Parliamentary Finance Committee confirms that it will soon resume its investigation into changes made to the General Budget Law tables
The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.
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He added, "The government is working with its tables approved by the Council of Representatives, and there is no financial damage to the public treasury," indicating, "The work on the general budget ceiling of 226 trillion dinars has been suspended, and the government is proceeding with implementing its tables that were approved by the Council of Representatives."
He explained, "The Parliamentary Finance Committee is following up on the reasons for the difference between the government version of the general budget tables and the paper and electronic version of the Council of Representatives."
Parliamentary Finance: Salaries are secured and investigation into changing budget schedules resumes
A member of the Parliamentary Finance Committee commented on the financial situation of the state treasury and its impact on salaries, while announcing the resumption of the investigation into changing the budget schedules.
Moeen Al-Kadhimi said, during his hosting on the {Free Talk} program broadcast by Al-Furat satellite channel on Tuesday evening: "I expect that the government will not be able to spend 211 trillion dinars and the spending will be based on what is available; therefore, we see a delay in spending project funds for ministries and governorates according to the planned expenditure."
Al-Kadhimi expected that "government spending will not exceed 160 trillion dinars, including securing all salaries, including employees, retirees, and social care, in addition to the availability of some operational and possible projects."
Regarding the 2024 budget schedules, Al-Kadhimi said that "the schedules that arrived from the government were approved without any changes, and after they were approved by the Presidency of the Council and sent to the Council of Ministers, the government revealed that they did not match the original version and demanded an explanation for the change."
"In light of this, the Finance Committee took the initiative to form an investigation committee to clarify this dispute. Then the Parliament Presidency objected to this formation, and we were surprised by that. In turn, the Presidency formed an investigation committee headed by Deputy Speaker of Parliament Shakhwan Abdullah and a number of members.
We do not know what the results are.
A letter was issued from the Presidency to the Prime Minister's Office confirming that the decision of the House of Representatives to approve the tables sent by the government is identical to what was stated by it,"
Al-Kadhimi concluded by saying, "The Finance Committee will resume its work by verifying the change in the tables, and we will have a serious review to find out the contexts and the link that introduced the distorted tables."
Minister of Finance stresses the importance of completing plans to regulate the work of the government banking sector
- Minister of Finance Taif Sami stressed, today, Tuesday, the importance of completing plans to regulate the work of the government banking sector.
To resolve the issue of banks "deprived of the dollar"... Al-Alaq to Washington soon
A responsible source in the Central Bank of Iraq revealed, today, Sunday (August 25, 2024), the imminent visit of the Governor of the Bank, Ali Al-Alaq, to the United States of America to resolve the issue of Iraqi banks deprived of the dollar.
The source told Baghdad Today that "at the end of this month there will be an important visit by the Governor of the Central Bank of Iraq, Ali Al-Alaq, to New York City in the United States of America to hold several meetings with the US Federal Reserve and the US Treasury to discuss the file of Iraqi banks that are banned from dealing in dollars, and the possibility of lifting this ban, as this has had a negative impact on the Iraqi banking and financial reality."
The source, who requested anonymity, said, "These Iraqi banks are not being punished, but are only being deprived of dealing in dollars, and Al-Alaq's visit comes to lift that deprivation, as well as to discuss protecting the Iraqi banking system and supporting its stability."
It is noteworthy that the Governor of the Central Bank of Iraq, Ali Al-Alaq, settled the controversy on Wednesday (August 7, 2024) regarding the reconsideration of the dollar exchange rates .
Al-Alaq said in press statements, followed by "Baghdad Today": "There is no intention to reconsider the dollar exchange rates," noting that "the Central Bank sells more than 250 million dollars daily at the official price ."
He pointed out that "the bank covers the requirements of foreign trade and some do not want fundamentalist methods," noting that "the view that the dollar price has risen or fallen is not a correct indicator ."
He stressed "the success of the Central Bank in controlling inflation compared to other countries," adding, "We will reach 100 percent of foreign transfers without going through the US Federal Reserve by the end of this year ."
He stressed that "the financial situation in Iraq is still proceeding within what is planned in the state's general budget," indicating that "for the first time, by virtue of the new budget and financial management law, the allocations of the governorates and ministries are being rotated ."
Al-Alaq said, "The Central Bank is undergoing a major transformation process by reorganizing foreign trade, and our procedures in foreign trade are being carried out for the first time with the participation of international institutions ."
He added, "There are small traders outside the system who are putting pressure on the market, and a mechanism to regulate their trade is about to be launched. We are focusing on getting everyone involved in the proper, fundamental channels ."
He revealed that "the Central Bank has opened channels for the Chinese, Turkish, Indian and Emirati currencies," announcing "the imminent launch of a new audit mechanism for trade in foreign currencies ."
He stressed that "all commercial foreign transfer operations are subject to review by the specialized international company," revealing "meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations ."
Al-Alaq explained, "The dollar is not given to the traveler until the departure stamp is obtained," indicating that "the new mechanism guarantees that the dollar reaches the traveler 100 percent, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah, and Kirkuk ."
He added, "There is a government trend to increase capital support for the Real Estate Bank and the Housing Fund in the budget," noting that "the bank's initiatives have an exceptional role in trying to fill the housing deficit ."
The Governor of the Central Bank announced that "the paragraph on increasing the capital of the Real Estate Bank and the Housing Fund in the budget has not been implemented yet, and we do not want the bank's financing to be an alternative to the investor's obligations," pointing out that "the Real Estate Bank has been directed to finance complexes with completion rates of 80 to 90 percent ."
Parliament knows nothing about the "Saudi Investment Protection" law.. What is its impact on Iraq? - Urgent
Member of Parliament, Jawad Al-Yassari, confirmed today, Monday (August 26, 2024), that Parliament does not know the details of the Saudi Investment Protection Law that is scheduled to be legislated during the next stage.
Al-Yassari told Baghdad Today that "the Iraqi parliament has not yet reviewed the Saudi investment protection law that is scheduled to be legislated during the next stage," noting that "it is certain that this law will go through several stages of study and discussion before it is passed."
He added, "Iraq has good investment laws, and we do not believe that there is a need to legislate an investment law specific to a particular country," noting that "this step will open the door to the country that wants its own law, and this will be at the expense of Iraq, as there are fears about this matter."
He added: "But there may be agreements to protect investors' money, and this is a natural right for any investor, especially since Iraq is going through conditions that are still unstable."
He continued: "We are waiting for the draft law to be presented to the House of Representatives, which will be submitted by the government, for the purpose of reviewing it and knowing its paragraphs and what they include, so that it can be discussed to determine the extent of the necessity of legislating such a law specific to Saudi investments, and how it is possible to protect those investments with a law that is binding on Iraq to implement."
Iraq is preparing a draft law to protect Saudi investment, with the aim of submitting it for discussion in Parliament, in preparation for its approval in the coming months, with the aim of enhancing economic cooperation between the two countries.
This was announced during a meeting between the Chairman of the Federation of Saudi Chambers, Hassan bin Mujib Al-Huwaizi, and the Chairman of the Iraqi-Saudi Friendship Committee in the Iraqi Parliament, Shaalan Al-Karim, and his accompanying delegation, as part of an official visit to the Kingdom.
Regarding the impact of the law, experts confirm that after its approval, there will be a gradual increase in the level of trade exchange between the two countries, which currently exceeds approximately one billion US dollars per year, with a growth rate estimated at around 10% annually.
On July 18, 2023, the Iraqi Council of Representatives postponed voting on (the draft law to ratify the agreement on the encouragement and mutual protection of investments between the government of the Republic of Iraq and the government of the Kingdom of Saudi Arabia), and it has not been included on the Council’s agenda yet.
Economic relations between Iraq and Saudi Arabia are diverse in different fields, especially in the energy sector; where a $27 billion agreement was signed last year to develop a solar power plant, with the participation of TotalEnergies, and the Saudi company ACWA Power was invited to join part of this deal.
Finalizing the approval of the Industrial Investment Law
Today, Monday, the head of the Parliamentary Investment Committee, Muhammad Al-Zayadi, revealed that the final touches had been put in place to approve the Industrial Investment Law within the House of Representatives.
Al-Ziyadi told Al-Ma'louma Agency, “Approving this law will contribute significantly to moving the wheel of the Iraqi economy, as it grants great privileges and guarantees to investors in the industrial sector.”
He added, "His committee held an expanded meeting with the Economic Committee to resolve the disputed points within the law," noting that "the law, if approved, will reflect positively on the labor market by providing many job opportunities for young people within the country."
He continued, “His committee has put the final touches to approve the industrial investment law soon in the House of Representatives, as it is one of the important laws.”
The Iraqi income will reach 3 thousand dollars in 2024.. How much will he spend on food, transportation, clothing and communication?
Global statistical data revealed expectations of family and individual income in Iraq versus their consumer spending during the year 2024, as it is expected that the total family income in Iraq will reach 139 billion dollars, which is approximately equivalent to the Iraqi budget, while the size of consumer spending for all Iraqi families during 2024 will amount to 108 billion dollars.
In contrast, consumer spending per capita on food and non-alcoholic beverages in Iraq is expected to reach $750, while spending per capita on housing will reach $540 in 2024.
Prime Minister's Advisor Announces New Tax Reform Packages to Be Launched Soon
The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, announced on Monday the most prominent government steps to maximize non-oil revenues, while indicating the imminent launch of new tax reform packages.
Saleh said, as reported by the official news agency, and reviewed by "Al-Eqtisad News", that "one of the basic principles of the government's program in the field of financial reform, which was approved by the Council of Representatives in October 2022, is maximizing non-oil resources in the general budgets of the Republic of Iraq, as quantitative targets were set for them so that their contribution to the total revenues generated by non-oil economic activity would increase to 20 percent instead of their historical rates that do not exceed 10 percent in the best of cases."
He added, "Diversifying non-oil revenue sources and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country."
He pointed out that "these challenges come from two main factors: the first is the degree of connection between the diversification of budget resources and the success of diversification in the country's gross domestic product, especially the three sectors of agriculture, industry and services."
He explained that "the oil production sector still dominates a percentage of the components of that gross domestic product, which sometimes reaches 60 percent, which gives the national economy a rentier character and direct coexistence with the financial flows provided by the oil resource, mostly without anything else."
He added, "The second factor of these challenges is related to non-governmental activity in generating the gross domestic product, and we mean specifically the activity of the market or the private sector."
He added, "The majority of economic forces generating income and wealth within market activity conduct their economic activities within the framework of what is called the 'shadow economy', which are 'grey' markets that are not regulated and are not known to the regulatory, tax and banking authorities as is commonly known, and their percentage amounts to about 70 percent of the total private sector activity in the country."
He stressed that "the grey or shadow markets are one of the most important factors causing the decline in non-oil revenues in the country's general budget components."
He pointed out that "the first step taken by the current government to maximize non-oil revenues began with adopting a new approach to tax reform," noting that "the Council of Ministers approved earlier this year 8 new packages to reform the country's tax system, led by the principle of expanding tax bases, especially those that are hidden, evading or neglecting annual tax accounting."
He stressed by saying: "Two tax reform packages have been launched, and the remaining packages will be launched sequentially and gradually within the government's reform policy in the financial field and maximizing the state's resources from sources of income and wealth outside the oil sector, as this is accompanied by administrative and legislative reform and high-precision digital governance of tax institutions in the areas of assessment and collection with high transparency and efficiency."
Iranian President: We do not want war with anyone, but we will not submit to injustice
Iranian President Masoud Pezeshkian confirmed that his country "does not want war with anyone."
We do not want war with anyone, but we will not submit to injustice and will continue to oppose the oppressor," Bazeshkian said.
He added, "Everyone is affected by the crimes taking place in Gaza, but human rights advocates support the Zionist entity."
He pointed out that "we are able to strengthen relations with neighboring countries and we must work to overcome the sanctions imposed on us."
Iran: We do not seek to increase tension in the Middle East, and our response to the assassination of Haniyeh will be measured
Iran announced that it does not seek to "increase tension" in the Middle East.
Iranian Foreign Minister Abbas Araghchi said, "We do not seek to increase tension in the Middle East, and our response to the assassination of Ismail Haniyeh will be decisive and calculated."
US National Security Adviser Jake Sullivan said the United States was concerned that the conflict in the Middle East could turn into a wider regional war.
It is noteworthy that the Israeli army announced at dawn yesterday, Sunday, a "preemptive attack" against Hezbollah, with the aim of removing threats to Hezbollah after observing its preparation to launch shells and missiles towards Israel.
Hezbollah announced that it launched 320 missiles in the first phase of the attack to facilitate the passage of the offensive drones towards their target, targeting 11 Israeli sites and barracks, stressing that its drones passed as planned.
Later, Hezbollah denied in a statement the Israeli allegations of thwarting its military operations, stressing that they contradict the facts on the ground.
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