The Dinar Daily, Friday December 12, 2014
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  1. #1

    The Dinar Daily, Friday December 12, 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


    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 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
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


    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 84 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″..

    __________________________________________________ ______________


    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


    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.


    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.


  2. #2

    Re: The Dinar Daily, Friday December 12, 2014

    Exclusive: Cash-strapped Iraq seeks Kuwait war reparation delay

    BAGHDAD Fri Dec 12, 2014 4:45 am EST

    Iraq's Finance Minister Hoshiyar Zebari speaks during an interview with Reuters in Baghdad November 26, 2014.

    (Reuters) - Iraq is seeking to postpone a final $ 4.6 installment of for its 1990-91 of Kuwait, Finance Minister Hoshiyar Zebari Reuters, as it faces a cash by falling oil prices and war with Islamic State.

    Since Iraq was first allowed to resume oil sales nearly two decades ago it has paid funds into a United Nations body overseeing compensation for looting and damage inflicted during Saddam Hussein's seven-month occupation of Kuwait.

    More than a million claimants have been paid and nearly all the $ 52.4 billion reparations bill has been met through Iraq's annual allocation of 5 percent of crude oil exports to the UN Compensation Commission (UNCC).

    But with its economy now set to shrink for the first time since the 2003 US-led invasion toppled Saddam and ended more than a decade of sanctions, Iraq can ill afford to divert a large chunk of the 2015 budget to make that last payment due next year.

    "We have been really committed to paying this on time up until now," Zebari said in a telephone interview conducted on Thursday. "We are in discussions with the Kuwaitis, trying to defer the payment for two years or at least a year, to allow some space ... to present a realistic budget."

    A senior UNCC official in Geneva said no decision had yet been made, and any change would require the agreement of the UNCC's Governing Council, which has same 15 member states as the UN Security Council.

    "We are hearing the Governing Council will be considering the issue at a special session next week," the official told Reuters, adding that a meeting had been tentatively set for Dec. 18 in Geneva.

    There was no immediate comment from Kuwaiti officials.


    OPEC producer Iraq is suffering from the sharp fall in oil prices and the Islamic State takeover in the north and west, which has caused mass displacement of people, destruction of infrastructure and a sharp increase in military expenditure.

    Two weeks ago, after the latest oil price fall, it scrapped a draft 2015 budget and said it would cut back spending plans.

    Iraq needs Kuwait's agreement to delay payment because the last, and largest, outstanding claim for compensation comes from the emirate itself for damage to its oil facilities.

    More than 700 Kuwaiti oil wells were set on fire by Iraqi troops retreating from the US-led operation Desert Storm to recapture it in January 1991. Some of them burned for 10 months.

    Iraq would also need to win broad international support for a deferral because its obligation to pay the money is enshrined in UN Security Council resolutions.

    "There is an understanding," Zebari said. "Next week there will be some hectic diplomatic activity between Baghdad, Kuwait, Geneva and New York in order to present a joint request to postpone the payment." A delay of one or two years would give Iraq "some breathing space", he added.

    Iraq's repayments were first set at 30 percent and then 25 percent of oil sales when it resumed limited exports under the UN oil-for-food deal in 1996. The portion was cut to 5 percent after Saddam was overthrown in 2003 and sanctions were lifted.

    The International Monetary Fund said Iraq's economy is set to shrink in 2014 by 0.5 percent, its first contraction in at least a decade, and that its international reserves have fallen $ 10 billion so far this year.

    The 2014 budget deficit is likely to reach 5 percent of GDP, the Fund said.

    Zebari said he hoped the government could agree a revised 2015 budget at a meeting on Sunday.

    Despite oil's fall below $ 70 a barrel, the finance minister said Baghdad will still base next year's spending plans around that price, since the IMF was forecasting crude will average that level over the course of the year.

    Since the original draft budget was thrown out by Prime Minister Haider al-Abadi, the finance ministry has trimmed around $ 10 billion of spending, Zebari said, still leaving a projected deficit of around $ 30 billion.

    "It was (originally) over 47 trillion dinars ($ 40 billion) with all the extra spending. So we cut down on unnecessary contracts or payments, or we are delaying projects," he said.

    (Reporting by additional Stephanie Nebehay in Geneva; editing by David Stamp )


    sczin11- I have been thinking about this News, and trying not to get hung up on it too much! The Budget for 2015 seems to be directly affected by this last payment to Kuwait... That being said, while I don't necessarily believe we need the Budget approved to see the substantial increase in the value of the Iraqi Dinar, and deferral of the last payment would certainly help to lower the projected budget deficit, it would seem that complete activation of the Monetary Reform, the timing of the "Trigger Pull", would NOT take place until after the decision of the Geneva meetings, slated for Thursday December 18! JMHO
    Last edited by sczin11; 12-12-2014 at 10:45 AM.

  3. #3

    Re: The Dinar Daily, Friday December 12, 2014

    Iran acknowledges infiltrating the Iraqi banking system

    BAGHDAD (Union) Iran acknowledged for the first time yesterday, broke the banking system in Iraq through the establishment of the Bank by the «economy Nguyen» Bank, which was founded by former Minister of National Security in Iraq, and referred to his son's administration for nearly nine years.

    The news agency Fars news good Motamedi, executive director of the Bank of «economy Nguyen» Iran, that the bank he founded the Bank of «regional cooperation in Iraq» with the participation of investment amounted to 68% of Iranians and Iraqi investors. The commissioners in the word meeting the economic policies the Iran-Iraq trade relations Tuesday draw, that the investment size creates a bank, amounted to 150 billion Iraqi dinars ($ 120 million), indicating that the branches in various Iraqi provinces of the bank beside the two branches in Baghdad and another branch in Tehran.

    The East Channel News Iraq, that a number of Iraqi private banks conducting the transfer of funds for the benefit of Iran, including the «Elaf» Bank, which caught the US federal authorities in transfers via other countries to cover imports for Iran, at a time when international sanctions were in force against Tehran.

    Among other banks, which carried out the transfer of funds to Iran «Bank of Islamic Cooperation», through its branches in Baghdad and Sulaymaniyah. Motamedi confirmed that the bank «regional cooperation in Iraq» similar to Iraqi institutions, faces challenges including security ones, but the unstable situation in the branches of the bank until now with the emergence of activities «Daash» terrorist.


  4. #4

    Re: The Dinar Daily, Friday December 12, 2014

    The embassies of Saudi Arabia, Qatar and Bahrain in Iraq soon ..

    BAGHDAD / Obelisk: MP for the networking component Salem Mohammed, said Iraq has succeeded in strengthening relations with foreign countries broken with him, pointing out that "Saudi Arabia, Qatar and Bahrain will open embassies in Iraq soon."

    Mohammed said that "all countries should provide engineering advice and financial support to build cities and religious monuments which has Daash guerrilla terrorist detonated."

    "The current government has succeeded in its first steps through closer relations with foreign countries that were cut off with it, as well as open trade and economic relations at all levels."

    He was chairman of the Committee on Foreign parliamentary relations Hassan Chuird stressed the "need for a new vision for Iraq's relations with its neighbors and the world, a reflection of the matter on its security and stability," noting that "the positive steps that must be supported by access to an internal political consensus in the country and this is evident in the positive and the right steps the prime minister Haider al-Abadi, and therefore we can chart a foreign policy map and this is manifested through the support and support for the new government of most countries of the world. "


  5. #5

    Re: The Dinar Daily, Friday December 12, 2014

    Turkish companies and banks Iraqi finance the construction of a power station in Basmajh worth three billion dollars

    Alsumaria News / Baghdad - The company signed a "Global Diamond" Turkish and Iraqi banks contract to finance the construction of a power station in the city south of Baghdad Basmajh worth three billion dollars.

    According to " Reuters ", that own the company" Global Diamond "and Iraqi banks will finance a power plant built by" Inca "Turkish construction in the city Basmajh south of Baghdad at a cost of three billion dollars to produce three thousand megawatts.

    The Inca said on Tuesday it will sign the agreement this week with the Global Diamond on the station that will work for the gas but did not disclose further details.

    At the signing ceremony in Istanbul Ahmed Ismail Saleh, President of the Board of Management of Global Diamond said that the total cost of the plant in Basmajh south of Baghdad will converge than three billion dollars.

    As Sinan Tara Chairman Inca said that the project will be financed partly from the Global Diamond shares and the other part of the Iraqi banks. It is scheduled to build the project in two phases of 1,500 megawatts per energy.
    The associated company "Inca" responsible for the design, procurement, construction and other partnerships with "Global Diamond" in power stations in Erbil and Sulaymaniyah Kurdistan Region of Iraq.


  6. #6

    Re: The Dinar Daily, Friday December 12, 2014

    Parliamentary Finance calling for the formation of an investigative committee on how to balance the 2014 Exchange

    BAGHDAD - ((eighth day)) Called the parliamentary finance committee member Masood Haider, the Council of Ministers to coordinate with the House of Representatives and the institutions concerned to form an investigative committee to prepare a report on how the 2014 budget disbursement and prior years, and how was the performance of the institutions that have been spending it.

    Haider said in a statement reported for ((eighth day)): "We must ask officials in the previous government for these funds, and the Council of Ministers to form an investigative committee on the budget in 2014 and past years, and investigates how it was with all these funds and the performance of spending efficiency of enterprises that have been all that money on the exchange, and in the light of this, we can know where this money went and how it was spent. "

    He said Haider MP for mass change, "for example, spent the Ministry of Oil tens of billions of dollars on its institutions over the past years we have not seen significant increase in oil production over the past years, have been tens of billions of other exchange on the security establishment and see the security situation in the country deteriorating. "

    And: "The Council of Ministers and in coordination with the House of Representatives and other institutions of the state, the formation of an investigative committee in this regard ensures prepare a report on how state funds and exchange revenue and how it was spent and what the performance of the institutions that have been spending them" (AA)


  7. #7

    Re: The Dinar Daily, Friday December 12, 2014

    sczin11- Another version....
    Finance Minister: We seek to postpone the final payment of compensation Kuwait

    Finance Minister Hoshyar Zebari , on Friday, as the pursuit of Iraq to postpone the final payment of compensation Kuwait , amounting to $ 4.6 billion, on the back of liquidity crisis faced due to lower oil prices and the war with " Daash , "while a senior official in the stressed Compensation Commission that any change in date Compensation requires the approval of the Compensation Committee in the Security Council International.

    Zebari said in a statement, "reported Reuters , "and seen by" Alsumaria News "," Iraq is seeking to postpone the final installment of Kuwait, amounting to $ 4.6 billion in compensation for Iraq's invasion of Kuwait in 1990-1991, "at the time, who faces in Iraq liquidity crisis due to low Oil prices and the war with the terrorist organization Daash.

    Zebari said, "We are so far committed to pay on time, and have discussions with Kuwaiti in an attempt to defer payments for two years or one year at least to give us some time and make a realistic budget."

    In the same context, a senior official in the Commission of the United Nations Compensation Commission, said that he "has not been a decision yet in this regard," explaining that "any change in the date of the compensation requires the approval of the Compensation Committee, which consists of 15 members of the members of the UN Security Council." .

    He continued, "We will listen to the Governing Council which will consider the issue in a special session next week, which is tentatively scheduled to begin in the next 18 December in Geneva."

    There was no immediate comment from the Kuwaiti officials so far.

    Iraq had to pay nearly $ 52.4 billion to Kuwait through an annual allocation to the Compensation Fund of 5% of Iraqi crude oil exports to the United Nations .


  8. #8

    Re: The Dinar Daily, Friday December 12, 2014

    Deputy calls to activate the various sectors to supplement the economy and not rely only on oil

    [Baghdad-where] Called an MP for the union coalition Iraqi forces Nahida Daini, to activate the various sectors of their own identity and activated to supplement the resources of the Iraqi economy, the country needs and to minimize the financial crisis afflicting.

    She Daini told all of Iraq [where], that "it is necessary to activate the important economic aspects of agriculture, industry and investment and to create the appropriate atmosphere for use in the present time and in the future what we are going through the Trov economic volatile."

    She stressed the revitalization of the agricultural sector increased by 100% and no activation formality through farmer support through the provision of fertilizers and giving him a share of the water and the area of ​​freedom, as well as preventing the importation of fruits and vegetables, because we know that there is a drying of the orchards and converted into cities process, in addition to cancel so Taatcespb laws import fruits and vegetables from abroad.

    They pointed to the importance of stimulating economic and investment sectors by adjusting the investment law and re-industries in Iraq before 2003 ".

    She continued, "must be enabled private and mixed because of its sector of importance in addition to support investors, and to provide all facilities for them, to be Iraq's space industry as well as the revitalization of the border crossing points, and the agreement with the Kurdistan to be there is a special tariff and customs Aldharyibh Guanyin."

    She concluded that "the Finance Committee has engaged two consultants, experts and began to develop a new financial that are imposed customs tariff, through the imposition of taxes on a number of goods that are not imposed on them in the past."

    It is said that Iraq is witnessing great economic decline due to lower oil prices, and other factors, the negative impact on the general budget of the country, and the deterioration of the economic sphere in general. Ended 2


  9. #9

    IMF 2% Spread

    sczin11- I do not have the exact wording of this requirement, but, if we are to assume it does exist, simple math should prevail. The problem is, IMHO, we do NOT know which rates are being used to come up with this per cent spread. If we use 1166, the imposed rate, as the operational rate, and the market rate as published almost daily by the CBI ON THEIR WEBSITE, CBI.IQ, and we divide 1197, current published rate, into 1166, we get 2.6%, NOT 2%!!!

    This is the same per cent spread the IMF mentioned in the last release, a few days ago.

    So I ask, those that feel so certain they know, what rates are being used for this calculation?

    Why is below 1200 market rate, the BINGO NUMBER?

    Am I missing something here?


  10. #10

    Re: IMF 2% Spread

    Billion and 300 million operating budget for the General Authority for Investment

    BAGHDAD / Obelisk:
    Investment Authority, Baghdad announced that its operating budget for 2015 amounted to one billion and 300 million dinars, pointing out that the simple budget does not support employees .

    Prime minister and formed a ministerial committee to put the budget in 2015 to work on reducing the excess expenditure of the ministries and local governments and independent bodies, for winning the deficit and the decline in world oil prices .

    The head of the Shaker Zamili The "operational Investment Authority budget is very simple up to one billion and 300 million dinars barely covers salaries and administrative matters only . "

    He demanded that "the Authority's budget is greater than these figures to support the Commission staff, especially engineers' salaries up (500) thousand dinars, and the salaries are very low if we compare organization representing the Green Zone, which receive four million dinars . "

    Ministerial committee is working on the problem completion next year's budget on time for delivery to the Council of Ministers and then sent to the House of Representatives for a vote early next year.

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