KTFA Members "News and Veiws" Monday 6-26-2023
KTFA:
Clare: The budget enters into force.. Iraqi facts publish the text of the law
The official Iraqi Gazette issued by the Ministry of Justice published, on Monday, the text of the general budget law for the years (2023, 2024, 2025).
A copy of the facts and budget law LINK
Turk182: This is fantastic News, unfortunately it appears that the CBI has not yet received a copy of this Morning Edition of the Gazette, as the rate is still 1,300 +/-
Zeeman: now that the budget is official if iraq does not get off its duff they will be in the same place. there is no way they can afford a fraction of their building projects on 1300 its to costly. the choice is either raise the value of the dinar or stay the same the choice is theirs. Imo
GMan: Yes, no more kicking the can…IMO
Clare: Adviser to the Prime Minister for Al Furat News: Start implementing the budget after Eid
6/26/2023
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the date of implementation of the financial budget law.
Saleh told {Euphrates News} agency: "The ministries of finance and planning have completed the instructions for implementing the budget, and it will not need time to implement it, but it was waiting for the ratification of the budget law."
He added, "The implementation will be immediately after the Eid al-Adha holiday."
Saleh pointed out, "The meaning of its entry into force since the beginning of the year 2024 means that the financial obligations and expenditures that began since the beginning of the year were approved in the budget, and that it does not only mean the period after which it was approved, but rather covers the commitment of the entire fiscal year."
Today, Monday, the Official Gazette published the tripartite financial budget law after the President of the Republic approved it on the 21st of this month.
It is noteworthy that the House of Representatives approved the budget law at dawn on the 12th of this month after difficult discussions and disagreements between the political forces.
Raghad Daham LINK
Uniden: Logic, tells me if rate not changed.after Eid holiday,when they implement budget. I won’t be expecting it for awhile.IMO and citizens will be in the streets.you can only tell them Waite Waite Waite so long.they’ll be like boy that called wolf IMO
Randy: Iraq might beat us to the punch with 3rd of July Celebrations!
Ryan1216: I don’t see how the budget can be implemented with a program rate….. IMO
Zeeman: the budget can start at 1300 and be changed at any time …also they can leave it at 1300 and drop the 3 zeors or as frank says which makes a ton of sense ….as soon as it comes out the cbi will change it to 1000 to1 or lower that way it will be cheaper to rebuild the country. Imo
ButchB: Let’s say you’re at Churchill Downs, and every currency concerned is a horse in the race. The United States has number one for the dollar an Iraqi has the number 1300 for their horse.
Do you want to find out the value of the Iraqi dinar, then in my opinion
Open the starting gates and see how they lineup at the finish line at the end of Eid
In my opinion, that is when you will see the value of the Iraqi dinar at the end of the race, not the start of it
Toolster: f you please ...when does Eid end?
Randy: I remember an article last week, you can go look up if you like, it ends on July 2nd.
Clare: "Prime Minister Muhammad Shia'a al-Sudani directs that the Eid al-Adha holiday be from Tuesday, corresponding to June 27, 2023, until Sunday, corresponding to July 2, 2023."
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Clare: The Dinar Support Committee is in the process of making new moves regarding the exchange rate
6/26/2023 Baghdad
The Higher Committee for Supporting the Iraqi Dinar intends to coordinate a meeting between Prime Minister Muhammad al-Sudani and some merchants to agree on setting concrete mechanisms that limit the problems of exchange rate fluctuations, the rule of the parallel exchange rate in the markets, and control of dollar transactions.
Committee member Omar Al-Sudani, director of the supervision and follow-up department at the Baghdad Chamber of Commerce, said, in an interview with the official newspaper, followed by “Al-Iqtisad News”, that “the committee, within its next plan, to diagnose errors and weaknesses that caused the rise in exchange rates in the parallel market, called for the need to support merchants and facilitate He ordered them with regard to taxes after there were many problems in this regard,” adding that “the committee supported merchants in the Baghdad Chamber of Commerce and the Registrar of Companies, and prepared simple companies to support medium merchants, as well as following up on banks and recommending facilitating their procedures towards merchants, and coordinating a meeting for merchants with the head of the Council Ministers to listen to their problems and the possibility of solving them by overcoming the obstacles facing their commercial work.
Al-Sudani added, "The committee aims to support the dinar and make it the basis for buying and selling in transactions within the country and adopting foreign currency (the dollar) in external transactions only, which reduces pressure on the dollar and leads to a decline in its exchange rates in the local market. This process, if successful, will achieve price stability and proportionality." With the income of the citizen, who is burdened by the rise in prices as a result of fluctuating exchange rates.
He explained that "several measures have been put in place to support the dinar, as the central bank has taken upon itself to solve the problem of bank transfers and adopt the platform in this regard despite the repeated complaints of merchants, but it is a good step to speed up the issue of remittances, in parallel with the simplification of banking procedures from the Baghdad Chamber of Commerce, which merchants complained about
." A lot of them, as the Chamber organized discussion sessions through which merchants gathered with bank representatives to discuss and find solutions, and the rest of the procedures relate to the merchant himself and the extent of his response to the campaign and his implementation of the instructions that the committee provides him with in order to ensure the value of the dinar.
He continued by saying that "the issue of currency stability is related to government measures more than it relates to other parties, as they are the only ones capable of doing so, through the procedures they take and the extent of their implementation," noting that "the Baghdad Chamber of Commerce works alongside the merchant who incurred losses as a result of the fluctuation that occurred and its reflection on prices."
And the current recession and the reluctance of citizens to buy, and it will remain supportive of any measure that would support price stability and raise the value of the Iraqi dinar against the US dollar, by preventing speculation in the currency and continuous campaigns to urge the merchant to adopt the dinar in his dealings, as well as government control and preventing currency smuggling and so on. Measures to maintain the stability of the currency. LINK
Clare: The government is talking about reviving projects that have been lagging for 17 years
6/26/2023 Baghdad
The government revealed that it will restore the 1,450 projects lagging since 2006, in addition to the implementation of 4 strategic projects, and indicated that it has set its sights on providing the necessary funds to implement a number of housing projects.
The government spokesman, Basem Al-Awadi, explained, in an interview with the official newspaper, followed by "Al-Iqtisad News", that "the implementation of strategic projects lies in four projects that came within the government's curriculum, which are (the Al-Faw project, the railways, the dry channel linking the port of Al-Faw with neighboring countries, and the establishment of a station Desalination of sea water in Basra, which is one of the most important projects in the province because of what it suffers from).
He stressed that "the government has developed integrated plans to implement investment projects in the manufacturing and petrochemical industries, as well as the establishment of new refineries of the new generation to fill the shortfall in oil products."
He added, "Our investment budget amounts to 47 trillion dinars," of which: 147 billion dinars were allocated for the rehabilitation of 10 large hospitals in all Iraqi governorates, 400 billion dinars for desalinating Basra water, 600 billion dinars for implementing the fourth ring road in Baghdad, 300 billion dinars for infrastructure projects. Infrastructure in Diwaniyah, 107 billion dinars for the "Nibras" project in Baghdad, 280 billion dinars for the rehabilitation and maintenance of power plants, 1 trillion dinars for the "Development Fund", and 500 billion dinars for the "Fund for the Poorest Provinces", added by the Prime Minister, in addition to investments The big one that will enter Iraq through the path of development.
Al-Awadi pointed out, "One of the most important issues that we must talk about is that the Prime Minister has set his sights on moving lagging projects since 2006 until now," noting that "the latest reports received from the Ministry of Planning indicate that the number of lagging projects in Iraq More than 1,450 projects have been lagging since 2005 and 2006, and the reasons for their reluctance are due to political conditions or the fluctuation and decline in oil prices.
He explained that "the statement of the Ministry of Planning in this regard stated that during the past eight months of the life of the Prime Minister's government (Muhammad Shia' al-Sudani), 450 lagging projects were dealt with, as they were reinstated," stressing that "the government is committed to moving all the accumulated 1450 lagging projects." In the life of the previous Iraqi governments, from 2006 to the present time, and this is a great achievement that cannot be neglected.
With regard to the poorest governorates, the government spokesman stated that "the government has allocated a fund for them with 500 billion dinars mentioned in Paragraph 55 of the general budget, and therefore, based on the information of the Ministry of Planning about the governorates completely about projects, plans and the level of education, 3 governorates will be selected from the Iraqi governorates that It is on the growth list, and the rest of the provinces are ahead of it in the coming years in terms of financing and projects, and this amount (500 billion dinars) will be spent on most of the 6 housing projects that were announced, starting with the (Baghdad) project in Nahrawan and the (Ali Al-Wardi) and (Al-Jawaher) projects. ) in Abu Ghraib, the (Al-Difaf) project in Hilla, the (Karbala) project, and (Al-Ghazlani) in 6 cities," stressing that "money has been allocated and provided for this initiative."
Al-Awadi pointed out that "some of the previous paragraphs come within the ministry's budget - that is, what is allocated to the Ministry of Housing - as an annual support amount estimated at 4 to 5 trillion dinars," noting that many service issues are linked to the Ministry of Housing and Construction and not the departments of municipalities and governorates, including projects for resolving bottlenecks. Traffic, and all these projects funds have been allocated within the general budget of the Ministry of Construction and Housing. LINK