The Dinar Daily, Wednesday November 26, 2014
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  1. #1

    The Dinar Daily, Wednesday November 26, 2014





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:


    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.


    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:


    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.


    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.



    The Republic of Iraq – Ministry of Planning

    and

    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.


    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.


    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.


    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…


    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??


    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the
    CBI.iq website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.


    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”


    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??


    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    DINAR OBSERVER DAILY
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________

    THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 94 of the massive SIGR report.





    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________

    AND

    Coins put on the market !!



    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts



    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.

    http://www.iraqhurr.org/content/article/26666313.html

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

    ARTICLE LINK



  2. #2

    Re: The Dinar Daily, Wednesday November 26, 2014

    Currency Auctions
    Announcement No. (2827)


    The latest daily currency auction was held in the Central Bank of Iraq on the 26-11-2014 results were as follows:





    DETAILS NOTES
    Number of banks 20
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 262,257,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 262,257,000
    Total offers for selling (US$)


    Market Rate. 1198
    Last edited by sczin11; 11-26-2014 at 11:01 AM.

  3. #3

    Re: The Dinar Daily, Wednesday November 26, 2014

    Cabinet will meet tomorrow to vote on the budget and send it to parliament



    Information / Baghdad /
    .. Deputy Prime Minister said Bahaa al-Araji, on Wednesday, the cabinet will meet on Thursday to vote on sending the general budget for the current year to the House of Representatives.

    They said in a statement to the official Center Brief and seen by / information /, "The government is obliged to send the general budget for the current year to the House of Representatives, before the end of the year, until the House of Representatives works fast action to postpone his vacation quarterly."

    He denied al-Araji, "what some of the media, on sending the general budget in next January, after the legislative recess quarterly expiration of the House of Representatives."
    The parliamentary Finance Committee today announced Wednesday that the budget bill in 2015 will reach the House of Representatives early next year. Finished / 25

    http://translate.google.com/translate?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3270195&sandbox=0&usg=ALkJrhjvMbHrN4r09kyqlVVq8dtjCl6aWA

  4. #4

    Re: The Dinar Daily, Wednesday November 26, 2014

    Parliament speaker announces the imminent arrival of the current year budget to the Council for approval



    Free -Warned House Speaker Salim al-Jubouri, on Wednesday, the decision to shift the issuance of the death sentence against the former MP for the province of Anbar, Ahmed al-Alwani, the issue of 'internal strife' in the country.

    Jubouri said in a press conference held in the House of Representatives that while we respect the judiciary and the merits of the verdict against al-Alwani, and we do not interfere in the work of the judiciary, we would like to Nwcr the tribe of Albu Alwan, stands on the front line of Anbar with Daash it is supposed to take into account this matter ' .

    Jubouri said he should not make a case that the events of a private internal dissension we are in a critical stage, and that the people of Anbar face terrorism '.
    Jubouri also announced the imminent arrival of the financial budget for the current year to the Council for approval, noting that he is not a legislative holiday for the arrival of the budget of this chapter.

    Jubouri said that 'the most important budget has been handled with the Prime Minister Haider al-Abadi, and Minister for the speedy approval'.

    He added that 'there are some preliminary budget coming of the end of the current legislative term indicators', noting that 'no legislative holiday for members of the council in the event of the arrival of the budget to the council.'

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3270787&usg=ALkJrhhWdlOgP7m_EyHBlZBzAiFTpk-M1Q

  5. #5

    Re: The Dinar Daily, Wednesday November 26, 2014


    Saleem al-Jubouri to'khandan ': the constitutionality of Article 140 and approval of the oil law will be a priority for Parliament


    Khandan - Ali Naji -The head of the House of Representatives Saleem al-Jubouri, the constitutionality of Article 140, and that the Council will approve the related laws, among the approval of oil and gas law will be a priority for the House of Representatives.

    Jubouri said in response to a question from a reporter 'Khandan' during a press conference held at the House of Representatives that "the constitutionality of Article 140 and we are concerned with the formation of a parliamentary committee to follow up the implementation of temporary to say when it carried out."

    He said al-Jubouri, "The oil and gas law is the most important laws that long-standing 8 years ago and should be completed by the legislation," explaining that "there is dialogue between the center and the region and the Federal Minister of Oil, and these dialogues talking about the nature of the problem and the mechanics of the solution, and that the law in a package legislation that have been waiting for, because he is one of the priorities of the Council. "

    He Jubouri during the conference that "the Council had extended the legislative term, which was due to expire on 31/10, another month, and according to the constitution, the Day 30/11 is the last day allowed it to hold the meeting," adding that he "is not allowed to hold meetings, but after a month for binding under the Constitution, except for one case, a financial budget and access to the Council "

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3270533&usg=ALkJrhght-133zxdBXO4swELZgK1EV0rSg

  6. #6

    Re: The Dinar Daily, Wednesday November 26, 2014

    Private sector companies announce hundreds of job opportunities in Kurdistan

    Twilight News / announced dozens of private sector companies in the Kurdistan Region, on Wednesday, the availability of hundreds of jobs during the conference and exhibition held in Arbil and lasts for two days.

    Participated about 70 companies in the conference and exhibition, which opened in the presence of Deputy Prime Minister of the Kurdistan Region Qubad Talabani.

    He said the supervisor of the exhibition and conference Amanj Shawkat in an interview for "Twilight News", this is a good opportunity for those who are looking for jobs, noting that there are local and foreign companies involved in this activity.

    He also noted that the conference will shed light on his conversations in the labor market in Kurdistan and to identify the problems and obstacles, especially in the private sector and how to find solutions.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3270798&usg=ALkJrhhGDMJq3P87LtfsiMeBTtGkEFrL-g

  7. #7

    Re: The Dinar Daily, Wednesday November 26, 2014

    Cabinet held a special meeting on Thursday

    Baghdad - Iraqi Council of Ministers held on Thursday an extraordinary session to discuss the General Budget Law for 2015.

    He said the National Alliance MP Hussein al-Maliki told all of Iraq [where] that "the Iraqi Council of Representatives held on Thursday Asttaúah session to discuss the state budget law for 2015, after reaching the draft law of the Ministry of Finance to the government."

    It is said that the three leaders held a meeting on Tuesday at the presidential headquarters has a discussion of the overall political and security developments and the law of the state budget for 2015 and stages removed from the cabinet to the parliament. Finished "2

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3270816&usg=ALkJrhhity47uzVb9UFKXsPick-T7OJU9w

  8. #8

    Re: The Dinar Daily, Wednesday November 26, 2014

    Government to discuss next year's budget in an extraordinary session tomorrow and adviser Abadi is expected not to exceed percent billion



    Long-Presse / Baghdad - A spokesman for the Information Office of the Prime Minister revealed the intention of the Council to discuss the budget on Thursday session "exceptional", and had been expecting an economic advisor to the prime minister, not to exceed the budget barrier percent billion dollars, urged the member Finance Committee of Parliament, on Wednesday, the government to expedite the dispatch of the budget next year in 2015 before the first legislative term holiday.

    Government discusses the budget tomorrow extraordinary session

    Detection spokesman Information Office of the Prime Minister, the determination of the Ministry Council to discuss the budget on Thursday.

    A tributary Jabouri, in a brief interview to the (long-Presse), "The Council of Ministers will be held on Thursday, an extraordinary meeting to discuss the budget," without further details.

    For his part, predicted an economic advisor to the prime minister, the size of the budget year shall not exceed 2015 percent next billion barrier, likely approval in parliament easily when viewed him as a result of an agreement between the center and the Kurdistan region.

    He said the appearance of Mohammed Saleh, said in an interview to the (long-Presse), "The year's budget next 2015 will involve a small deficit, as is the case in all the budgets of the world," returned to "the deficit ratio is normal if they are up to three percent of gross domestic product." .

    Saleh added that "the war against terrorism, one of the priorities of next year's budget, they constitute a battle of existence for Iraq," returned to "The Ministry of Finance is facing the problem of being dependent on the Financial Management Act No. 95, which supports the previous budget any special year 2014, which is non-existent ".

    He favored an economic advisor to the prime minister, that "recognizes the year's budget in 2015 easily, especially after the agreement between the center and the Kurdistan region," pointing out that "the appointments budget 2015 will be around for reasonable conduct of Government Administration about right."

    He predicted favor, that "the size of next year's budget in 2015 will not exceed the limits billion percent decrease or increase of five to six percent."

    Parliamentary claims to expedite the sending budget

    She said a member of the parliamentary finance committee, Najiba Najib, in an interview to the (long-Presse), "The year's budget next in 2015 are still being prepared by the Finance and Planning and oil ministries," noting that "the legislative season for the first parliament will end next Sunday approved, (the thirtieth From November 2014 present), begins to Parliament recess, so the government should accelerate its completion. "

    She said Najib, that "the size of the budget will be determined under the price of a barrel of oil for the year ahead forecasts, as well as handed over to the Kurdistan region of the Federal Government of imports after the agreement on it between the parties", calling for "taking into account the other challenges facing Iraq Khrabh on terror when preparing the budget ".

    She explained a member of the parliamentary finance committee, said: "The delegation from the Kurdistan region will arrive in Baghdad to discuss all outstanding issues with the federal government, especially the oil and budget", expressing the belief that "the launch of appointments and compression expenses and other matters related to the estimates to be developed by the government when preparing the budget."

    The Parliamentary Finance Committee predicted in, (22 October 2014), to reduce the state budget by 59 trillion Iraqi dinars, and called on the government to austerity and reduce expenditures is necessary, while an economist suggested reducing the upper layers of the salaries of the state, and stimulate the private sector to be able to find opportunities new jobs to absorb the unemployed rather than the full dependence on the state in this area.

    While economists are expected to reduce the number of grades, demanding the need to find an alternative to absorb the unemployed by providing new job opportunities through the private sector.

    The Prime Minister, Haider al-Abadi, revealed in (the twentieth of October the past), during a press conference following a meeting with religious Shiite, Ali al-Sistani, in Najaf, and attended, (long-Presse), to discuss the Council of Ministers on the balance three times, and that the Council will prepare a budget in which a military spending as a fait accompli, noting that the budget in 2015, will be based on the 2014 current budget, due to the presence of the same problems, of oil from Kirkuk and stopped completely, as well as lower world prices, and expectations about to fall over, for this, the Council Ministers decided to austerity.

    http://www.almadapress.com/ar/news/40301/%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%AA%D9%86%D8%A7%D9%82%D8%B4-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84-%D9%81

  9. #9

    Re: The Dinar Daily, Wednesday November 26, 2014

    The national meet to discuss oil solutions with Kurdistan and Barzani postpones visit to Baghdad



    Tomorrow press Baghdad: source from within the State of law Coalition, Wednesday, the blocks of the national coalition, Sunday evening, in the presence of Al-Abadi and MP Nuri al-Maliki to discuss the oil agreement with Kurdistan, while the latter deferment of the Kurdish delegation visit headed by nechirvan Barzani to Baghdad.

    The source said "tomorrow," "the national coalition meet blocks, this evening, in the presence of Prime Minister Haidar Al-Abbadi and Vice President Nouri al-Maliki to discuss the oil agreement with Kurdistan", stating that "this meeting is the first of its kind after the formation of a Government headed by Al-Abadi said.

    The source, who asked to remain anonymous, counted "there are objections by Congress, the State of law coalition agreement between Kurdistan and the Iraqi oil Ministry and trying to learn the details of Prime Minister Haidar Al-Abbadi said.

    In the same framework, the Kurdistan Alliance, postponing the Kurdish delegation visit headed by the President of the Kurdistan Regional Government nechirvan Barzani planned to Baghdad.

    The Kurdistan Alliance MP Bachtiar Shaways for "tomorrow," "the reasons for the delayed arrival of the Kurdish delegation to Baghdad to discuss outstanding problems on the differences between the two parties in the draft federal budget for 2014."

    He added that "negotiations between Kurdistan and Baghdad on resolving problems and quantities produced and exported with the Federal Government's commitment to pay the salaries of the staff and the Peshmerga", mbima: "there are other disagreements about article 140 and implementation".

    Shaways said that "the visit of nechirvan Barzani, Kurdistan depends on successful negotiations and continuing between the parties since a long time."

    The Iraqi oil Minister Adel Abdul Mahdi, on (13 November) the preliminary agreement with the President of the Kurdistan Government nechirvan Barzani, to transfer $ 500 million into the region for the last 500,000 barrels of oil a day available to the Central Government.

    Abadi, who pledged his appointment last August, to resolve problems with Arbil, including the dispute over the oil-rich city of Kirkuk.

    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F23652 %2F%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A-%D9%8A%D8%AC%D8%AA%D9%85%D8%B9-%D9%84%D9%85%D9%86%D8%A7%D9%82%D8%B4%D8%A9-%D8%A7%D9%84%D8%AD%D9%84%D9%88%D9%84-%D8%A7%D9%84%D9%86%D9%81%D8%B7%D9%8A%D8%A9

  10. #10

    Re: The Dinar Daily, Wednesday November 26, 2014

    Parliamentary Finance: Two-thirds of the budget "Cars" and "Ivadat" and "furniture" and "hospitality"




    Information / special / ..
    the parliamentary finance committee revealed on Wednesday for two-thirds of the budget each year on cars, furniture and deputations, hospitality and the last third of staff and projects paying salaries.
    She said committee member Majda al-Tamimi told / information / that "the general budget is divided into operational sections which are estimated 70% and investment up to 30%. "

    He added that "two-thirds of the operating budget is spent on cars, furniture, stationery, deputations and hospitality courses and other things of luxury where extravagance is indescribable."

    Tamimi and indicated that "the funds allocated for seminars and Ziavadtha and Alaivadat unhelpful overflowing need Annual in case dispensing of those things, but the wrong fiscal policy followed by the Iraq resolved without the abolition of those doors. "
    reported that "the waste in public funds Aitoagaf when the operating budget, but also extended to the investment where he majored four weakening value of the project funds are not completed it," .anthy / 25 / and

    http://www.almaalomah.com/news/4168/المالية-النيابية-:-ثلثا-الموازنة-″سيارات″-

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