Finance begins distributing estimates of the state's current expenditures, revenues, and public investment projects
Finance begins distributing estimates of current expenditures, revenues, and investment projects for 2024
Today, Saturday, the Ministry of Finance announced the start of distributing estimates of the state’s current expenditures, revenues, and investment projects for the year 2024.
A Finance statement received by Al-Rabaa stated, “The Budget Department calls on all ministries, governorates, and entities not affiliated with a ministry to send their authorized representatives tomorrow, Sunday, for the purpose of receiving estimates of current expenditures, revenues, and investment projects for the current year, approved by the House of Representatives, according to what was stated in Parliamentary Resolution No. (64). ) for the year 2024 and was held at its session numbered (27) on June 3 of the current year.
the video for this blogpost is below here:
The Ministry of Finance announced today, Saturday, the start of distributing estimates of current expenditures, revenues and investment projects for the year 2024.
The Ministry stated, in a statement, a copy of which was received by Al-Mustaqila, that “the state has begun distributing estimates of current expenditures, revenues, and investment projects for the year 2024 to the state.
She added, “The Budget Department of the Ministry of Finance calls on all ministries, governorates, and entities not affiliated with a ministry, to send their representatives tomorrow, Sunday, June 23, 2024, to receive estimates of current expenditures, revenues, and investment projects for the current year, which were approved by the House of Representatives in accordance with Parliamentary Resolution No. (64) of 2024, adopted at its session numbered (27) on June 3 of the current year.”
This step comes as part of the government's efforts to improve financial planning and ensure a fair distribution of resources in a way that enhances the quality of public services and contributes to achieving sustainable development in all regions of Iraq .
ADDED POST PRODUCTION
After the Eid jump... a specialist predicts the dollar exchange rates in Iraq
Economic expert Sirwan Abdel Rahman confirmed today, Friday (June 21, 2024), that the measures of the government and the central bank will contribute to reducing the price of the dollar again.
Abdul Rahman said in an interview with "Baghdad Today", "The Central Bank's measures reduced the chances of speculators and currency traders who wanted to exploit the crisis and raise the price of the dollar to more than 200 thousand dinars."
He added, "The current price of the dollar is 145 thousand dinars, and if the Central Bank's measures continue, especially in the issue of emphasizing the transfer of dollars except to those entitled to them, the price will fall in the parallel market and stabilize in the coming weeks at 140 thousand dinars."
Since Eid al-Adha, the exchange rates of the dollar against the Iraqi dinar have risen until they exceeded 147 thousand dinars for every 100 dollars, after being below 145 thousand dinars during the past weeks.
From June 20 24
Financial Control: We are about to build a new strategy
link gibberish
The Federal Financial Supervision Bureau announced today, Thursday, the imminent construction of a new strategy for the coming years, while clarifying the details of its work.
The Deputy Chairman of the Bureau, Qaiser Ghazi Zaghir, told the Iraqi News Agency (INA): “Financial oversight is an essential partner in building strategies and following up on their implementation in all of our oversight bodies operating in state institutions.”
He pointed out, “The bodies are following up on the implementation of strategies by all ministries and regulatory bodies, and submitting their reports to the Integrity Commission on the level and results of implementation, in addition to that there is a joint team with the Integrity Commission in building a strategy, following it up and submitting its reports.”
He stressed that “the Financial Supervision Bureau and the Integrity Commission are about to build a new strategy for the coming years, starting from 2025 onwards,” expressing his hope “to benefit from the outcomes of the meeting conference with Arab integrity bodies to build the strategy.”
He added, "The Financial Supervision Bureau works transparently and constantly publishes all its reports, which are officially published on the Bureau's website, in addition to the annual report, which is sent to the relevant authorities for review."
June 21 2024
America: We are working with Iraq to create a favorable environment for our companies.. What about the obstacles?
A US Commerce Department official announced that the United States is working "closely" with Baghdad to create a "favorable environment" for American companies to operate in Iraq.
The work of several American companies that were operating in the oil sector in the Kurdistan Region stopped for more than a year, following disputes with Baghdad regarding contracts after the decision of the arbitration panel in the International Chamber of Commerce in Paris in favor of Iraq against Turkey in March 2023.
Although Erbil and Baghdad agreed to resume oil exports under the supervision of the Federal Ministry of Oil, the companies did not resume oil production because an agreement was not reached on wages.
The American official said: “We are working closely with the Iraqi government to create a favorable environment, not only for oil companies, but also for companies in various sectors involved in the development of Iraq.”
Arun Venkataraman touched on some of the obstacles facing American companies in Iraq, noting that Washington is working "closely" with Baghdad to determine the sectors in which it believes American companies have "investment opportunities."
He added, "We realize that Iraq's needs are many, and we also know that the main points of the (Iraqi) government's economic development policy are those in which our American companies can play a role."
He continued: "We continue to work with them to create an environment for our companies to be able to succeed, because we realize that Iraq will also succeed in achieving its goals when our companies succeed in Iraq."
Economic clarification: Why do Iraq’s reserves not rise despite the rise in oil prices?
Today, Friday, economic expert Mahmoud Dagher explained the reasons for the failure of Iraq's financial reserves to increase despite the rise in oil prices, while stressing that the country has no hope except by diversifying its output and pressuring spending, especially operational.
Dagher said in an interview with Al-Iqtisad News, “Reserves are not measured by size, but by adequacy, and there are two indicators of adequacy: the adequacy of reserves to cover imports without any exports, and I believe that it reaches Iraq with the existing reserve remaining for approximately 12 months, which is excellent for foreign reserves covering the exported currency.” ".
He added: "If we want to answer the question of why the reserves, which exceed 100 billion, do not increase despite the rise in oil prices, this is due to two reasons. The first is direct and is the result of the Central Bank’s sales rising to 300 million dollars per day to cover imports."
He pointed out, "The second reason is indirect and results from the increase in public spending, especially the salary bill, which, along with retirement, subsidies, and nationals, has reached close to 100 trillion."
The economist said, "The adequacy of reserves is good; since Iraq is an oil economy, it is difficult to rely on adequacy alone due to the possibility of a decline in the price of a barrel."
Isn't this interesting?
look at the money in this picture
but the article doesn't mention dinar at all
A popular Wall Street currency trade is getting hit by geopolitical uncertainty
‘The unwinding of the carry trade has been a major talking point with clients recently,’ say strategists at TD Securities
Only a month ago, Wall Street was promoting a popular trading strategy across global foreign-exchange markets — one in which investors attempt to take advantage of differences in interest rates among countries.
The so-called carry trade, a common strategy by investment funds, was seen as likely to benefit in the months ahead from relatively subdued volatility and a likely divergence in interest-rate paths by central banks around the world.
That began to change earlier this month when the carry trade in currencies quickly unwound following a sharp drop in the Mexican peso USDMXN, -1.42%, triggered by a landslide election victory from the country’s ruling party. The scale of the victory took markets by surprise and rocked the round-the-clock currency market: Exchange-traded funds that track Mexican equities suffered their biggest daily drop in more than four years on June 3, and the peso had its worst daily showing against the U.S. dollar since June 2020.
Then last week, fed-funds futures traders began pricing in a greater likelihood of as many as two quarter-point rate cuts from the Federal Reserve this year, despite policymakers’ guidance last Wednesday pointing to just one 2024 cut. Instead of keeping interest rates higher for longer at between 5.25% to 5.5%, the U.S. central bank is now seen as likely to join its major global peers by cutting rates this year.
Strategists Mark McCormick, Jayati Bharadwaj, Ray Ng and Alex Loo at TD Securities said the foreign-exchange market had been lulled into a “dreamlike state” when it comes to volatility, and that “the unwinding of the carry trade has been a major talking point with clients recently.’’
“A successful carry trade needs two conditions,” which are low volatility and interest-rate divergence, they wrote in a note on Monday. “Both are now moving against it, leaving the [U.S. dollar] as the best hedge to rising risks.”
Outside the U.S., the developments in Mexico are interconnected with global political upheaval — from France to South Africa to India — which is “starting to reshape the market sentiment,’’ according to the strategists. “The grip of the ‘doom loop’ continues to tighten ever so slightly. Markets are witnessing typical behavior of a complex, adaptive system. What starts with a seemingly idiosyncratic event in a specific country, morphs into a problem for everyone else.”
On Monday, calm was restored in France’s stock and bond markets after an interview published over the weekend in which Marine Le Pen, who leads the country’s far-right political party, said she would work with President Emmanuel Macron if her party wins. Meanwhile, the ICE U.S. Dollar Index DXY was down 0.2% in late-afternoon trading in New York.
Articles from June 22 2024
The budget is considered “numbers on paper”... revenues for the first 4 months are 15% less than what Iraq expects
Despite the end of the first half of the current year, the Ministry of Finance began distributing estimates of current expenditures, revenues, and investment projects for the year 2024 to the ministries and governorates, in a late measure that came mainly due to the delay in approving the budget schedules, which did not take place until the second of this June by the Council of Ministers. Representatives.
Delay in schedules and spending plans, often making the numbers contained in the budget mere numbers on paper, not similar to the imposed reality, while Al-Sumaria News takes a look at the size of actual expenditures and revenues, not those planned in the budget, for the first four months of this year compared to what is in the budget.
#Revenues are 15% less than planned.
The 2024 budget tables indicate that the estimated revenues for 2024 amount to 147.8 trillion dinars, which means that Iraq during the current year must achieve this amount, at a monthly rate of 12.3 trillion dinars, divided by 10 trillion dinars in revenues. Oil revenues, and 2.2 trillion dinars in non-oil revenues, bringing the total revenues for 4 months to more than 49 trillion dinars.
However, the reality shows that Iraq's revenues during 4 months amounted to only 42 trillion dinars, meaning that the revenues achieved are 15% less than what Iraq plans in the budget.
Oil revenues amounted to a monthly average of 9.5 trillion, instead of the 10 trillion per month that was planned, and non-oil revenues amounted to 1.1 trillion instead of the 2.2 trillion dinars planned in the budget, and while it can be said that after June, that is, after the approval of the schedules, it is possible that the rate of non-oil revenues will rise. Oil revenues due to the imposition of new fees, but it is not expected to double from 1 to 2 trillion per month as the budget plans, and even if non-oil revenues increase, oil revenues cannot rise according to government measures, especially since oil prices are volatile and close in the first months. Of the year.
#Expenditures are 45% less than planned.
As for expenditures, the budget estimates them at 212 trillion dinars, meaning Iraq must spend 17.6 trillion dinars per month, and within 4 months Iraq must spend 70.6 trillion dinars, but the truth is that what Iraq spent during the months The first four months of the current year amounted to more than 37 trillion dinars only, meaning that Iraq spent only 52% of the planned spending.
However, it is expected that the pace of spending will increase after the schedules are approved, as spending is among the government decisions that it can take, unlike oil revenues, and if spending increases, the risk will increase, as the percentage of spending increases and reality approaches the plan, with a decline in the percentage of revenues achieved. Far from its planned size, it will increase the deficit that was not covered by the budget, that is, it can be described as a “sudden deficit” that was not planned for or loans or debts were not allocated to pay it, as happened with the deficit that was originally in the budget and how to address it is planned.
#Revenues are 15% less than planned.
The 2024 budget tables indicate that the estimated revenues for 2024 amount to 147.8 trillion dinars, which means that Iraq during the current year must achieve this amount, at a monthly rate of 12.3 trillion dinars, divided by 10 trillion dinars in revenues. Oil revenues, and 2.2 trillion dinars in non-oil revenues, bringing the total revenues for 4 months to more than 49 trillion dinars.
However, the reality shows that Iraq's revenues during 4 months amounted to only 42 trillion dinars, meaning that the revenues achieved are 15% less than what Iraq plans in the budget.
Oil revenues amounted to a monthly average of 9.5 trillion, instead of the 10 trillion per month that was planned, and non-oil revenues amounted to 1.1 trillion instead of the 2.2 trillion dinars planned in the budget, and while it can be said that after June, that is, after the approval of the schedules, it is possible that the rate of non-oil revenues will rise. Oil revenues due to the imposition of new fees, but it is not expected to double from 1 to 2 trillion per month as the budget plans, and even if non-oil revenues increase, oil revenues cannot rise according to government measures, especially since oil prices are volatile and close in the first months. Of the year.
#Expenditures are 45% less than planned.
As for expenditures, the budget estimates them at 212 trillion dinars, meaning Iraq must spend 17.6 trillion dinars per month, and within 4 months Iraq must spend 70.6 trillion dinars, but the truth is that what Iraq spent during the months The first four months of the current year amounted to more than 37 trillion dinars only, meaning that Iraq spent only 52% of the planned spending.
However, it is expected that the pace of spending will increase after the schedules are approved, as spending is among the government decisions that it can take, unlike oil revenues, and if spending increases, the risk will increase, as the percentage of spending increases and reality approaches the plan, with a decline in the percentage of revenues achieved. Far from its planned size, it will increase the deficit that was not covered by the budget, that is, it can be described as a “sudden deficit” that was not planned for or loans or debts were not allocated to pay it, as happened with the deficit that was originally in the budget and how to address it is planned.
A member of the "Islamic Resistance in Iraq" was killed by an American bombing near the Syrian border
The Islamic Resistance in Iraq announced on Saturday that one of its members was killed in an American bombing that targeted his car on the Syrian-Iraqi border.
The "Jihad Council" of the "Master of Martyrs' Brigades" faction said in a statement issued at dawn today, seen by Shafaq News Agency, "The Islamic Resistance, the Sayyid Martyrs' Brigades, is killing Mansoura. The martyr, the Mujahid Abdullah Razzaq Anoun al-Safi, was martyred on the road to Jerusalem, in a treacherous American bombing that targeted He drove it on Friday, during a monitoring and reconnaissance patrol on the outskirts of the Iraqi-Syrian border.
Yesterday, Friday, local sources reported that headquarters of Iraqi factions were subjected to an air strike within Syrian territory.
According to the information received at the time; An unidentified aircraft targeted the areas of the pro-Iranian factions within the areas of Al-Bukamal, Badia Al-Hamdan, and Al-Sukariyya in Syrian territory.
While Syrian media reported: The bombing targeted a truck with a drone in the vicinity of the tribal town in Albukamal, near the Iraqi border.
For his part; The Syrian Observatory for Human Rights confirmed that a single severe explosion occurred near the town of Al-Sukariyah, coinciding with the flight of a plane that likely targeted this area.
The observatory indicated: The area where the explosion occurred contains a gas station belonging to pro-Iranian factions.
The Islamic Resistance in Iraq announced on Saturday that one of its members was killed in an American bombing that targeted his car on the Syrian-Iraqi border.
The "Jihad Council" of the "Master of Martyrs' Brigades" faction said in a statement issued at dawn today, seen by Shafaq News Agency, "The Islamic Resistance, the Sayyid Martyrs' Brigades, is killing Mansoura. The martyr, the Mujahid Abdullah Razzaq Anoun al-Safi, was martyred on the road to Jerusalem, in a treacherous American bombing that targeted He drove it on Friday, during a monitoring and reconnaissance patrol on the outskirts of the Iraqi-Syrian border.
Yesterday, Friday, local sources reported that headquarters of Iraqi factions were subjected to an air strike within Syrian territory.
According to the information received at the time; An unidentified aircraft targeted the areas of the pro-Iranian factions within the areas of Al-Bukamal, Badia Al-Hamdan, and Al-Sukariyya in Syrian territory.
While Syrian media reported: The bombing targeted a truck with a drone in the vicinity of the tribal town in Albukamal, near the Iraqi border.
For his part; The Syrian Observatory for Human Rights confirmed that a single severe explosion occurred near the town of Al-Sukariyah, coinciding with the flight of a plane that likely targeted this area.
The observatory indicated: The area where the explosion occurred contains a gas station belonging to pro-Iranian factions.
Good news for the security services in Kurdistan... dues will not be delayed this month and “the salary problem is over”
Today, Saturday (June 22, 2024), the representative of the Patriotic Union of Kurdistan, Gharib Ahmed, confirmed that the problem of the salaries of the security services in the Kurdistan Region has been permanently resolved.
Ahmed said in an interview with "Baghdad Today" that "during the current month there will be no delay in the issue of sending the salaries of the security services in the Kurdistan region of the Peshmerga and the rest of the security types, and they will be sent with the rest of the salaries of employees, retirees, martyrs and others."
He added, "The 'code' system was adopted instead of sending the full names of members and officers of those services, and therefore no problem will occur. The regional government has begun preparing lists to send to Baghdad, and most likely, the distribution of the salaries of employees and security agencies in the region will not be delayed after distributing the employees' salaries." In the Iraqi governorates.
On Saturday (June 8, 2024), former Kurdish MP Ghaleb Muhammad revealed the sums of money allocated to the salaries of the security forces and the Peshmerga in the Kurdistan region, noting that they are equivalent to 51% of the salaries of the region’s employees in general.
Muhammad said in an interview with “Baghdad Today” that “the delay in disbursing the salaries of the security forces is borne by the Kurdistan Regional Government because it did not send the lists and data of those agencies to the federal government.”
He added, "What is allocated to the security forces and Peshmerga is equivalent to 51% of the salaries allocated to the Kurdistan region, as approximately 480 billion dinars are allocated monthly to the salaries of the security forces."
On Saturday (June 8, 2024), Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani, announced that an agreement had been reached with Baghdad, and lists of the names of the Peshmerga would be sent for the purpose of disbursing their salaries soon, and an agreement was reached to form a joint committee from the Kurdistan and Federal Financial Supervision Bureau to audit the lists of employee names.
On the other hand, questions arise as to whether the money received by the Peshmerga from the American side, according to an old agreement, will continue or stop with Baghdad taking care of the salaries of the Peshmerga.
There has been an agreement since 2016 and it was renewed in 2022, and it is hoped that it will continue until 2026 between Washington and Kurdistan by sending $20 million per month in assistance for the Peshmerga’s salaries, which is equivalent to more than 26 billion dinars per month.
This amount is equivalent to approximately 5% of the total salaries of the Peshmerga, amounting to 480 billion dinars per month, while it remains unknown whether Baghdad will send the full salaries or only complete the shortfall and deduct the equivalent of 26 billion dinars that the Peshmerga receive from Washington, especially with the Kurdistan government’s announcement. US funding will continue until 2026.
Today, Saturday (June 22, 2024), the representative of the Patriotic Union of Kurdistan, Gharib Ahmed, confirmed that the problem of the salaries of the security services in the Kurdistan Region has been permanently resolved.
Ahmed said in an interview with "Baghdad Today" that "during the current month there will be no delay in the issue of sending the salaries of the security services in the Kurdistan region of the Peshmerga and the rest of the security types, and they will be sent with the rest of the salaries of employees, retirees, martyrs and others."
He added, "The 'code' system was adopted instead of sending the full names of members and officers of those services, and therefore no problem will occur. The regional government has begun preparing lists to send to Baghdad, and most likely, the distribution of the salaries of employees and security agencies in the region will not be delayed after distributing the employees' salaries." In the Iraqi governorates.
On Saturday (June 8, 2024), former Kurdish MP Ghaleb Muhammad revealed the sums of money allocated to the salaries of the security forces and the Peshmerga in the Kurdistan region, noting that they are equivalent to 51% of the salaries of the region’s employees in general.
Muhammad said in an interview with “Baghdad Today” that “the delay in disbursing the salaries of the security forces is borne by the Kurdistan Regional Government because it did not send the lists and data of those agencies to the federal government.”
He added, "What is allocated to the security forces and Peshmerga is equivalent to 51% of the salaries allocated to the Kurdistan region, as approximately 480 billion dinars are allocated monthly to the salaries of the security forces."
On Saturday (June 8, 2024), Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani, announced that an agreement had been reached with Baghdad, and lists of the names of the Peshmerga would be sent for the purpose of disbursing their salaries soon, and an agreement was reached to form a joint committee from the Kurdistan and Federal Financial Supervision Bureau to audit the lists of employee names.
On the other hand, questions arise as to whether the money received by the Peshmerga from the American side, according to an old agreement, will continue or stop with Baghdad taking care of the salaries of the Peshmerga.
There has been an agreement since 2016 and it was renewed in 2022, and it is hoped that it will continue until 2026 between Washington and Kurdistan by sending $20 million per month in assistance for the Peshmerga’s salaries, which is equivalent to more than 26 billion dinars per month.
This amount is equivalent to approximately 5% of the total salaries of the Peshmerga, amounting to 480 billion dinars per month, while it remains unknown whether Baghdad will send the full salaries or only complete the shortfall and deduct the equivalent of 26 billion dinars that the Peshmerga receive from Washington, especially with the Kurdistan government’s announcement. US funding will continue until 2026.
Militarily... Al-Sudani talks about the stage after the end of the international coalition’s missions in Iraq
The Prime Minister and Commander-in-Chief of the Armed Forces, Muhammad Shiaa Al-Sudani, confirmed on Saturday the continued strengthening of air defense and air surveillance capabilities within the phase of ending the international coalition’s mission in Iraq.
This came in a speech he delivered during the opening of the new Air Defense Command operations center.
A statement issued by his media office stated that, on the sidelines of the opening of the center, Al-Sudani listened to a detailed briefing about the center presented by the Air Defense Commander, in which he confirmed that the new center was equipped with a modern system of high-detection radars, as part of the Air Defense Command’s efforts to develop the infrastructure for surveillance and security. The safety of the Iraqi airspace, and he stressed the government’s continued support and strengthening of command and control capabilities over the Iraqi airspace, protecting it from violations and raising the level of immediate response.
Al-Sudani praised the efforts of the leaders and officers who participated in completing and operating this center, which was established in cooperation with the French company Thales, which specializes in defense equipment, on the path of plans to develop the armament of our various types of armed forces, as the government allocated approximately 5 trillion dinars for these goals, of which 3 trillion in Budget 2024, and within the project to enhance weapons capabilities.
The Commander-in-Chief of the Armed Forces explained that the goal of preserving the security and sovereignty of Iraq over its land, airspace, and waters is a main axis within the goals of the government program in the field of defense and confronting security challenges, especially in the period after the end of the international coalition’s missions.
He also indicated the continuation of efforts to pursue all forms of terrorist threats or breaches, and to build detection and early warning capabilities, especially in the field of low detection, and with the development of air defense levels and technologies in neighboring countries and the region, in addition to emphasis on developing the use of interceptors from the latest specialized aircraft to confront all possibilities of breach. Or aggression.
At the beginning of this year, the Iraqi Ministry of Foreign Affairs announced the success of the negotiations with America and the agreement to form a “supreme military committee” to formulate a specific and clear timetable that determines the duration of the presence of international coalition advisors in Iraq.
On Wednesday, June 5, an informed political source revealed a 40-day deadline granted by Iraqi armed factions to Prime Minister Muhammad Shiaa al-Sudani to resolve the issue of removing American forces from the country, threatening that otherwise they would resume their attacks against American military forces.
In early February, attacks by armed groups on American forces in Iraq and Syria stopped, after a drone attack killed three American soldiers in Jordan. In response, the United States carried out air strikes on sites in Iraq and Syria.
In the midst of the new developments, an informed political source explained to Shafaq News Agency, “A number of armed factions have given Sudanese and his government a deadline until the middle of next July to resolve the issue of removing American forces from the country.”
The source added, "The factions required setting a declared and binding timetable to resolve this file. Otherwise, military operations will resume against American targets and interests in Iraq and the region."
On January 30, 2024, the Iraqi Hezbollah Brigades announced the cessation of its operations against American forces in order “not to embarrass the Iraqi government,” recommending its fighters to “temporarily passive defense.”
Iraqi armed factions launched periodic attacks on American bases in Iraq and Syria, starting in late October 2023, against the backdrop of the Gaza War.
The Prime Minister and Commander-in-Chief of the Armed Forces, Muhammad Shiaa Al-Sudani, confirmed on Saturday the continued strengthening of air defense and air surveillance capabilities within the phase of ending the international coalition’s mission in Iraq.
This came in a speech he delivered during the opening of the new Air Defense Command operations center.
A statement issued by his media office stated that, on the sidelines of the opening of the center, Al-Sudani listened to a detailed briefing about the center presented by the Air Defense Commander, in which he confirmed that the new center was equipped with a modern system of high-detection radars, as part of the Air Defense Command’s efforts to develop the infrastructure for surveillance and security. The safety of the Iraqi airspace, and he stressed the government’s continued support and strengthening of command and control capabilities over the Iraqi airspace, protecting it from violations and raising the level of immediate response.
Al-Sudani praised the efforts of the leaders and officers who participated in completing and operating this center, which was established in cooperation with the French company Thales, which specializes in defense equipment, on the path of plans to develop the armament of our various types of armed forces, as the government allocated approximately 5 trillion dinars for these goals, of which 3 trillion in Budget 2024, and within the project to enhance weapons capabilities.
The Commander-in-Chief of the Armed Forces explained that the goal of preserving the security and sovereignty of Iraq over its land, airspace, and waters is a main axis within the goals of the government program in the field of defense and confronting security challenges, especially in the period after the end of the international coalition’s missions.
He also indicated the continuation of efforts to pursue all forms of terrorist threats or breaches, and to build detection and early warning capabilities, especially in the field of low detection, and with the development of air defense levels and technologies in neighboring countries and the region, in addition to emphasis on developing the use of interceptors from the latest specialized aircraft to confront all possibilities of breach. Or aggression.
At the beginning of this year, the Iraqi Ministry of Foreign Affairs announced the success of the negotiations with America and the agreement to form a “supreme military committee” to formulate a specific and clear timetable that determines the duration of the presence of international coalition advisors in Iraq.
On Wednesday, June 5, an informed political source revealed a 40-day deadline granted by Iraqi armed factions to Prime Minister Muhammad Shiaa al-Sudani to resolve the issue of removing American forces from the country, threatening that otherwise they would resume their attacks against American military forces.
In early February, attacks by armed groups on American forces in Iraq and Syria stopped, after a drone attack killed three American soldiers in Jordan. In response, the United States carried out air strikes on sites in Iraq and Syria.
In the midst of the new developments, an informed political source explained to Shafaq News Agency, “A number of armed factions have given Sudanese and his government a deadline until the middle of next July to resolve the issue of removing American forces from the country.”
The source added, "The factions required setting a declared and binding timetable to resolve this file. Otherwise, military operations will resume against American targets and interests in Iraq and the region."
On January 30, 2024, the Iraqi Hezbollah Brigades announced the cessation of its operations against American forces in order “not to embarrass the Iraqi government,” recommending its fighters to “temporarily passive defense.”
Iraqi armed factions launched periodic attacks on American bases in Iraq and Syria, starting in late October 2023, against the backdrop of the Gaza War.
An economist talks about the mechanism for overcoming the budget deficit
Economist Osama Al-Tamimi described: “Today, the budget deficit is planning, not executive, but he stressed that the deficit is real when the government is able to implement all its programs and spend the budget completely.”
Al-Tamimi told the Iraq Observer Agency: “This has not been achieved in any year, and here the percentage of completion from the real budget remains the ruling in determining the deficit, and the lower the percentage of implementation, the lower the arithmetic percentage of the deficit.”
The economic expert explained: “Noting that the budget numbers on the analysis side are hypothetical, the deficit can also be avoided by making transfers in some sections and putting pressure on the operating budget as well as internal borrowing.”
Parliamentary Economy clarifies...Does the fluctuation of oil prices affect the economy of Iraq?
The Parliamentary Oil and Gas Committee confirmed today, Saturday, that the fluctuation in oil prices does not affect the Iraqi economy.
Committee member Ali Saadoun Al-Lami said, “The 2023 budget tables came to the House of Representatives when a barrel of oil was calculated at 74 dollars.”
Al-Lami added, "There is a moving dollar of 10 on the price of a barrel, so the rise or fall of oil prices does not affect the economy."
Government advisor: Sovereign guarantees to the private sector will contribute to the industrial renaissance
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Saturday that sovereign guarantees for the private sector will contribute to the industrial renaissance, indicating that it is a practical application of the government’s approach to modernizing the national industry.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “sovereign guarantees are pledges from the government that it is a sovereign power to guarantee the payment of debts or financial obligations owed by another entity such as a company or a subsidiary government entity,” pointing out that “Sovereign guarantees have taken another direction, which is to guarantee the activities of the national private industrial sector, based on what was stated in Article II/3 of the Federal (Tripartite) General Budget Law No. 13 of 2023, as Article II/3 of the above law stipulates: The Minister of Finance With the approval of the Federal Council of Ministers, the Federal Council of Ministers shall issue the necessary guarantees to support the agricultural and private industrial sectors to establish projects that will be financed by foreign institutions at a rate of no less than 85% of the value of each project and a total amount not exceeding one trillion dinars.
He added, “Based on the above, this guarantee issued by the state’s sovereignty makes it easier for those companies or entities in the private sector to obtain external financing in particular, especially since investors or lenders feel more secure in the presence of the government guarantee to proceed with their projects that are carried out with careful choices.” It helps the industrial renaissance in the country, and contributes to diversifying the sources of national production, especially the renaissance of the private industrial sector, provided that the private sector benefiting from the sovereign guarantee contributes by providing a percentage of financing for its industrial project from its own funds, not less than 15% of the total value of the project financing.” .
He stated that “including the private industrial sector with sovereign guarantees is nothing but a practical application of important aspects of the philosophy of the government curriculum, which aims to modernize the national industry and with the state’s guarantee for the private industrial sector and consider it a strategic basis for economic diversification and in accordance with the principle of applying the economic partnership between the market and the state, the latest of which is a decision.” The Council of Ministers allowed the activation of Article 35 of the Public Companies Law No. 22 of 1997, as amended, by making dozens of public industrial companies become public joint-stock companies.
Saleh continued, “The priorities of the Sovereign Guarantees Committee, which is responsible for following up on implementation and in accordance with what was stated in the General Budget Law (Tripartite), are directed toward supporting the industrial sector, and that the goals of the committee constitute at the same time one of the government’s priorities in maximizing rates of economic development and its sustainable opportunities for growth and building.” Accumulating human capital, combating the phenomenon of unemployment, and enhancing economic well-being.”
He pointed out that "the first aspect is represented by industrial advancement and through financing partnerships by granting sovereign guarantees to the private sector producing industries, medical supplies, and export supplies for medicines. The second aspect relates to the industrial base related to infrastructure, especially building and construction projects, whether from iron, brick or cement factories." And others, and the third aspect is related to the diversification of the oil sector itself, especially the chemical and petroche
Economist Osama Al-Tamimi described: “Today, the budget deficit is planning, not executive, but he stressed that the deficit is real when the government is able to implement all its programs and spend the budget completely.”
Al-Tamimi told the Iraq Observer Agency: “This has not been achieved in any year, and here the percentage of completion from the real budget remains the ruling in determining the deficit, and the lower the percentage of implementation, the lower the arithmetic percentage of the deficit.”
The economic expert explained: “Noting that the budget numbers on the analysis side are hypothetical, the deficit can also be avoided by making transfers in some sections and putting pressure on the operating budget as well as internal borrowing.”
Parliamentary Economy clarifies...Does the fluctuation of oil prices affect the economy of Iraq?
The Parliamentary Oil and Gas Committee confirmed today, Saturday, that the fluctuation in oil prices does not affect the Iraqi economy.
Committee member Ali Saadoun Al-Lami said, “The 2023 budget tables came to the House of Representatives when a barrel of oil was calculated at 74 dollars.”
Al-Lami added, "There is a moving dollar of 10 on the price of a barrel, so the rise or fall of oil prices does not affect the economy."
Government advisor: Sovereign guarantees to the private sector will contribute to the industrial renaissance
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Saturday that sovereign guarantees for the private sector will contribute to the industrial renaissance, indicating that it is a practical application of the government’s approach to modernizing the national industry.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “sovereign guarantees are pledges from the government that it is a sovereign power to guarantee the payment of debts or financial obligations owed by another entity such as a company or a subsidiary government entity,” pointing out that “Sovereign guarantees have taken another direction, which is to guarantee the activities of the national private industrial sector, based on what was stated in Article II/3 of the Federal (Tripartite) General Budget Law No. 13 of 2023, as Article II/3 of the above law stipulates: The Minister of Finance With the approval of the Federal Council of Ministers, the Federal Council of Ministers shall issue the necessary guarantees to support the agricultural and private industrial sectors to establish projects that will be financed by foreign institutions at a rate of no less than 85% of the value of each project and a total amount not exceeding one trillion dinars.
He added, “Based on the above, this guarantee issued by the state’s sovereignty makes it easier for those companies or entities in the private sector to obtain external financing in particular, especially since investors or lenders feel more secure in the presence of the government guarantee to proceed with their projects that are carried out with careful choices.” It helps the industrial renaissance in the country, and contributes to diversifying the sources of national production, especially the renaissance of the private industrial sector, provided that the private sector benefiting from the sovereign guarantee contributes by providing a percentage of financing for its industrial project from its own funds, not less than 15% of the total value of the project financing.” .
He stated that “including the private industrial sector with sovereign guarantees is nothing but a practical application of important aspects of the philosophy of the government curriculum, which aims to modernize the national industry and with the state’s guarantee for the private industrial sector and consider it a strategic basis for economic diversification and in accordance with the principle of applying the economic partnership between the market and the state, the latest of which is a decision.” The Council of Ministers allowed the activation of Article 35 of the Public Companies Law No. 22 of 1997, as amended, by making dozens of public industrial companies become public joint-stock companies.
Saleh continued, “The priorities of the Sovereign Guarantees Committee, which is responsible for following up on implementation and in accordance with what was stated in the General Budget Law (Tripartite), are directed toward supporting the industrial sector, and that the goals of the committee constitute at the same time one of the government’s priorities in maximizing rates of economic development and its sustainable opportunities for growth and building.” Accumulating human capital, combating the phenomenon of unemployment, and enhancing economic well-being.”
He pointed out that "the first aspect is represented by industrial advancement and through financing partnerships by granting sovereign guarantees to the private sector producing industries, medical supplies, and export supplies for medicines. The second aspect relates to the industrial base related to infrastructure, especially building and construction projects, whether from iron, brick or cement factories." And others, and the third aspect is related to the diversification of the oil sector itself, especially the chemical and petroche
Creating money Iraqi citizen education
There is no such thing as money creation, except what central banks print their local currencies. Everything else is a misunderstanding of this term by some, which prompted me to write this brief article.
Central banks issue their local currencies for three reasons: related to the economy, politics, and corruption. As for corruption, some central banks print their local currencies to cover smuggling, money laundering, and drug trade operations, under pressure from powerful forces, local and regional, as is the case in Iraq, some African countries, and American countries. Latin.
As for the political reasons, some governments put pressure on their central banks to print money, in order to cover the budget deficit, or provide liquidity for spending, as is the case in Turkey, for example. As for the economic reasons, the efficiency of economic activities, the rapid movement and circulation of cash in them, and the multiple forms of profits. The benefits resulting from employing money in developmental operations (production and banking) and non-developmental operations (stock exchanges and cryptocurrencies), all of this, generates the inevitable need to cover the increase in the volume of economic growth, by providing more of the monetary mass that the markets are thirsty for, so it is based on... As a result, central banks issue the monetary mass necessary to achieve monetary stability, in accordance with market controls and their actual need for the monetary mass.
The financial industry has devised many means to keep pace with economic expansion, in parallel with the issuance of currency, such as instruments, promissory notes, credit cards, letters of guarantee, and others, which act as money in economic transactions and reduce the need to use paper money.
Those who believe that banks create money are mistaken by believing that bank interest, credit cards, etc., are the creation of money. Creating money means creating it from nothing, and this only happens by printing and issuing banknotes by central banks, not credit cards, nor Bank interest, nor profits resulting from development and non-development operations, constitute new money, but rather it is a natural expansion phenomenon of the economy.
This expansionary phenomenon is part of the nature of the economy. If production and development lead to the growth of the monetary mass and the printing of more currency, this inevitably indicates the health and stability of the economy. However, if non-developmental processes, such as investing money in speculation in markets, stock exchanges, and cryptocurrencies, push And the like, to the growth of the monetary mass, this clearly indicates the fall of the economy into the clutches of inflation, an imbalance in the distribution of income, and the exacerbation of the scourge of poverty and unemployment.
The conclusion: interest from banks, credit cards, and profits from development and non-development operations are an integral part of the economy, and they are not the creation of money, but rather they are natural secretions of economic activities that play their role in the expansion and growth of the economy, negatively or positively, according to their productive standard.
Changes in the digital economy and their impact in Iraq
Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi
The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field, and the acceleration of the processes of economic globalization. Currently, the development of information technology plays an important role in society and the economy.
Individuals and society always seek to meet growing needs in a certain field of activity, while information technology expands the capabilities of all people, organizations and countries.
Information technology has not only changed the patterns of business and consumer behavior in the modern economy, but also laid the foundation for various processes: high-tech production and economic activity, development of financial services, changes in educational concepts and standards, digital transformation. This infrastructure, formed on the basis of electronic interoperability, has become a new direction of global technology development in which economic activity depends on digital technologies. The digital economy enhances competition and competitiveness not only within the country, but also at the global level. Therefore, any country, including Iraq, that seeks to compete and build competitive performance standards in the global market must properly exploit the potential of the digital economy and promote digital progress. Iraq must catch up, accelerate the adoption of digital technologies, and ensure that everyone can access these technical benefits and modern information technology.
At the same time, fulfilling the promise of digital mainstreaming requires balancing risks and opportunities. As the world transitions to digital technology, preventive measures are critical to enhancing trust. Laws must be put in place to protect data, achieve cybersecurity, and create strong institutions to develop and enable robust, interconnected digital systems that can verify identity, transfer payments quickly and securely, and exchange data responsibly.
For Iraq to reap the benefits of technological and technical progress in digitization and artificial intelligence, and participate fully in the global digital economy?In order to accelerate the pace of engagement in the digital economy community with deliberate and reliable steps, Iraq should adopt the methodology of the digital economy and modern financial digitization. My agencies: 1- Bridging the global digital divide: Despite the rapid spread of new technologies in various parts of the world, 37% of the population, each person, is still deprived of Internet services. In addition, a large percentage of Iraqis are not involved in advanced information technology applications.
2- Preparing for the jobs of the future: Innovation radically changes the nature of work: new jobs are emerging, and other jobs are developing. In order to compete and contribute to raising the level of competitive performance standards of the digital economy, Iraq will have to prioritize education, vocational education and training, and build the digital, technical and technological skills of its workforce.
3- The importance of developing safe and reliable digital systems: With the world’s shift to modern digital technology and technologies, strengthening capabilities in areas such as cybersecurity, data protection, and maintaining the modern digital financial and economic system has become more important than ever before.
4- More funding to provide Internet services and IT applications for all: Providing broadband services for all will require more than $100 billion by 2030, and the public and private sectors cannot do this alone. Governments must undertake bold reforms, and the private sector can reduce costs and risks and increase efficiency, innovation and leadership.
Changes in the digital economy and their impact in Iraq
Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi
The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field, and the acceleration of the processes of economic globalization. Currently, the development of information technology plays an important role in society and the economy.
Individuals and society always seek to meet growing needs in a certain field of activity, while information technology expands the capabilities of all people, organizations and countries.
Iraq must catch up, accelerate the adoption of digital technologies, and ensure that everyone can access these technical benefits and modern information technology.
At the same time, fulfilling the promise of digital mainstreaming requires balancing risks and opportunities. As the world transitions to digital technology, preventive measures are critical to enhancing trust. Laws must be put in place to protect data, achieve cybersecurity, and create strong institutions to develop and enable robust, interconnected digital systems that can verify identity, transfer payments quickly and securely, and exchange data responsibly.
1- Bridging the global digital divide: Despite the rapid spread of new technologies in various parts of the world, 37% of the population, each person, is still deprived of Internet services. In addition, a large percentage of Iraqis are not involved in advanced information technology applications.
2- Preparing for the jobs of the future: Innovation radically changes the nature of work: new jobs are emerging, and other jobs are developing. In order to compete and contribute to raising the level of competitive performance standards of the digital economy, Iraq will have to prioritize education, vocational education and training, and build the digital, technical and technological skills of its workforce.
3- The importance of developing safe and reliable digital systems: With the world’s shift to modern digital technology and technologies, strengthening capabilities in areas such as cybersecurity, data protection, and maintaining the modern digital financial and economic system has become more important than ever before.
4- More funding to provide Internet services and IT applications for all: Providing broadband services for all will require more than $100 billion by 2030, and the public and private sectors cannot do this alone. Governments must undertake bold reforms, and the private sector can reduce costs and risks and increase efficiency, innovation and leadership.
This was on June 20 2024
Iraqi Resistance holds emergency meeting to discuss US troops presence
The "Iraqi Resistance", an alliance of several armed factions, announced an emergency meeting on Wednesday evening to discuss the presence of US forces in Iraq.
The Resistance stated, "The Iraqi Resistance Coordination Committee held an exceptional meeting to discuss the events in the region, particularly in Iraq. We have always been clear in our positions and transparent in our statements to keep our people informed about the ongoing events."
The statement noted, "The coordination committee discussed the opportunity granted to the government over four months ago to schedule the withdrawal of US forces from Iraq. The attendees emphasized the need to continue efforts to achieve national sovereignty. This comes after the enemy's procrastination and obstinacy, which has allowed them to remain occupiers of our land, infringers of our airspace, controllers of our security and economic decisions, and interferers in Iraqi affairs with impunity and arrogance, as if they are unaware of what awaits them after this period."
The resistance hinted that "the Iraqi people, its valiant resistance, dedicated politicians, tribal leaders, and members of parliament are capable and determined to resolve this issue and close it using all available means to restore security, stability, and complete sovereignty."
Four months ago, the "Iraqi Resistance" declared a truce and halted operations targeting military bases housing US forces to give the Iraqi government a chance to negotiate the withdrawal of US troops from the country.
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