that had recently deepened between the political forces, while adjourning its session to one in the afternoon, Friday. https://non14.net/public/157620
The Finance Committee Requests A 24-Hour Deadline: Kurdistan's Dispute Was Confined Between The "Two Parties" Over The 10% Clause
Posted On2023-06-08 By Sotaliraq 2023-06-08 Today, Thursday, members of the Parliamentary Finance Committee asked the Parliamentary Legal Committee to give them only 24 hours to read the budget law in preparation for its approval, while they revealed the nature of the internal Kurdish dispute regarding the committee’s “amendments” and the party’s “veto” democrats for a specific procedure.
Sources who were present at the meeting of the Parliamentary Finance Committee, which ended a short time ago, said that “a number of committee members actually asked the Legal Committee to give a period of 24 hours only in order to read the budget law, provided that this be with the approval of the Presidency of Parliament.”
The sources added, "There is preliminary approval from the Presidency and the Parliamentary Legal Committee, but so far it has not been official regarding this request."
For her part, the deputy in the Legal Committee, Iman Abdel-Razzaq, confirmed the existence of this proposed deadline from members of the Finance Committee to their counterparts in the Legal Committee and the informal approval so far from the Presidency of Parliament.
In turn, a member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said, "The Kurdistan Regional Government and the federal government have reached an important agreement regarding Articles 13 and 14 of the General Budget Law, which pertain to the mechanism for exporting oil from the region through the (SOMO) company and depositing the sums in an account in the Central Bank," noting that “The prime minister of the region has the authority to disburse the amount from this account.”
Al-Kazemi added, "In the event that it is not possible to export oil from the port of Ceyhan, the quantities of 400 thousand barrels of oil per day will be settled to the federal government for local consumption, and the federal government will have to pay the region's dues 12.67% of the budget."
A member of the Finance Committee continued, "The remaining differences are between the Democratic Party and the Patriotic Union of Kurdistan regarding the priority of disbursing the salaries of employees and retirees in the Kurdistan Region, and in the event that the distribution is not fair, the Patriotic Union will deal directly with the federal government by disbursing the dues of Sulaymaniyah without referring to the regional government." Pointing out that "the Democratic Party is not satisfied with this issue and considers it interference in the internal region."
And Al-Kazemi indicated, “Therefore, dialogues are currently taking place to reach a consensus between the Democratic Party and the National Union in this regard, in order to reach a final result.”
The Kurdistan Democratic Party objected to the amendments added by the Parliamentary Finance Committee to the budget law, which, according to the party’s vision, reflected the agreement between the governments of Baghdad and the region, while attempts were made to resolve this “crisis”, whether at the level of parliamentary meetings or even at the level of political parties and blocs to bring the views of the two parties closer. In order to pass the budget without “objections or problems” or facing last-hour surprises. LINK
The House Of Representatives Adjourned The Session On The Budget To One In The Afternoon, Friday
Posted On2023-06-09 By Sotaliraq Today, Baghdad, through its correspondents in the House of Representatives and its sources, transmits the latest developments in the voting session on the tripartite budget, which was held on Thursday.
Baghdad Today publishes the final version of the Iraq Tripartite Budget Law (documents)
The coordination framework informs the Kurdistan Democratic Party that the House of Representatives will start voting on the budget law at 10 o'clock and there will be no new delay, and the voting process will take place even in light of the boycott of the Kurdistan Democratic Party, and for this it must resolve its matter and agree finally on the points of contention
Parliament Speaker Muhammad al-Halbousi and his two deputies, Mohsen al-Mandalawi and Shakhwan Abdullah, arrive at the Parliament building.
The meeting of the Kurdish forces is still going on at the parliament building, and there is no agreement regarding the controversial paragraphs related to the Kurdistan region within the budget law so far.
The Parliamentary Finance Committee holds a meeting in the presence of the Speaker of Parliament, his two deputies and heads of parliamentary blocs to resolve differences over the budget law
Kurdish parties end all their meetings inside the House of Representatives prior to the session
- Fares Issa, head of the region's representative, arrives at the KDP bloc
Pressures exerted by the Kurdistan Democratic Party in order to postpone the voting session on the budget law until next Saturday until a final agreement is reached on the region’s paragraphs within the budget law, with the insistence of some of the coordination framework to hold the session today, with the possibility of postponing to Saturday
The meeting of the Presidency of Parliament with the Finance Committee and the heads of parliamentary blocs ended a while ago... without reaching final agreements
So far, we have not postponed the voting session on the budget law to any other day.
The parliament bell rings to invite the deputies to enter the hall to begin the voting session on the budget law
Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, announces the settlement of differences and the agreement to hold a session to pass the budget
Member of the Parliamentary Finance Committee, Uday Awad: Today's session will witness the vote on 15 articles of the budget law, and the rest of the articles will be completed tomorrow, Friday.
Start distributing the final version of the budget law among members of the House of Representatives
The House of Representatives begins voting on the tripartite budget bill
Vote to add a new item to the agenda related to the replacement of some deputies
The House of Representatives votes on the first article related to revenues, approving a barrel of oil at 70 dollars, and the exchange rate is 1,300 dinars in the budget.
The House of Representatives votes on the third article, postpones the second, and deletes the fourth
The House of Representatives votes on Article Five of the Budget Law
The House of Representatives votes on Articles 6, 7 and 8 of the Budget Law
The House of Representatives adjourns the session on the budget to one in the afternoon, Friday LINK
Parliament Adjourns After Voting On Articles Of The Draft Budget
Policy 2023-06-08 | Source: Alsumaria News 9,843 views The House of Representatives decided to adjourn its session to Friday afternoon.
Reporter saidSumerianIn Parliament, the Presidency of the Council decided to adjourn the session to one in the afternoon, Friday.
On Thursday evening, the House of Representatives held a session dedicated to approving the budget bill for three years. LINK