"Tidbits From TNT" Friday Morning 3-17-2023

Mar 17

TNT:

Tishwash: Urrgent The government delivers the three-year budget to parliament

Spokesman for the Iraqi government on behalf of Al-Awadi

In implementation of the provisions of the Constitution and the Federal Financial Management Law, yesterday evening, Thursday, the draft federal budget law of the Republic of Iraq for the fiscal years 2023, 2024, and 2025 was officially handed over to the House of Representatives.

We affirm that the draft budget law, with its new articles and paragraphs that were approved for the first time, is capable of facilitating the implementation of executive and development projects, plans and programs, and the provision of infrastructure and services to citizens. link

Pearle: Luck of the Irish…it would be nice to RV today….

CandyKisses: St Patrick’s Day is celebrated each year on March 17th. The day is the observation of the death of St Patrick, the patron saint of Ireland. More than 100 Saint Patrick parades are held across the United States. Almost 12% of Americans claim Irish ancestry. More people of Irish ancestry live in the United States than in Ireland. Finding a four leaf clover on St Patrick’s Day is considered lucky as you only have one chance in 10,000. Generally, you will find a three leaf clover.

Ivantulafitov: MM did a video on iso 20022 swift system on his YT….If you want to know what that's all about here's a deep dive on it https://blog.seeburger.com/iso-20022-payment-integration-for-real-time-payments/

Ivantulafitov: ISO 20022 real-time payments enable banks and their customers to derive the benefits of open banking for payments across the IT landscape. ISO 20022 contains more data that can be integrated to provide a better 360 view of customer journeys, for example from bank-to-bank.

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CandyKisses: US senators approve amendment to Iraq law

{International: Euphrates News} The U.S. Senate (Supreme Chamber of Congress) has approved the amendment to the Authorization for the Use of Military Force Act against Iraq.

The Senate approved the start of the process of amending the 1991 and 2002 Authorization of the Use of Military Force Act against Iraq.

The council took the decision by 67 senators to 27.

Nineteen Republican senators were among the supporters of the resolution.

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Tishwash: Economic specialists reveal new details regarding the "trilateral" budget and the share of the Kurdistan Region

Today, Friday, specialists in economic affairs revealed new details regarding the "trilateral" budget, which extends until the year 2025. They explained the Kurdistan Region's share of the budget.

Economist Nabil Al-Marsoumi said in his blog, followed by NRT Arabia, that "the new taxes in the 2023 tripartite budget are as follows:

Imposing a 5% tax on the proceeds of sales of one liter of petrol.

A 10% tax on gas or kerosene oil.

A 15% tax on imported fuel.

A 1% tax on black oil sales.

An airport tax in all Iraqi airports with a lump sum of 25 thousand dinars per person for travelers outside Iraq.

Al-Marsoumi added, "These taxes will lead to the enhancement of non-oil revenues and a slight reduction in fuel smuggling abroad, but they will lead to an increase in the cost of transporting people and goods, and then a new rise in the prices of goods and services, which may lead to exceeding the annual inflation rate specified in the budget by 1 percent." 5%, negatively affecting the standard of living of citizens.

As indicated, "Kurdistan's share in the 2023 budget came as follows:

First: The Ministry of Finance will pay the loan amount of 400 billion dinars granted to the Kurdistan region according to Cabinet Resolution No. 333 of 2022 by the Iraqi Trade Bank from the region’s share for the current year.

Second: Kurdistan's share of actual spending after excluding sovereign expenditures = 12.67%.

Third: The operational costs of producing and transporting the exported crude oil by the region are among the sovereign expenditures.

Fourth: The Kurdistan Regional Government is committed to exporting crude oil from its fields at a rate of not less than 400,000 barrels per day.

Fifth: The total revenues of oil produced from the fields of the region are deposited in one bank account in which all revenues from exporting or selling crude oil and its derivatives are deposited without any deductions for any purpose whatsoever.

Sixth: A percentage of the allocations of the federal ground forces of the Iraqi army are allocated to the Peshmerga forces according to the population ratios of the mentioned forces.

Seventh: The Kurdistan Regional Government is committed to handing over non-oil revenues to the state treasury.

Eighth: 50% of the revenues of the border crossings are allocated to the governorates in which these crossings are located, including the Kurdistan Region.

Ninth: The Federal Ministry of Finance is committed to paying the region's dues according to the provisions of this law on a monthly basis.

How much are the federal Mazano figures?

Prime Minister Muhammad Shia al-Sudani revealed at the budget conference that "the share of the Kurdistan Region in the budget amounts to 12.6, and the total budget amounted to 197 trillion and 828 billion dinars as follows: the operational budget amounts to more than 150 trillion dinars, the investment budget is more than 47 trillion, and the deficit in The budget amounts to 63 trillion dinars.

Al-Sudani explained, "The total revenues amount to more than 134 trillion dinars," stressing that "oil revenues amount to more than 117 trillion dinars based on the price of oil at $70, and non-oil revenues amount to more than 17 trillion dinars."

In the field of numbers, he mentioned the following:

The total budget is more than 197 trillion dinars.

The operating budget amounts to more than 150 trillion dinars.

The investment budget amounted to more than 47 trillion.

The budget deficit amounts to 63 trillion dinars.

Total revenues amount to more than 134 trillion dinars.

Oil revenues amount to more than 117 trillion dinars, based on the oil price of $70.

Non-oil revenues amount to more than 17 trillion dinars.

The share of the Kurdistan Region in the budget is 12.6 percent.

More than 12 trillion dinars of indebtedness will be repaid this year.

- The petrodollar will be two trillion dinars distributed among the provinces.

The development of the regions in the budget will be 2.5 trillion dinars.

-400 billion dinars have been added to the loans of small projects in the Ministry of Labor.

Increasing the capital of the Industrial Bank by 400 billion dinars to support the private sector.

An increase in some allocations, including medicines, by an amount of 300 billion dinars, to become more than a trillion.

Allocating one trillion dinars for the Iraq Development Fund draft law.

Exporting 3.5 million barrels annually.

During the current year, Iraq intends to export 3.5 million barrels annually, according to what was approved by the Sudanese government in its budget for the current year. Iraq is the second largest oil producer in OPEC, and the country relies on revenues from selling crude to cover about 95% of its expenditures.

The price of a barrel of oil is about $70 per barrel in the budget approved by the government last Monday, with a total proposed expenditure of 197.8 trillion dinars ($152.2 billion), according to Prime Minister Muhammad al-Sudani, who indicated that this budget will be repeated during the next two years as well.

While the fiscal deficit amounts to 63 trillion dinars ($48.5 billion), according to the official government statement.

While Iraq is an oil exporter, it imports the main oil derivatives, such as gasoline, gas oil and white oil. According to the “SOMO” company, more than 5 million tons of oil derivatives were imported last year, at a value of $5.3 billion, compared to 4.7 million tons, at a value of $3.3 billion, in 2021. Gasoline was the most imported, at a value of $3.8 billion, followed by gas oil with more of $1.2 billion. link

Mot: Good Ole Maxine on St Paddys Day!!!!............