The Iraqi Gazette newspaper publishes the Federal General Budget Law with a deficit of about (64.35) trillion dinars
The official Iraqi Gazette issued by the Ministry of Justice published, on Monday, the text of the general budget law for the years (2023, 2024, 2025).
A copy of the facts and budget law
it's in Arabic but I translated the first page that shows the rate of 1300 and oil at $70
here's page one translate see 1300 and oil at $70
No. (13) for the year 2023
The Federal General Budget Law of the Republic of Iraq for the fiscal years
-
(chapter one)
Revenues
Article - 1 - First: A- The revenues of the federal budget for the fiscal year (2023) are estimated.
In the amount of (134,552,91963) thousand dinars (one hundred and thirty-four trillion).
Five hundred and fifty-two billion nine hundred and nineteen million and three
And sixty thousand dinars, as indicated in the table / - revenues according to the preparation
attached to this law.
b Calculating estimated revenues from exporting crude oil on the basis of an average price
(70) dollars (seventy dollars per barrel) and an export rate of
3,500,000 barrels per day (three million five hundred thousand barrels).
per day), including (400,000) barrels per day (four hundred thousand barrels per day)
About the quantities of crude oil produced in the Kurdistan Region on the basis of an exchange rate
(1300) dinars (one thousand three hundred dinars for each dollar, and all revenues are recorded
Actually achieved final revenue for the account of the general treasury of the state.
Public budget
The Federal General Budget Law of the Republic of Iraq for the fiscal years
-
(chapter one)
Revenues
Article - 1 - First: A- The revenues of the federal budget for the fiscal year (2023) are estimated.
In the amount of (134,552,91963) thousand dinars (one hundred and thirty-four trillion).
Five hundred and fifty-two billion nine hundred and nineteen million and three
And sixty thousand dinars, as indicated in the table / - revenues according to the preparation
attached to this law.
b Calculating estimated revenues from exporting crude oil on the basis of an average price
(70) dollars (seventy dollars per barrel) and an export rate of
3,500,000 barrels per day (three million five hundred thousand barrels).
per day), including (400,000) barrels per day (four hundred thousand barrels per day)
About the quantities of crude oil produced in the Kurdistan Region on the basis of an exchange rate
(1300) dinars (one thousand three hundred dinars for each dollar, and all revenues are recorded
Actually achieved final revenue for the account of the general treasury of the state.
Public budget
The President of the Republicn of Iraq ratifies the Federal Budget Law
Today, Wednesday, the President of the Republic, Abd al-Latif Jamal Rashid, approved the federal budget law.
President Rashid stressed, in a statement received by (Baghdad Today), that "approving and approving the budget is a turning point for the government's implementation of its program, which includes securing the necessary needs of citizens, providing basic services such as health and education, rehabilitating the infrastructure and initiating vital and strategic projects that will reflect positively on the reality of life." citizens' daily.
The President of the Republic referred to "the need to rationalize government spending, preserve public money, and develop and diversify the sources of the economy at a time when the country is facing economic and environmental challenges."
He also praised "the efforts made to approve the budget by all parties, taking into account the important operational and investment aspects, and fairness to low-income groups, in a way that achieves social justice."
Earlier, the General Secretariat of the House of Representatives announced that the budget would be handed over to the Office of the Presidency of the Republic, for approval.
A parliamentarian reveals the most important laws that will be passed after the legislative recess
Today, Wednesday, a member of the House of Representatives, Hussein Al-Sabri, revealed the most important laws that will be voted on after the legislative term recess of the House of Representatives, while stressing that the coming period will witness the approval of all laws that directly affect the lives of citizens.
Al-Sabri said in an interview with the information agency, "The most prominent laws that were completed by the Parliamentary Development, Investment and Economy Committee is the industrial investment law, which represents great importance for Iraq's industrial future," noting that "the time when the General Maronite law was approved worked to postpone Vote for many laws.
And he continued, "The second law, which will also be voted on, is mining in view of the mineral wealth that must be invested in the coming period," noting that "the House of Representatives is determined to pass all laws that directly affect the lives of citizens during the coming period."
The House of Representatives had completed voting on the general budget law and the social security and retirement law for workers, in addition to many laws that were completed by the parliamentary committees concerned with them, in addition to the parliamentary moves to pass laws that need political consensus to vote, most notably the oil and gas law with Region.
Faisal Al-Haimus to Al-Sabah: The Securities Law will soon be before the House of Representatives
The Chairman of the Securities Commission, Faisal Al-Haimus, revealed that the next two months will witness the arrival of the Securities Law to the House of Representatives, while he indicated that there are procedures to activate the Iraqi stock market during the next stage, and added that the Commission is fully prepared to privatize publicly owned companies after creating the environment. Therefore, Al-Haimus renewed, in an interview with Al-Sabah, his warning to citizens against dealing with companies and entities inside Iraq that claim to deal with international stock exchanges because they do not have licenses. The following is the text of the interview:
* Where did you reach the Securities Law?
_ Last week we held a meeting with the Iraq Stock Exchange, and all the differences were resolved. There are simple things, part of which are regulatory regarding the work of the market itself, as well as about the things that we can support with it as a body, and we were able to reach a solution to all the differences.
We have agreed to draft a new framework with the proposed solutions during the coming days, to submit the law to the General Secretariat of the Council of Ministers, which in turn will submit it to the State Council, and during the next two months the law will be ready to be sent to the House of Representatives, and the law will give the authority the legal support and tools to carry out its work properly. And its approval will lead to a qualitative leap in the work of the Iraq Stock Exchange.
* How do you see the financial reality of Iraq?
_ The volume of trading is weak, as the number of companies actually traded does not exceed 5-10 companies, while there are around 40-45 companies, part of which did not trade because there are no shares because they are all owned by large investors, and therefore there will not be a sufficient number of shares for trading, and it will be amended During the coming period of this year so that the market is active.
* What are the latest developments in “Al-Hafiz Al-Amin”?
_ As you know, (the trustworthy custodian) is a system and a mechanism, as well as a bank that guarantees the rights of investors, as the Authority previously licensed 4 banks, which is a sufficient number, and the banks, in turn, completed the infrastructure in addition to the training and experimentation operations, and I believe that during the next month, the actual operations will begin. The presence of these banks is sufficient and they usually have very simple tasks such as voting in public bodies, receiving profits and submitting monthly reports.
What are your procedures for combating money laundering?
_ There is a special division for money laundering present in the commission and linked to its president, and a meeting took place with the Association of Brokers in the market and it was proposed that every brokerage firm should have a system to prevent money laundering and terrorist financing, and several ideas were circulated in this regard.
* How do you assess the reality of the Iraqi market for securities?
_ The reality of the market is not appropriate, because Iraq is a country rich in material and human resources. The Iraqi market for financial papers cannot have a trading volume of up to 100 thousand dollars per day, especially since the daily trading of the markets of neighboring countries is hundreds of millions of dollars, and some of them reach amazing numbers. Our reality is not appropriate and we need to That there is a boom in the market, and such
a thing can be achieved during this stage.
* Is there a possibility to open markets for commodities inside Iraq?
_ The intention is there, but it is better today to reform the Iraqi market for securities before
opening any new market.
* Is the Securities Commission ready for the privatization of public companies?
_ The Commission is fully prepared for that, especially in light of the new law, but the appropriate investment environment must be created for the privatization process. The Ministry of Oil, Finance, or Banks, which brings great benefit, especially since the prime minister’s direction is to transform the economy from dependent on the government to dependent on the private sector, and accordingly these operations must be started, especially since there were similar experiments carried out in the eighties of the last century and proved their success and transformed economies that were Relying on the public sector to the private sector, which raised many burdens, especially with regard to the issue of employment from governments to the private sector, and created a real private sector.
* How much is the government willing to offer in terms of bonds, and are the markets ready for that?
_ The markets are always ready, because if there is a benefit that you get from this thing, you can go to it, and if you offer bonds today with a high interest value, you will certainly find a buyer, whether inside or outside, especially since the budget suffers from a deficit that can be financed through existing banks or investors It can be put on the global markets, and in light of the high oil price, there is certainly a desire to buy bonds.
* You are a member of the Economic Council, what are the most prominent discussions of this Council?
_ There are steps to support the government's directions and advance its vision for investment and revitalize the ineffective government sectors, and we are trying as much as we can to push the wheel forward.
Will the government contribute to supporting the local product?
_ The consensus that resulted in the current government being formed has brought some flexibility in the work of some joints of the state, and we hope well that the government can largely control the border crossings, and this is proposed if the budget is approved, and I expect that these agreements and the good relationship between the central government and the region will bear fruit that there will be understandings to work Common and public benefit for both sides.
* Are there verification processes for behaviors and practices suspected of violating the market system?
_ Certainly there is a department for monitoring market operations that inspects daily and has its own tools for auditing transactions that result in the market, and in anything outside the scope of the Securities Commission’s instructions, the department requests more information from the market, which in turn provides them with it, then in the event of any violation, the commission takes
appropriate legal procedures for this.
Q: There are companies in Iraq that deal with the global stock exchange, why are they not granted licenses to do so?
_ Such a dangerous matter and we have already paid attention to it in the past stage, and we warned citizens against dealing with global stock exchanges through unlicensed companies, and today we repeat this warning, and previously a committee was formed from the authority and representatives of the Ministry of Interior, the Central Bank, the General Secretariat of the Council of Ministers and the National Security Agency, and we met for more 15 times, and issued a group of proposals to license these companies in exchange for conditions, the most prominent of which is a letter of guarantee to return some or part of their money in case of breach of it, in addition to instructions for the investor to know his rights, and the recommendations were submitted to the General Secretariat of the Council of Ministers, but the government change prevented their implementation, and we will try these This time, we will return the issue to the General Secretariat, and at the same time we see that the National Security and the Interior Ministry are intensifying their campaigns against these companies, and a solution must be found either by licensing these companies or by ending the issue completely, because practicing these activities without a license is considered a crime, and we do not know when this is taken. What does the company do with the money and is it committed?Money laundering and terrorist financing system or not.
Warnings of the widening crisis of the money exchange strike in the south
The head of the Economists' Alliance, Uday Al-Alawi, said today, Tuesday, that what is happening now in terms of a strike in the exchange companies of the advanced categories in the south is directly borne by the government.
Al-Alawi told Al- Jarida that it is expected that its results will be a crisis of confidence and a major monetary crisis, because these money changers have large amounts of Iraqi cash, and they are influential in the commercial movement in the markets.
Al-Alawi called on the government and the Central Bank to listen to their problems and solve them in a way that preserves the rights of the state and the dignity of the private sector.
Basra ATMs close their doors.. and the reason?
Researcher Munqith Dagher commented on the money exchange crisis and the sit-ins taking place in the cities of the south.
And he stated in a tweet monitored by the “newspaper”: Manasah:
he tweeted and this is the text of the tweet
All exchange offices in Basra closed their doors today due to the strict security measures taken by the government, believing that it can thus control the price of the dollar as officially decided. I remind you of my tweet? 6 months ago, in which I confirmed that the black market cannot be suppressed by administrative measures unless corruption is really combated, so the demand for the (black) dollar will not stop. Previously, the black dollar was passed through the window of the central bank along with the white (legal) dollar. But after the tightening of the US Federal Reserve, it has become difficult to liberate corruption dollars except through smuggling. If you do not know the police and economic security, or whatever you decide, the gap between the official and black prices will continue. The more you increase the police measures, the higher the price of the (black) dollar.
The Dinar Support Committee is in the process of making new moves regarding the exchange rate
The Higher Committee for Supporting the Iraqi Dinar intends to coordinate a meeting between Prime Minister Muhammad al-Sudani and some merchants to agree on setting concrete mechanisms that limit the problems of exchange rate fluctuations, the rule of the parallel exchange rate in the markets, and control of dollar transactions.
Committee member Omar Al-Sudani, director of the supervision and follow-up department at the Baghdad Chamber of Commerce, said, in an interview with the official newspaper, followed by “Al-Iqtisad News”, that “the committee, within its next plan, to diagnose errors and weaknesses that caused the rise in exchange rates in the parallel market, called for the need to support merchants and facilitate He ordered them with regard to taxes after there were many problems in this regard,” adding that “the committee supported merchants in the Baghdad Chamber of Commerce and the Registrar of Companies, and prepared simple companies to support medium merchants, as well as following up on banks and recommending facilitating their procedures towards merchants, and coordinating a meeting for merchants with the head of the Council Ministers to listen to their problems and the possibility of solving them by overcoming the obstacles facing their commercial work.
Al-Sudani added, "The committee aims to support the dinar and make it the basis for buying and selling in transactions within the country and adopting the foreign currency (the dollar) in external transactions only, which reduces pressure on the dollar and leads to a decline in its exchange rates in the local market. This process, if successful, will achieve price stability and proportionality." With the income of the citizen, who is burdened by the rise in prices as a result of fluctuating exchange rates.
He explained that "several measures have been put in place to support the dinar, as the central bank has taken upon itself to solve the problem of bank transfers and adopt the platform in this regard despite the repeated complaints of merchants, but it is a good step to speed up the issue of remittances, in parallel with the simplification of banking procedures from the Baghdad Chamber of Commerce, which merchants complained about." A lot of them, as the Chamber organized discussion sessions through which merchants gathered with bank representatives to discuss and find solutions, and the rest of the procedures relate to the merchant himself and the extent of his response to the campaign and his implementation of the instructions that the committee provides him with in order to ensure the value of the dinar.
He continued by saying that "the issue of currency stability is related to government measures more than it relates to other parties, as they are the only ones capable of doing so, through the procedures they take and the extent of their implementation," noting that "the Baghdad Chamber of Commerce works alongside the merchant who incurred losses as a result of the fluctuation that occurred and its reflection on prices." And the current recession and the reluctance of citizens to buy, and it will remain supportive of any measure that would support price stability and raise the value of the Iraqi dinar against the US dollar, by preventing speculation in the currency and continuous campaigns to urge the merchant to adopt the dinar in his dealings, as well as government control and preventing currency smuggling and so on. Measures to maintain the stability of the currency.
Parliamentary Finance: The US Federal Reserve impedes the stability of the dollar exchange rate
A member of the Parliamentary Finance Committee, Representative Moeen Al-Kazemi, confirmed today, Sunday, that the US Federal Bank is obstructing the stability of the dollar exchange rate against the dinar by delaying sending remittances to merchants, obstructing the central bank’s procedures and restricting its movement.
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