Iraq Economic News and Points To Ponder Late Friday Evening 6-21-24
Iraq Economic News and Points To Ponder Late Friday Evening 6-21-24
Saleh: The Tripartite Budget Gave The Government Flexibility To Implement Its Medium-Term Plans
Time: 06/21/2024 15:35:33 Read: 1,794 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the Federal General Budget Law No. 13 of 2023 (the tripartite budget) granted the executive authority high flexibility in implementing the state’s medium-term financial plan for the years 2023, 2024, and 2025.
Saleh told {Al-Furat News} agency, “In implementation of the provisions of Article 2/77 of the law above, which stipulates that the government shall submit financial schedules related to expenditures, public revenues, and the planned deficit for the fiscal years 2024 and 2025, in order to provide a flexible space that allows for the implementation of the general budget efficiently and on a budget.” In accordance with the constants stipulated in Law No. 13 mentioned above.”
He pointed out that "the matter relates to the schedules for the fiscal year 2025 and the possibilities of approving expenditures that may arise in the next fiscal year, or the exhaustion of other expenditures whose deadlines have expired in terms of timing, or the expiration of expenditure commitments and the replacement of new commitments for expenditures during the next fiscal year, and in appreciation of the circumstances surrounding the economy."
Overall, the Federal Ministry of Finance, as a supreme financial authority, in cooperation with the Ministry of Planning (which is the ministry concerned with development projects and overall investment spending), will undoubtedly undertake to provide the necessary adjustments in the financial tables that will be presented for the year 2025 so that they can be studied, starting with the Ministerial Council for the Economy and in accordance with the contexts stipulated by it.
Federal Financial Management Law No. 6 of 2019, as amended, then the financial tables in question receive the approval of the Council of Ministers, so that they can be approved in the House of Representatives.”
At the same time, Saleh noted that “there is high and continuous coordination between the parliamentary finance committee concerned with following up and monitoring financial developments in the country and in accordance with the constitution, and between the plans, programs and mechanisms adopted by the financial authority in implementation, which are mutual constitutional guarantees to achieve the country’s supreme interests in development and economic stability.” "To the fullest extent." LINK
A Financial Expert Answers The Question: Why Are Iraq's Financial Reserves Not Increasing?
June 21, 2024 Baghdad/Iraq Observer Today, Friday, financial expert Mahmoud Dagher explained the reasons for not increasing Iraq’s financial reserves despite the rise in oil prices, in a blog he published in the “Iraq Observer” group on “WhatsApp,” in which
he stressed that Iraq’s financial reserves are not measured by their absolute size, but rather by their adequacy according to... For two basic indicators.
The first is the adequacy of reserves to cover imports without any exports, as
it is estimated that Iraq has sufficient reserves to cover its imports for up to 12 months, which is an excellent level.
The second is the coverage of foreign reserves of exported cash, which shows that the ratio is more than one, which is also considered good.
He added that although Iraq's financial reserves exceeded the $100 billion barrier,
these reserves are not increasing significantly due to two main factors.
The first is the rise in the central bank's daily sales to about $300 million to cover imports.
The second is the increase in public spending, especially the salary bill, which includes retirement, subsidies, and social care, which is approaching 100 trillion dinars.
Dagher stressed that the adequacy of reserves is good, but
relying on the oil economy alone poses a risk due to the possibility of a decline in oil prices.
He pointed out that the only solution for Iraq lies in diversifying sources of income and reducing spending, especially operational spending.
Without these reforms, Iraq cannot achieve sustainable economic stability that depends on employment, subsidies, and permanent support.
It is worth noting that Dagher is a distinguished financial expert who previously held the position of Director General at the Central Bank of Iraq. https://observeriraq.net/خبير-مالي-يجيب-على-تساؤل-لماذا-لا-ترتفع/
Economic Clarification: Why Do Iraq’s Reserves Not Rise Despite The Rise In Oil Prices?
Money and business Economy News – Baghdad Today, Friday, economic expert Mahmoud Dagher explained the reasons for the failure of Iraq's financial reserves to increase despite the rise in oil prices, while stressing that the country has no hope except by diversifying its output and pressuring spending, especially operational.
Dagher said in an interview with Al-Iqtisad News, “Reserves are not measured by size, but by adequacy, and there are two indicators of adequacy: the adequacy of reserves to cover imports without any exports, and I believe that it reaches Iraq with the existing reserve remaining for approximately 12 months, which is an excellent coverage of foreign reserves for exported currency.” ".
He added: "If we want to answer the question of why the reserves, which exceed 100 billion, do not increase despite the rise in oil prices, this is due to two reasons. The first is direct and is the result of the Central Bank’s sales rising to 300 million dollars per day to cover imports."
He pointed out, "The second reason is indirect and results from the increase in public spending, especially the salary bill, which, along with retirement, subsidies, and nationals, has reached close to 100 trillion."
The economic expert stated, "The adequacy of reserves is good; since Iraq is an oil economy, it is difficult to rely on adequacy alone due to the possibility of a decline in the price of a barrel."
160 views Added 06/21/2024 - https://economy-news.net/content.php?id=44468
Including Iraq.. The World Bank: 9 Major Countries Account For 75% Of Gas Burning
Energy Economy News - follow up A World Bank report confirmed that oil companies around the world burned the largest amount of natural gas associated with oil production last year in five years.
With only six years remaining to achieve the World Bank's goal of stopping spontaneous flaring of gas associated with oil production, companies burned an estimated 148 billion cubic meters of gas in 2023, an increase of seven percent from 2022, despite crude oil production rising only one percent during the same period. Period.
Natural gas is usually produced by oil exploration, and some companies choose to burn this gas instead of capturing and storing it because providing the necessary infrastructure to deal with it is not commercially viable.
The World Bank’s Global Monitoring Report on Spontaneous Gas Flaring stated that the growth in gas flaring has erased the effect of the reductions achieved in 2021 and 2022, and added that “global efforts to reduce spontaneous flaring of gas associated with oil production are not sustainable and there is a need to take urgent action.” ".
Eliminating this practice would reduce at least 381 million tons of carbon dioxide equivalent from harmful emissions released into the atmosphere.
ne major oil-producing countries account for 75 percent of gas flaring and 46 percent of oil production.
These countries are Russia, Iran, Iraq, the United States, Venezuela, Algeria, Libya, Nigeria and Mexico, according to the order of the quantities of gas burned.
The report stated that Algeria and Venezuela reduced spontaneous combustion, but these gains were eroded by Iran, Russia, the United States, Libya and other countries.
The World Bank, in cooperation with the Colorado School of Mines in the United States, relied on data from satellites to calculate spontaneous combustion data. Views 181 06/21/2024 - https://economy-news.net/content.php?id=44460
Revealing A Comprehensive Government Plan To Recover The Stolen Funds
Political | 11:21 - 06/21/2024 Baghdad/Mawazine News.. The Prime Minister’s Advisor for Oversight and Integrity, Muayad Al-Saadi, revealed today, Friday, the existence of a comprehensive plan to combat corruption and recover smuggled funds.
Al-Saadi said, in a statement, that “Prime Minister Muhammad Shiaa Al-Sudani paid great attention and daily follow-up to anti-corruption measures, and worked in different directions,” noting that “teams were formed to receive news and reports about corruption, follow up on them, uncover them, and refer them to the Integrity and Public Prosecution Commission for the purpose of holding violators accountable.” We will pursue them and recover the money.”
He continued, "Among the trends that have been focused on is the periodic evaluation through semi-annual and annual reports through the regulatory agencies that follow up on the procedures of ministries and governorates in the field of combating corruption on a daily basis, as well as the issue of digital transformation and the procedures of the unified storage system for the purpose of controlling, following up and knowing funds." Balances and their movement,” noting that “all of these measures serve to combat corruption.”
He added, "The Prime Minister provided unlimited support to the Integrity Commission, the Financial Supervision Bureau, and law enforcement agencies, in order to recover funds and fugitive fugitives by providing all facilities," noting, "The procedures resulted in bringing in the fugitive defendants and depositing them with law enforcement agencies for the purpose of issuing special rulings." “With them.”
Al-Saadi pointed out, “There is a fund to recover the former regime’s funds, which operates according to its own law,” stressing that “a lot of money has been recovered, most recently from Swiss banks, where it was deposited in the Central Bank.” https://www.mawazin.net/Details.aspx?jimare=249998
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
If you have to be careful because of oppression and censorship, this pressure produces diamonds. - Tatyana Tolstaya
Adversity is another way to measure the greatness of individuals. I never had a crisis that didn't make me stronger. - Lou Holtz
It is not in the still calm of life, or the repose of a pacific station, that great characters are formed. ... Great necessities call out great virtues. - Abigail Adams
Of all the advantages which come to any young man ... poverty is the greatest. - Josiah G. Holland
My luck was my father not striking oil... we'd have been rich. I'd never have set out for Hollywood with my camera, and I'd have had a lot less interesting life. - King Vidor
http://famousquotesandauthors.com/topics/adversity_quotes.html