Wednesday Morning Iraq Economic News Highlights 5-3-23
Wednesday Morning Iraq Economic News Highlights 5-3-23
Parliamentary Finance: A Government Move To Reduce The Budget Deficit By 18 Trillion Dinars
Economy |Baghdad today – Baghdad Today, Tuesday, the Parliamentary Finance Committee revealed a government move to reduce the deficit rate in the financial budget by 18 trillion dinars.
Committee member Mueen Al-Kadhimi said in a televised statement, followed by (Baghdad Today), "There is a tendency by the government to reduce the budget deficit rate by 18 trillion dinars," denying what is reported about reducing the deficit rate from 60 trillion to 25 trillion dinars.
He added, "There is no such direction by the government," noting that "because state employees currently number four million and one hundred thousand employees, they alone need this amount, which is 60 trillion dinars, spent as salaries for them."
Al-Kazemi continued by saying, "The financial management law allowed the government to present the budget for three years," pointing out that "the first year of the budget is considered the first and obligatory year to be followed by the two years, successively."
It is noteworthy that the Parliamentary Finance Committee continues its meetings with ministries and government institutions regarding the financial budget for the year 2023, whose deficit amounts to 63 trillion and 275 billion dinars. LINK
A Detailed Talk About The Budget.. The Outputs Of The Finance Committee Meeting With The Heads Of Parliamentary Committees
Money and business Economy News / Baghdad The House of Representatives revealed, on Tuesday, the details of the Parliamentary Finance Committee meeting with the heads of parliamentary committees regarding the 2023 budget law.
And the parliament’s media stated in a statement that the remarks of the heads and members of the parliamentary committees included “allocating funds to finalize the file of the displaced and returning them to their areas according to a specific program, the electricity sector and service collection to increase revenues, paying debts owed by the state to purchase energy, the issue of retirement, bank exemptions, and automating the financial program in the bank and departments.” affiliated, in addition to the issue of concluding government contracts, with interest in the health sector, building cancer centers, and paying attention to the health reality.
It also discussed "finding appropriate solutions to the file of contracting the Ministry of Education for those who have direct contacts and previous identification papers in the ministry due to the availability of the funds allocated to them and supporting the construction of schools, with a discussion of increasing the allocations of the Ministry of Higher Education to develop universities and infrastructure, supporting the scholarship system to keep pace with scientific development, and appointing top performers annually.
And calculating the certificate obtained by the employee before and after appointment, calculating the service of confirmed contracts, allocating funds to confirm contracts after 10/2/2019, and adapting their conditions to their peers before the previous date.
It was demanded that "the inclusion of a paragraph to install operational contracts and daily wages in the Diwan of the Sunni and Shiite endowments, for those who have contractual service, and to include the necessary amounts for building the building of the Hajj and Umrah Authority, with the allocation of funds to the governorates for the implementation of projects and the development of regions, and the reconstruction of affected areas, in addition to the need to finance a project Empowering women and adding a paragraph regarding them.
The proposals also included "the agricultural sector, the file of agriculture and water, the allocation of funds to solve the water scarcity crisis due to climate change, the trend towards modern technologies in irrigation and farm workshops to support farmers, as well as support for livestock, the operation of government mills, poultry fields, and a plan to take care of the marshes, in addition to the allocations of a regulator to invest in water.
On the security file, the interventions included "financial allocations for the issue of the termination of their contracts in the Ministries of Defense and Interior and the opening of contracts for the Ministry of the Interior to support the security services, as well as ending the file of examiners in the two ministries, listening to proposals to convert the military staff to civilians, a project to automate the system in the two ministries, and finding effective solutions to the issue Awakenings.
The sports aspect was also discussed and a sum of money was allocated to help the disabled athletes in the Paralympic Committee to end their suffering, in addition to confirming the contracts of the Ministry of Youth and Sports.
The Finance Committee requested "to provide it with the notes in official books for detailed examination." https://economy-news.net/content.php?id=33976
A Government Advisor Reveals "Exciting" Details Regarding Salaries And Budget
Economy 2023-05-02 | The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Wednesday, the problem related to salaries in the Iraqi state, indicating that the solution to this matter is to support low grades, while pointing out that the deficit constitutes a third of the budget.
Saleh said, during his interview with the program "Balmokhtaz" broadcast by Alsumaria TV, that "there is a civil service law, which defines issues regarding salaries and is linked to the retirement law," adding, "However, during 20 years, many legislations with privileges were enacted."
He added, "There are huge discrepancies between employees' salaries, and there is a huge difference," considering that "the problem is in the rule of justice, and in fact there is no justice, and it is a major problem."
Saleh pointed out that "in the long term, salaries must be restructured rationally, and an income standard must be set to be reviewed under the heading of the cost of living," stressing by saying, "National and political consensus is needed, and the solution to the issue is to support the low grades of retirees or employees."
Regarding the draft budget law, which the House of Representatives completed its second reading, Saleh said, "The deficit constitutes a third of the budget at 63 trillion dinars, and we can reduce the effects of the deficit," explaining that "there are strategic projects that must be implemented, and the loss is a loss of time."
He added that "150 trillion dinars are operational, 90 trillion of which are salaries, wages, pensions and social welfare," noting that "less than 50% of the operational budget goes to the salaries of the security services." LINK
“It Satisfies America And May Disturb Iran.” The “Giant” Gas Project Will Be Completed Soon
The “Oil Price” international network concerned with oil affairs revealed today, Tuesday, the near completion of the “Halfaya” gas project, which it described as “giant” before its official handover date, noting that it will satisfy the United States and reduce dependence on Iranian gas.
The network said in its report that the “giant” gas project will officially enter into operation at the beginning of the next 2024, with the acceleration of the pace of implementation by Chinese companies and the French “Total Energy” company, which returned to the Iraqi market after a full agreement with the government last month regarding its previously lagging contract in the country.
The network confirmed that the project, of which PetroChina owns 45% and Total Energy 22.5%, will not only provide Iraq with a large amount of gas needed to operate its own power stations, but will also provide other benefits to the country on the economic level.
The network also stated that “the success of the project and its entry into operation before its scheduled date will present several positive points for Iraq, the first of which is that it will satisfy the United States of America and reduce its pressure on the Iraqi government to reduce dependence on gas imports, especially from Iran.” Second, it will represent a positive point in Iraq’s commitment to implementing Similar energy contracts.”
And finally, “the project also represents an opportunity for Western companies to look at the Iraqi energy market positively and encourage them to invest in it despite the great Chinese competition,” according to its description.
The Halfaya gas project is located in the southeast of the city of Amarah in Maysan Governorate and contains an estimated storage of oil amounting to 4.1 billion barrels, which the newspaper said about it “will provide Iraq with great privileges in terms of the international energy market, as well as protecting the Iraqi environment from burning emissions.” https://takadum-news.com/archives/162341
The Exchange Rates Of The Dollar In The Iraqi Stock Exchanges
Economy 5,865 views Alsumaria News – Economy Alsumaria News publishes today, Wednesday, the exchange rates of the dollar against the Iraqi dinar on the Iraqi stock exchanges.
The selling price of the dollar was 142,900 dinars per 100 dollars, while the buying price of the dollar was 143,250 dinars per 100 dollars.
And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. dollars from banks and non-bank financial institutions to the final beneficiary. LINK
The Exchange Rates Of The Dollar In The Iraqi Stock Exchanges
WED, 03-05-2023, TAYSEER AL-ASADI The selling price of the dollar recorded 142,900 dinars per 100 dollars, while the buying price of the dollar recorded 143,250 dinars per 100 dollars.
And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. dollars from banks and non-bank financial institutions to the final beneficiary
An Economist Demonstrating How To Bridge The Junction Between Government And Parliament Over Budget Amendments
Today Information / Baghdad.. 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.
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Al-Saadi told Al-Maalouma, 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 is a positive case in reviewing the ministries' allocations of operational expenses and investment allocations and constitutes a kind of transparency." Knowing the gates of exchange.
He added, "The parliament's amendments do not constitute any obligation on the government to reduce expenditures, except in the case of transfers, which is unlikely because 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. LINK
Al-Sudani: The Government Has Placed Associated Gas Investment Among Its Priorities
Information/Baghdad.. Today, Tuesday, the Prime Minister, Muhammad Shia Al-Sudani, directed the competent authorities to facilitate the work requirements of the staffing of the operating oil companies, while stressing that the government has placed the associated gas investment among its priorities.
The media office of the Prime Minister stated in a statement received by Al-Maalouma Agency, that "Prime Minister Muhammad Shia'a Al-Sudani received today, Tuesday, a number of representatives of international oil companies, and during the meeting they reviewed the overall progress in the oil investment sector, and the development of the partnership between Iraq and the companies." world leader in this field.
He added, "The Prime Minister was briefed on the progress of work in the fields of extraction, expansions, and implementation of bilateral contracts, and the most important obstacles that impede the work of companies and the speedy implementation of their obligations with the Ministry of Oil."
He directed the competent authorities to "work requirements for operating companies' staffing, in terms of granting entry visas, expediting customs clearance and tax accounting."
Al-Sudani stressed "the need to take into account the environmental determinants on the part of companies, and according to the agreements signed with Iraq, in order to preserve the Iraqi environment."
He pointed out that "the government has placed associated gas investment among its priorities, in order to benefit from this wealth as soon as possible, and to achieve self-sufficiency in this vital material."
The Prime Minister urged the oil companies that signed the “fifth licensing round” to expedite the implementation of their contracts, and to keep him informed continuously of the paths of progress, stressing that Iraq is ready to support its economic partners and welcomes development proposals, just as it deals positively with observations seeking to overcome problems and overcome obstacles in cooperation. With the Ministry of Oil.” LINK