Parliamentary Finance: We have not formally received the budget law

by **claud39** Fri Dec 25, 2020 11:13 am

Parliamentary Finance: We have not formally received the budget law

12/25/2020

Economy News - Baghdad

The Finance Committee in the House of Representatives confirmed, today, Friday, that it did not officially receive the draft general budget bill for next year, while indicating the existence of a new mechanism for the ration card file .

A member of the committee, Majida Al-Tamimi, told the Iraqi News Agency (INA), and was obeyed by Al-Eqtisad News, that "the Finance Committee has not yet formally received the draft budget for next year," pointing out that "the Central Bank is responsible for the exchange rate, and it is not from the authority." The Financial Commission interfered with it . "

She added that "the financial committee seeks to reduce the effects of changing the exchange rate on the vulnerable classes of people with limited income," confirming "the efforts of its committee to increase social welfare allocations and the ration card items ."

She pointed out that "there is a new mechanism presented regarding the ration card file, away from the current approved mechanism," indicating that "the new mechanism will protect the local product."

https://economy-news.net/content.php?id=23308

by **claud39** Fri Dec 25, 2020 11:19 am

[size=23]Warning Against "Floating Currency" To Raise The Price Of The Dollar Against The Iraqi Dinar[/size]

[size=12]On December 1, 2020[/size]

Al-Mustaqila / - The economist Rasim al-Akidi said that the floating of the dollar, or what is known as the liberalization of the exchange rate, takes place through two methods, the first is pure or free, and the second is the controlled or controlled method, and in both cases the price of the dollar will rise against the Iraqi dinar and will lead to the withdrawal of a large amount of the monetary mass in Markets.

Al-Akidi added that the withdrawal of a large cash block corresponds to 4 drawbacks at the same time, and the affected population will be large segments, including the increase in prices in the markets in addition to the factories ’reluctance to produce because the value of profits will decrease in front of the costs in addition to the absorption of per capita income and the increase in rental prices. Other damages.

According to Al-Aqidi, Iraq needs an economic rescue plan that starts from maximizing non-oil revenues, which are many, and keeping the influential parties away from them, because a large part of the financial resources does not go to the state treasury, and this is part of the causes of the current financial crisis in the country.

Economists ’opinions differed on the“ floating of the dinar ”in front of the dollar exchange to face the deficit crisis in the financial budget.

One party believes that the procedure will serve the Iraqi economy in the medium term by activating the industrial and agricultural sectors, but another party believes that it will eliminate the poor and middle classes.

The Central Bank of Iraq rejected the idea of "floating the dinar" during the next stage to increase government revenues and be able to pay employees' salaries during the coming days, citing its fear of increasing prices and harming the vulnerable classes.

The estimated budget for 2020 suffers from a large deficit of 50 trillion dinars. Observers expected the deficit to rise with the oil market losing about 50% of its prices.

[size=18]https://mustaqila.com/%D8%A7%D9%84%D8%AA%D8%AD%D8%B0%D9%8A%D8%B1-%D9%85%D9%86-%D8%AA%D8%B9%D9%88%D9%8A%D9%85-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D9%84%D8%B1%D9%81%D8%B9-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%AF%D9%88/[/size]

https://www.dinardaily.net/t97224-finance-minister-the-former-dollar-exchange-rate-distorted-and-damaged-the-economy-the-2021-budget-adopted-an-exchange-rate-of-1450-dinars-per-dollar

by **claud39** Fri Dec 25, 2020 11:23 am

Al-Kazemi's advisor identifies 4 factors to get out of the financial crisis

06/12/2020

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Parliamentary Finance: We have not formally received the budget law 141650

Parliamentary Finance: We have not formally received the budget law 141650

Baghdad Today - Follow-up The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Sunday, that financial planning will not determine the future of the coming months.

The official news agency quoted Saleh as saying that "financial planning is what determines the future of the coming months, starting from the first of January," indicating that "everyone is waiting for financial planning to know how to determine expenditures and revenues and address the deficit, if any."

He added, "Exiting the financial crisis depends on management, compression of expenditures, maximizing resources and setting priorities in the correct manner, so that there are things subject to pressure and installments."

Regarding the possibility of Iraq borrowing again to fill the deficit, Salih stated that "borrowing depends on the budget law and is determined by law in the House of Representatives," pointing out that "there are limits to the borrowing process," noting that "the risk lies in relying on one resource, oil, and setting its prices in the outside".

https://baghdadtoday.news/news/139249/%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1-%D8%A7%D9%84%D9%83% D8% A7% D8% B8% D9% 85% D9% 8A-% D9% 8A% D8% AD% D8% AF% D8% AF-4-% D8% B9% D9% 88

https: http://www.dinardaily .net / t97028-al-kazemi-s-advisor-identifies-4-factors-to-get-out-of-the-financial-crisis

by **claud39** Fri Dec 25, 2020 11:29 am

@claud39 wrote:Parliamentary Finance: We have not formally received the budget law

12/25/2020

Economy News - Baghdad
The Finance Committee in the House of Representatives confirmed, today, Friday, that it did not officially receive the draft general budget bill for next year, while indicating the existence of a new mechanism for the ration card file .
A member of the committee, Majida Al-Tamimi, told the Iraqi News Agency (INA), and was obeyed by Al-Eqtisad News, that "the Finance Committee has not yet formally received the draft budget for next year," pointing out that "the Central Bank is responsible for the exchange rate, and it is not from the authority." The Financial Commission interfered with it . "
She added that "the financial committee seeks to reduce the effects of changing the exchange rate on the vulnerable classes of people with limited income," confirming "the efforts of its committee to increase social welfare allocations and the ration card items ."
She pointed out that "there is a new mechanism presented regarding the ration card file, away from the current approved mechanism," indicating that "the new mechanism will protect the local product."

https://economy-news.net/content.php?id=23308

LEGAL EXPERT: IT IS POSSIBLE TO APPEAL THE ESCALATION OF THE DOLLAR EXCHANGE RATE IN THE BUDGET LAW

12-19-2020

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Parliamentary Finance: We have not formally received the budget law Image

Legal expert Ali Al-Tamimi confirmed, today, Saturday, that the rise in the dollar exchange rate to 1450 in the budget law violates the Iraqi constitution and the Charter of the International Covenant, pointing out that the matter can be appealed.

Al-Tamimi told "Tigris", "The rise in the dollar exchange rate to 1450 violates articles 30 and 31 of the Iraqi constitution, which require the state to provide a free and decent life and suitable income, and also this procedure violates Articles 23 and 26 of the International Covenant on Civil and Political Rights, which require All the countries of the world that are members of the United Nations organization abide by it. "

He added, "Also, the Central Bank Law under its Law No. 56 of 2004 is an independent body under Article 3 of this law and also the Central Bank's instructions for the year 2017, and therefore it is the one that determines the exchange rate and if there is an increase in the price, market prices must be controlled and to prevent inflation that will increase poverty." So he read. "

Al-Tamimi stressed that "this law can be challenged if it is legislated by Parliament before the Federal Court, and Parliament can not agree to legislate this law and return it to the government for an amendment because Parliament can do so constitutionally as it represents society."

https://www.dijlah.tv/index.php?page=article&id=27322

https://www.dinardaily.net/t97271-legal-expert-it-is-possible-to-appeal-the-escalation-of-the-dollar-exchange-rate-in-the-budget-law

by **claud39** Fri Dec 25, 2020 11:47 am

The trends of devaluation come to cover the deficit rates

Sunday 20 December 2020

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Parliamentary Finance: We have not formally received the budget law Alsabaah-59367

Parliamentary Finance: We have not formally received the budget law Alsabaah-59367

Baghdad: Morning

The head of the Baghdad Center for Sustainable Energy, Muhammad Shaker, confirmed that "the trends of devaluation come to cover the large deficit in the budget in order to avoid the complexity of the economic scene more than it is."

He said: "There is a need to distribute the salaries of employees in Iraqi dinars (in order to preserve the principle of the sovereignty of the national currency) while giving him the right to disburse the equivalent of half his salary in dollars supported by the adoption of a subsidized exchange rate, such as 1300 dinars to the dollar, and he
can pay through electronic transfer in his bank account or in The electronic payment card, which enables electronic payment, whether in dinars or dollars, so that it does not significantly affect the level of the salary, so that the employee or the retired person has Iraqi cash to cover his usual daily expenses and he has a dollar in which to cover the goods whose prices will change due to the change in the exchange rate.

He drew attention to "the importance of stopping space salaries and giving the task of electronic documentation according to the biological fingerprint of utmost importance, and it must be completed within two months as a maximum, with the announcement of the penalties that will be imposed on those who will be found to have two fingerprints in two different locations to eliminate aliens, pointing to the need to support people with limited income and strive to strengthen The national economy to reduce dependence on imported goods is harmful

Useful. "

Shaker suggested, "stopping the currency auction and opening direct selling of currency in all Iraqi banks without exception and adopting the electronic exchange rate so that any account holder can convert an amount from Iraqi into dollars at the official exchange rate, and then eliminate the parallel market for the exchange rate, which a number of people benefit from. And behind them are the supporters. "

He called for "the adoption of bank credits only for the purposes of foreign remittances. An encouraging exchange rate could be adopted to pay these credits, provided that they are accounted electronically for customs and taxes, and fix the prices of some important and basic commodities through the subsidized dollar when paying bank credits with external suppliers, as well as supporting the private sector to provide basic requirements."

Locally and to stop the waste of foreign currency and activate and encourage national industry. "

He pointed out, "the importance of achieving self-sufficiency in electric energy through national production, activating current stations and encouraging the use of solar energy to reduce dependence on the national grid."

https://alsabaah.iq/37507/%D8%AA%D9%88%D8%AC%D9%87%D8%A7%D8%AA-%D8%AE%D9%81%D8%B6-%D9 % 82% D9% 8A% D9% 85% D8% A9-% D8% A7% D9% 84% D8% B9% D9% 85% D9% 84% D8% A9-% D8% AA% D8% A3% D8 % AA% D9% 8A-% D9% 84% D8% AA% D8% BA% D8% B7% D9% 8A% D8% A9-% D9% 86% D8% B3% D8% A8-% D8% A7% D9% 84% D8% B9% D8% AC% D8% B2

https://www.dinardaily.net/t97270-the-trends-of-devaluation-come-to-cover-the-deficit-rates

by **claud39** Fri Dec 25, 2020 11:49 am

@claud39 wrote:The trends of devaluation come to cover the deficit rates

Sunday 20 December 2020

Enlarge this image Click to see fullsize

Baghdad: Morning

The head of the Baghdad Center for Sustainable Energy, Muhammad Shaker, confirmed that "the trends of devaluation come to cover the large deficit in the budget in order to avoid the complexity of the economic scene more than it is."
He said: "There is a need to distribute the salaries of employees in Iraqi dinars (in order to preserve the principle of the sovereignty of the national currency) while giving him the right to disburse the equivalent of half his salary in dollars supported by the adoption of a subsidized exchange rate, such as 1300 dinars to the dollar, and he
can pay through electronic transfer in his bank account or in The electronic payment card, which enables electronic payment, whether in dinars or dollars, so that it does not significantly affect the level of the salary, so that the employee or the retired person has Iraqi cash to cover his usual daily expenses and he has a dollar in which to cover the goods whose prices will change due to the change in the exchange rate.
He drew attention to "the importance of stopping space salaries and giving the task of electronic documentation according to the biological fingerprint of utmost importance, and it must be completed within two months as a maximum, with the announcement of the penalties that will be imposed on those who will be found to have two fingerprints in two different locations to eliminate aliens, pointing to the need to support people with limited income and strive to strengthen The national economy to reduce dependence on imported goods is harmful
Useful. "

Shaker suggested, "stopping the currency auction and opening direct selling of currency in all Iraqi banks without exception and adopting the electronic exchange rate so that any account holder can convert an amount from Iraqi into dollars at the official exchange rate, and then eliminate the parallel market for the exchange rate, which a number of people benefit from. And behind them are the supporters. "

He called for "the adoption of bank credits only for the purposes of foreign remittances. An encouraging exchange rate could be adopted to pay these credits, provided that they are accounted electronically for customs and taxes, and fix the prices of some important and basic commodities through the subsidized dollar when paying bank credits with external suppliers, as well as supporting the private sector to provide basic requirements."
Locally and to stop the waste of foreign currency and activate and encourage national industry. "
He pointed out, "the importance of achieving self-sufficiency in electric energy through national production, activating current stations and encouraging the use of solar energy to reduce dependence on the national grid."

https://alsabaah.iq/37507/%D8%AA%D9%88%D8%AC%D9%87%D8%A7%D8%AA-%D8%AE%D9%81%D8%B6-%D9 % 82% D9% 8A% D9% 85% D8% A9-% D8% A7% D9% 84% D8% B9% D9% 85% D9% 84% D8% A9-% D8% AA% D8% A3% D8 % AA% D9% 8A-% D9% 84% D8% AA% D8% BA% D8% B7% D9% 8A% D8% A9-% D9% 86% D8% B3% D8% A8-% D8% A7% D9% 84% D8% B9% D8% AC% D8% B2

https://www.dinardaily.net/t97270-the-trends-of-devaluation-come-to-cover-the-deficit-rates

Shaker suggested, "stopping the currency auction and opening direct selling of currency in all Iraqi banks without exception and adopting the electronic exchange rate so that any account holder can convert an amount from Iraqi into dollars at the official exchange rate, and then eliminate the parallel market for the exchange rate, which a number of people benefit from. And behind them are the supporters. "

He called for "the adoption of bank credits only for the purposes of foreign remittances. An encouraging exchange rate could be adopted to pay these credits, provided that they are accounted electronically for customs and taxes, and fix the prices of some important and basic commodities through the subsidized dollar when paying bank credits with external suppliers, as well as supporting the private sector to provide basic requirements."

Locally and to stop the waste of foreign currency and activate and encourage national industry. "

Claud (Moose)

Parliamentary Finance: We have not formally received the budget law