Parliamentary Finance explains the impact of approving the budget on the exchange rate during the coming period

A member of the Finance Committee in the House of Representatives and financial expert, Nermin Maarouf, considered, on Saturday, that the entry into force of the budget will be a stabilizing factor for the value of the Iraqi dinar, especially since the money from selling oil in dollars will be disbursed into the Iraqi dinar.

Nermin Maarouf added, in a press interview seen by “Takadam”, “If you redistribute the budget of 200 trillion dinars to the economic sectors, the Central Bank must pay more than 10 trillion dinars per month to the government for expenditures.

And she stressed, “the need for merchants to work through electronic portals to return the dinar to the Central Bank, although the Central Bank confirms that there will be no problems with the shortage of the dinar.”

And the finance member added, “If the central bank can meet the market’s demand and put an end to the black market, the value of the dinar will stabilize, but this cannot be done in one day and it will take several months.”

Takadum-news.com

Iraq, Qatar agree to boost economic, energy cooperation during Emir’s visit to Baghdad

BAGHDAD (AP) — Qatar and Iraq inked a series of economic and energy deals on Thursday during a visit to Baghdad by the Qatari emir, Sheikh Tamim bin Hamad Al Thani.

The two countries signed a broad agreement to expand “cooperation in politics, economics, energy, and investment,” Iraqi Prime Minister Mohammed Shia al-Sudani said in a statement.

They also inked specific deals on transportation, development projects and energy, including “the establishment of a joint oil company, and the construction of an oil refinery” and an agreement on hotel construction, he said.

Qatar’s state-owned Qatar News Agency reported that the emir had announced his country’s intent to “invest $5 billion in a number of sectors in Iraq in the coming years.”

Iraq has sought to strengthen its previously strained relationship with its wealthy Gulf Arab neighbors in recent years and court foreign investment — efforts that have begun to bear fruit.

Last month, Baghdad hosted a one-day conference that convened transport ministers and representatives from Iraq, the Gulf Arab countries, Turkey, Iran, Syria, and Jordan, culminating in the announcement of plans for a $17 billion regional transportation project intended to facilitate the flow of goods from Asia to Europe.

In April, QatarEnergy, the Gulf country’s state-run petroleum company, announced it had agreed to buy a 25% stake in a massive gas project in Iraq.

Iraq urgently needs to develop local gas resources to meet electricity demands, especially during the peak summer months. The country is heavily reliant on Iranian gas and electricity imports.

Al-Sudani also said Thursday that Iraq, which has suffered decades of upheaval and violence, now “enjoys security and political stability, which makes it a promising environment” for projects.

“Iraq has regained its normal position and role in the region, and it is ready to work with brothers and friends to achieve peace, prosperity and development,” he said.

The Associated Press

The Iraqi Central Bank is moving to open new channels for external transfer

Shafaq News / The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, noted, on Sunday, the possibility of opening new channels for external transfer of hard currency, and raising the rate of daily transfers.

This came during the periodic meeting of governmental and private banks, which was held in Baghdad, according to a statement received by Shafaq News Agency, and witnessed a discussion of a number of projects that are consistent with the requirements of the economic reality in Iraq.

Al-Alaq stressed that these projects establish a qualitative shift in the economy of Iraq and enhance its stability, “revealing at the same time the project to establish a Riyada Bank, and the project to establish a loan guarantee company that facilitates the lending process for medium, small and micro enterprises.”

He referred to the direction of the Central Bank of Iraq, in cooperation with the government and the contribution of the financial, banking and business sectors, to establish a “city of financial and business center in Iraq.”

Al-Alaq participated in the discussions put forward by a group of banks regarding the Central Bank’s initiatives, the relationship between banking institutions and customers, and what is related to developing mechanisms for entering the electronic platform for selling foreign currency.

Shafaq.com

Iraq announces a six-day holiday on the occasion of Eid al-Adha

Shafaq News / The Prime Minister, Muhammad Shia’a Al-Sudani, directed that the Eid Al-Adha holiday be from Tuesday, June 27, 2023, until Sunday, July 2, 2023.

This came during a meeting of the Iraqi Council of Ministers.

Shafaq.com

Al-Kalabi: The President of the Republic did not sign the budget in order to study it well, and he has “15” days

A member of the Parliamentary Finance Committee, Representative Youssef Al-Kalabi, confirmed today, Monday, that the President of the Republic, Abdul Latif Rashid, has not yet signed the budget, in order to study it well, indicating that he has a validity of 15 days.

And Al-Kalabi said, in statements followed by the insider, that: “The President of the Republic did not sign the budget to study it well, and he has a validity of 15 days, and if it is not approved this week, it will take place after 15 days, 7/1, the budget will be launched, God willing.”

Al-Kalabi continued: “Peaceful demonstration is a guaranteed right, and the people are the source of legislation, and participation in seminars in which real members of society express their opinions freely and we listen to them.”

And Al-Kalabi indicated: “We agree with them or disagree with them on another aspect. I think this is the spirit of legislation.”

Almutalee.com

Iraq retreats 3 ranks among the largest holders of US bonds

Shafaq News / The US Treasury announced, on Tuesday, that Iraq has fallen three ranks among the largest foreign holders of US bonds.

The treasury said in the latest table seen by Shafaq News agency, “Iraq fell three ranks after it reduced its holdings of bonds during last April, to reach the 36th rank among the countries with the largest possession of US Treasury bonds, which number 38 countries listed in the table of countries that must It has more than $28 billion.

And she added, “Iraq’s possession of these bonds amounted to $34.8 billion for the month of April, down by 11.45% from last March, which Iraq’s possession of bonds amounted to $39.3 billion, but it increased by 23% from March 2022.”

The treasury also indicated that “Iraq was the fourth largest Arab country after Saudi Arabia, the UAE and Kuwait, while Japan came at the top of the countries with the largest possession of these bonds at $1.127.2 trillion, followed by China second with $869 billion, the United Kingdom third with $680 billion, and Belgium fourth.” with 336 billion dollars, and Luxembourg fifth with 332 billion dollars.

And she indicated that “the total bonds of the countries of the world for the month of April rose by 7 billion dollars from last February, to reach 7 trillion and 580 billion dollars.”

Shafaq.com

The Democrat calls on the President of the Republic not to ratify the budget

Information / Baghdad… The Kurdistan Democratic Party called on the President of the Republic, on Tuesday, to refrain from approving the budget law, indicating that he may challenge the budget items before the Federal Supreme Court.

The leader of the party, Wafa Muhammad Karim, said, in a televised interview followed by Al-Maalouma, that “we ask the President of the Republic not to approve the budget, because the changes in the budget were unfair.”

He added, “We have entered a new phase of mistrust between the political forces, and what happened in the budget file is an ‘intentional ambush’,” noting that “the political process is now witnessing a complete lack of trust.”

And he continued, “Sending a budget directly to Sulaymaniyah represents a defection, and that the political differences in the region negatively affected the unification of the Kurdish ranks,” hinting that his party resorted to “submitting an appeal before the Federal Court on the items of the budget.”

Almaalomah.me

The Deputy Prime Minister confirms to Shafaq News that Kurdistan’s dues will be guaranteed in the budget

Shafaq News / The Iraqi Deputy Prime Minister, Fouad Hussein confirmed, on Tuesday, that the general budget law guarantees the salaries and dues of the Kurdistan Region, indicating the commitment of all parties to implement the articles and paragraphs of the law.

Hussein told Shafaq News agency, “I was following the developments and discussions that took place on the general budget law,” explaining that “after the parliament voted on the budget law, we are now waiting for the President of the Republic to ratify the law in order for the law to become effective.”

Hussein added, “Differences sometimes exist, but the way to resolve these differences is dialogue,” noting that “there is an intense dialogue.”

Hussein said, “The budget law confirms sending the salaries and dues of the Kurdistan Region,” stressing that “there is a commitment from all parties to implement the articles and paragraphs of the law.”

And the Iraqi parliament voted, on June 12, on the federal budget law for the years 2023, 2024, and 2025, after discussions that lasted for five days.

The value of the current year budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.

Iraqi Prime Minister Muhammad Shia’ al-Sudani said that his government will review the parliamentary amendments that were made to it and the extent of their conformity with the government’s goals.

Shafaq.com

The Iraqi Central Bank is moving to open new channels for external transfer

Shafaq News / The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, noted, on Sunday, the possibility of opening new channels for external transfer of hard currency, and raising the rate of daily transfers.

This came during the periodic meeting of governmental and private banks, which was held in Baghdad, according to a statement received by Shafaq News Agency, and witnessed a discussion of a number of projects that are consistent with the requirements of the economic reality in Iraq.

Al-Alaq stressed that these projects establish a qualitative shift in the Iraqi economy and enhance its stability, revealing at the same time the project to establish a Riyada Bank, and the project to establish a loan guarantee company that facilitates the lending process for medium, small and micro enterprises.

He referred to the direction of the Central Bank of Iraq, in cooperation with the government and the contribution of the financial, banking and business sectors, to establish a “city of financial and business center in Iraq.”

Al-Alaq participated in the discussions put forward by a group of banks regarding the Central Bank’s initiatives, the relationship between banking institutions and customers, and what is related to developing mechanisms for entering the electronic platform for selling foreign currency.

Shafaq.com

Al-Sudani: Kurdistan’s share exceeded 12%, and there is no agreement to pass it

Information / special… A member of the House of Representatives, Muhammad Saadoun Al-Sudani, confirmed today, Thursday, that the share of the Kurdistan region in the draft financial budget law exceeded 12%, and while counting the amounts of development of the regions allocated to the southern governorates as “very small”, he indicated a deadline for approval.

Al-Sudani said in an interview with Al-Maalouma agency that “the Kurdistan region’s share of the financial budget for the next three years has not been agreed upon,” stressing that it “exceeded the 12% specified by the government.”

He added, “The budget must take into account justice among all Iraqi governorates,” pointing out that “the amounts for developing the regions allocated to the southern governorates are small.”

The member of the House of Representatives explained that “there are many problems that have caused the obstruction of passing the budget within the parliament,” noting that “the region’s share of the budget received from the government is not a problem.”

And on the date of passing the draft budget, Al-Sudani stressed that “next week will witness an official unveiling of the budget and a vote on it inside the parliament dome.”

A member of the Parliamentary Finance Committee, Jamal Cougar, had ruled out resolving the negotiations to pass the budget during the coming hours, indicating that determining the percentage of Kurdistan is still the most prominent obstacle in the budget.

The region’s share and some of the paragraphs related to Kurdistan are still controversial, as they have become a stumbling block to the completion of the budget and putting it on the agenda for the purpose of voting on it after waiting for about a year and a half of continuing to run the country financially without any budget.

Almaalomah.me