The Dinar Daily, Saturday December 20, 2014
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  1. #1

    The Dinar Daily, Saturday December 20, 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 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″..

    __________________________________________________ ______________

    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, Saturday December 20, 2014

    Deputy Prime Minister Bahaa al-Araji through through economic reform conference in Baghdad (December 20, 2014)

    Araji calls to search for "new imports" of the state and the Liberals want reforms do not depend on oil


    Author: BS, MK
    Editor: AB, BS
    12/20/2014 15:28
    Number of Views: 52



    Long-Presse / Baghdad
    Counting Deputy Prime Minister Bahaa al-Araji, said on Saturday that the conclusion reached by Iraq of the financial crisis is the result of "erroneous policies" in the financial and economic sides, while stressing the need to search for imports of the Iraqi state and reduce spending, called block free to economic reforms to maximize imports and lack of dependence on oil.
    The Deputy Prime Minister said Bahaa al-Araji, in a speech during the economic reform conference held by the political body was of the Sadrist movement in the Rashid Hotel in central Baghdad under the slogan (toward higher efficiency and the distribution of resources and development) in the presence of a number of economists and lawmakers attended the (long-Presse), "The What is reached Iraq from a financial and economic crisis was due to the wrong policies in the financial and economic sides, which has long admonished him, "noting that" experts debate this today and issued recommendations will be part of the Cabinet discussions and will be part of the processors to the current crisis. "
    The Deputy Prime Minister, on the need to "search for imports of the Iraqi state and reduce spending," pointing out that "the recommendations of the conference will be part of the solution."
    For his part, the political body was Sadrist member Rafi Abd al-Jabbar said that "Iraq needs economic reforms through investment support and expand imports", calling on the government to "initiate economic reforms based on the strategic development and reinforce revenue and not rely on a single source, namely oil."
    And Abdul-Jabbar, that "the political body was Sadrists want to find solutions through the establishment of the conference and invite experts and academics to get a larger amount of resources."
    In turn showed a member of the committee supervising the Congress MP Magda al-Tamimi, "The decline in oil prices led to a decline in imports of oil, which constitutes 93% of them, calling for" the involvement of the private sector in the process of maximizing the imports. "
    The Finance Minister Hoshyar Zebari likely, in, (15 December 2014), to provide the general budget of the Council of Ministers this week, noting that it has developed on the basis of $ 70 per barrel of oil.
    The Parliamentary Finance Committee has revealed, in (14 December 2014), about the government's efforts to address the budget deficit because of falling global oil prices through a series of austerity measures that would provide at least $ 13 billion, the Commission predicted that the government resorted to dispose of 50 percent of the Rafidain and Rasheed reserves, as well as borrowing from the balance of the commercial bank and fund minors, as the Commission suggested that includes austerity "luxury expenses sovereign" which said it accounts for 10 percent of the country's budget.
    It is noteworthy that the Prime Minister, Haider al-Abadi, revealed in (the twentieth of last October), 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, that's the Cabinet decided austerity.

    http://translate.googleusercontent.c...jJyhT4o6FYrdKA


  3. #3

    Re: The Dinar Daily, Saturday December 20, 2014

    12/20/2014 15:23
    Science: the launch of the industrial satellite to supplement the Iraqi economy







    BAGHDAD / obelisk said Minister of Science and Technology Fares Jajo, Saturday, said that his ministry had submitted a plan for the coming years to launch a satellite to supplement the Iraqieconomy.
    He explained Jajoan "There is a plan in the ministry for the coming years to create a cadre of human and infrastructure, a plan that begins with the ministry satellite who would be more responsive to the requirements and needs of the Iraqi economy."
    Jajo announced in an interview with the Center Brief, earlier, about the ministry's intention to launch a new satellite to monitor cases of desertification and weather, as well as many other things research, noting that this idea will come into force after the completion of all the necessary requirements to do so.
    Jajo "The satellite project is a sequel to the moon Tigris demo, and we try to be more professional." He pointed out that "Italy was the contribution of the Tigris in the moon and perhaps will have a contribution to the new moon, as well as our contact with a number of the most professional countries to help us."
    The Ministry of Science and Technology announced that, in the (June 19, 2014), the launch of the satellite, "Tigris" of the area (Aazina satellite) north of Russia.

    http://translate.googleusercontent.c...KScSDnHoTT_AKw

  4. #4

    Re: The Dinar Daily, Saturday December 20, 2014

    Iraq is considering granting oil-producing provinces share of revenues
    Iraq is considering granting oil-producing provinces share of revenues



    20-12-2014 02:04 PMFree -

    The Iraqi government announced that it is negotiating with the oil-producing provinces to develop a fair formula in the distribution of oil revenues, but observers warn of a dangerous step, which they say threatens to ignite conflicts between the provinces to influence administrative border centers.
    Iraqi Oil Minister Adel Abdul-Mahdi said the Iraqi government is negotiating with the oil-producing provinces and representatives of the private Basra, in search of a more equitable distribution of oil revenues.

    This came during a celebration over 5 years to sign an agreement with the companies of the British BP PetroChina and China to revive the production of the Rumaila field in Basra province, which not less proven reserves of about 20 billion barrels.

    And as president of BP Iraq branch Michael Townshend returns obtained by Iraq from the field by about $ 180 billion over the past five years.

    He said that $ 75 billion of those revenues would not have been possible without the investment of $ 5 billion to develop the giant field.

    Basra province produces about 80 percent of Iraq's oil production, but did not see that the development of infrastructure mentioned in her house, destroyed by successive wars, which have long demanded access to a share of the oil produced from its territory returns. Iraq has suffered from a severe financial crisis due to falling oil prices and rising costs of the war against Daash, in addition to the rampant corruption in the joints of the state.

    The government is trying to increase oil exports at any price to cover its financial needs, has entered into an agreement with the Kurdistan region to export 550 thousand barrels of Kirkuk fields and fields of the region to end the disputes with the government of Arbil.

    The International Monetary Fund estimates the price of a barrel of oil needed to balance revenues and expenditures in the Iraqi budget in the current year by about $ 109 a barrel at the time of moving the price of Brent crude at around $ 60 a barrel currently.

    The government had taken a decision earlier this year allows the allocation of five dollars instead of one dollar for every barrel produced to maintain, but the decision has not been implemented due to lack of approval of the current year's budget.

    Observers warn of the danger of the decision, saying it threatens to divide Iraq because it makes the provinces are competing for influence centers and administrative borders.

    Non-producing provinces also pays to ask for the extraction of oil from their regions, to achieve a balanced growth between the provinces of Iraq, which threatens the cohesion of the national oil industry and hits unity.

    It seems that Basra will not only benefit from the five dollars for every barrel, but will be prompted to participate active role in negotiating with foreign companies, and operation of a large number of its citizens in the work of companies.

    As demands escalate to participate in all of the studies and plans that aim to develop the oil industry. And supports 8 provinces of Basra oil producer in those demands.

    Analysts say the granting of provincial percentage of oil revenues would increase the political, economic and social influence, through increasing its capacity to consumer and investment spending and funding for the implementation of development projects.

    And can enhance their ability to make independent decisions without going back to the central authorities in Baghdad. Observers fear get messy in the oil industry because the provincial activities need constant coordination between the provinces on Enterprise correlated

    http://translate.googleusercontent.c...OdI2LJj8g_GjKQ


  5. #5

    Re: The Dinar Daily, Saturday December 20, 2014

    Minister of Labour urges Lebanese investment companies to enter the Iraqi market



    History of edits:: 2014/12/20 14:42 •
    12 visits readable


    {Baghdad: Euphrates News} urged the Minister of Labour and Social Affairs Mohammad Xiaa Sudanese during a meeting with his Lebanese counterpart Sdjaan Azzi, Lebanese investment on the entry of Iraqi labor market companies.
    According to a statement of the ministry and agency {Euphrates News} received a copy of it today, "The Minister of Labour and Social Affairs Mohammad Xiaa Sudan, met with the Minister of Labour in the Republic of Lebanon sister Sdjaan Azzi on the sidelines of the consultative meeting with the regional office of the International Labour Organization in Beirut in his office today, eating meeting to strengthen bilateral relations between the two countries and to unify the visions about the issues concerning the work and workers under Arab and international variables. "
    He added that "the Sudanese reviewed the economic and financial developments, explaining attractive national environment for investments in Iraq, including the central and southern provinces, the minister praised the professionalism and efficiency of labor and urged the Lebanese investment companies to enter the Iraqi labor market."
    For his part, the Lebanese Minister of Labour expressed satisfaction with the performance of Iraqi workers in Lebanon are characterized by what the rush and dedication to work and discipline and respect for the rules of non-interference affairs Alssayash.anthy

    http://translate.googleusercontent.c...GpAHq3VnojKIiw

  6. #6

    Re: The Dinar Daily, Saturday December 20, 2014



    Cabinet Approves Draft old General Amnesty Law


    Author:
    20-12-2014 02:55 PM
    Number of Views: 35



    Orbit -

    Detection Office of the Prime Minister, Haider al-Abadi, the adoption of the draft general amnesty bill sent to the House of Representatives since the previous parliamentary session instead of sending a new bill carries the same implications.



    A spokesman for the office, Saad al-Sabri said, "to put the draft of the amnesty law does not need the government's role in order to send it since the previous parliamentary session at the House of Representatives because of the amnesty law exists since the previous parliamentary session and has read the first reading," adding that "re-discussion does not need to send a new bill because he needs to meetings and new formulations. "



    He newborn that "the adoption of the amnesty law is included in the policy document voted on by the House of Representatives convention session give confidence to the Prime Minister, Haider al-Abadi, as he came within a program of national reconciliation and therefore the government is moving its program in this context and is committed to all the political blocs, Because reconciliation serve the country. "



    Abizaid and saying that "the best way to speed up and move to endorsing legislation is the adoption of existing law and that the council is the main political blocs that will be discussed and amended and passed."

    http://translate.googleusercontent.c...h-2itbOcPwNXyA



  7. #7

    Re: The Dinar Daily, Saturday December 20, 2014

    Cabinet to vote on the 2015 budget next Monday


    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Prime Minister announced that he would discuss the federal budget for 2015, next Monday and voted on by the then sent to the Presidency of the Council of Representatives.
    He said Deputy Prime Minister Bahaa al-Araji's (IMN) "The day after tomorrow will be an extraordinary meeting of the Council of Ministers to discuss the federal budget for a vote."
    He added that "There are no differences on the budget, but there are technical issues involved in oil prices and other means that will help to bridge the deficit," noting that "if the voting process completed on Monday, will be sent to the Council of Ministers."
    The Ministerial Committee for the reduction of unnecessary expenses and luxury of the ministries and independent bodies.

    http://translate.googleusercontent.c...kr320lzH6wwloQ

  8. #8

    Re: The Dinar Daily, Saturday December 20, 2014

    Prime minister announces date for the vote on the 2015 budget
    Prime minister announces date for the vote on the 2015 budget



    20-12-2014 11:30 AMFree -

    Deputy Prime Minister Bahaa al-Araji, said on Saturday that the Cabinet will hold a special meeting next Monday to discuss the financial budget, and it will be voted on Monday or Tuesday.

    They said in a press statement that 'the Council of Ministers will be held, on Monday, a special meeting to discuss the financial budget', explaining that 'if agreed upon would be passed to vote and vote for them and if they are not agreed upon will vote for in the next day, a Tuesday. "


    He said al-Araji told Alsumaria News that 'there is nothing to hinder the vote except for some technical things', pointing out that it 'will be present in the House of Representatives at the end of the year'.

    He was a member of the parliamentary finance committee confirmed Ahmed Sarhan, in (16 December 2014), that the general budget for the year 2015 Act will reach the House of Representatives later this month, while pointing out that it was agreed to reduce budget expenditures to reduce the deficit ratio.

    The head of the parliament Saleem al-Jubouri confirmed on Monday (15 December 2014), the House of Representatives are ready to hold an extraordinary session in the event of the arrival of the budget to him, pointing out that the government faces challenges in this context.

    http://translate.googleusercontent.c...TkoUKpP2mzLEcQ


  9. #9

    Re: The Dinar Daily, Saturday December 20, 2014

    Minister of Municipalities: operational budget is not enough and we have to open the door of investment for the construction of mega projects



    Author: AM
    Editor: AT 20/12/2014 4:23 p.m.











    Long-Presse / Baghdad

    The Minister of Municipalities and Public Works Abdul Karim Younis al-Ansari, on Saturday, and a large deficit in the operating budget and capital budget, and as pointed out that the country needs to project "a giant," pointed out that the ministry had approached some foreign countries for the implementation of some projects.

    Abdel Karim said Yunus Ansari, in an interview to the (long-Presse), said that "a large budget deficit, although the operating budget and capital budget and through this budget is inadequate," noting that "the budget did not intervene in the Ministry's budget."

    He Ansari need to be "There gate open to the entry of investors," noting that "there is a newly with China, Germany and France, in the implementation of some projects on waste recycling in Iraq and the use of gas for use in cooking gas for 2015".

    He said Ansari, "There were not what the budget can not begin investment projects," pointing out that "the country needs to giant projects and there are serious thought to find projects through payment on credit or investment."

    The Finance Minister Hoshyar Zebari likely, in, (15 December 2014), to provide the general budget of the Council of Ministers this week, noting that it has developed on the basis of $ 70 per barrel of oil.

    The Parliamentary Finance Committee has revealed, in (14 December 2014), about the government's efforts to address the budget deficit because of falling global oil prices through a series of austerity measures that would provide at least $ 13 billion, the Commission predicted that the government resorted to dispose of 50 percent of the Rafidain and Rasheed reserves, as well as borrowing from the balance of the commercial bank and fund minors, as the Commission suggested that includes austerity "luxury expenses sovereign" which said it accounts for 10 percent of the country's budget.

    It is noteworthy that the Prime Minister, Haider al-Abadi, revealed in (the twentieth of last October), 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, that's the Cabinet decided austerity.

    http://www.almadapress.com/ar/news/4...A%D8%A9-%D8%BA

  10. #10

    Re: The Dinar Daily, Saturday December 20, 2014

    The size of the budget in 2015 amounted to 111 trillion dinars, and there are lower deficit

    20/12/2014






    BAGHDAD / Obelisk: A member of the parliamentary finance committee Ahmed Sarhan, Saturday, for the general budget for 2015, details, explaining that the size of 111 trillion dinars, with a low proportion of the deficit to 36 trillion .

    Said committee member Ahmed Sarhan in an interview for "Alsumaria News", "draft General Budget Law for the year 2015 will be presented to the Cabinet in the next meeting for a vote," noting that "the size of the budget is 111 trillion dinars . "

    He added that "oil imports make up a total of 98 trillion dinars from the budget, while 13 trillion of non-oil imports," stressing "the low ratio of budget deficit to 36 trillion dinars . "

    He said Ahmed, "The public expenditure amounting to 148 trillion, while the current 103 trillion expenditure," explaining that "investment expenditure amounted to 45 trillion, while the distributed trillion and 934 billion to provide the ration card items, electric power and Hajj and Umrah and other expenses . "

    The parliamentary Finance Committee confirmed, in (16 December 2014), the General Budget Law for the year 2015 will reach the House of Representatives later this month, while pointing out that it was agreed to reduce budget expenditures to reduce the deficit ratio.

    http://almasalah.com/ar/news/43329/%...8%D9%86-%D8%AF

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