Adviser to the Prime Minister: Approving the 2024 budget schedules in the House of Representatives does not hinder their implementation

• Time: 03/24/2024 16:29:57
• Read: 637 times

{Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the House of Representatives’ approval of the financial budget schedules for the year 2024 does not hinder their implementation.

Saleh told {Al-Furat News} agency, “The federal tripartite general budget issued pursuant to Law No. 13 of 2023 differs from the annual budgets that are subject to Financial Management Law No. 6 of 2019, amended when the approval of its legislation was delayed, as the Federal Financial Management Law stipulates in one of its paragraphs, that In the event of a delay in approving the general budget law for the new fiscal year, disbursement will be made at a rate of 1/12 of the actual ongoing or current expenditures for the previous year.”
He stated, “The federal tripartite general budget issued pursuant to Law No. 13 of 2023 differs from the annual budgets that are subject to Financial Management Law No. 6 of 2019 amended when the approval of its legislation is delayed, as the Federal Financial Management Law stipulates in one of its paragraphs that in the event of a delay in approving the budget law General expenditure for the new fiscal year shall be made at a rate of 1/12 of the actual ongoing or ongoing expenses for the previous year.
Saleh explained, “Approving the general budget law for three years does not provide legal conditioning for the implementation of the effective administration law as long as the general budget has been enacted according to the law for three years. Therefore, I do not see that the financial tables prepared for approval by the House of Representatives constitute an obstacle to the progress of implementing the plan.” Finance for the year 2024, in its operational and investment parts, and stopping the wheel of public finance, especially its investment part linked to development and economic prosperity, awaiting the approval of the amended budget schedules approved by the executive authority until it is approved by the House of Representatives, as if the matter requires new legislation that delays the purpose of adopting the three-year budget and the investment in time it entails. “.
At the same time, he noted that “the tripartite budget experiment is a financial experiment taking place for the first time in our country. If its goal was and still is to stabilize the adoption and implementation of national development projects without delay related to the annual budget and its annual legislation, then the disruption of its implementation means a return to the annual budget square.” Here, the fundamental difference must be made clear between implementing the budget that is enacted on an annual basis and the budget that is enacted on the basis of an average time frame, such as the tripartite general budget issued by Law 13 of 2023.”

Raghad Dahham

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Rashid to the US ambassador: Baghdad and the region want to resolve the issue of budget and pay the dues of the region’s employees

• Time: 2024/03/24 11:53:25
• Read: 1,105 times

  

{Political: Al-Furat News} President Abdul Latif Jamal Rashid received, on Sunday, at the Peace Palace in Baghdad, the Ambassador of the United States of America to Iraq, Elena Romansky, stressing “the keenness to continue building close relations that serve mutual interests, respect national sovereignty, and enhance joint cooperation in various fields.”

During the meeting, Rashid referred to a presidential statement, a copy of which was received by {Euphrates News}, “Iraq’s determination to continue the approach of reform, eliminate cases of corruption, and build distinguished partnerships that contribute to achieving comprehensive development and economic growth,” stressing “the importance of benefiting from experiences and experiences and employing them to gain skills and improve the reality of the economic, commercial, agricultural, environmental and energy sectors.”
He also pointed out that “the Presidency of the Republic adopted the release of detainees whose sentences have expired and the formation of a committee that, in addition to the Presidency of the Republic, included the Supreme Judicial Council, the Ministries of Justice and Interior and the National Security Advisers to follow up the files of the convicts and the expiration dates of their sentences, to ensure their release on time.”

Rashid stressed “the importance of finding solutions to the outstanding issues between the federal government and the Kurdistan region in accordance with the Constitution, law and political understandings, indicating the desire of the two sides to continue the dialogue to resolve the issue of the budget and pay the dues of the employees of the Kurdistan region like their peers of employees.”
For her part, the US ambassador affirmed her country’s desire to develop relations between the two countries and strengthen cooperation to serve the two friendly peoples.
The situation at the regional and international levels was also reviewed, and the support for the opportunities for peace, security and stability in the region was emphasized.

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The upcoming meeting of Baghdad and Washington. Wishes for quick solutions to save the banking sector from collapse

Articles
Samir Al-Nusairi

   

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Economy News – Baghdad

The White House announced that the upcoming and important visit of Prime Minister Mohammed Shia Al-Sudani to the United States of America and the meeting with the US administration was scheduled for April 15.

It makes it very important in this critical and complex stage that Iraq is going through to include the agenda of meetings and negotiations with the leaders of the US administration, the Treasury Department and the other federal that the next and clear paths of bilateral economic relations between the two friendly countries, which have wide relations in all fields and the axes of the visit are determined?

We believe that one of the important files that will be included in the discussions and negotiations and with the participation of the Central Bank and the Association of Iraqi Private Banks is the subject of financial and banking reform, protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions, depriving 50% of the total private banking sector from dealing in US dollars, which is the main foreign currency for banking and commercial dealing in Iraq and international banking relations for a long time. They must be informed of the US administration and the Ministry that continuing to deal with the Iraqi banking system in this exclusionary way and without stating the real reasons for the sanctions, which are due to the activities of previous years, and that the American officials and those who issued sanctions on 28 private Iraqi banks praise the safety of foreign transfers for purposes Coverage of private sector imports in 2023 since the implementation of the electronic sector.

This means that the government and the central bank are coordinating and cooperating with the US Treasury and the global financial system in accordance with the government’s banking and financial reform strategy adopted in the government’s curriculum and with high discipline with international standards to combat money laundering and terrorist financing.

These efforts have already resulted in achieving fruitful economic results after the agreements with the US Treasury, the US Federal and some sober international banks in 2023 and their adoption of correspondent banks to some of our banks, and more than 40 accounts were opened to them in these banks.

Therefore, we believe that the inputs and outputs of this important visit must convince the American side to reconsider the sanctions imposed, especially since all the punished banks are currently subject to scrutiny by K2 International Company, and this confirms the good faith of the banks that the reasons for depriving from dealing in the US dollar were not serious mistakes and can be overcome, if they exist in the joint cooperation between the two parties.

The importance of re-activity and protection of the private banking system and the guarantee of the results of its work through the electronic platform for the year 2023 is important. Which confirmed its safety and transparency, and I believe that the failure to reach quick solutions with this file will confuse the commercial and banking market and will affect the supplies of the ration card, which is the main food source of the wide segment of the Iraqi people and weaken the plans and procedures of the Central Bank and the government in financial and banking reform, lack of control over the stability of the exchange rate of the Iraqi dinar and the damage of the national economy, which confirms World Bank reports that the economy moved during the Sudanese government from fragility to recovery.

The continued sponsorship and support of the United States of America for Iraq as a friendly country requires it to protect the Iraqi economy and the banking sector from collapse in these difficult circumstances experienced by Iraq, regional countries and the world. We wish that the discussions of the banks’ file in Washington will result from their return to the practice of all their local and international banking activities.

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Added 2024/03/24 – 11:03 AM

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