The 2021 Iraqi General Budget Law Has Been Published in the Gazette and Has Been Put Into Force

 A Rare weekend posting  hahaha but I felt it needed to be done and had the opportunity to do so 

you can hear the My FX Podcast for this blog at The 2021 Iraqi General Budget Law Has Been Published in the Gazette and Has Been Put Into Force

These are the articles I discussed:

Issue No. (4625) of the Iraqi newspaper Al-Waqi’a issued on

12/4/2021

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It is in ARabic and for now it is not copy and pastable  to translate  but it is in the Gazette

Issue No. (4625) of the Iraqi newspaper Al-Waqi’a issued on 12/4/2021

 

• 2021-04-18 10:45:00

 

Law No. (23) for the year 2021, the federal general budget of the Republic of Iraq for the fiscal year 2021.

 

To download the issue, click here

 

Those wishing to acquire the Iraqi factsheet can refer to the Iraqi investigation department, located in Salhiya / Haifa Street (Ministry of

Justice building), and obtain the required number

 

so this is a partial translation

it is in trillions which means the rate in it is the 1450 but you can read it below for yourself

 

A  Federal Public Law of the Republic of Iraq for the fiscal year 2021 ((Chapter One)) Revenue - a.  The estimated revenues of the federal budget for the fiscal year 2021, by (10201201413) one thousand dinars (one hundred and one trillion and twenty-three billion one hundred and forty-one million nine hundred and eight thousand dinars) as indicated in the table / a- Revenue according to the preparation attached to this law.  Calculation of the estimated revenues from exporting crude oil on the basis of the average of

+ X    123% 76 Twenty billion one hundred forty-one million nine hundred and eighty-four thousand dinars) as indicated in table / a- revenues according to the preparation) attached to this law.  Calculating the estimated revenues from exporting crude oil on the basis of an average price of (45) dollars (forty-five dollars per barrel and an export rate of (2,000) barrels per day (three million two hundred fifty thousand barrels per day) including (20,000) barrels per day (two hundred fifty thousand barrels)  Daily) for the quantities of crude oil produced in the Kurdistan Region on the basis of price - Issue 48 (1) 2021/3/19 98%

The exchange (1450) one thousand four hundred and fifty dinars per dollar and all revenues actually realized are final revenues for the account of the state treasury.  - Ministries and entities not associated with the Ministry, the governorates, and the Kurdistan Regional Government are obligated to record all monetary grants sums that they receive under memoranda of understanding with foreign governments or divisions as final revenues to the Federal Public Treasury, and the Federal Ministry of Finance must reallocate them for the purposes for which they were granted in coordination with the Federal Ministry of Planning.  The amounts of donations granted to ministries and entities not associated with a ministry and the governorates, after their acceptance from the Federal Minister of Finance, are recorded as final revenues to the Federal Public Treasury, provided that the
Federal Minister of Finance allocates them to 98% appropriations.

After 16 years of delay ... a parliamentary committee to move the oil and gas law file

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The Parliamentary Oil and Energy Committee has opened the Prime Ministry and the Ministry of Oil for the purpose of expediting the implementation of amendments to the oil and gas law and sending it to Parliament.

Committee member Sadiq Al-Sulaiti said, according to the official newspaper, that "the oil and gas law is one of the most important stalled laws, and the Parliamentary Oil Committee has addressed the Prime Minister and the Ministry of Oil for the purpose of expediting the necessary amendments to this law and returning it to the House of Representatives for the purpose of advancing its legislation."

Al-Sulaiti added, "The law is in the drawers of the government, which is working to complete it, mature it, and treat some of its paragraphs that have objection and return it to Parliament for the purpose of initiating its approval."

He explained, "This law is the fundamental solution to the problems between the center and the region, as in every budget it will create a crisis in the mechanism for settling oil receivables, the mechanism for exporting oil and the mechanism for delivering those receivables and other paragraphs that will be subject to political difference, and may be subject to political auctions as well."

He pointed out, "The issue does not go beyond being a technical and mathematical one related to revenues and duties and is supposed to be regulated by law," expressing his hope during the coming period and the remainder of the parliament's life, that "the government will speed up the completion of this law and return it to Parliament."
And the central oil and gas law was supposed to be approved since the first year of the adoption of the Iraqi constitution, in 2005, but successive Iraqi governments, with the encouragement of the political forces that formed them, according to observers, have been slow to pass it, like other laws that the Iraqi constitution has drawn its main features, And he left Parliament the power to decide its details through special laws.

Iraq is outside the UK's ranking of high risk countries

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Within the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Terrorist Financing in developing the business environment within the international compliance standards for combating money laundering and terrorist financing, “The British Treasury in the United Kingdom Government Department did not include the name of the Republic of Iraq among the lists of high risk countries according to Resolution No. 392 of 2021. "

The United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards, after its exit from the European Union countries, and it promised Iraq committed to keeping pace with and implementing international recommendations.

The fact that Iraq is not included in the list of high-risk countries reflects positively on facilitating business and entering companies between the two countries as well as supporting financial operations between the Iraqi banking sector and the United Kingdom.
 

Central Bank of Iraq
   Information Office
  April 18, 2021

Kurdistan and Washington discuss joint cooperation to confront ISIS

link  boy this seems like a headline from the past ... but no it is present day

The President of the Kurdistan Region of Iraq, Masrour Barzani, discussed, on Sunday, the Deputy US Special Envoy to Syria David Brownstein, ways to enhance joint cooperation with the international coalition to confront ISIS.
In a statement received by the Tigris, the regional government said, “The President of the Kurdistan Regional Government, Masrour Barzani, received today, Sunday, April 18, 2021, the US Deputy Special Envoy to Syria David Brownstein, where they took place at the meeting, which was attended by the US Consul General in Rob Waller, the Kurdistan Region, discussed the latest developments in Iraq and Syria, and ways to enhance joint cooperation with the international coalition to confront ISIS were discussed.
The meeting emphasized, "The importance of continuing to support the Peshmerga forces to address the dangers of ISIS, which continues to pose a real threat in many regions of Iraq and Syria."
The two sides also affirmed their support for the dialogue conducted by the Kurdish parties in Syria to ensure the national rights of the Kurdish people within the framework of Syria.

How affected is the Iraqi market by changing the price of the dollar?

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The Iraq Stock Exchange determined, on Sunday, the extent to which the change in the exchange rate of the dollar against the dinar was affected, indicating that the decline in trading in foreign currencies will lead to trading opportunities towards other alternatives.  
    
The executive director of the Iraq Stock Exchange, Taha Ahmad Abdul Salam, said, according to the official agency, that "economic facts indicate that when trading in foreign currencies decreases due to the low margin of the official price difference from trading, trading opportunities are directed towards other alternatives."
Abdul Salam added, "The Iraqi market has been affected, like the rest of the economy, in the near term, which could continue in the medium term, with the high purchase demand, in addition to other economic factors and the disclosure of the companies' financial position for the year 2020 and their financial indicators

Economist: The government is performing a play on the people to achieve great goals

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A member of the Khobar Center for Economic Studies, Samir Al-Naji, stated on Saturday that the Al-Kazemi government is practicing a great play of lying and shadowing to achieve great goals.

"The government practices lies and procrastination in implementing its commitments, and it cannot think and find solutions except by cutting citizens' livelihoods and taking loans," al-Naji said in a statement to the agency.

He added, “It is sad and shameful what the Finance Minister said about deductions, imposing taxes, and his claim to support the poor while the only victim was the simple citizen.

He noted that "the government practices lying, as it is well aware that basic commodities and foodstuffs have increased significantly compared to the 20% reduction in salaries."

He pointed out that "Al-Kazemi and his finance minister did not find any ideas about the wages and economy crisis except for borrowing three times, while the next step was the encroachment on citizens' livelihoods without finding any clear economic solution.