The Dinar Daily, Friday November 28, 2014
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  1. #1

    The Dinar Daily, Friday November 28, 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, Friday November 28, 2014

    Deputy for the rule of law confirms the existence of an agreement between the political blocs to pass budget



    Information / special / .. Deputy confirmed for a coalition of state law, on Friday, and the existence of an agreement within the political blocs in the House of Representatives to pass a budget for the year 2015 Act.

    The MP Iman al-Fadhli told / information /, "The House of Representatives Ciba new legislative term in the event of the arrival of the general budget of the Council of Ministers," unexpected "send the budget early next week."

    She Fadhli to "the existence of an agreement between the various political blocs in the parliament to read budget bill and vote as soon as possible."
    A spokesman for the Office of the Prime Minister Haider al-Abadi announced on Thursday, that the observations and Finance Minister Hoshyar Zebari deferred discussion on the budget to next Saturday's meeting, saying there is a large weightings approval of the budget next Saturday and then send it to parliament before the legislative recess. Finished / 25

    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%3D3276422&usg=ALkJrhiKdqbzhhpx-RA0V0WvFwjOwmH3UQ
    Last edited by sczin11; 11-28-2014 at 11:48 AM.

  3. #3

    Re: The Dinar Daily, Friday November 28, 2014

    Parliament rapporteur: the arrival of the budget is imminent and there is no holiday quarterly



    Alsumaria News / Baghdad Confirmed the decision of the House of Representatives Niazi architecture Ihsanoglu, on Friday, that the arrival of the federal budget to the parliament, "is imminent," as he pointed to the lack of holiday current legislative term.

    Ihsanoglu said in an interview for "Alsumaria News", "The arrival of the budget to the House of Representatives is very imminent," pointing out that "there is no holiday quarterly."

    Ihsanoglu said, "The reconstruction of Turkmen private areas our demand for 2015".

    The Council of Ministers approved, on Thursday (November 27, 2014), amendments to the draft of the proposed budget in preparation for submission to the House of Representatives on Saturday evening, noting that it will be after the Board shall have a second review.

    The chairman of the House of Representatives Saleem al-Jubouri, on the first Wednesday (November 26, 2014), the existence of an initial indication on the advent of the federal budget to Parliament before the end of the current legislative term, referring to the possibility of extending this chapter if the arrival of the budget during the coming period.

    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%3D3276442&usg=ALkJrhjHOEDIT8OmtVwSy9EL_wI2SlsSxg

  4. #4

    Re: The Dinar Daily, Friday November 28, 2014

    Parliamentary Finance: the integration of the budgets of 2014 and 2015, contrary to the law of financial management



    Information / special / .. Finance Committee in the House of Representatives confirmed Friday that the integration of the budgets of two years in 2014 and 2015, contrary to the law of financial management for the year 2014, as pointed out that the 2014 budget is a financial data.

    Said committee member Rep. Majida al-Tamimi told / information /, "The integration of Moisntin with some violation of the law on the grounds that the budget is the future expenses for one year as in the Financial Management Act No. 95 of 2004".

    She Tamimi that he "can not launch a label on the budget 2014 budget is a financial data to it," he said, adding that it "sent wrote to the Ministry of Finance asked financial statements during the past months for submission of the report to the Presidency of the parliament."

    A spokesman for the Office of the Prime Minister Haider al-Abadi announced on Thursday, that the observations and Finance Minister Hoshyar Zebari deferred discussion on the budget to next Saturday's meeting, saying there is a large weightings approval of the budget next Saturday and then send it to parliament before the legislative recess. Finished / 25

    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%3D3276462&usg=ALkJrhjNxFSvUD54L3jpBGj_K3W3ayl89w

  5. #5

    Re: The Dinar Daily, Friday November 28, 2014

    Cabinet approves amendments to the draft 2015 budget



    Office of the Prime Minister Haider al-Abadi said the Cabinet approved the draft amendments to the proposed budget in preparation for submission to the House of Representatives on the evening of Saturday, pointing out that it will be after the Board shall have a second review.

    He Alabadifa Office statement seen by Radio tow "The Council of Ministers held yesterday evening, a special meeting chaired by Abadi, to discuss the federal budget for 2015," pointing out that "The Council heard a presentation Total assumptions adopted by the Ministry of Finance in the drafting of the budget items on both sides of the revenue and expenses in both the investment and operational, by Finance Minister Hoshyar Zebari. "

    He added that "The Council also discussed the general principles underlying the construction of the budget, especially in the context of securing a transparent relationship with the Kurdistan Regional Government and local governments based on the perception and realistic data and financial security, and seeks to address the problems raised over the past years."

    He pointed out that the Office of al-Abadi, "Prime Minister Haider al-Abadi said during the meeting the importance of checking on the budget at the level of ministries and provinces to ensure the safety of the details of making the assignments."

    He explained Abadi office, that "public data contained in the offer made by the Ministry of Finance reveal the importance urged ministries to maximize revenues to the effects of oil prices are not reflected on the living situation for the Iraqi people, taking care to sustain the momentum of care for the poor and vulnerable groups in the increase of social protection network efficiency." .

    The office said that "the Council approved after listening to the observations of its members make the necessary adjustments to the draft of the proposed budget in preparation for submission to the House of Representatives on Saturday evening after being cabinet review them again."

    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%3D3276512&usg=ALkJrhhguBmW6KBMwkP6fwq1wVu9jhlC8g

  6. #6

    Re: The Dinar Daily, Friday November 28, 2014

    Law: Abadi in the next session of parliament to discuss the situation and the budget



    BAGHDAD / Obelisk: confirmed the MP for the coalition of state law Rehab Alabboudh, on Friday, that the presence of Prime Minister Haider al-Abadi to parliament tomorrow or after will be to discuss the general situation of the country as well as the general budget for the year 2015.

    She Alabboudh in a statement, "obelisk" I got a copy of it, "The care of the Presidency of the parliament and the political blocs to continue this communication and positive steps from the presidency of the government have clear evidence of the desire of everyone continuity of the success of the political process and that some are betting on the foil over the continuity of terrorism and its criminal" .

    Alabboudh explained that "Parliament waiting for the head of government raises directly the situation experienced by the country and its own procedures in addition to the latest her about the state budget during the session, while the Prime Minister to attend Parliament tomorrow or the next day.

    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%3D3276538&usg=ALkJrhidaqWfMjhtdcaOCCN8-X9XDkXibw

  7. #7

    Re: The Dinar Daily, Friday November 28, 2014

    The postponement of the annual general assembly of the market Arbil Securities meeting

    Twilight News / postponed the annual meeting of the General Authority for market Arbil Stock Exchange in the Kurdistan region of Iraq to the next week after he has repeatedly held Friday due to complete lack of a quorum.

    Ahmed Abdullah Abdul Rahim chairman for "Twilight News" and said he was scheduled during this meeting was to discuss the report of the Board of Directors for the years ended 2012-2013 and endorse them, and discuss the auditor's report for the years 2012 and 2013 and ratified them.

    He added that the meeting was also scheduled to discuss the final accounts of the company for two years, the last two with the approval of the appointment of an auditor of the company for 2013 and the appointment of an auditor of the company for 2014 and the discharge of the President and members of the Board of Directors and a member of the new Board of Directors election by seven members of the indigenous and Sheba reserve members.

    He said Abdul Rahim that "It is regrettable that the meeting in order not to complete the quorum as the capital of the company is 10 billion Iraqi dinars are supposed to attend half of this amount to complete the quorum but today has only two billion attends For this we had to postpone the hearing until next week."

    He pointed out that the member identified on Friday, a holiday in the province of Kurdistan and Iraq, it is probably also the reason for the failure to attend a meeting of the members.

    And the completion of preparations for the opening of Arbil Stock Exchange said that up to now more than 90% of the preparations have been completed and did not much left, is expected to open the market at the beginning of 2015.

    :http://www.kululiraq.com/?p=122394

  8. #8

    Re: The Dinar Daily, Friday November 28, 2014

    The central bank will not lend money to the government and us, the subject of the deletion of zeros



    Long-Presse / Baghdad Stressed the Iraqi Central Bank, on Friday, a n drop in oil prices "would not be" a reason for the government to borrow from the bank, pointing to the existence of the law "does not allow" the government to borrow from its reserves, among a the growth of foreign reserve resources (the dollar) has consisted of increase the prices and quantities sold oil-run "government," which, among it for the subject of the deletion of zeros from the currency.

    The central bank said in the answers to a private response to questions (range Press) that "the decline in oil prices will not be a reason or motive for the government to borrow from the central bank," attributing the cause to be "the Central Bank Law No. 56 of 2004 with Article (26) does not allow the government borrowing from the central bank reserves, because the ability to exchange in the budget exceeds the ability to achieve the resources as well as the bank's reserves earmarked for economic stability, "stressing that" the growing tide of achieving resources from non-resources mean generation version critical new inflation borne by future fiscal years without justification. "

    He added that the bank "countries whose economy depends on oil, such as Iraq, the net foreign assets of any foreign currency derived from the sale of oil is a mainstay with the cash basis because it depends on oil to finance its spending and dramatically."

    The bank added that "the Iraqi government, specifically the Ministry of Finance are replacing foreign currency (dollar) that you earn from the sale of oil with the Central Bank of Iraq for the local currency (the dinar), to be able to cover internal expenses, so the foreign reserve resources growth (dollar) when The government consists of increasing the prices and quantities of oil sold. "

    The bank said that "this will enable and continuously available from barter with the central bank for the local currency (the dinar), and in quantities that you need, but with the drop in oil prices, the oil revenues certainly would be affected would be reflected on the low cash reserves at the central bank."

    On the other hand, stressed the Central Bank of Iraq, that "the subject of the deletion of zeros from the currency has been postponed for the time being."

    The Oil Ministry has approved in the (18 October 2014) that the government has not yet determined the price of a barrel of crude to be adopted as a basis for the preparation of the budget next in 2015, indicating that efforts are currently ongoing in coordination with OPEC members, to determine the estimated taking into account the challenges and fluctuations in world prices and spare the economy National any negative impact, while experts called to the need to find alternatives to support the local economy and the adoption of the austerity policy and an end to disputes with the Kurdistan region of re-exports from the northern fields.

    http://www.almadapress.com/ar/news/40335/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%84%D9%86-%D9%86%D9%82%D8%B1%D8%B6-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D9%88%D8%A3%D8%AC%D9%84%D9%86

  9. #9

    Re: The Dinar Daily, Friday November 28, 2014

    The new budget year: 35.7 Trliuna army .. not only functions appreciated Minister



    Long-Presse / Baghdad Parliamentary Finance Committee revealed on Friday that the size of the budget for 2015 could reach 150 trillion dinars, since there is no final yet, confirming that it was free of the allocation of grades.

    She noted that the Kurdish delegation headed by Prime Minister Nechirvan Barzani of the Kurdistan will arrive in Baghdad on Sunday for talks on resolving the problems and differences contained in the general budget. "

    He announced Finance Minister Hoshyar Zebari, on Wednesday (November 26, 2014) that his ministry will be presented to the government soon proposed budget for 2015 of $ 100 billion, noting that it will be based on a price of $ 70 per barrel of oil.

    MP says Hama Rashid Ahmed, a decision the Parliamentary Finance Committee, in a statement to the "long", that "the general budget for the 2015 budget are reproduced from the previous budgets, which in turn was suffering from many problems hindered the legislation in the House of Representatives in the last period."

    Rashid pointed out that "the draft federal budget law need for an extensive study by the Council of Ministers and the committees negotiating between Baghdad and Erbil to ripening in line with the current circumstances."

    Shows the Finance Committee member, said "the general budget of the size of speculative could reach 150 trillion and 634 billion and 421 million dinars, and the share of the Kurdistan region of 17.7 trillion dinars," revealing that they are free of the grades that would give the minister the powers of appointment, according to need his ministry assignments. "

    He continues, head of the Kurdistan Islamic Group bloc saying that "the balance of Parliament amounted to 23 billion and 932 million dinars, which have been forwarded to the Ministry of Finance without any discussion of them within the Council and this is what the effects of reservations a lot of Representatives," pointing out that "the budget of the Supreme Judicial Council amounted to 490 billion and 837 million dinars. "

    And on the main doors of the next budget, Ahmed Rashid says that "security and defense budget amounted to 35 trillion dinars and 277 billion and 591 million dinars," stressing that "the security forces need support for responding to a terrorist organization."

    He pointed out that the Kurdish MP delegation of the Kurdistan region will arrive in Baghdad on Sunday and will be headed by the President of the Kurdistan Regional Government Nechirvan Barzani "to resolve differences over the budget in preparation for approval in the House of Representatives."

    In light of the upcoming visit of the delegation of the Kurdistan to Baghdad, rule out a Kurdish lawmaker, "the arrival of the federal budget for 2015 to the House of Representatives in the near time," stressing that "pass the state budget depends on the approval of the Kurdistan Regional Government on penal conditions or make amendments to it."

    Ahmed Rashid, the notes that "the draft budget provides for the payment of advances to the salaries of the Peshmerga requires the approval of the Federal Government," and wondered, saying, "If the prime minister declined to how the central government will spend amounts of Peshmerga."

    Adds a member of the Parliamentary Finance Committee, "among other sanctions in the absence of export Kurdistan amount specified by the oil 150 thousand barrels per day will be deducted from the budget of the region," persisting saying "what is the position in the event of a technical fault it is repaid shortfall in oil exports."

    Rashid says that "the federal budget for next year obliges the Kurdistan region to export 150 thousand barrels of oil exports to the central government as well as the export of 300 000 barrels of oil per day from the Kirkuk oilfields through the pipeline region to the Turkish port of Ceyhan."

    It notes the head of the Kurdistan Islamic Group bloc that "oil exports installed in the general budget and are estimated 2.75 million barrels per day, distributed as follows: 150 000 barrels of oil of Kurdistan and 300 000 barrels of Kirkuk fields, and the remainder of the oil fields in the center and south through the port of Basra."

    For his part, confirms MP Abdulkadir Mohamed, a member of the Patriotic Union of Kurdistan (PUK) block, "The differences still exist within the Council of Ministers on certain paragraphs of the budget, which requires more time to agree to its terms."

    He said Mohammed, in an interview for the "long", that "there are some institutions in the Iraqi state did not send their budgets to the Ministry of Finance, which delayed approval of the Council of Ministers."

    The attention of a member of the Patriotic Union of Kurdistan (PUK) to block "the existence of amendments will be held on the allocation of operational and investment Almoisntin because it is final."

    http://www.almadapress.com/ar/news/40405/%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B3%D9%86%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9--357-%D8%AA%D8%B1%D9%84%D9%8A%D9%88%D9%86%D8%A7-%D9%84

  10. #10

    Re: The Dinar Daily, Friday November 28, 2014

    New Morning" get initial details of the budget in 2015

    The total value of 149 trillion dinars calculates the $ 70 per barrel of oil and the deficit 41 trillion

    Baghdad, Ali al-Suhail: the impact of increasing the news in the past few days about the near approve the budget for fiscal year 2015 of the unfolding numbers related and details, and attributed the deficit.

    and the parliamentary finance committee revealed yesterday Friday, for a total value in the draft budget for fiscal 2015 Act, which amounts to 150 trillion dinars, while indicated that the deficit of 41 trillion dinars, and the main doors, which occupies a large space in the budget is the security and defense, which is equal to 23%, while stressing one Government ministers, the cabinet will hold a meeting on Saturday (today), to complete the discussions on the budget to be sent to the House of Representatives for approval as soon as possible.

    He said the decision of the Finance Committee MP Ahmad Haji Rashid, that "the revenue in the budget of 108 trillion dinars deficit 41 trillion dinars "noting that" the security and defense to take the lead in terms of customization, as the value of this section 35 trillion and 275 billion dinars, it is beyond the power of 29 trillion. "

    and between, Rosetta to "the morning of the new" A "financial budget value of 150 trillion and 634 billion and 421 million dinars, "adding that" the revenue in the budget where 108 trillion deficit 41 trillion dinars, under the export 2.75 million barrels of oil per day and $ 70 a barrel. "

    He added that "the financial allocations, security and defense to take the amount of 35 trillion and 275 billion dinars , and then the energy by 29 trillion and 184 billion dinars, then Education 12 trillion, "he said, adding that" grades has not been resolved, but there are doors to functional grades, and in Article 12, which states first, to develop grades of covered political separation, secondly, the introduction of grades for decades working in government departments all Third, the introduction of grades for the return of the owners of competencies and displaced; and fourthly, the introduction of the formations developed Bwazzart and non-related to the Ministry. "

    and went on: "We in the Finance Committee expect the cabinet to send the draft financial budget law, to the House of Representatives on Sunday, "adding that" the financial parliamentary suited itself to the study of the budget, and if sent before the end of the month, gay, before the legislative recess, being the legislative recess cut, and if it does not arrive until after the month, Vtaqra after the legislative end of the holiday. "

    For his part, the Minister of Science and Technology, Knight Joseph Jajo, that "the Council of Ministers is determined to vote for the budget, with finding ways to tackle the fiscal deficit which, by asking each ministry ideas to cover the deficit."

    said Jajo in an interview with "New Morning", The "The Council is moving to reduce expenses in the budget to reduce the fiscal deficit which," adding that "the meeting last Thursday was the address to find a cure for the ministries and sectors to reduce the existing deficit in more in the investment budget, through payment on credit, as well as investments and initiatives to bring the wills of her Cabinet." .

    And that "the budget for next year, and placed in line with the harsh reality of the country because of the security and military situation and misconduct administrative prior periods," pointing out that "there are sectors not covered by the financial Baltkulais, such as defense, agriculture, health and displaced people and social welfare security, but other sectors, such as Industry and commerce, housing, sports, tourism and human rights, will reduce expenses. "

    The Council of Ministers, held an extraordinary session pm first Thursday, headed by Haider Abadi, the Prime Minister, to discuss the federal budget for 2015.

    reported the Information Office of Ebadi said in a statement, seen by the "New Morning "," The Council heard a presentation total of assumptions adopted by the Ministry of Finance in the drafting of the budget in both sides of the revenues and expenses in both the investment and operational items, by Hoshyar Zebari, Minister of Finance. "

    He went on that he "was discussed as well as the general principles underlying the construction of the budget, especially in the context of insurance transparent relationship with the Kurdistan Regional Government, local governments, based on the perception of realistic data and financial security, and seeks to address the problems raised over the past years. "

    The statement said that al-Abadi stressed "the importance of conducting the audit in the budget at the level of ministries and provinces details to ensure the safety PROFILE. "

    He added, "The public data contained in the offer made ​​by the Ministry of Finance, reveals the importance of urging ministries to maximize revenue to the Atneks effects of oil prices on the living situation for the Iraqi people, taking care to sustain the momentum of care for the poor and vulnerable groups within the increased protection network efficiency Social. "

    The statement noted that "the Council has approved after listening to the observations of the members of the Council, to hold the required amendments to the draft of the proposed budget in preparation for submission to the House of Representatives, on Saturday, after the cabinet being reviewed again to them."

    :
    http://www.kululiraq.com/?p=122665

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