Iraqi News Saturday AM 3-19-22
Iraqi News Saturday AM 3-19-22
TLM724 Administrator BondLady’s Corner
Jamal Cougar: Parliament Will Not Pass An Austerity Budget
Saturday 19 March 2022 174 Baghdad: Farah Al-Khaffaf
The current deputy and member of the former Finance Committee, Jamal Cougar, said that the House of Representatives will not pass any austerity budget during the current year 2022, as happened in previous years. Cougar's assertions came at a time when oil prices stabilized above the $100 barrier, and amid mounting voices to invest this rise and financial abundance. Cougar told {Sabah}: {
The House of Representatives in general, and the concerned committees in particular, will not agree to keep the price of a barrel of oil low in the budget. 2022, and no austerity budget will be passed Especially since this type of budget will not revive the economy, will not create job opportunities, and will not change the citizen’s view of focusing and relying on government jobs, instead of focusing and heading towards private sector jobs.” He added, “The government can set a good budget after oil prices cross a barrier.”
$100 per barrel, in addition to the need to take several steps, including fighting corruption, ending the file of the so-called “alien, double and multi-salary,” controlling border crossings and controlling their resources, as well as resolving the issue of currency auctions and corruption in them, with the need to slim the government and state departments , especially that its branches and sections are very large and do not correspond to the outputs of these institutions}.
investment budget
Cougar continued: {If the government takes these steps with the continued rise in oil prices, a budget can be drawn up in which the active part is the investment budget that serves the private sector on the one hand, and creates job opportunities on the other hand, and contributes to developing infrastructure and implementing projects. strategy}.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had expected cash benefits of $20 billion due to the rise in oil prices, stressing that {despite the partial borrowing of 15 percent of the total planned deficit in the 2021 budget of 29 trillion dinars, the The financial situation and its expected indicators during the year 2022 indicate a high average of a barrel of oil, not less than $100 per barrel, compared to the revenues of the 2021 budget oil, whose average annual oil revenues were estimated to be less than $70. barrel}.
financial surpluses He added, "Accordingly, net financial surpluses are expected to be no less than $20 billion if the exchange rate continues 1/12 of last year's budget, and therefore the prevailing cash flows will be reassuring and there is no need to borrow in any way its forms.
In the same context, financial expert Thamer Al-Azzawi suggested the approval of the 2022 budget next June.
Al-Azzawi told Al-Sabah: “The budget will be semi-annual, and with the financial abundance achieved due to the high oil prices and the reliance on the Financial Management Law, i.e. 1/12, which adopted the price of $ 45 per barrel, the budget will not be austerity at all,” pointing to the importance of its investment. shape the correct.
He called on the ministries of finance and planning to re-prepare the 2022 budget, to calculate a good price for a barrel of oil, as well as to develop a strategic plan to implement the budget texts during the remaining months of 2022, and not consider them from 1/1/ 2022, except for the dues of employees, retirees and others Segments that must be redressed, especially with regard to bonuses and promotions and others.” LINK
Exchange Rates In Baghdad And The Provinces Maintain Their Stability For The Second Day
Economie| 09:30 - 19/03/2022 Baghdad - Mawazine News
The dollar exchange rates witnessed, today, Saturday, stability in local markets throughout Iraq.
- Baghdad, sale: 147.750. Buying dinars 146750 dinars
- Territory of sale 147,750. Buying dinars 146750 dinars
- Southern Governorates: Selling 147.750 dinars, buying 146750 dinars
https://www.mawazin.net/Details.aspx?jimare=187704
Investing The Proceeds Of The Non-Oil Financial Sectors
Saturday 19 March 2022 53 Baghdad: morning Financial reforms in Iraq, especially in the current period, are of great importance to enhancing financial revenues from non-oil financial sectors such as fees, taxes and customs, in addition to the profits achieved by the public sector, which necessitates the need to raise those revenues generated from them for various reasons.
And the economic expert, Manar Al-Obaidi, stated that "although non-oil revenues were planned in the 2021 budget to be worth 20 trillion dinars, many non-oil revenues did not achieve the planned ratios and did not register a significant growth compared to 2020".
Al-Obaidi explained to “Al-Sabah” that “at the level of tax revenues on income and wealth, although the scheme was 9.3 trillion dinars, the realization amounted to 3.2 trillion dinars, a decline of 1.9% compared to 2020, while the plan for commodity taxes and production fees amounted to 2 trillion. dinars, and the investigation rate was 62%, with a decrease of 8.45% compared to 2020.”
Al-Obeidi continued, as for fees, “despite a 42% increase compared to 2020, they achieved only 60% of the planned in the 2020 budget, and the budget’s share of public sector profits, despite its planned realization, by 132%, it fell from What has been achieved in the year 2020 by 14%.”
And that the plan for other revenues was to achieve 2.2 trillion dinars, 69% of which were achieved, with an increase of 68% compared to 2020.
He pointed out that "the planned capital revenues amounted to 2.5 trillion dinars, only 71 billion dinars were achieved, at a rate of 2.8%, despite its increase compared to 2020 by a percentage 121%.”
Al-Obaidi said that “these numbers should have increased by a large percentage from 2020 for three main reasons, namely that the year 2020 was supposed to be a year of epidemic and a year of closure, as well as changing the exchange rate of the dinar against the dollar that should have had an impact, even indirectly, on indirect revenues.
The third reason is that the white paper that talked about the need to reform non-oil revenues and put pressure on diversifying the economy to increase non-oil revenues and stay away from the economy Al-Rai’i.”
Al-Obaidi stated that, “With all these reasons, we find that the non-oil revenues did not achieve a noticeable increase despite the previous reasons.” He wondered: Was the planning in the budget incorrect or that no real efforts were made to obtain these non-oil revenues?
Oil?
Al-Obaidi concluded by saying: “In the end, what saved the Iraqi economy during 2021 was the rise in oil prices only without the existence of any real reforms at the state level to achieve other non-oil revenues, and the government did not compress expenditures, and the investment budget also did not achieve what was planned. “.
He concluded his speech by saying: “It can be asserted that Iraq’s policy for the year 2021 is the same as Iraq’s policies over the past years, relying on oil as a main source of revenue, increasing current expenses, specifically salaries, and the inability to achieve an investment budget that contributes to construction and development.” LINK
New Losses In Oil Prices For The Second Week
Economie| 09:37 - 19/03/2022 Baghdad - Mozine News, today, Saturday, oil prices recorded their second weekly loss in a row, after a volatile trading week, amid difficulty in finding an alternative to Russian oil in a market suffering from shortages.
Brent crude futures closed up $1.29, or 1.2 percent, to $107.93 a barrel, a day after it rose about 9 percent, in the largest daily percentage gain since mid-2020.
As for US West Texas Intermediate crude futures, it recorded a rise of $1.72, or 1.7%, at $104.70 a barrel, which is in addition to a jump of 8% in the previous session.
Both benchmark contracts ended the week down about 4 percent after prices moved in trading within the $16 range.
Prices reached their highest level in 14 years nearly two weeks ago, prompting a wave of profit-taking since then. 29/992 https://www.mawazin.net/Details.aspx?jimare=187705
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