Friday AM Iraq Economic News Highlights 9-2-22
Al-Kazemi’s Advisor Talks About The Possibility Of Approving The 2022 Budget Immediately
Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Thursday, that the merits of the General Budget Law for the year 2023 are complete, while indicating the possibility of approving the 2022 budget immediately, if the legislative environment allows it.
Saleh told the official news agency, “The provisions of Chapter Three of the amended Federal Financial Management Law No. 6 of 2019 are concerned with preparing and approving the legislative rules for the federal general budget law for the next year, which begins its work at the beginning of July of each year by initiating preparations for estimating expenditures and revenues and managing The deficit or surplus of the draft federal budget law for the coming year.
He added, “Accordingly, the ceiling of its expenditures, both operational and current expenditures and investment spending, is determined through what the Higher Committee for Budget Strategy, headed by the Minister of Finance and a large number of undersecretaries of ministries, general managers and experts from various state facilities, is responsible for drawing up the general budget policy.
The annual budget and the preparation of the draft law, the annual budget, which is accompanied by the fiscal policy document, the macroeconomic reality and future document, the required growth indicators, and the approved economic development policy.
He pointed out that “according to the timeline, the draft law and the strategy attached to it for the next three years must be discussed in the Ministerial Council for Economy in the first month of September, and the file is referred to the Council of Ministers for approval of the draft general budget law and its appendices, and then presented in an integrated manner to the legislators in the House of Representatives in the month October of each year in order to vote on it to legislate it.
He continued, “There is a draft or an integrated project for the budget for the year 2022 that can be legislated immediately if the legislative environment allows it,” noting that “the merits of the general budget law for the year 2023 are to a large extent complete with some simple legal adjustments in the matter of managing the surplus through the fund.”
The sovereign stipulated in Article 19 of the effective Financial Management Law, as well as the agreement on the price of a barrel of oil for the purposes of calculating the return from it in the year 2023, in light of the development of energy markets and the demand for oil in the world.
He pointed out that “oil revenues constitute more than 90% of the total public revenues in the budget, as well as what is expected of non-oil revenues in the next fiscal year.”
Hits 161 Added 09/01/2022 – 8:34 PM Update 09/02/2022 – 12:55 PM
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Governmental Adviser: The 2022 Budget Can Be Approved Immediately In This Case
Political | 07:44 – 01/09/2022 Baghdad – Mawazine News , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Thursday, that the merits of the general budget law for the year 2023 are complete, while indicating the possibility of approving the 2022 budget immediately, if the legislative environment allows it.
Saleh told the official news agency, “The provisions of Chapter Three of the amended Federal Financial Management Law No. 6 of 2019 are concerned with preparing and approving the legislative rules for the federal general budget law for the next year, which begins its work at the beginning of July of each year by initiating preparations for estimating expenditures and revenues and managing The deficit or surplus of the draft federal budget law for the coming year.
He added, “Accordingly, the ceiling of its expenditures, both operational and current expenditures and investment spending, is determined through what the Higher Committee for Budget Strategy, headed by the Minister of Finance and a large number of undersecretaries of ministries, general managers and experts from various state facilities, is responsible for drawing up the general budget policy.
The annual budget and the preparation of the draft law, the annual budget, which is accompanied by the fiscal policy document, the macroeconomic reality and future document, the required growth indicators, and the approved economic development policy.
Saleh pointed out that “according to the timeline, the draft law and the strategy attached to it for the next three years must be discussed in the Ministerial Council for Economy in the first of September, and the file is referred to the Council of Ministers for approval of the draft general budget law and its appendices, and then presented in an integrated manner to the legislators in the House of Representatives in The month of October of each year in order to vote on it to legislate it.
He continued, “There is a draft or an integrated project for the budget for the year 2022 that can be legislated immediately if the legislative environment allows it,” noting that “the merits of the general budget law for the year 2023 are to a large extent complete with some simple legal adjustments in the matter of managing the surplus through the fund.”
The sovereign stipulated in Article 19 of the effective Financial Management Law, as well as the agreement on the price of a barrel of oil for the purposes of calculating the return from it in the year 2023, in light of the development of energy markets and the demand for oil in the world.
Saleh pointed out that “oil revenues constitute more than 90% of the total public revenues in the budget, as well as what is expected of non-oil revenues in the next fiscal year.” Ended 29/R77
Parliamentary Finance Proposes An Alternative Solution To The General Budget Law For The Current Year
Economie 14:14 – 09-02-2022 Today, Friday, the Parliamentary Finance Committee proposed an alternative solution to the general budget law for the current year, while confirming that the salaries of state employees will not be affected by the failure to form the government and approve the budget.
A member of the Parliamentary Finance Committee, Jamal Cougar, said, “There is no alternative to the budget, and that if the government urgently needs additional amounts other than the operational, it should propose to the Finance Committee its need to be transformed into a proposed law for Parliament.”
He added that “legislating any law needs first to reactivate the parliament and start its sessions,” noting that “the government can present a proposed law similar to the food security law.”
He pointed out that “the government has the authority to spend according to the 1/12 system, the equivalent of 92 trillion dinars, in addition to 25 trillion food security,” noting that “in the event the government needs additional funds for exchange, it can submit a law proposal to Parliament, and after the approval of the House of Representatives.” The government authorizes the exchange, as it is not authorized to spend the money at the moment.”
Cougar added that “Iraq has a financial surplus, but there is no legal cover for the disbursement of money,” noting that “the political crisis created an artificial financial crisis.”
He pointed out that “the surplus money from oil sales served Iraq a lot in food security and strengthened the bank reserve, as well as increasing the quantities of gold reserves of hard currency that will serve the country in the future, but the unstable political situation will affect that.” Cougar emphasized that
Al-Kazemi’s Advisor: The Merits Of The General Budget Law For The Year 2023 Are Complete
19:58 – 09-01-2022 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Thursday, that the merits of the General Budget Law for the year 2023 are complete, while indicating the possibility of approving the 2022 budget immediately, if the legislative environment allows it.
Saleh said, “The provisions of Chapter Three of the amended Federal Financial Management Law No. 6 of 2019 are concerned with preparing and approving the legislative rules for the federal general budget law for the next year, which begins its work at the beginning of July of each year by initiating preparation operations for estimating expenditures and revenues and managing the deficit or surplus. The draft law on the federal general budget for the coming year.
He added, “Accordingly, the ceiling of its expenditures, both operational and current expenditures and investment spending, is determined through what the Higher Committee for Budget Strategy, headed by the Minister of Finance and a large number of undersecretaries of ministries, general managers and experts from various state facilities, is responsible for drawing up the general budget policy.
The annual budget and the preparation of the draft law, the annual budget, which is accompanied by the fiscal policy document, the macroeconomic reality and future document, the required growth indicators, and the approved economic development policy.
He pointed out that “according to the timeline, the draft law and the strategy attached to it for the next three years must be discussed in the Ministerial Council for Economy in the first month of September, and the file is referred to the Council of Ministers for approval of the draft general budget law and its appendices, and then presented in an integrated manner to the legislators in the House of Representatives in the month October of each year in order to vote on it to legislate it.
He continued, “There is a draft or an integrated project for the budget for the year 2022 that can be legislated immediately if the legislative environment allows it,” noting that “the merits of the general budget law for the year 2023 are to a large extent complete with some simple legal adjustments in the matter of managing the surplus through the fund.”
The sovereign stipulated in Article 19 of the effective Financial Management Law, as well as the agreement on the price of a barrel of oil for the purposes of calculating the return from it in the year 2023, in light of the development of energy markets and the demand for oil in the world.
He pointed out that “oil revenues constitute more than 90% of the total public revenues in the budget, as well as what is expected of non-oil revenues in the next fiscal year.” LINK
Release Of Funds To One Million And 400 Thousand Iraqi Families
Money and business Economy News – Baghdad On Thursday, Minister of Labor Salar Abdul Sattar Agency announced the release of the amount of social assistance for the month of September.
And Abdul Sattar said in a statement, “We released the amount of social assistance for the month of September, for more than one million and 400 thousand families in Baghdad and the provinces, with an amount of more than 292 billion dinars,” calling on the beneficiaries to “review the exchange outlets to receive the amounts.”
He noted that “the number of covered families headed by a man is 956888 families, and their amount is more than 230 billion dinars, while the number of families headed by a woman is 419,259 families, and their amount is more than 62 billion dinars.” 107 . views Added 09/01/2022 – 5:07 PM Update 09/02/2022 – 12:18 PM LINK
Iraq Exported About $10 Billion In Oil Last August
Posted On2022-09-02 By Sotaliraq On Thursday, the Ministry of Oil announced the total exports and revenues achieved for the month of August, according to preliminary statistics issued by the Iraqi Oil Marketing Company “SOMO”.
The ministry said in a statement that the total amount of crude oil exports amounted to (101) million (859) thousand (528) barrels, with revenues amounting to (9.784) billion dollars.
The statistics added that the total quantities of crude oil exported for the month of August from oil fields in central and southern Iraq amounted to (100) million (750) thousand barrels. ) thousand (528) barrels.
She indicated that the average daily quantities amounted to (3) million and (286) thousand barrels per day. The average price per barrel was (96.05) dollars. LINK
Discussions Of Production Cuts Raise Global Oil Prices
Economie| 09:05 – 02/09/2022 Follow-up – Mawazine News: Oil prices jumped, supported by bets that the OPEC + bloc will discuss production cuts at a meeting to be held on the fifth of September, but prices are still about to record the worst weekly decline in four weeks due to fears of imposing restrictions to combat Covid-19 in China and weak growth global demand.
By 0117 GMT, Brent crude futures rose $1.20, or 1.3 percent, to $93.56 a barrel.
West Texas Intermediate crude futures rose $1.16, or 1.3 percent, to $87.77 a barrel. Ended 29/N33
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More Than 9 Billion Dollars In Iraq’s Oil Revenues For The Past Month
Economie| 05:47 – 01/09/2022 Baghdad – Mawazine News The Ministry of Oil announced, on Thursday, the total exports and revenues achieved for the month of August, according to preliminary statistics issued by the Iraqi Oil Marketing Company “SOMO”.
A statement by the ministry, received by Mawazine News, stated that the total amount of crude oil exports amounted to (101) million (859) thousand (528) barrels, with revenues amounting to (9.784) billion dollars.
The statistics indicated that the total quantities exported of crude oil for the month of August from oil fields in central and southern Iraq amounted to (100) million (750) thousand barrels. ) thousand and (528) barrels, and the average daily quantities amounted to (3) million and (286) thousand barrels per day, while the average price per barrel was (96.05) dollars. Ended 29/R77 LINK
