Thursday Morning Iraq Economic News Highlights 5-4-23
Thursday Morning Iraq Economic News Highlights 5-4-23
Deputy For Basra: We Will Not Pass The Budget Without Fairness To The Province Through Petrodollars
Information / Baghdad.. On Thursday, the representative of Basra Governorate, Durgham Al-Maliki, called for raising the governorate’s allocations from the petrodollar allocations to remove the negative and environmental impacts of the extraction operations, indicating that the budget did not do justice to the oil-producing governorates, especially the Basra governorate.
Al-Maliki said in an interview with the information agency, that "the budget allocations for the oil-producing provinces are unfair," adding that "the petrodollar crisis is still not resolved in the budget, as the financial allocations are unfair."
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Pointing out that "Basra produces more than 90% of Iraqi oil exports, as well as a large proportion of gas fuels, so we will have a position until all oil-producing provinces are fair in the federal budget law."
He continued, "The representatives of the oil-producing provinces will have a position within the House of Representatives regarding the lack of financial allocations in the budget."
And the oil-producing provinces recorded several notes on the budget because their rights were not included in the petrodollar allocations, as well as the accumulated debt owed by Baghdad to those provinces in previous years. LINK
Deputy Speaker Of Parliament: We Agree To Approve The Budget At The Earliest Date, And These Are Our Treatments
Thursday 04 May 2023 12:56 | politics Number of readings: 113 Baghdad / NINA /- The House of Representatives affirmed its intention to approve the general budget law as soon as possible.
Deputy Speaker of Parliament Shakhwan Abdullah said, in a statement to journalists, including the correspondent of the National Iraqi News Agency / NINA / today, Thursday, "The draft budget law has been included on the agenda for the first and second reading, due to the importance of the law and the urgent need for its approval," usually that "it is not possible to procrastinate in postponing the budget law for partisan or personal political goals.
He added, "The political blocs tend to approve the general budget, and we focused in the meeting of the political forces that there would be no prolongation in the timings of hosting ministries and governors, and we proceeded to focus on the important and technical aspects errors within the budget."
He explained, "It was agreed that the schedules that do not correspond to the level of the general budget are dealt with jointly by the government and the House of Representatives, and a date has been set to collect and unify all observations between the political forces." in order to adopt them properly and to be approved by the final vote. / End 5 To receive more news, subscribe to our channel on
Parliamentary Calls For The Government To Expel The US Ambassador Because Of Her Blatant Interference
Information / Baghdad.. On Thursday, the representative of the Al-Fatah Alliance, Rafik al-Salhi, called on the government and the Ministry of Foreign Affairs to put an end to the movements of the American ambassador and to deport her from Baghdad, indicating that the ambassador's movements deviated from diplomatic controls and norms.
Al-Salihi said in a statement to Al-Maalouma, "The role played by the US ambassador in Baghdad is contrary to international diplomatic norms, as she interferes with all internal aspects of government and political affairs by holding several meetings with Iraqi politicians and government ministers without the knowledge of the Ministry of Foreign Affairs, as is customary." it internationally."
He added, "The Ministry of Foreign Affairs is required today to neutralize the ambassador's movement, and if she does not comply with the behavior of diplomatic work set by the United Nations, then it is required to inform the US State Department, at the very least, of her replacement or expulsion, to be an example to those who will succeed her."
The US ambassador's tours of Iraqi ministries, institutions, and provinces sparked a wave of criticism, especially with her statements of political leanings and support for corrupt parties. LINK
The Minister Of Oil Reveals The Latest Developments In The Agreement With The Region
Posted On2023-05-04 By Sotalira Oil Minister Hayan Abdul Ghani confirmed that a final agreement will be reached within two weeks to resume the export of Kurdistan region's oil, stressing that the indications in this regard are "positive".
Hayyan said, "We have reached the final stages of the agreement with the Kurdistan region, and we will reach a final agreement within one to two weeks regarding the resumption of crude oil exports."
He added, "We receive news from the Turkish side that there are tests on the pipelines, and we cannot refuse the tests, because it is in our interest that the exported oil arrive and not leak on the way, and therefore the process will be greatly affected."
Hayan stressed, "All indications are positive, and we will reach an agreement," noting that "the same principles adopted by SOMO Company for selling Iraqi crude oil depend on selling the oil of the Kurdistan region in addition to Kirkuk oil." LINK
An Economist Demonstrating How To Bridge The Junction Between Government And Parliament Over Budget Amendments
The specialist in economic affairs, Muhammad Al-Saadi, explained how to overcome the intersections that may occur between the government and parliament regarding the latter’s amendment of some paragraphs of the budget, which creates a change in the government’s plan and program according to which the budget was drawn.
Al-Saadi said in a press interview, which was seen by Taqaddam, that “the House of Representatives is unlikely to make substantial amendments to the items of the financial budget, as the discussions that the Finance Committee is conducting with the executive authorities are a positive case in looking at the ministries’ allocations of operational expenses and investment allocations, and they constitute A kind of transparency in knowing the exchange doors.”
He added, "Parliament's amendments do not constitute any obligation on the government to reduce expenditures, except in the case of transfers, which is unlikely, as it affects the government's plan to implement its ministerial program."
Al-Saadi stressed the need for there to be an initial agreement between Parliament and the government regarding the amendments to block any step towards the appeal that previous governments have always followed with the budget amendments. https://takadum-news.com/archives/162537
Parliamentary Finance Continues To Study The Budget And Hosts Sami's Spectrum
Iraq 2023/05/04 Omar Abdul Latif Yesterday, Wednesday, Prime Minister Muhammad Shia al-Sudani met with the head of the State of Law Coalition, Nuri Kamel al-Maliki, to expedite the approval of the general budget law. In order for the government to implement its development and service plans that are in the interest of citizens.
The Parliamentary Finance Committee held its meeting to read the articles and provisions of the Federal General Budget Law for the fiscal years 2023-2024-2025, and to form its subcommittees to conduct a comprehensive study on them, and decided to host Finance Minister Taif Sami next Saturday in this regard.
And the Prime Minister stressed, in a statement to his office, the importance of concerted efforts of all political forces. In order to support the government in its executive work, through which it aims to provide basic services and raise the standard of living for citizens.
Meanwhile, a statement by the Finance Committee stated that it “started its meeting with a discussion of the materials that include the issuance of a guarantee for the debt of the concluded contracts, provided that the contracts of the Ministry of Electricity are not in the form of (take or pay), and guarantees of support for the agricultural and industrial sectors for the establishment of projects, in addition to a file Making transfers between loan allocations, changing the beneficiary, and listening to proposals about them.
The committee read “Chapter Three regarding limiting the disbursement from the account appropriations for the expenses of employee compensation, service and commodity requirements, capital expenditures, other expenditures, special programs, social care, expenditures of projects approved within the general budget, and revenue generation, in addition to the mechanism for using the amounts approved for the emergency reserve to pay unexpected and emergency expenses in the event of occurrence, emphasizing the necessity of pruning the incoming texts and suggesting adding and amending articles in a way that guarantees the public interest of the country and improves production. The committee went on to say,
It is noteworthy that the committee is working on reviewing the texts contained in the budget law and the tables included through the formation of its sub-committees to expedite the completion of its report within a specified period. The Finance Committee aims to study the items of the general budget so that it includes many different service aspects, including the analysis of government spending, financial challenges, and the social and economic budget, according to the implementation of the government program.
In addition, committee member Ali Moanes told Al-Sabah: The salaries of the three presidencies, special grades, and advisors constitute only 1.5 percent of the budget and cannot reduce the deficit.
Mu'nis suggested that the deficit be reduced by increasing the very neglected collection, and the possibility of squeezing unnecessary expenditures and non-essential programmes, because the deficit is very large and represents a challenge that must be faced.
Moanes added that meetings are continuing to meet with executive officials to find out the details of their budgets, noting that the decision to reduce the deficit has not been taken yet.
Moanes added that the committee is awaiting the outcome of the political agreements, noting that the committee's meetings continue with 3 sessions per day.
Edited by: Abdul Rahman Ibrahim https://alsabaah.iq/76234-.html
The Finance Committee Discusses Spending In The Budget And Decides To Host Sami's Spectrum
Money and business Economy News / Baghdad The Parliamentary Finance Committee announced, on Wednesday, that it will host the Minister of Finance, Taif Sami, next Saturday, stressing the need to limit public expenditures and encourage the private sector in the 2023 budget. And the parliament’s media stated in a statement that “the Finance Committee, headed by Representative Atwan Al-Atwani, held its meeting
to read the articles and provisions of the budget law The Federal General Assembly for the fiscal years 2023-2024-2025, and the formation of its subcommittees to conduct a comprehensive study on it, as it decided to host the Minister of Finance, Taif Sami, next Saturday in this regard.
The committee discussed “the materials that include the issuance of a guarantee for the debt of the contracts concluded, provided that the contracts of the Ministry of Electricity are not in the form of (take or pay), and guarantees of support for the agricultural and industrial sectors to establish projects, in addition to the file for making transfers between loan allocations and changing the beneficiary, and listening to suggestions about it.
The committee read "Chapter Three on limiting the disbursement from the account appropriations for the expenses of employee compensation, service and commodity requirements, capital expenditures, other expenditures, special programs, social care, expenditures of projects approved within the general budget, and revenue generation, in addition to the mechanism for using the amounts approved for the emergency reserve to pay emergency expenses if they occur." , stressing "the necessity of pruning the incoming texts and proposing to add and amend the articles in a way that guarantees the public interest of the country and improves production."
And the committee continued, "by reading the materials that concern stopping appointments within the centrally funded formations, losing and profitable companies, and self-financed bodies, provided that the job grades are deleted within the ranks of the owners, with the exception of the service departments of the Baghdad Municipality, the directorates of Baghdad water and sewage, the municipal institutions of the Ministry of Construction, and the water departments of all governorates."
And she indicated that "vacant positions are kept for the movement of owners for the year 2023, to benefit from them in confirming contracts according to precedence, and those covered by the appointments of the Ministry of Health are excluded according to the Law of Medical Professions, and the Law of Employing First Graduates and Holders of Higher Degrees, and the appointment file is transferred to the Federal Service Council," stressing "The need to pay attention to the private sector to ensure the direction of investment projects and the development of performance."
The statement pointed out that "the Parliamentary Finance Committee is working to review the texts contained in the budget law and the tables included by forming its sub-committees to expedite the completion of its report within a specified period," stressing that "the committee aims to study the items of the general budget so that it includes many different service aspects, This includes analyzing government spending, financial challenges, and the social and economic budget, according to the implementation of the government program. https://economy-news.net/content.php?id=33992
The High Exchange Rate Of The Dollar In The Iraqi Market
Market Economy News – Baghdad Today, Thursday, the Iraqi markets recorded an increase in the exchange rates of the dollar against the dinar.
Baghdad Sale: 145,250 dinars for every 100 dollars Purchase: 143,250 dinars for every 100 dollars
South Sale: 145,250 dinars for every 100 dollars Purchase: 143,250 dinars for every 100 dollars
North Sale: 145,750 dinars for every 100 dollars Purchase: 143,750 dinars for every 100 dollars
Views 68 Added 05/04/2023 - 10:27 AM https://economy-news.net/content.php?id=34001
Economist: Iraq's Budget Is Facing A Major Dilemma, And The Reason Is.
Baghdad - Iraq today: Economist Nabil Al-Marsoumi warned of the repercussions of the drop in global oil prices on the Iraqi financial budget for the year 2023.
Al-Marsoumi said in a statement, "The drop in the price of Brent crude to $72 confuses the financial accounts in Iraq because the selling price of Iraqi oil has become slightly more than the estimated price in the budget set at $70."
He pointed out, "The cessation of oil exports from the Kurdistan region and Kirkuk puts the budget in a severe dilemma because it throws half a million barrels out of the budget."
And Al-Marsoumi added, "Iraq's commitment to OPEC Plus cuts, which amount to 431,000 barrels per day, makes public finances under a hot plate," as he put it.
And the economist asked: "Should we say goodbye to the rising oil price wave and the financial surpluses that we did not deal with well? Will we soon enter the austerity season as we enter the summer season?" LINK