Thursday Morning Iraq Economic News Highlights 5-11-23

Thursday Morning Iraq Economic News Highlights 5-11-23

Parliamentary Finance: We Seek To Submit The Budget To Parliament On The Date Specified By The State Administration

Money  and business  Economy News _ Baghdad  Today, Thursday, the Parliamentary Finance Committee confirmed its endeavor to submit the budget to Parliament on the date specified by the State Administration Coalition.  The head of the committee, Atwan Al-Atwani, said in a statement received by "Al-Iqtisad News", that "at a time when the Parliamentary Finance Committee is reviewing and scrutinizing the items and schedules of the 2023 budget, which have reached advanced stages, we received with great satisfaction and welcome the statement of the State Administration Coalition, which was set on the 17th of March." This month is the initial date for a vote on the budget.

He added, "The political consensus to expedite the approval of the budget confirms the seriousness in completing the requirements for achieving this national entitlement, in a way that enables the government to implement its service and development plans and programs, in accordance with the ministerial curriculum."

And he continued, "The Parliamentary Finance Committee continues day and night in order to complete the task of ensuring the rights of all due segments in the budget law, and to enable ministries, agencies and institutions to perform their tasks, and we have come a long way in auditing and reviewing the draft law, discussing the disbursement chapters and financial allocations, and securing the necessary funds to implement strategic projects."

Pointing out, "We are working with all force to complete the draft law, and to present it to the House of Representatives according to the date set by the State Administration Coalition, in order to vote on it."

Views 9  05/11/2023 - https://economy-news.net/content.php?id=34142

The Finance Committee Confirms Adherence To The Deadline Set For Approving The Budget

Policy  |Baghdad today – Baghdad  Today, Thursday, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed the seriousness in completing the requirements for completing the 2023 budget.

Al-Atwani said, in a statement received by (Baghdad Today), that "the political consensus to expedite the approval of the budget confirms the seriousness in completing the requirements for its completion."

He added, "We have come a long way in scrutinizing and reviewing the draft budget law."

The head of the committee stressed that "we are working with all force to complete the draft law and submit it to the House of Representatives according to the date set by the State Administration Coalition."

The House of Representatives had previously sent a draft budget law for three years amounting to amounts each year of about 200 trillion dinars, but the representatives confirmed that these amounts are very large and called for their reduction to ensure that there is no deficit that cannot be covered.    LINK

For The Third Day.. Iraqi Currency Auction Sales Exceed $200 Million

2023-05-11 03:57  Shafaq News/ The Central Bank of Iraq's sales of dollars in an auction today, Thursday, for the third day in a row, exceeded the barrier of 200 million dollars.  

Shafaq News agency reporter stated that the Central Bank sold today, during its auction for the sale and purchase of US dollars, 210 million, 586 thousand and 912 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for external transfers, with the same Price per dollar in cash.

Our correspondent added that most of the dollar sales went to reinforce the balances abroad in the form of (remittances, credits) at a rate of 178 million 286 thousand and 912 dollars, while the rest of 32 million and 300 dollars went in the form of cash sales.

Our correspondent indicated that the number of banks that bought cash dollars amounted to 11 banks, while the number of banks that responded to requests to strengthen balances abroad reached 19 banks, while the total number of exchange and mediation companies participating in the auction was 88 companies.  LINK

Head Of Parliamentary Finance: We Have Come A Long Way In Revising The Budget Law[/Size]

 May 11, 2023  Baghdad / Obelisk Al-Hadath: The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed, on Thursday, the seriousness in completing the requirements for completing the 2023 budget.

Al-Atwani said in a statement, "The political consensus to expedite the approval of the budget confirms the seriousness in completing the requirements for its completion."

He added, "We have come a long way in scrutinizing and reviewing the draft budget law."

The head of the committee stressed that "we are working with all force to complete the draft law and submit it to the House of Representatives according to the date set by the State Administration Coalition.   https://almasalah.com/archives/51996

An Iraqi Expert On The Rise Of The Dollar Again: A Mechanism Must Be Found To Finance Trade With Iran

2023.05.11 -   Baghdad - people    On Thursday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, spoke about the electronic platform, 7 months after its adoption. 

Al-Marsoumi said in a post followed by “NAS” (May 11, 2023), that “after 7 months of implementing the electronic platform, and after all that was said about the great progress in complying with the rules of this platform, and after the billions of dollars that the Central Bank sells monthly through the window, and after dozens of promises.”

Which was launched by consultants, politicians, and experts that the parallel price would embrace the parallel price. The dollar kept flying high, without caring what others say. 

He added, "The dollar will remain like this until we find a suitable mechanism, in agreement with the Americans, to finance trade with Iran. Otherwise, it is just empty chatter, useless theories on satellite channels, and miserable publications for nothing but greed!!!" 

https://www.nasnews.com/view.php?cat=107158

Parliamentary Finance: Amendments Will Affect 10% Of The Budget To Reduce The Deficit

Posted On2023-05-11 By Sotaliraq   Baghdad / Firas Adnan  Yesterday, Wednesday, the Parliamentary Finance Committee spoke about minor amendments that it will make to the budget, confirming that the percentage of the reduction in the amounts will be about 10%, and talked about its intention to put the law to vote with multiple options while giving the opinion of the representatives to approve one of them.

A member of the committee, Representative Mueen Al-Kadhimi, said, “The Finance Committee has hosted, since the arrival of the budget to parliament, the Minister of Finance, Taif Sami, three times.” Al-Kazemi added, "The last session, which was held yesterday, discussed details of spending and revenues for ministries, the fiscal deficit, and how to address it."

He pointed out, “These discussions are considered the final ones for the budget, and we are in the process of holding a session to discuss all the observations that were made over the past two weeks and come up with a conclusion for the Finance Committee.”

And Al-Kazemi stated, “The total budget currently is 198 trillion and 500 billion dinars, and we are working to reduce the deficit of 64 trillion dinars.”

And he warned, to "efforts made by the members of the committee in order to increase the allocations of the provinces and the development of regions for the central and southern regions and liberated cities and the distribution of petro-dollars to the oil-producing provinces and fairness to the poorest provinces."

And Al-Kazemi continues, “All the observations that he presented during the second reading of the law were taken into consideration and discussed.” He stressed, "The summary will be submitted to the House of Representatives and the State Administration Alliance," expecting "to prepare the final draft of the law next week so that it will be submitted to a vote."

And Al-Kazemi continues, “Some of the articles will set multiple options, leaving the deputies to vote for one of them.” And he stressed, “The ratification of the law will be during the current month, until it takes its way to implementation.” Al-Kadhimi talked about “discussions with the Ministry of Finance in order to prepare the introductions to the instructions for implementing the law so that there will be no delay after the approval comes.”

He stressed, "The agreement has secured the entry into force of the law to proceed with the ministerial curriculum at the beginning of next month." Al-Kadhimi stated, "The law carried 800,000 job degrees, which is a fixation of contracts based on laws issued earlier, and thus the number of employees has increased to one million and 100 thousand, and this number needs 60 trillion dinars to secure salaries."

And he stressed, “The salaries of these new appointees are after the approval of the budget, because its texts included financial coverage for them.”

Al-Kadhimi pointed out, to "attempts made by some to reduce the deficit through numbers that have set the tables, and we hope that we will reach the possibility of reducing the deficit as much as possible, especially since what remains in the current year is only seven months."

And he continues, “This gives the possibility to implement the requirements of the ministries in two phases, the first during the current year, and the second during the next year, and therefore there is a possibility to reduce some of the doors.”

And Al-Kazemi added, “What we want is to approve a logical and natural budget that does not burden the state treasury with details of borrowing from inside and outside.”

And he stated, "The total internal loans amounted to 70 trillion dinars during the previous period, and less than this figure for external borrowing."

And Al-Kazemi concluded, “The possibility of making changes to 10% of the budget, because the total amounts may reach 180 trillion dinars, and this in turn will be reflected in the deficit by reducing it to 44 trillion dinars, and we urge the government to increase non-oil revenues, which are 17 trillion dinars, according to what It came in the government project.

Committee member Khalil Dosky confirms what Al-Kazemi said, that “the Parliamentary Finance Committee will submit a report to the State Administration Alliance and the political blocs on the budget law.”

Dosky continued, "The issue of differences between the federal government and the Kurdistan region has ended, and we have turned this page by approving the oil agreement." And he pointed out, “What remains for us is to complete the technical requirements of the law, through continuing meetings and intensifying dialogue after hosting most of the ministries and institutions.”

Dosky pointed out that “the committee should be fully informed of all the details of the law, especially in terms of amounts and schedules, and it will make amendments.” In line with the public interest, to pass a law that fits the ministerial curriculum and does not burden the state with unnecessary and unnecessary financial burdens.

For his part, another member of the committee, Representative Jamal Cougar, stated, “The Finance Committee respects the decision taken by the State Administration Coalition to resolve discussions on the budget on the tenth of this month, which is a date that expired yesterday.” Cougar added, "The discussions on the 2021 budget lasted 45 days, while this budget has a number of developments, which are the increase in its amounts, the widening of the deficit gap, and its implementation for three years."

He pointed out, "These developments require us to be careful, because any mistake we may make will continue for three years."

Cougar noted, "The sessions continue from morning until after midnight, during which we host three government institutions."

And he continues, “The work is very intense, as there is a team checking the texts included in the project and another checking the tables attached to the project.”

Cougar agrees with Al-Kadhimi, that “the law will be passed during the current month,” and he does not expect that “voting will take a long time and extend to more than a day.”

He denied, “We have reached a reduction in the deficit until the present time, and we have checked the numbers with the ministries, based on the 2021 budget and last year’s expenditures, in addition to the emergency support for food security and development law, and what you need during the current year, and the ability to achieve and implement.”

Cougar continued, "The meetings with government institutions discussed the state's resources other than oil, so that we know its fate and how to activate and maximize it."

And he expected, “We will come out during the coming hours with an idea of ​​the amount of what will be reduced from the budget amounts and the planned deficit.” And Cougar went on to say that “the political agreements confirm the speedy approval of the budget and not obstruct it, and the parliament is awaiting the final formulations.”

Meanwhile, a parliamentary statement stated, “Deputy Speaker of the House of Representatives, Shakhwan Abdullah, headed the meeting of the Parliamentary Finance Committee, in the presence of the chairman and members of the committee, to complete the discussions and take general and detailed observations about the draft budget law.”

Abdullah stressed, according to the statement, “the speedy completion of the federal budget because it is an important law that affects the lives and aspirations of citizens, and contributes to the stability of the economic and security conditions in the country.”

Abdullah called for “fair treatment of all governorates, the achievement of the national interest, and the inclusion of financial allocations for the implementation of projects in areas that suffer from a lack of services.”

And Abdullah concluded, “The importance of investing in the positive atmosphere for approving the draft general budget law.”

It is noteworthy that the Finance Committee has been holding meetings since last month with ministries, agencies and governorates, after Parliament completed the second reading of the draft, with the aim of preparing the final formulations and presenting it to a vote. LINK