Parliamentary Finance expects ministries to start implementing budget items early next month

Political| 09:12 – 17/06/2023

Baghdad – Mawazine News
The Parliamentary Finance Committee confirmed, on Saturday, the launch of salaries for 720 thousand new employees after the approval of the budget by the Presidency of the Republic, while the ministries expected to start applying its terms early next July.
“The budget law sent by parliament to the Presidency of the Republic includes 78 articles after adding 11 articles to the version sent by the government,” a member of the parliamentary finance committee Moeen Al-Kazimi said in a television interview.
He added, “Conve transfers worth 6 trillion dinars have been made for the purpose of increasing the allocations of the governorates and approving the budget. The salaries of 720 thousand new employees will be launched from lecturers, contracts, holders of higher and first certificates and other categories,” pointing out that “the Finance Committee added 150,000 functional grades to the budget in response to different segments.”
He pointed out that “there are more than 500 units of spending and after the approval of the President of the Republic, the process of implementing the budget will be followed up by the Finance Committee and the remaining parliamentary committees, each according to his competence.”
He stressed that “the government may challenge articles that added financial burdens and challenge any article that will stop the implementation of that budget and not all its items,” likely the ministries to start implementing what was stated in the budget at the beginning of next July.

https://www.mawazin.net/Details.aspx?jimare=229511

Iraq cuts U.S. bond holdings by $4.5 billion

EconomyIraqBreakingAmerican Bonds

2023-06-17 01:50Font

Shafaq News / The US Treasury Department announced on Saturday that Iraq’s acquisition of US bonds fell for the third month in a succoncise to about $35 billion.

The Treasury said in its latest table seen by Shafaq News Agency that “Iraq’s acquisition of US Treasury bonds for the month of April 2023 decreased by $4.5 billion to reach $34.8 billion from $39.3 billion during the previous month,” indicating that “these bonds increased by 18.6% from the same month of 2022 when Iraq’s possession of bonds amounted to 28.3 billion dollars.”

In the Arab world, Saudi Arabia is at the forefront of the most possession countries, reaching 113.3 billion dollars, and the UAE comes second to 70.2 billion dollars, then Kuwait third with 41.4 billion dollars, then Iraq fourth and Oman fifth with 7.061 billion dollars.

She pointed out that “the most countries that hold US bonds are Japan with 1127.2 trillion dollars, followed by China with $ 868.9 billion, followed by the United Kingdom with $ 680.7 billion, and then Belgium comes with 336.6 billion dollars.”

https://shafaq.com/ar/اقتصـاد/العراق-يخفض-حيازته-من-السندات-الامريكية-بمقدار-4-5-مليار-دولار

Iraqi Expert Expects Dollar To Fall To Official Rate And Reveals Indicators

17/06/2023

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Earth News / Economist Nabil Al-Marati predicted on Saturday the fall of dollar prices.

“There are many indications that suggest that a temporary agreement between Iran and the United States is imminent, after the International Atomic Energy Agency announced the resolution of the outstanding issues with Iran regarding uranium enrichment rates, which reached 83%, as well as issues related to the discovery of nuclear activities in some sites not announced by Iran,” Al-Marsoari said in an explanation followed by Earth News.

He added, “What means that the controversial issues between Iran and the agency have been resolved, and any US-Iranian agreement would lead to an increase in Iranian oil production and exports by between half a million to one million barrels per day, which would result in a decrease in global oil prices that would negatively affect oil revenues in OPEC countries, including Iraq.

He continued, “But on the other hand, if this agreement leads to the abolition of restrictions on dollar bank transfers to Iran, this will lead to a significant improvement in the dinar exchange rate against the dollar. The parallel exchange rate will be very close to the official rate as a result of the shift in paying Iranian traders’ dues from the cash dollar to bank transfers, and may also result in an increase in Iranian gas launches to Iraq, as the agreement will lead to the possibility of repaying Iran’s debts to Iraq in dollars.

خبير عراقي يتوقع هبوط الدولار للسعر الرسمي ويكشف المؤشرات

After the triple budget is approved. Will the dollar exchange rate decrease?

2023-06-16 | 16:19

Source:

Sumerian

5,852 views

After passing the general budget. Citizens hope that the dollar exchange rate will fall, especially after the adoption of the largest budget in the country’s history, something that some see as difficult to achieve, especially with the absence of political will as well as the dependence of the Iraqi market on imports.

After the tripartite budget was approved. Many questions began to be asked about the status of dollar exchange rates inIraq, especially with the volatility in the market. Amal was suspended a short time ago, but it may not be achieved after many factors, perhaps the most important of which is the dependence of the Iraqi market on imports, which depends heavily on the dollar.

On the street.. Some of them are still hoping for government steps that will ease the heavy burden that has been placed on them after the rise in foreign currency exchange rates, while others link the lack of political will to achieving what the citizen aspires to.

Economists believe that the Iraqi economy is slowing down for many reasons, the most important of which are the decline in oil exports and the country’s excessive dependence on oil sales and the budget deficit, as well as the continued volatility of the currency.

https://www.alsumaria.tv/news/alsumariaspecial/459060/بعد-اقرار-االموازنة-الثلاثية-هل-سينخفض-سعر-صرف-الد

Al-Sudani adviser sets the date for the budget to be implemented

• Time: 2023/06/17 12:59:30
• Read: 494 times

  

{Economic: Euphrates News} Prime Minister Mazhar Mohammed Saleh’s economic adviser said on Saturday that government institutions will start implementing instructions and the budget law will enter into force.

Saleh told {Al-Furat News}, “The budget is waiting for the approval of the President of the Republic and is published in the Iraqi facts sheet, after which instructions will be issued for its implementation, those instructions will be issued jointly by the Ministries of Finance and Planning.”

He continued: “On the basis of which government institutions will start implementing these instructions and the budget will enter into force, knowing that this process will not take more than one week.”

The House of Representatives passed, at dawn last Monday, the draft federal budget law for the fiscal years 2023 – 2024 – 2025 more than 4 days after the sessions have been held since last Thursday.

The value of this year’s budget is 197 trillion and 828 billion dinars, (about 152.2 billion dollars), with a total deficit of 63 trillion dinars ($48.3 billion)

For his part, Prime Minister Mohammed Shia Al-Sudani stressed in a statement that “the government will work to review the items that have been amended in the budget and study their conformity with the government’s vision and objectives adopted in the ministerial curriculum approved by the House of Representatives.”

https://alforatnews.iq/news/مستشار-السوداني-يحدد-موعد-ادخال-الموازنة-حيز-التنفيذ