Law: America is behind the reduction in budget allocations to the South

The leader of the State of Law coalition, Haider Al-Lami, today, Thursday, attributed the reduction in financial allocations to the central and southern governorates to the American actor, adding that the continued pressure from Washington aims to create internal problems between the political forces.

Al-Lami said, in an interview with the Maalouma Agency, that “the government is required to stop the United States’ interference in internal Iraqi affairs,” noting that “there are many problems that occurred under American administration.”

He continued, “Part of the problem of the Kurdistan region’s employees’ salaries is that America is behind it to create a crisis with the Baghdad government,” pointing out that “Washington is pushing the issue of the southern and central provinces not receiving high percentages of the general budget that guarantee their entitlement.”

Al-Lami concluded his speech: “Parliament is required to move towards fairness to Iraq’s economic lung in financial allocations before approving them,” adding that “the goal of Washington’s continued pressure is to create internal problems among the political forces.”

Warnings continue of the consequences of suspicious moves led by Washington’s ambassador to Iraq, Elena Romanowski, aimed at causing strife, influencing the Iraqi decision, or imposing American hegemony and its interests at the expense of Iraq.

Almaalomah.me

Good news regarding the federal budget

On Tuesday, the coordination framework held a meeting in the presence of Prime Minister Muhammad Shiaa Al-Sudani.

A statement following the meeting stated that the attendees discussed the financial budget tables and stressed the necessity of approving it to achieve the interests of citizens and support the economic situation.

The meeting also stressed the importance of proceeding with the election of the Speaker of the House of Representatives as soon as possible.

A political source revealed to Shafaq News Agency, Monday, that the reason for the meeting was due to objections to the budget schedules sent by the Iraqi government, by the framework forces, and the refusal to pass them in their current form.

The government sent the budget schedules to Parliament for a vote after a delay of more than five months as a result of technical problems centered around the size of the deficit and the government’s attempts to reduce it.

There was controversy over the budget schedules after allocating an investment budget to the provinces amounting to 41 trillion Iraqi dinars, which some saw as unfair to the provinces by reducing their shares in exchange for increasing the Kurdistan Region’s share of 4 trillion, which the government denied.

The 2024 budget, according to what Prime Minister Muhammad Shiaa Al-Sudani announced, amounts to 211 trillion dinars, and employee salaries for the year 2024 amount to 62 trillion dinars, while the 2023 budget was 199 trillion dinars and employee salaries were 59 trillion dinars.

The revenues of the 2024 budget are estimated at 144 trillion and 336 billion dinars, while expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.

Shafaq.com

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