Political and professional objections are hindering it.. The budget journey is a long matter and Parliament does not know its date

The independent representative in the Iraqi Parliament, Kazem Al-Fayyad, confirmed today, Tuesday (May 28, 2024), that there is no date for voting on the 2024 budget, and explained the reason for this.

Al-Fayad said in a press interview, “There are many comments on the 2024 budget schedules, and there are parliamentary objections to them from parties and representatives, and this is what will delay voting on them,” noting that “there is no specific date for voting or even agreeing on them, as they require very lengthy discussions.”

He added, “Some of the objections are not devoid of political aspects, but there are technical, financial, and professional observations as well,” adding, “But of course, the budget cannot be passed without the major political forces agreeing on it within the House of Representatives.”

The period for extending the legislative term is supposed to end 11 days from now, specifically on June 9, and the start of the legislative recess, with representatives confirming that the discussion in the budget will be prolonged, especially due to the reduction of the governorates’ shares in the development of the regions. However, other representatives said that Parliament will not go into recess. Legislative even after the expiry of the deadline to extend the current legislative term until the budget is resolved.

Burathanews.com

Economist: The budget is not affected by the dollar exchange rates… and explains why

An economic expert ruled out that the financial budget was affected by the dollar exchange rates.

Bassem Jamil Antoine told Al-Furat News Agency, “The budget is not affected by the rise or fall of the dollar exchange rates, because Iraq will receive the dollar from oil exports, and on the contrary, revenues increase with the increase in dollar prices globally.”

He stated that “market obligations are dealt with in the Iraqi dinar, and there is no dealing in the dollar, and the budget is built primarily on the Iraqi dinar and not on the dollar, so the budget is never affected by the dollar exchange rates.”

Alforatnews.iq

Iraqi Dinar / US Dollar auction results for today 5-27-2024

Results of the foreign currency selling window for Monday 5/27/2024

Advertisement No. (5133)

The amount:

Total amounts of transfers abroad (transfers, credits)
251,787,116

Total cash withdrawals
25,100,000

Total total sales
276,887,116

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Oil prices are still higher than their budget estimates and we are trying to keep spending to the minimum

A financial advisor to Prime Minister Muhammad Shiaa Al-Sudani revealed features of the financial budget schedules for the year 2024.

Mazhar Muhammad Saleh told {Al-Furat News} agency, “The announcement of the variables in the financial tables for the past year 2024 was undoubtedly in conformity with the constants adopted by Law No. 13 of 2023, the Federal (Tripartite) General Budget Law, specifically in the axis of the hypothetical deficit amounting to approximately 64 trillion dinars, and did not stray far.” Estimates of the budget tables in the planned deficit paragraph, as stated in the law above.”

He added, “Despite the above, there are important trends in the management of the public budget, whether on the side of public expenditures, in which the spending ceiling reached 211 trillion dinars, or the revenues and deficit itself, and they are summarized as follows:

1- Oil prices are still higher than their estimates in the tripartite budget of $70 per barrel, with a percentage change.” Positively exceeding 16% above the approved price above, as we approach the middle of the fiscal year, while maintaining the export rates approved in the budget and managing oil production efficiently and in accordance with international agreements with OPEC regarding the issue of controlling production quotas.

2- There is high discipline in Maximizing non-oil revenues, especially tax and customs revenues, specifically after adopting automation, modern methods, and information technology in tax and customs assessment, estimation, and collection.

3- Striving to impose discipline on operational expenditures and keeping spending on them within acceptable minimum levels.

4- Ensuring to raise the efficiency of investment spending and operating all approved projects. This is to ensure a high growth rate in the gross domestic product, at a rate more than twice the population growth rate, by launching the movement of new projects without delay or stop.

Saleh noted that “the pattern of public spending, according to the schedules announced, is characterized by accuracy, objectivity, and self-savings, which contributes to reducing the resort to financing the actual deficit, even when needed, through internal borrowing and within limits that ultimately do not exceed the accepted international standard percentage for financing the deficit, which amounts to 3%.” “of the country’s total gross domestic product or slightly more than it.”

He pointed out “not to forget that the efficiency of annual spending in the operational and investment aspects is an important issue in determining the total annual public spending as planned.”

Alforatnews.iq

Al-Furat News publishes the international monetary report on Iraq and praises its financial reforms

The report issued by the International Monetary Fund mission for the current year 2024 for Article Four consultations praised the Iraqi government’s measures, including the monetary policy led by the Central Bank of Iraq.

The report, a copy of which was obtained by Al-Furat News, indicated that “the Central Bank of Iraq has taken several measures aimed at stabilizing the national currency and controlling monetary inflation.”

He added, “The Central Bank raised the interest rate on monetary policy tools from 4% to 7.5% and increased the banks’ mandatory reserve requirements from 15% to 18%. These steps were decisive in reducing the inflationary pressures that Iraq suffered from, and this contributed to creating an environment A more stable economy.”

The report stressed that “important reforms in the banking sector, such as the gradual increase in bank capital and mergers between small banks, aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.”

The report noted that “Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the Central Bank of Iraq in expanding Correspondent banking relationships, to facilitate smoother international trade financing operations.”

Alforatnews.iq

Nabni calls on the Sudanese to dismiss the Minister of Foreign Affairs.. “He represents the region’s policy.”

Information/private… Today, Monday, member of the coordination framework, Ali Aziz, called on the government to go to international courts in order to lift the state of emergency imposed by America on Iraq, while he stressed that Al-Sudani is required to change the current Minister of Foreign Affairs, who represents the vision of Kurdistan only.

Aziz said in an interview with the Maalouma Agency, “The government is required to reconsider the Ministry of Foreign Affairs, which has come to represent the politics of the region and not Iraq,” noting that “the country’s foreign policy is going through a dying stage.”

He continued, “The continuation of an important ministry that represents the country’s foreign diplomacy in the hands of the current minister is extremely dangerous,” criticizing “the complete silence of the Ministry of Foreign Affairs regarding the violations committed by the United States of America.”

Aziz concluded his speech by saying: “Lifting the decision to extend the state of emergency in Iraq will not happen without objection and following diplomatic and legal frameworks,” pointing out that “Al-Sudani is required to change the current Minister of Foreign Affairs, who represents the vision of Kurdistan only.”

The decision to extend the state of emergency in Iraq was necessitated by a wave of anger against the American administration, which is trying to impose its control over the country by continuing to send insecure messages to the outside world, in addition to the fact that the decision has become routine for the presidents of the United States of America without any significant justifications or pretexts, according to observers.

Almaalomah.me

Central Bank: The issuance of new monetary denominations will not affect the dinar exchange rate

Information / Baghdad… Member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, confirmed today, Monday, that the issuance of new cash denominations, large or small, will not affect the dinar exchange rate.

Brehi told Al-Ma’louma, “Issuing rumors on social media sites about the issuance of new monetary denominations aims to create a state of confusion in the Iraqi market.”

He added, “The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations.”

He explained, “If we assume that the central bank issues a new currency, this will not affect the exchange rate of the Iraqi dinar.”

Almaalomah.me

Iraqi Dinar / US Dollar auction results for today 5-21-2024

Results of the foreign currency selling window for Tuesday 5/21/2024

Advertisement No. (5129)

The amount:

Total amounts of transfers abroad (transfers, credits)
187,128,606

Total cash withdrawals
84,250,000

Total total sales
271,378,606

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Parliamentary Finance: The budget schedules will reach us within 24 hours

Information / Baghdad… Member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed on Tuesday that the 2024 budget schedules will reach us within 24 hours.

Al-Karawi said in an interview with Al-Maalouma, “The government sent the 2024 budget schedules to the House of Representatives, after which they will be sent to the Finance Committee after being signed by the acting Speaker of the House,” expecting that “the time will not exceed 24 hours for them to be before the members of the committee.”

He added, “It is too early to determine the size of the financial deficit and the complex items in it, but in any case there are many variables that will occur, especially with the presence of requests related to many segments whose rights we seek to guarantee in the 2024 budget tables.”

He pointed out that “the consensuses may accelerate the resolution of the vote on the 2024 budget tables within 3-4 weeks. Otherwise, we may need a longer period,” pointing out that “the budget, according to the readings, includes complex items that need to be studied and scrutinized before proceeding with it.”

The 2024 budget schedules are important in determining government spending mechanisms and financial rights for several segments, in addition to re-evaluating the financial deficit.

Almaalomah.me

Biden extends the national emergency for Iraq

Biden extends the national emergency for Iraq – urgentUS President Joe Biden announced the extension of the national emergency in Iraq for an additional year.

Biden said in a letter addressed to the US Congress and published by the White House, “The obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security, and developing political, administrative, and economic institutions in Iraq still constitute an extraordinary threat to the national security and foreign policy of Iraq and to the United States as well.”

He explained, “Therefore, the state of national emergency for the stability of Iraq will continue in effect after May 22, 2024 for an additional year.”

Faceiraq.org