Sunday Morning Iraq Economic News Highlights 6-25-23
Sunday Morning Iraq Economic News Highlights 6-25-23
Justice: The Budget Law Will Be Published In The Iraqi Gazette Tomorrow
Information/Baghdad.. The Ministry of Justice announced, on Sunday, that the budget law will be published in the Iraqi Gazette tomorrow.
"The budget from 2023 to 2025 will be published tomorrow in the Iraqi Al-Waqa'i newspaper," said Kamel Amin, spokesman for the ministry, in a statement to the Iraqi News Agency, which was seen by Al-Maaloumah. He added, "The budget will enter force as of January 1, 2023." LINK
Sudanese Talking About The Problem Of The Dollar
Policy 06/25/2023, Number of readings: 246 Baghdad - Iraq today: Prime Minister Muhammad Shia' al-Sudani revealed five priorities for the government program, while referring to directives to review large previous contracts and subject them to financial and legal scrutiny.
Al-Sudani said, during his talk about the most important aspects of the semi-annual report for the implementation of the government program, “The program has received continuous follow-up since the approval session until the last session in which this report was approved On June 20, this work was accomplished without a budget, and we worked with the available resources in the ministries and governorates.” According to the powers of the government.
He added, "Focus was placed on the five priorities of the government program, represented by confronting unemployment, addressing poverty, combating financial and administrative corruption, providing services, and economic reform," explaining, "the priority is to speed up the completion of Lagging projects that have been hampered for years, due to mismanagement, lack of allocations, or because of corruption. ".
He pointed out that "the operation of the Karbala refinery with a capacity of 140,000 barrels per day, and it will provide Iraq with up to $3 billion that used to go to import oil derivatives, and proceed with the project to expand the Shinafia refinery in Diwaniyah.”
On the reality of the electric current, Al-Sudani said, "311 km of feeders (11, 33 KV) and 923 km of electric transmission lines have been extended, which contributed to bringing the national production of electric power to 26,000 megawatts." In another matter, Al-Sudani confirmed, “The basket has been
distributed food baskets for 5.871 million of those covered by protection, 5 food baskets were distributed, and the sixth is being distributed among them.”
He added, “42,000 displaced families are covered by social protection, and tuition fees are reduced for students covered by social care in public universities for evening studies and private universities.”
He continued, "We directed all ministries to review large previous contracts and subject them to financial and legal scrutiny, and we assured ministers and the minister's entourage that office managers should not be from partisan and political parties," adding, "Recovering huge sums of money." looted money in the case of theft of tax secretariats, and this file is subject to daily follow-up by the government.
Regarding the exchange rate of the dollar, Al-Sudanese said, "We faced fluctuations in the exchange rate of the dollar, and entitlements that were not implemented during previous governments, despite the agreement with the US Federal Bank," adding, "More than 85% of our trade is conducted through the electronic platform and complies with international standards.” LINK
The Ministry Of Justice Announces The Publication Of The Budget Law In The Iraqi Gazette Tomorrow LINK
The "Triple Budget" Is On The Table Of Al-Hakim And Romansky.. These Are The Details Of The Meeting
Policy 2023-06-25 1,683 views Alsumaria News – Politics The head of the National Wisdom Movement, Ammar al-Hakim, confirmed today, Sunday, that approving the tripartite budget will enable the government to implement its government program in accordance with government priorities.
Al-Hakim's media office said, in a statement received by Alsumaria News, that the latter "received the Ambassador of the United States of America in Baghdad, Elena Romansky, as developments in the political scene in Iraq and the region and ways to enhance cooperation between Baghdad and Washington were present during the meeting."
According to the statement, al-Hakim renewed his praise for the step of approving the tripartite budget, noting that "approving it for three years will enable the government to implement its government program in accordance with government priorities."
Al-Hakim stressed the importance of supporting the private sector and reforming the banking system to achieve sustainable development, stressing the importance of moving the relationship with the United States of America from its security and military dimensions to the economic dimension and exchanging experiences in the educational and cultural fields.
He also called for supporting the government and perpetuating the current stability, while stressing Iraq's role in bringing the views of the regional parties closer together. LINK
Finance: We Are Checking The Budget With The Ministry Of Justice, And The Instructions Will Be Issued After They Are Published In The Iraqi Gazette
Posted On 2023-06-25 By Sotaliraq The Ministry of Finance noted its continuation, in cooperation with the Ministry of Justice, of auditing the General Federal Budget Law 2023, which the Iraqi Council of Representatives recently voted for, for the purpose of publishing it in the Iraqi Al-Waqa’i newspaper.
The ministry added, in a statement, that “the instructions for implementing the budget will be issued after publishing the law in the Official Gazette, and the ministry also stresses that it will announce the publication of the instructions after receiving the law and according to the controls stipulated in the law.”
The ministry called on “all media outlets not to adopt statements in this regard except by official sources authorized by the ministry exclusively, and it is not responsible for any statement related to the publication of these instructions issued by other than the competent authorities,” according to the statement. LINK
Finance Announces The Date Of Issuance Of New Budget Instructions
Economy , 06/25/2023, Number of readings: 252 Baghdad - Iraq today: The Ministry of Finance announced that it will continue to audit the General Federal Budget Law 2023, in coordination with the Ministry of Justice.
The Ministry stated in a statement that the audit work of the budget law is continuing with the Ministry of Justice for the purpose of publishing it in the Iraqi Gazette
The controls stipulated in accordance with the law LINK
Reassuring Messages About The Budget {Deficit}
Baghdad: Raghad Daham Despite the delay in approving the country’s federal budget law until the middle of the current year 2023, it has not lost its economic viability, and its implementation does not include increasing fears of an increase in the fiscal deficit in it, as governmental and other parliamentary sources stated that the deficit rate will be controlled through several chapters, including the surplus. Cash accumulated for previous months as well as government bond issuance and internal borrowing.
And the economic advisor to the Prime Minister, Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that “after the Presidency approves the budget and publishes it in the Official Gazette, it will enter into force, as the budget instructions will be issued jointly between the Ministries of Finance and Planning, and this whole process will not It takes more than one week."
He stressed, "There is no fear for the budget from the fluctuation of oil prices, because in the current reality it managed for half a year, but its approval will require additional expenditures during the second half of this year."
Saleh added, "Expenses will increase from now on, and those expenses will be covered from oil and non-oil revenues, and any financial deficit can be remedied through internal and external borrowing."
On June 12, the House of Representatives approved the general budget law for three years, after months of discussions and over 5 consecutive days of its sessions, to be the longest period and the largest number of parliamentary sessions due to a number of political differences over them.
For his part, the former director of the Office of Financial Supervision, Salah Nuri, said in an interview with "Al-Sabah": "The implementation of the provisions of the budget law will be in accordance with the actual financial liquidity, especially with regard to investment projects.
" He pointed out that "all previous budgets were unable to achieve the expected revenues, and because the financial liquidity is much less than expected, the priority is given to the operational budget of salaries and ruling expenses."
Nuri concluded by saying: "If all items of the budget are required to be implemented, then the financial ceiling will be covered by borrowing, and investment projects will most likely not be completed because half of the year has passed until the budget is approved."
Meanwhile, a member of the Parliamentary Finance Committee, Nermin Maarouf, said: "Iraq's revenues depend 83 percent on crude oil exports in the 2023 budget, and if the price of a barrel falls in global markets, it will inevitably affect the implementation of the budget," adding: "The price of oil is expected to remain around $70 per barrel, so there are no risks to the budget for the current year."
Maarouf added, in a symposium on the budget held in the city of Sulaymaniyah: “The total oil and non-oil financial revenues in the budget amount to 134 trillion dinars, but the actual budget is 199 trillion dinars, and there is a large deficit in it that reaches 64 trillion dinars.”
Edited by: Muhammad Al-Ansari https://alsabaah.iq/79695-.html
The Budget Enters Implementation After The Eid Holiday.. And Sub-Committees Monitor The Exchange
Posted On2023-06-25 By Sotaliraq Baghdad / Firas Adnan Yesterday, Saturday, the Parliamentary Finance Committee confirmed that the budget would take its way into implementation immediately after the Eid holiday, and talked about the formation of sub-committees to monitor exchange operations, stressing that the existence of any appeal against the articles of the law will not hinder their implementation until a judicial decision is issued.
A member of the committee, Representative Mustafa Al-Karawi, said, “The President of the Republic, Abdel Latif Jamal Rashid, endorsed the federal budget law at the end of last week.”
Al-Karawi continued, "The law has now reached the stage of publication, and this is a routine procedure that has no effect on the enforcement of the budget, as it stipulates in one of its articles that enforcement begins with the beginning of the current year and ends with the end of its third fiscal year."
He pointed out, "The next stage of publication is to provide instructions for implementing the budget by the Ministry of Finance in order to circulate it to all ministries, agencies and governorates to work with."
And Al-Karawi indicated that “the publication may take place before the Eid holiday, that is, during the coming hours, but the rest of the procedures will end in the middle of next week.”
He pointed out, "The budget is categorically not satisfactory to all parties, and every deputy or political party has an appeal against the law."
Al-Karawi explained, "The resort of some parties to appeal will not affect the completion of the procedures for publication and beyond, and will not impede the implementation of the articles," stressing that "the resolution of appeals will be before the Federal Supreme Court."
And he stated, “Disrupting any text in the budget does not depend only on the appeal, but rather by a decision of the Federal Supreme Court.”
Al-Karawi noted, "The Finance Committee proposed the formation of sub-committees to follow up on the implementation of the budget by the relevant authorities."
And he believed, "These committees will contribute greatly to ensuring that the funds allocated for the budget go to their correct doors, and they will prepare periodic reports and present them to Parliament if they are forced to take a decision on anything they notice."
And Al-Karawi concluded, "This measure will ensure fairness in the distribution of resources and regularity in the implementation of the budget, given that evaluating the government's performance is based on the percentage of financial achievement and the service projects it achieves."
The government had announced the formation of a committee to review the budget articles voted on by Parliament, and to determine their compatibility with the ministerial curriculum, which generated fears that they could be challenged.
For his part, the other member of the committee, Representative Mueen Al-Kadhimi, stated that "all the amendments that were made to the budget related to the transfer fall within the jurisdiction of the House of Representatives stipulated in Article (62 / second) of the constitution.
And Al-Kadhimi continued, "Parliament transferred unnecessary sums from ministries to the governorates, until its budget reached about 6 trillion dinars, after it was only 2.5 trillion dinars."
He pointed out, "If the government diagnoses an increase in financial burdens, it can challenge it before the Federal Supreme Court."
And Al-Kazemi concluded, that “the budget will take its way into implementation immediately after the Eid holiday, because the instructions for it have been prepared early, and thus all sectoral agencies will start implementing their projects, as stated in the ministerial curriculum of the government of Muhammad Shia’a Al-Sudani.”
A member of the coordination framework, Rahim Al-Aboudi, expects that “the budget law will be published in the Official Gazette (Iraqi Gazette) today, Sunday.”
Al-Aboudi continued, "Publication means completing all procedures for enacting this law after it took a long time of discussions within Parliament and the government."
He pointed out, "The budget finds in it the coordinating framework and the forces allied with it, a launch for the government of Muhammad Shia'a al-Sudani to start service projects and what was stated in the ministerial curriculum that was voted on by the House of Representatives."
Al-Aboudi called, “Those who object to the law to challenge it before the Federal Supreme Court, and give the evidence they have, and leave the matter to the discretion of the judiciary, which is the final arbiter for everyone.”
And he stressed, "the necessity of adhering to the constitutional and legal frameworks for enacting laws, the most important of which is the budget, which is the government's financial plan."
And Al-Aboudi went on to say that “Parliament will have an important responsibility, which is to monitor the executive performance, to follow up on the movement of funds and projects, and work to sustain services and develop the work of the institution.”
The House of Representatives had voted on a budget that is the highest in the history of the Iraqi state, which included about 200 trillion Iraqi dinars, 75% of which went to the operational part, and the rest towards the investment part, in addition to 64 trillion dinars, to be implemented over three years. LINK