Saturday Morning Iraq economic News Highlights 5-27-23

Saturday Morning Iraq economic News Highlights 5-27-23

Parliamentary Finance: The Budget Will Be Ready For Presentation To The House Of Representatives Tomorrow, Saturday

Iraq  17:01 - 2023-05-26  A member of the Parliamentary Finance Committee, Representative Mudhar Al-Karwi, confirmed, on Friday, that he had bypassed 5 of the most important complexities of the 2023 budget. Al-Karawi said in a press interview, “The 2023 budget is almost complete in terms of items and appendices, and there is a series of evening sessions to resolve some issues, but in general, the budget witnessed many changes in important files".

He added, "5 of the most complexities of the 2023 budget have been overcome, most notably the financial deficit and securing the entitlements of important segments in terms of stabilization, in addition to the entitlements of the provinces within the development of the regions."

He pointed out that "the 2023 budget will be ready to be presented to the House of Representatives tomorrow, Saturday, in any case, stressing its importance in ensuring the financial benefits of all ministries, state institutions and their employees."   https://kirkuktv.net/AR/Details/15489

The Iraqi Budget.. The Agreements Of The Adults Are Being Tampered With By The Young

2023-05-27 Shafaq News/ The Iraqi politician, Mishaan Al-Jubouri, said that the "adults" agreements signed between Baghdad - Erbil have become a case of futility by those he described as "the little ones" and their attempts to display their heroism, considering the matter as "dangerous and shameful".

Al-Jubouri wrote in a tweet on Twitter, "There is no doubt that there are deputies and politicians working with all their energy to spoil the Baghdad-Erbil agreement, especially about the budget, which represents the basis for ensuring the country's unity, political stability and citizen's rights in all of Iraq and Kurdistan."

He pointed out, "It is dangerous and shameful that the agreements of the adults signed between them collapse and become a cause for the futility of the youngsters and their attempts to showcase their heroism!?"

And the President of the Kurdistan Region, Nechirvan Barzani, expressed his "deep concern" about what he called "the changes that affected the paragraphs of the Iraqi general budget bill related to the constitutional rights of the Kurdistan Region," and said that he "totally" rejects them.

It is scheduled that the Iraqi parliament will vote in today's session, Saturday, on the draft budget law.

The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, said, in turn, that "a group in the Finance Committee of the Iraqi Parliament made changes to the draft federal budget, violating a prior agreement we concluded with the State of Prime Minister Muhammad Shia al-Sudani and his government," noting that "the agreement that is The cornerstone of cooperation between Erbil and Baghdad, and everyone must respect its provisions.

Yesterday, Thursday, the Parliamentary Finance Committee voted to oblige the Kurdistan Region to pay 10% on a monthly basis from the salaries deducted to its employees, while this was included in the budget amendments that are being discussed.

The Kurdistan Regional Government announced its refusal to make any change to the articles and items that include financial dues for the region and are included in the draft Iraqi general budget law for the next three years.

And the Iraqi Council of Ministers approved, on the 13th of last March, the largest financial budget in the history of the country, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion Iraqi dinars, taking advantage of the rise in oil prices globally. , which constitutes more than 95% of the country’s financial revenues, amid objections from financial and legal experts regarding the budget items, but it has not yet been approved due to disagreements.

And the Kurdistan Regional Government implemented Resolution No. (64) issued since 2016, the policy of financial austerity through the compulsory savings program for employees, except for the security forces (Asayish and Peshmerga), as savings began from 15% of the employees’ salaries, with 50% deducted from the pension for special grades. .

While the Finance Committee in the Kurdistan Parliament returned in 2022 to form a sub-committee to prepare a report on restoring the salary saving system, which will be submitted to the Presidency of Parliament upon its completion.

Recently, the regional government has denied, on several occasions, the reduction of salaries or the re-imposition of compulsory savings, considering the matter as a "red line" that cannot be touched. LINK

Presidency Of Parliament Is Preparing To Receive The Draft Budget

Iraq  2023/05/27  : Shaima Rashid  Yesterday, Friday, the Parliamentary Finance Committee finished voting on the most important dilemma in the federal budget, which is the share of the region, despite the objection of the Kurdistan Democratic Party. The House of Representatives is tomorrow, Sunday, to be included in the agenda.

A member of the Finance Committee, Moin Al-Kazemi, told Al-Sabah: “The region’s share in the budget was voted in Articles 13 and 14 after an amendment was made to the copy of the budget sent by the government, despite the objection of the Kurdistan Democratic Party bloc.”

Indicating that, “Thus, the committee will have completed all the 67 articles of the budget, and today (Saturday) some transfers will be completed in the financial aspects and the amendment of tables, and the budget will be ready to be handed over to the Presidency of Parliament for the purpose of voting on it.”

And he added, “There is no amendment to the region’s share in the budget, and it remained as it came from the government at 12.67%,” indicating that “the amendment was added to the scenario of distributing oil exports from the region, which is that Iraq has an export share of 3 and a half million barrels per day of oil, so the region’s share became 400.” One thousand barrels, and the rest of the provinces export 3,100,000 barrels.”

 And he continued: “The signing of oil contracts with companies is carried out by the Iraqi Ministry of Oil and not by the regional government, and this is what was confirmed by the Federal Court and the Arbitration Committee in Paris.” And he indicated that “oil revenues from The four companies operating in the region will be deposited in the central bank account in the name of the Ministry of Finance, and the federal prime minister will authorize the prime minister of the region to spend, and the region's share will be transferred to the bank account provided by the regional government.

A paragraph has been added, which is that the region is not entitled to export oil from the wells of Nineveh or Kirkuk and other materials that control accounts with the region, and there are provisions related to non-oil revenues and handing them over to the federal government. Its employees as compulsory savings, so the law included an article obliging the regional government to pay this savings and return it to the employees at 10% of the salary per month, until the employees of the region complete their entitlements from the compulsory savings that were practiced on them during the previous period.

For "Al-Sabah", that "the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, namely the transfers, schedules, the issue of some additional paragraphs, and the overall vote on the budget within the committee."

There is another article related to the sums that the regional government used to deduct from the salaries of its employees as compulsory savings, so the law included an article obliging the regional government to pay this savings and return it to the employees, at the rate of 10% of the salary per month, until the employees of the region complete their entitlements from the compulsory saving that was practiced on them during the previous period In addition, a member of the committee, Jamal Cougar, told Al-Sabah that "the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, which are transfers, schedules, and the issue of some additional paragraphs, and the overall vote on the budget within the committee."

There is another article related to the sums that the regional government used to deduct from the salaries of its employees as compulsory savings, so the law included an article obliging the regional government to pay this savings and return it to the employees, at the rate of 10% of the salary per month, until the employees of the region complete their entitlements from the compulsory saving that was practiced on them during the previous period In addition, a member of the committee, Jamal Cougar, told Al-Sabah that "the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, which are transfers, schedules, and the issue of some additional paragraphs, and the overall vote on the budget within the committee."

In addition, a member of the committee, Jamal Cougar, told Al-Sabah that “the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, which are transfers, schedules, and the issue of some additional paragraphs, and the overall vote on the budget within the committee.”

In addition, a member of the committee, Jamal Cougar, told Al-Sabah that “the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, which are transfers, schedules, and the issue of some additional paragraphs, and the overall vote on the budget within the committee.”

Edited by: Muhammad Al-Ansari   https://alsabaah.iq/77689-.html

Learn About The Iraqi Government's Revenues And Expenditures In 2023.. Economic: Decline In Net Surplus

[/size]   Economy  2023-05-27 | Alsumaria News – Economy  Economic expert Manar Al-Obeidi revealed, today, Saturday, May 27, 2023, the Iraqi government's revenues and expenditures during the first quarter of the current year 2023, indicating that there is an increase in the expenditures of the first quarter of the current year 2023 compared to last year 2022.

Al-Obeidi said in a statement received by Alsumaria News, "The financial statements for the first quarter of the fiscal year of the Iraqi government showed a decline in the total net surplus, despite the increase in the value of revenues as a result of somewhat higher oil prices, until it reached the deficit stage in March."

He added, "In a comparison between the data of the first three months of 2023 with the data of the same months of previous years, a significant increase in expenditures is noted, and expenditures for the month of March 2023 exceeded the barrier of 9.65 trillion dinars."

And he continued, "The first quarter of 2023 achieved a surplus of 4.6 trillion Iraqi dinars, despite the total revenues being around 27 trillion dinars, while the surplus in the first quarter of 2022 amounted to 11.4 trillion Iraqi dinars, and the total revenues were 35 trillion dinars."

And he indicated that "the increase in expenses for the first quarter of the current year is due to the increase in exchange rates, such as an increase in salaries, as well as an increase in the bill for paying debts and their interests, as well as an increase in social welfare expenses."  LINK