In the document ... important figures in the law on financing the fiscal deficit that reached Parliament today

Time: 10/11/2020 16:20:00
 
{Baghdad: Al Furat News} A copy of the fiscal deficit financing law that reached Parliament today, Sunday, revealed important figures.

According to a document from the draft law, the Euphrates News Agency obtained a copy of it. The federal budget revenues for the last four months of this year were estimated at 19 trillion and 719 billion and 483 million and 139 thousand dinars.

The export of crude oil was calculated - during this period - on the basis of an average price of 40.51 dollars per barrel, and an export rate of 3 million 332 thousand and 73 barrels, including 250 thousand barrels for the quantities of oil produced from the Kurdistan region, based on the price of 1182 dinars per dollar.

The transcript indicates that Kuwait's compensation estimates are 531 billion 584 million and 494 thousand dinars.

As for the estimates of the remaining licensing contracts for foreign oil companies, 5 trillion, 6 billion and 282 million dinars.

The Parliamentary Finance Committee announced today, Sunday, that the Council of Ministers sent a bill to bridge the fiscal deficit to Parliament, indicating that "the law stipulates that Iraq needs to borrow 41 trillion dinars for the last four months of this year.

" It will enable the government to bridge the fiscal deficit by resorting to borrowing, "noting that" the bill to bridge the fiscal deficit will be a substitute for the 2020 budget. "

It is reported that the Speaker of the House of Parliament Muhammad al-Halbousi said in the parliament session yesterday that" if no governmental request for legislation reaches the House of Representatives. A law that strengthens the government’s budget to fulfill its obligations before citizens. A letter amending a borrowing law did not want it.

He added that "the House of Representatives returned the budget law and it was withdrawn, on the same day, to make amendments to it," noting that "the parliament is waiting for the government to send to the parliament a draft law that enhances government revenues to enable it to fulfill its obligations before citizens."


Ammar Al-Masoudi

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With documents ... The Presidency of the Republic issues a law to finance the fiscal deficit for the current year



Sunday 11, October 2020 22:36
 
Baghdad / NINA / The Presidency of the Republic of Iraq issued a law to finance the fiscal deficit for the current year.

According to a document issued by the Presidency of the Republic regarding the law on financing the fiscal deficit in the first chapter in terms of revenue:

Article 1: The revenues of the federal budget for the last four months of 2020 are estimated amounts of 19719483139 (nineteen trillion seven hundred and nineteen billion four hundred eighty-three million and one hundred Thirty-nine thousand dinars), and the estimated revenues from exporting crude oil were calculated on the basis of an average price of (40.51) dollars per barrel and an export rate of (3033273) barrels, including 250,000 barrels per day for the quantities of crude oil produced in the Kurdistan region on the basis of an exchange rate of 1182 dinars per Dollars and all the revenues actually realized are final revenues for the account of the state treasury, including the following:

A - Estimates of compensation for Kuwait 531584494 thousand dinars.

B - Estimates of remaining licensing contracts for foreign oil companies 5006282093 thousand dinars.

C- Estimates of net oil revenues after excluding revenues in paragraphs (a and b) above 14181616552 thousand dinars for the last four months of 2020.

D- Estimates of non-oil revenues for the last four months of the year 2020 amounting to 2,000,000,000 two trillion dinars.

Article 2: The estimates of total public expenditures for the remaining months of 2020 amounted to 57811453639 thousand dinars.

Distributed as follows:

A- Estimates of current expenditures are 53858000000 distributed according to Table No. (A) attached to this law.

B- Estimates of investment expenditures 3953453639 thousand dinars distributed according to Columns (1) and (2) of Table No. (2) attached to this law, with the exception of investment projects funded by foreign oil company licensing contracts and investment projects financed from foreign and domestic loans mentioned in Column No. (3) of Table No. (2) attached to this law.

Article 3 - The financing gap amounted to an amount of 41629837087 thousand dinars, which will be funded by authorizing the Federal Minister of Finance to borrow locally and abroad by issuing treasury transfers, bonds, sukuk and domestic loans, as well as borrowing from international financial institutions and foreign banks to finance the financial gap.

Article 4 - Continuing to work with articles (2 and 3) of the Domestic and Foreign Borrowing Law No. (5) for the year 2020 to finance the fiscal deficit for the year 2020.

Article 5 - First, the Ministry of Finance / Accounting Department will finance the following:

A- The investment expenditures mentioned in Table No. (1) attached to this law, as an exception to the provisions of Article (13 / First) of the Federal Financial Management Law No. (6) for the year 2019.

B- The investment expenditures mentioned in Table No. (2) attached to this law and in accordance with For work booms completed or actual project preparation.

Second - The Kurdistan Region’s share of the total actual agreement (current expenditures and investment project expenditures) is determined after excluding the sovereign expenditures specified in the Federal Budget Law of the Republic of Iraq for the fiscal year 2019.

Article 6: First - This law shall be published in the Official Gazette and implemented from the date of its approval and voting on it in Parliament and its work will continue until 1/1/2021 with the exception of Articles (4 and 3) of this law.

As for the reasons for this law, it came according to the document that due to the delay in approving the draft federal budget law for the fiscal year 2020 and the continuation of crude oil prices at low levels and in order to finance the necessary public expenditures. / End 9




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