Central Bank auction sales are down to more than $ 7 billion

Wednesday 10 February 2021 | 07:26 pm

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A government source revealed, on Wednesday, that the auction sales of the Central Bank of Iraq had decreased to more than 7 billion and a quarter billion dollars since the new exchange rate was approved. The source said, according to the official news agency, that “the auction sales of the Iraqi Central Bank have decreased to more than 7 billion and a quarter billion dollars since the approval of the new exchange rate, compared to the same period last year.” He added, “Corruption outlets decreased after the new exchange rate was approved, and the decision also contributed to preserving hard currency, after sales in the past represented corruption for the owners of exchange and remittances.”


Parliamentary Finance announces the cancellation of all foreign loans in the 2021 budget

Editing date: 10/2/2021 20:05 • 86 read times


The Parliamentary Financial Committee announced, on Wednesday, the cancellation of all foreign loans in the draft budget that was handed over to the government, indicating that any loan that the government will offer during the current year will be rejected.

A member of the Finance Committee, Ahmed Al-Saffar, said that “the last-minute amendments to the draft budget of 2021, according to which all loans made by the government were canceled.”

He added, “What is in it is only the old, valid loans, and we did not agree to any new loan,” noting that “Parliament will reject any new loan that the government offers during the current year unless it is classified exclusively for investment projects.”

He explained that “any loan submitted by the government will be repaid from the proceeds of the investment project, and the project remains the capital of the country and Iraq does not incur any debts.”


Parliament issues a statement detailing the 2021 budget

Time: 02/11/2021 00:45:13 Read: 1,300 times

{Baghdad: Al Furat News} The Parliamentary Information Department issued a detailed statement on the draft federal budget bill for 2021.

A statement by her stated, “The economic and political situation was never normal when the Finance Committee received the draft budget law on 01/10/2021, which is considered the largest in the history of the Iraqi state’s budgets. The Corona pandemic imposed on the whole world, and even the most powerful economic systems, its conditions of disaster. A health crisis was followed by a stifling economic and financial crisis, from which Iraq, of course, was not spared. Rather, it came to the point of borrowing to pay the salaries of its employees.

He added, “The government is supposed to take into account the criticality of the situation and the size of the crisis when preparing the budget, so that it has an economic dimension that contains real development and reform plans to avoid the country and its people falling into such crises in the future, or at least it contains some of the (white) reform paper that The government adopted it and was welcomed by the political circles of all walks of life. Rather, it was a large-scale, large-scale budget that was heavily borrowed, whether internally or externally, in which the dangers of these steps and their implications for future generations in Iraq were not taken into consideration.

The statement continued, “All of this and more has made the Finance Committee in an unenviable position, between dealing with a deficit of 44% and internal borrowing that reached 47 trillion from the central bank, as well as an angry street eagerly awaiting the provision of the simplest services, job opportunities and decent living, what was before Parliamentary Finance until it takes upon itself the responsibility of correcting the course, rewriting the budget strategy, and making crucial decisions and rapid, urgent and comprehensive reform measures that put the Iraqi state on the right economic path.

According to the statement, the Finance Committee placed all these challenges on the table of its meetings to start a marathon that extended to 45 meetings with 500 working hours, hosting most of the government ministers, more than 300 government officials and all governors, studying hundreds of statements and tables extensively and listening in lengthy meetings with the Bureau of Financial Supervision on the reports. In addition to holding seminars with academics, economists, trade unions and specialists in the private sector, in order to be able to reduce the deficit to 19% only and maintain the currency reserves in the central bank from the risk of borrowing and include materials that stimulate the national economy and support agricultural, industrial and real estate banks to advance those sectors that will ensure the creation of Thousands of jobs. ”

The statement pointed out to “reducing spending and reducing the deficit in the narrowest limits, and the committee was able to raise the investment budget that was chaotic and unclear, as the committee took a decision to allocate funds for stalled and stalled projects in the governorates, allocating 400 billion dinars to build the large Faw port and doubling the allocation of petrodollars to (one trillion).” For oil-producing provinces, increasing allocations for developing regions, and providing allocations for the construction of the Mosul airport, rehabilitating the entrances to the capital, Baghdad, and the Badaa water project in Basra.

With regard to the file of the relationship between the federal government and the Kurdistan Regional Government, the Finance Committee dealt with the issue in a technical and professional manner far from the political dimension, as it was able for the first time to combine the two federal and regional financial oversight offices and study all the data and hosted the Minister of Oil more than once, which enabled it to develop many Options that guarantee the rights of the Iraqi people in a just and mutually satisfactory manner, “according to the statement.

Ammar Al-Masoudi


Representative source: The session to vote on the budget next Saturday

Time: 02/10/2021 22:09:10 Read: 4,511 times

{Baghdad: Al Furat News} A representative source said that the parliament session to vote on the draft federal budget law for 2021 will be next Saturday.

A member of the Parliamentary Finance Committee, Sherwan Mirza, revealed two days ago the date for the 2021 budget to be presented for a vote in the House of Representatives.

Mirza told {Euphrates News} last Monday that “it is hoped that the final version of the general budget for 2021 will be presented next Saturday and we are waiting for political moves during these few days, and there is almost a political agreement on its formula.”

Mirza stressed that “next week it will be approved.”

Ammar Al-Masoudi


Al-Haddad: There is a great rapprochement between Baghdad and Erbil to resolve the contentious files


Kurdistan Region

Federal government


2021-02-10 10:26

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Shafaq News / The Deputy Speaker of Parliament, Bashir Al-Haddad, confirmed, on Wednesday, that the negotiations between the Kurdish delegation and the Parliamentary Finance Committee are positive and continuous to reach solutions to the contentious files, stressing the need to avoid resorting to the principle of the majority and the minority in determining benefits.

In a statement followed by Shafaq News Agency, Al-Haddad said that the meeting between the Federal Office of Financial Supervision and the Board of Financial Supervision in the Kurdistan Region was positive, adding that the dialogues are continuing to reach a common vision in order to find solutions through invoking the constitution to solve problems between all parties.

He pointed out that the discussions between the negotiating delegation of the Kurdistan Regional Government and the Parliamentary Finance Committee were transparent and serious to resolve differences, stressing that there is a rapprochement between Baghdad and Erbil regarding the outstanding issues and files between the two parties, especially the Federal Budget Law for 2021, which is considered one of the most important laws because it affects the lives of citizens in general. Governorates of Iraq.

Al-Haddad continued that there is rapprochement between Baghdad and Erbil on the contentious issues between the two sides, defining oil commitments and agreements, and preparing the appropriate ground and atmosphere for the continuation of understandings and the primacy of the supreme national interest, while preserving national consensus and partnership and bypassing the policy of imposing wills.

Al-Haddad stressed the need not to resort to settling disputes on the basis of the principle of the majority and the minority, indicating the necessity of fixing the constitutional entitlements of the main components and fairness for all, and removing the budget law and separating it from political differences.


The Kurdistan Region delegation arrives in Baghdad to resolve the budget crisis



The budget

Kurdistan Region delegation

2021-02-10 07:07

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Shafaq News / An informed source said that the Kurdistan Region delegation had arrived in Baghdad on Wednesday in order to resolve disputes regarding the region’s share in the federal financial budget for the current year.

The source told Shafaq News, “The Kurdistan Regional Government delegation arrived in Baghdad to finalize the agreement with the Parliamentary Finance Committee and the federal government regarding the region’s share in the budget.”

The delegation arrives a few hours after the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, refused to respond to the demands of Shiite forces to hand over the oil file to the federal government.

Barzani said in a press conference in Erbil, that this matter violates the constitution and violates the rights of the Kurdistan Region, indicating that the region will depend on its financial revenues, although they are few, in case they do not reach an agreement with Baghdad, similar to past years.

Barzani accused political blocs of using this file for political bidding and propaganda for the upcoming early parliamentary elections, but he confirmed his government’s commitment to the agreement concluded with Baghdad on the budget. 

Last December, Baghdad and Erbil reached an agreement on the financial budget, providing for the region to deliver 250,000 barrels of oil per day, and half of the revenues from border crossings and others to the federal government, in exchange for a share in the budget of 12.6 percent.

The agreement was included in the draft budget, but Shiite political blocs reject the agreement, which hinders its passage in Parliament.


Parliamentary Finance: It is not permissible to include in the budget the region’s salaries apart from the oil file

02/10/2021 12:04

The number of readings 156

Section : Iraq

Baghdad / Al-Masalla: Member of the Parliamentary Finance Committee, Representative Sherwan Mirza, confirmed on Wednesday, February 10, 2021, that the draft Federal Budget Law for 2021 could not include the salaries of Kurdistan Region employees in isolation from the oil file.

Mirza said in a press statement followed by Al-Masala, that it is not possible to add a paragraph in the budget law that guarantees the salaries of Kurdistan employees separately from the oil file, as was the case in the 2019 budget, explaining that this budget is approved months before the holding of early elections, which makes this The electoral budget, as he put it, and the political parties seek, in one way or another, to achieve gains for themselves.

He stressed the need to pass the federal budget law for the current year in agreement between the political blocs, indicating that the federal budget law must be passed by consensus and guarantee the share of the Kurdistan region, stressing that we do not want the budget to be passed by the majority and without the consensus of the political blocs.

 It is noteworthy that the Parliamentary Finance Committee prefers the presentation of the budget bill to a vote in Parliament next week.

The committee reduced the size of the budget from 164 trillion dinars to about 127.5 trillion dinars, and raised the estimated price of a barrel of oil from 42 to 45 dollars a barrel, as the share of the Kurdistan region of the budget was initially estimated at more than 13.9 trillion dinars, although it was set at 12.67%, but The size of this lot has not been determined with a specific amount yet. 

Article 11 of the draft federal budget law for the year 2021 stipulates: the settlement of financial dues between the federal government and the Kurdistan region for the years 2004 to 2020 after auditing them, and the Federal Ministry of Finance, starting from the year 2021, downloads the debt installments owed by the Kurdistan Region granted to it by the Iraqi Commercial Bank It is scheduled for ten years.

It also provides for the Kurdistan Regional Government to deliver 250 thousand barrels per day of crude oil produced from its fields, and to hand over oil and non-oil revenues to the state treasury exclusively, as well as to disburse the salaries of the Peshmerga for the year 2021 out of the allocations allocated within the region’s budget and employees’ compensation.

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Iraq discusses support from the World Bank and the financing institution to secure the Corona vaccine

100 Policy 02/2021/10 14:42 ta

Baghdad today – Baghdad

Today, Wednesday, the Minister of Planning, Khaled Battal Al-Najm, discussed with the representative of the World Bank, Ramzi Numan, and the International Finance Corporation, in Iraq, Bilal Sfeir, to secure the Corona vaccine.

The Ministry of Planning stated in a statement received (Baghdad Today), that “The Minister of Planning, Khaled Battal Al-Najm, discussed with each of the representative of the World Bank, Ramzi Numan, and the International Finance Corporation, in Iraq, Bilal Sfeir, prospects for joint cooperation between the two sides in a number of areas, Among them, support the Iraqi government’s efforts regarding securing vaccines against the Coronavirus, and financing a set of projects within the framework of the memoranda of understanding signed between the two parties.

The meeting, which was attended by the Director General of International Cooperation at the Ministry of Planning, also witnessed a discussion of the mechanisms of partnership between the public and private sectors, and the nature of the support provided by the World Bank and the International Finance Corporation to support empowering the Iraqi private sector.


Al-Sadr announces his support for the prestige of the state and his position on the role of the United Nations in the elections

Time: 02/10/2021 11:12:04 Read: 3,692 times

{Najaf: Al Furat News} The leader of the Sadr movement, Muqtada al-Sadr, announced, on Wednesday, his support for the prestige of the state and his stance on the role of the United Nations in early parliamentary elections.

Al-Sadr said in a press conference from Najaf, “We support the prestige of the state and the need to preserve the prestige of the state from any party,” stressing his refusal to attack the security forces, stressing “strengthening the army and police and defending them.”

He added, “We support reformist demonstrations on the condition that they be peaceful,” pointing out, “We accept international supervision of the elections, provided that other countries do not interfere.”

He concluded his speech by saying, “We will not accept the return of any corrupt to the premiership,” stressing that “normalization with Israel is forbidden, we do not accept it, and we will not allow it even on our blood.”

Forgiveness Al-Khalidi


Masrour Barzani hints at the threat: the budget problem is political, and we will have to manage our finances in the event of disagreement

2021/02/10 12:50

The number of readings 96

Section : Iraq

Baghdad / Obelisk: The President of the Kurdistan Regional Government, Masrour Barzani, confirmed, on Wednesday, February 10, 2021, that the problem of the federal financial budget with Baghdad has political dimensions, not just financial, but we are committed to proceeding with the agreement with them.

Barzani said during a press conference in Erbil, which was followed by the “obelisk”, that the Kurdish blocs must adhere to the unified position in our negotiations with Baghdad on the budget.

He continued: We confirm that Baghdad has not committed to sending the region’s dues.

Barzani added that there are three axes that make up the budget, which is the region’s oil, what comes from Baghdad and internal imports, and we are working hard to raise these revenues, but there are matters related to what is happening in the world and what is happening in oil prices.

And he added: We are committed to handing over the oil file and the federal financial obligations, but the issue is related to the constitutional rights and therefore these are constitutional rights for the region, and everyone must understand the reality of this matter and that the constitution is fulfilled in all negotiations in Baghdad and Erbil, and everyone is committed to the constitutional articles and we are negotiating with Baghdad on this basis.

He pointed out that the region has 3 revenue resources, and we hope that we will not reach a dead end with Baghdad and that we do not decide not to send financial dues for the region, but we are largely ready to organize the Kurdistan House and guarantee the salaries of the employees and during the previous period and despite the lack of a budget, we paid salaries and died in All cases, we will try to push it, but perhaps not at the level that we aspire to, and we want to push the region into a good economic zone.

He continued: We hope the situation does not reach a level and we are looking for commonalities between us, but in the event that we do not reach an agreement and Baghdad tries to impose its will on the region, we will work by all means to ensure what the region needs, but we are in all cases committed and eager to reach an agreement with Baghdad.

He indicated that he worked in all directions in the negotiations with Baghdad and they are continuing to do so, and the failure of the two sides to reach out will affect Iraq completely.

 Barzani concluded his speech by saying: We are, however, very optimistic about communicating with Baghdad, and the evidence for that is that we sent the delegation more than once to Baghdad, but everyone must remember that we will not accept that this is at the expense of the region.

A member of the Parliamentary Finance Committee, former Representative Sherwan Mirza, confirmed that the federal financial budget bill for 2021 could not include the salaries of Kurdistan Region employees separately from the oil file.

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