The House of Representatives votes on the schedules of the amended Federal Budget Law No. 2024 (13) for the year and its annexes, schedules (A/B/C/D/E/F)
The House of Representatives decided to adjourn its session.
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Do the 2024 budget schedules need to be approved by the President of the Republic? An expert answers
Nouri explained {to Al-Furat News} that: “Based on Article -4-II of the Financial Management Law No. (6) of (2019), the amendments made to the budget for the second and third years are conditional on the approval of the House of Representatives.”
Nouri added, "Accordingly, according to my belief, there is no need for the President of the Republic to approve it and publish it in the Official Gazette."
In its session held today, Monday, the House of Representatives voted on the schedules of the Federal General Budget Law No. 2024.
The Sudanese financial advisor reveals the date of the government’s implementation of the budget schedules
Mazhar Muhammad Salih told {Al-Furat News} agency, “Based on the effective constitutional path in issuing legislation, the start of the official implementation of the federal general budget schedules must be accompanied by its approval by the House of Representatives, based on the provisions of Article 77/Second of the Federal General Budget Law No. 13.” For the year 2023 (the tripartite budget), if that approval in the House of Representatives takes the form of (the law) or the form of the amendment to Law No. 13 of 2023 referred to above, then those amendments to the original law or the wording of the tables as a new law must in all cases be approved by chance.
The President of the Republic, and then it will be published in the Official Gazette so that the legal procedures can complete all their prescribed paths.”
He pointed out, "After that, the implementation or application phase begins immediately unless there are instructions for implementing the federal general budget schedules for the year 2024, which may be issued by joint instructions between the Ministries of Finance and Planning."
Saleh continued, "Despite this, the important aspect remains that the budget tables for the year 2024 are approved by the legislative authority and are accepted by legislators in the House of Representatives, and then the financial table for the year 2024 is issued and approved under any form of legislation in force, whether issued by a new law or a legislative decision."
Parliamentary Finance clarifies the details of the 2024 budget after voting on it - urgent
Finance Committee: Providing scholarships for university and school students
Finance Committee: Increasing employee allocations by 4 trillion to secure the salaries of employees, new appointees, and retirees, and implement the terms of contracts, appointments, and those whose contracts have been terminated.
Finance Committee: Allocating an amount of one trillion and 250 billion dinars to secure the increase in retirees’ salaries
Finance Committee: Securing allocations for disbursing end-of-service benefits to civilian and military retirees
Finance Committee: Increasing social welfare allocations to include more than 650,000 new families
Finance Committee: Increasing the capital of the Real Estate Bank by 500 billion dinars to cover citizens’ lending requests for housing
Finance Committee: Allocating an amount of 5 trillion dinars to secure farmers’ entitlements to purchase wheat and barley crops
Finance Committee: We recommended that the government make a transfer of 2 trillion dinars to increase the regional development budget
After passing the schedules, extraction companies are preparing to escalate in response to their transfer to “central financing”
The Parliamentary Finance Committee confirmed today, Monday (June 3, 2024), that the budget includes a paragraph related to transferring the sums of extractive companies to the treasury of the Ministry of Finance so that it in turn finances those companies, while employees of extraction companies threaten demonstrations and escalatory positions because they will turn their companies into centrally financed and not self-funded.
Deputy Chairman of the Committee, Representative Ahmed Al-Jubouri, told “Baghdad Today” that “the government is moving towards transferring the extraction amounts in Iraq to the Ministry of Finance through the 2024 budget tables, and therefore the amounts will not go to companies for the purpose of spending them directly on their employees, but rather the funds will be at the disposal of the Ministry of Finance.” ".
On the other hand, a number of Basra Oil Company employees threatened to escalate against the House of Representatives, especially with the passage of the schedules as is.
Former Basra Oil Company board member Wissam Al-Moussawi said in a video posted by a number of employees, “The Ministry of Finance did not give us any amounts, and we have amounts in its possession amounting to 13 trillion, and therefore all our salaries and incentives are spent from our sale of oil to refineries in the south.”
He considered that "deprivation of these amounts means making our company centrally funded, and this is what we do not allow. Representatives should remember that Basra Oil employees will have an escalatory stance in exchange for their vote."
The House of Representatives voted on the 2024 budget schedules as received from the government, in the presence of 199 representatives.
Finance Committee after voting on the budget tables: There is financial abundance for the governorates and ministries
The Parliamentary Finance Committee confirmed, on Monday, that the voted on 2024 budget schedules include financial abundance for the governorates and ministries, while expressing its hope for increased support for the private sector to enter into investment projects and not limit their implementation to the government.
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the budget came from the government and includes 156 trillion dinars in the current budget and 55 trillion dinars for the investment side distributed among ministries and governorates, focusing on lagging projects, with the need to include The remainder of the 2023 budget and emergency support allocations in full.”
He added, "There is financial abundance for the governorates and large allocations to the General Secretariat of the Council of Ministers and ministries such as construction, housing, electricity, planning, and other important ministries."
He continued, "We had a tendency to have support for the governorates in parallel with the financial obligations that the governorates contracted in the year 2023, and the committee indicated that 2 trillion dinars would be transferred to the governorates, distributed according to the population percentage. We aspire for the ministries and governorates to carry out this task and complete the requirements for including public projects." By 2023, the emergency support file will be completed, and there will be careful follow-up by Parliamentary Finance.”
He pointed out, "The report on the budget schedules for the year 2024, prepared by the Finance Committee, was signed and included a general description of the budget and what is related to the development process and the reality of achieving sustainable development, as well as what is related to the focus on creating strategic projects for the ministries. We hope that there will be support for the private sector to advance the reality of investment projects." Its burden does not remain on the government alone.”
The House of Representatives voted, this evening, Monday, on the amended schedules of the Federal General Budget Law No. 2024 (12) and its annexed schedules (A/B/C/D/E/F).
The Central Bank of Iraq stops 200 companies from dealing in dollars
Documents issued by the Central Bank of Iraq, obtained by “Baghdad Today”, today, Monday (June 3, 2024), showed a decision to stop 200 exchange and general trading companies from entering the currency auction without explaining the reasons.
To view the list of suspended companies, click here.click here.
Plasschaert's replacement begins his duties in Iraq
The new Special Representative of the United Nations Secretary-General for Iraq has taken up his new position, replacing Jeanine Plasschaert.
Mohammed bin Awad, the Permanent Representative of the Sultanate of Oman to the United Nations, began his duties today, Monday, to resume the mission of the United Nations Mission (UNAMI) in Iraq, succeeding Jeanine Plasschaert.
A UNAMI source revealed earlier to Channel 8 that the Secretary-General of the United Nations, Antonio Guterres, assigned Mohammed bin Awad to fill the position of Jeanine Plasschaert.
The Special Envoy of the Secretary-General of the United Nations to Iraq, Jeanine Plasschaert, bid farewell to the Iraqis with a message of gratitude and thanks, after completing her duties that began in 2018.
In her message, Plasschaert said that the United Nations does not have a magic wand. In the end, the balance between conflict and peace, or poverty and prosperity, depends on the political will of countries.
Last Friday, the UN Security Council decided unanimously to end the work of the United Nations Mission in Iraq (UNAMI) at the end of 2025, in response to a request submitted by the Iraqi government.
It includes international agencies...preparing to open the largest mall in an Iraqi governorate
The Muthanna Investment Authority announced today, Monday, the imminent opening of (Al-Baraka Mall) in the center of Samawah city, implemented by investor Sheikh Hatem Al-Khawam, and it is considered one of the largest malls in the governorate and neighboring governorates.
Chairman of the Muthanna Investment Authority, Adel Dakhel Al-Yasiri, said, “This important commercial center, which was built on an area of (12,300 square meters), includes (100) various stores, (12) restaurants and hypermarkets with an area of (2,000 square meters), a children’s play area with an area of (1,300 square meters), and a coffee shop.” And branches of several banks and international agencies for clothing and meals, and a garage that can accommodate (80) vehicles, and the implementation of a multi-storey garage is underway in addition to the project to accommodate more vehicles.
He added, "The project employs dozens of workers, including technicians and administrators, daily, while the number will increase during the commercial operation phase."
The Sudanese advisor reveals the amount of cash flow.. Is it related to delayed salaries?
Mazhar Muhammad Salih, economic advisor to Iraqi Prime Minister Muhammad Shiaa al-Sudani, denied reports indicating that the delay in salaries was due to a shortage in the country’s monetary supply.
In recent weeks, the media has circulated statements by representatives and experts who believed that Iraq does not have sufficient liquidity to secure salaries for employees, retirees, and beneficiaries of the social protection network.
They attributed their statements to speculation by merchants and some officials in the currency, and the smuggling of the dollar out of the country, which caused the monetary mass to lose its balance, which led to the printing of money in order to restore balance.
"Financial liquidity covers salaries"
Mazhar Muhammad Saleh said, "The issue of delayed salaries has nothing to do with the news indicating a shortage of financial liquidity at all."
He explained that "the reason for delayed salaries, if they occur, is accounting and auditing procedures, that is, accounting bureaucracy, and what is said otherwise is not true and heresy."
Mazhar Muhammad Saleh, confirmed that “the Central Bank of Iraq has the ability to issue cash as easily as possible,” indicating that “departments, ministries, and institutions submit a trial balance every month in terms of expenses approved in the budget rules, and there may be a decrease, not an increase.”
The economic advisor to the Iraqi Prime Minister noted that "there are a thousand disbursement units between ministries and departments that provide the trial balance, show the financial position that requires replenishment, and go to the General Accounting Department for auditing."
“We do not have an electronic system, but it has been implemented recently, and if it is operational, we will not need paperwork, and this electronic system will solve many problems in this aspect,” according to Mazhar Muhammad Saleh.
"100 trillion dinars, the size of the monetary masses"
As for the size of the monetary mass in Iraq, Mazhar Muhammad Saleh pointed out that “liquidity in circulation outside the central bank, whether in banks or individuals, is approximately less than 100 trillion dinars, and what is in the central bank is about 25% of this liquidity according to estimates.”
It is noteworthy that the Ministry of Oil provides the Central Bank of Iraq with monthly financial revenues from crude exports in US dollars, so that the bank in turn sells them in the market in local currency, and then transfers them to the Federal Ministry of Finance in order to finance the monthly salaries.
Recently, Prime Minister Muhammad Shiaa Al-Sudani stated in a press conference that he had taken decisions to increase allocations for minimum salaries, confirming that decisions regarding the salary scale would be amended at a later time.
Al Rasheed Bank announces an increase in the number of its branches working to implement the comprehensive system
Al-Rasheed Bank announced today an increase in the number of its branches operating on the comprehensive system.He stated in a statement, a copy of which {Al-Furat News} received, that "the current number of branches that have begun implementing the comprehensive system has reached (45) branches distributed across the governorates of Iraq."
He stressed that "this step came in implementation of the government program and the directives of the Central Bank and the Ministry of Finance."
The statement pointed out that "work is continuing to include other branches in the system in order to expand the scope of financial services and include all segments of society."
High growth rate of bank accounts in Iraq
The Central Bank of Iraq announced, on Monday, the high rate of growth of bank accounts over the past years in the country.
The bank explained, in a statement received by Shafaq News Agency, that "the growth rate of bank accounts increased from 2018 to 2019 by 90%, reaching 12,500 million bank accounts."
He added, "The growth rate of bank accounts reached its peak in 2020 with a growth rate of 90%, reaching 12 million bank accounts, while for the year 2021 it decreased to the lowest level by 10%, reaching 1,500 million bank accounts."
The Iraqi Central Bank indicated that the growth rate of bank accounts for the year 2022 increased by 30% to reach 4,500 million bank accounts, and it also increased during the year 2023 by 54% to reach the level of 8 million bank accounts.
Al-Sudani: We plan to bring about a comprehensive economic and developmental renaissance in Iraq
Prime Minister Muhammad Shiaa al-Sudani announced today, Monday, the government’s plan to “bring about a comprehensive economic and developmental renaissance in Iraq.”
A statement from his office, a copy of which was received by Al-Furat News, said that Al-Soudati “received the CEO of Elsewedy Electric, which specializes in sustainable infrastructure solutions, the Egyptian businessman Ahmed Al-Suwaidi. The meeting witnessed a review of the government’s measures with regard to economic reform, revitalizing the industrial and agricultural movement, and important steps.” In the field of providing the ideal investment environment for the private sector, attractive to major international companies in various specializations, within a clear vision aimed at bringing about a comprehensive economic and developmental renaissance.”
Al-Sudani pointed to the investment opportunities available in the gas and electricity sector, and the establishment of new industrial cities that require an integrated system of services, stressing the availability of opportunities in the field of agriculture, and the establishment of a factory to manufacture modern irrigation sprinklers, as Iraq is taking confident steps in developing the agricultural sector.
For his part, Al-Suwaidi expressed the company's readiness to invest and work in Iraq, explaining that the company will move towards establishing cooperation mechanisms and concluding understandings and agreements in several fields, which will be announced soon.
The Kurdistan Region pledges to adhere to the budget schedules
Today, Monday (June 3, 2024), Kurdistan Democratic Party MP Shirwan Dobardani confirmed the Kurdistan Region’s commitment to the budget schedules.
Dobardani said in an interview with “Baghdad Today” that “the region will show full and complete commitment to the budget decisions that concern its share, including the delivery of revenues, and this commitment will end the financial disputes between the two parties.”
He added, "We hope that voting on the budget schedules will not be obstructed, because any delay will harm citizens, and service projects, appointments, etc. depend on it. Additionally, we hope that Kurdistan's share will not be included in the political aspect."
Last Thursday, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, held discussions in Baghdad with Prime Minister Muhammad Shia al-Sudani and a number of senior officials in the federal government, which dealt in particular with examining radical solutions to the outstanding issues between the Kurdistan Region and the federal government, including the issue of salaries, the region’s budget, and the budget.
the public.
Petroleum products: Our sales via electronic payment exceeded 550 billion dinars during May
The Petroleum Products Distribution Company announced today, Monday, that its sales through the electronic payment window exceeded 550 billion dinars during last May.
The company's general manager, Hussein Talib, said in a statement received by {Al-Furat News}, "The value of sales achieved through the electronic payment window for the month of May exceeded 550 billion dinars, an increase of 25 percent over the electronic payment sales of last April."
He added, "The total amounts of electronic payment sales exceeded the barrier of 1,600,000,000,000 Iraqi dinars within a year and a month, that is, since the beginning of the launch of the digital transformation project for payments."
Australia warns its citizens against traveling to Iraq
The Australian Foreign Ministry announced today that it continues to advise against traveling to Iraq, including the Kurdistan region.
The Foreign Ministry stated, in a brief statement seen by the Iraq Observer Agency, that nationals were prevented from traveling to Iraq and Kurdistan, due to the turbulent security situation and the threat of terrorism, armed conflict, kidnapping, and violent crimes
Al-Sudani reviews economic reform and investment opportunities before Elsewedy Electric
"Ready to work in Iraq"
Today, Monday, Prime Minister Muhammad Shiaa Al-Sudani reviewed the government’s economic reform measures and the investment opportunities available in the gas and electricity sector, before the CEO of Elsewedy Electric, which specializes in sustainable infrastructure solutions, Ahmed Al-Suwaidi.
Al-Sudani’s office statement:
oday, Monday, the Prime Minister, Mr. Muhammad Shiaa Al-Sudani, received the CEO of (Elsewedy Electric), which specializes in sustainable infrastructure solutions, the Egyptian businessman, Mr. Ahmed Al-Suwaidi.
The meeting witnessed a review of the government's measures with regard to economic reform, revitalizing industry and agriculture, and important steps in providing the ideal investment environment for the private sector, attractive to major international companies in various specializations, within a clear vision aimed at bringing about a comprehensive economic and developmental renaissance.
Mr. Al-Sudani referred to the investment opportunities available in the gas and electricity sector, and the establishment of new industrial cities that require an integrated system of services, stressing the availability of opportunities in the field of agriculture, and the establishment of a factory to manufacture modern irrigation sprinklers, as Iraq is taking confident steps in developing the agricultural sector.
For his part, Mr. Al-Suwaidi stated the company's readiness to invest and work in Iraq, explaining that the company will move towards establishing mechanisms for cooperation, and concluding understandings and agreements in several fields, which will be announced soon.
Al-Moayad announces support for the work of the National Mobile Phone Company and the start of operating 5G technology
The head of the Media and Communications Authority, Ali Al-Muayyad, announced today, Monday, support for the work of the National Mobile Phone Company and the start of operating 5G technology.A statement by the authority, a copy of which {Al-Furat News} received, stated: “Al-Moayad participated in the activities of the Iraq Digital Week held by Huawei in Baghdad, during which the company unveiled a group of innovative products and solutions, including a high-quality complex with a speed of 10 gigabit in Second, it reviewed a number of artificial intelligence technologies.
In his speech during the opening ceremony, Al-Moayyed stressed “the importance of cooperation with leading international companies in the field of technology and communications, such as Huawei, to achieve the desired development in the communications and information technology sector in Iraq,” noting that “the authority is working to regulate and develop digital platforms in Iraq to ensure the security of information and data.” “And supporting creators, innovators, and owners of purposeful content.”
Al-Muayyad also announced, “There are negotiations with mobile phone companies operating in Iraq to pump financial investments amounting to $800 million to develop towers, equipment, and telephone network technologies over the next three years, in addition to supporting the launch of work at the National Mobile Phone Company and the start of operating fifth generation technology.” .
He stressed "the necessity of investing the energies of Iraqi youth in the field of technology and communications, and supporting initiatives that contribute to the development of the digital economy in the country," pointing out that "the Media and Communications Commission is working to prepare regulations to support digital content owners and develop their work, in a way that serves society and promotes positive values." ".
Al-Moayad expressed his "hope that Iraq Digital Week will contribute to enhancing awareness of the importance of digital transformation and its role in achieving sustainable development in Iraq," stressing "the Commission's commitment to supporting all efforts aimed at developing the communications and information technology sector in the country."
Al-Sudani assures the Turkish ambassador that work will continue to implement the outcomes of Erdogan’s visit to Iraq
Prime Minister Muhammad Shiaa Al-Sudani confirmed to the Turkish Ambassador to Iraq, Ali Reza Kaunas, that work would continue to implement the outcomes of Erdogan’s visit to Iraq last month.
The Prime Minister’s Media Office stated in a statement received by Mawazine News, “Al-Sudani received Konai on the occasion of the end of his work duties, where he appreciated the efforts of the Turkish ambassador during his period of work in Iraq, which resulted in constructive cooperation that contributed to strengthening bilateral relations between the two neighboring countries.” ".
Al-Sudani indicated, according to the statement, “Work continues to activate the outcomes of President Erdogan’s visit to Iraq last April, and to follow up on the implementation of the 27 memorandums of understanding, especially those related to the development road project, and put them into practice, and form committees to follow up on the terms of the strategic framework agreement for joint cooperation.” “And implementing the framework agreement in the field of water.
External praise for Iraqi banks: very advanced in electronic banking services
The Union of Arab Banks confirmed today, Monday, that Iraq is very advanced in electronic banking services, while noting that the Iraqi banking sector is ancient and its role is vital in economic development.
The Secretary-General of the Union of Arab Banks, Wissam Fattouh, said: “There is deprivation from dealing in the dollar, not sanctions, because sanctions mean inclusion on the sanctions list,” pointing out that “the effect of deprivation is almost equivalent to sanctions because it is difficult for banks to operate without the dollar currency, which represents... Currency of international trade.
Fattouh added, "The Iraqi banking sector is an ancient sector and has a history, as its total assets amounted to 157.9 billion dollars, and even its deposits amounted to more than 100 billion dollars. Therefore, this sector is important and its role is vital in economic development in the heart of the country."
He stressed "the necessity of applying international standards, especially with regard to the standards and laws in force to combat money laundering and terrorist financing."
He pointed out the "involvement of the strategy between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this truly desired goal, and to train and qualify Iraqi cadres in particular."
He pointed out that "there has been a great partnership between Iraq and the United States of America for decades and trade exchange, especially after Prime Minister Muhammad Shiaa Al-Sudani made the important historic visit to the United States of America."
He noted that "the biggest role today is how to protect the Iraqi banking sector, and that trade exchange actually takes place through Iraqi banks and not through other banks."
He continued, "Iraq is very advanced in electronic banking services, and the challenge today facing the Iraqi banking sector remains the challenge of compliance."
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