WOTS MON FEB 8 21
These are the articles I discussed on the podcast at https://anchor.fm/dashboard/episode/eq555b
Parliamentary Finance clarifies to the NRT when the budget will be settled and how long the current dollar price will remain
The Parliamentary Finance Committee suggested, on Monday, that the federal budget for the current year will be decided next week to be ready for a vote on it inside the parliament, indicating that the dollar exchange rate will remain as it is now, until another budget comes, whether it is supplementary or the 2022 budget.
Committee member, Jamal Cougar, told NRT Arabia today (February 8, 2021), "The government submitted the budget to the House of Representatives late and because it is controversial, it takes a long time, because the House of Representatives has the right to scrutinize all the details of the budget and see its merits."
Cougar added, "There are many points that still need to be decided, including the proportion of the share of the Kurdistan region that has not been agreed upon until now," noting that "the issue of the oil-producing provinces has been resolved through the establishment of the petrodollar fund and their dues will be deposited in it, whether in cash or Aini, by utilizing the equivalent and equal of petrodollars of oil to be sold directly and transferring its revenues into projects.
With regard to dollar prices in the Iraqi market, Cougar said, "The price of the dollar will remain as it is now until another budget, whether supplementary or 2022 budget, comes, then the price will be changed if the government has a large abundance that helps to overcome budget pressure expenditures, because the sudden change It will confuse the market and cause people to worry about the central bank's decisions. "
And he added, "The committee agreed with the Prime Minister, Mustafa Al-Kazemi, during its meeting with him and with a number of ministers to monitor the spending of the budget in light of the economic crisis that the country is going through through three axes, the first of which is before the vote, and after approval to issue instructions, and the last to implement this budget to be This is the complementary part of the government in controlling the flow of the exchange process. "
Canceling the currency auction, reducing borrowing, and “isolating” the central bank’s reserves ... the most important thing for hard currency in the 2021 budget
Today, Monday, the Parliamentary Finance Committee revealed a tendency to cancel the currency auction, while indicating that the Central Bank's reserves will not be affected in the general budget for 2021.
The committee's reporter, Ahmed Al-Saffar, said in statements to the official agency and its subsidiary, Yass Iraq, that “when the draft budget is approved in the House of Representatives vote session, it becomes a binding law for the government and enforceable,” indicating that “the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate The budget execution process ”.
He added that "the budget deficit has been reduced from 71 trillion to 24 trillion only, as the lending scheme was deducting treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars," noting that "the deficit will disappear soon The government will have an abundance of money if the price of a barrel of oil remains high.
Al-Saffar stressed that "the Central Bank's reserves will not be affected at all in this budget, as we have reduced borrowing and canceled foreign loans."
The decision of the Finance Committee indicated that "there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq," explaining that "the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks." “.
Al-Saffar indicated that "there is an increase in social care because large numbers of them were included, with the private sector participating in employing the unemployed," noting that "the budget carries a clear economic and social vision."
He stressed that "the committee will hold a meeting with the political blocs to bridge the gap in views and come up with the draft budget that can be passed easily under the parliament."
Regarding the dollar exchange rate, Al-Saffar pointed out that "the exchange rate is exclusively within the authority of the Central Bank and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve."
Deputy: Parliament is waiting for the government green light to present the budget to vote
Representative of the Al-Fateh Coalition, Mithaq Al-Hamidi, confirmed, Monday, that the Parliamentary Finance Committee delivered the final version of the budget bill to the government and that it is waiting for the green light from the latter to present it to the vote, likely the government will approve it and present it to vote at the end of this week.
Al-Hamidi said in a statement to / the information /, that “the context for presenting the budget for voting must be returned to the government for clarification and statement of opinion, and in the event of objections by the government, it will return it to the committee, and on the contrary, the green light will be given to present it to the vote.”
She added that "the government's response will not be delayed more than two days," likely "the government's approval and will be presented to the vote at the end of this week."
And Al-Hamidi indicated that "the final version included most of the demands of the provinces, including Basra Governorate."
The Prime Minister received yesterday during a joint meeting with the Parliamentary Finance Committee the final version of the draft budget with the amendments made to it by the House of Representatives.
Representative of the World Bank: There is great support for the reform paper adopted by the government
The Resident Representative of the World Bank in Iraq, Ramzi Numan, confirmed, on Monday, that the bank supports the Iraqi government in several directions to get out of the current economic crisis, and that there is great support for the white reform paper adopted by the government in order to get out of the crisis.
Numan said in an interview with "Al-Sabah" newspaper and followed by "Al-Iktissad News" that Iraqi society is a "youth society" that can rise in the country if its energies are properly and seriously invested, indicating that the experience and history of the World Bank to work with the government and people of Iraq extends to a long and rich history. Projects that have been jointly worked on.
He added that the World Bank is currently working more closely with the Iraqi government to confront emerging and accumulating crises that are added to the existing problems in Iraq, and the consequent decline in oil prices, protests, the Corona pandemic and its health, economic and social consequences, which have formed a great burden on the country.
He explained that these conditions are the worst since the year 2003 on a single economy that depends on oil, and there is a fact that all this left great burdens that were reflected in the ability of the Iraqi government to deal with emergency needs.
He pointed out that the World Bank has set up a very large financial portfolio file for the projects it implements in Iraq, and this portfolio is directed to several destinations, whether reconstruction projects for areas liberated from “ISIS” gangs or to face the social crises that have arisen from this matter, in addition to some other projects. Working on structural reforms in the economy.
And we are working hard with the government to approach solutions to emergency crises and keep pace with the reform white paper initiative put forward by Prime Minister Mustafa Al-Kazemi.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1430.3000 |  1480.0000 | 1457.9000 | 1457.9000 | 1457.9000 | 0.2000 | 20:00 |
| USD/VND | 22596.9100 | 23260.2300 | 22966.2700 | 22965.6600 | 22965.6600 | 0.9500 | 20:00 |
| USD/CNY | 6.4483 | 6.4503 | 6.4518 | 6.4475 | 6.4477 | 0.0007 | 21:11 |
| USD/KWD | 0.3023 | 0.3033 | 0.3026 | 0.3026 | 0.3026 | -0.0001 | 17:45 |
| GBP/USD | 1.3777 | 1.3779 | 1.3783 | 1.3734 | 1.3737 | 0.0039 | 21:11 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | -914.4000 | 07:13 |
| USD/IDR | 13992.0000 | 14006.0000 | 14008.0000 | 13983.0000 | 14002.0000 | -3.0000 | 21:10 |
For the first time in a year, oil is jumping over $ 60 a barrel
Today, Monday, Brent oil price exceeded $ 60 a barrel for the first time since January 2020.
The value of Brent crude futures for the month of April increased by 0.77%, to reach $ 60.01 a barrel. March West Texas crude futures increased by 1.18% to $ 57.53.
The rise in oil prices is due to optimism about the recovery in market demand, after the expansion of vaccine campaigns against the Corona virus, around the world, which may lead to a decrease in the rates of "Covid-19" disease and the lifting of quarantine restrictions, and thus the return of demand for oil to pre-levels. Epidemic outbreak.
An agreement to set a date for passing the 2021 budget bill
Today, Sunday, an informed parliamentary source said that there is a preliminary agreement between the political forces to pass the 2021 budget bill next Saturday.
The source told "Yes Iraq", that "the political forces have agreed in principle to pass the 2021 budget bill, next Saturday."
He added, "The agreement came after reaching an agreement and consensus with the Kurdish forces regarding the region's share of the budget during the next two days."
The Presidency of the Council of Representatives announced earlier today that Al-Kazemi attended a meeting of the Parliamentary Finance Committee to discuss the draft budget law.
The council’s media department stated in a statement that “the Finance Committee is discussing the draft 2021 budget law in the presence of the Prime Minister and the ministers of finance, planning, oil, housing, reconstruction, municipalities, works, and the Secretary General of the Council of Ministers.”
On Sunday, the House of Representatives announced the most prominent contents of the parliamentary finance meeting, with Prime Minister Mustafa Al-Kazemi, regarding the draft 2021 budget.
"The committee has rewritten the budget strategy according to a comprehensive economic vision, after what came from the government with a financial vision only," said a statement by the council’s media department.
He added, "The committee handed over a copy of the amendments it had made to the government’s budget," noting that "compressing expenditures and maximizing revenues was scientifically thoughtful and came after a meeting with most of the government ministers and more than 302 hosting of various state institutions."
The statement emphasized that "the meeting dealt with supporting the private sector and taking bold steps to address it and support industrial, agricultural and real estate banks to achieve comprehensive development in these sectors."
He pointed out that "the meeting exchanged views between the legislative and executive authorities to come up with a unified vision that is in the public interest," indicating that "the Finance Committee will directly supervise the implementation of the budget to ensure the implementation of its vision."
The statement pointed out that "the meeting discussed thinking outside the fund and with technical economic dimensions to convert ministries from consumers who burden the public treasury to productive ones."
The Iraqi budget. Doubling the petrodollar and allocating new financial to the capital's entrances
The Iraqi parliament's finance committee decided On Sunday to add a new financial allocation for the rehabilitation of the entrances to the capital Baghdad.
The parliamentary media department said in a statement to The Twilight News that the Finance Committee decided to add a financial allocation in the 2021 budget to rehabilitate the entrances to the capital Baghdad.
The statement said that the Finance Committee decided to double the petrodollar allocations in the 2021 budget to (one trillion) going to oil-producing provinces.
A parliamentary source told The Twilight News on Sunday that a preliminary agreement had been reached between all political forces to pass the 2021 budget bill early next week.
Earlier in the day, Iraqi Prime Minister Mustafa al-Kadhimi held a meeting with members of the Parliamentary Finance Committee, during which the 2021 federal budget was discussed and the joint cooperation between the executive and legislative branches continued to be adopted.
The Kurdistan regional government delegation is due to return to Baghdad this week with the aim of resuming a fourth round of negotiations, which it said will be crucial in stabilizing the region's budget share.
The regional government delegation reached an agreement with the federal government to deliver 250,000 barrels of crude oil per day and half of the financial revenues generated from border crossings in exchange for Baghdad to give 12.67 percent of the budget to Kurdistan after the deduction of sovereign and ruling expenses, which was confirmed by the draft budget bill, but the delegation, in its last visit, was informed that the agreement was no longer valid.
Representative of the World Bank: There is great support for the reform paper adopted by the government
The Resident Representative of the World Bank in Iraq, Ramzi Numan, confirmed, on Monday, that the bank supports the Iraqi government in several directions to get out of the current economic crisis, and that there is great support for the white reform paper adopted by the government in order to get out of the crisis.
Numan said in an interview with "Al-Sabah" newspaper and followed by "Al-Iktissad News" that Iraqi society is a "youth society" that can rise in the country if its energies are properly and seriously invested, indicating that the experience and history of the World Bank to work with the government and people of Iraq extends to a long and rich history. Projects that have been jointly worked on.
He added that the World Bank is currently working more closely with the Iraqi government to confront emerging and accumulating crises that are added to the existing problems in Iraq, and the consequent decline in oil prices, protests, the Corona pandemic and its health, economic and social consequences, which have formed a great burden on the country.
He explained that these conditions are the worst since the year 2003 on a single economy that depends on oil, and there is a fact that all this left great burdens that were reflected in the ability of the Iraqi government to deal with emergency needs.
He pointed out that the World Bank has set up a very large financial portfolio file for the projects it implements in Iraq, and this portfolio is directed to several destinations, whether reconstruction projects for areas liberated from “ISIS” gangs or to face the social crises that have arisen from this matter, in addition to some other projects. Working on structural reforms in the economy.
And we are working hard with the government to approach solutions to emergency crises and keep pace with the reform white paper initiative put forward by Prime Minister Mustafa Al-Kazemi
CBI Update: Just a note:
No comments:
Post a Comment