Iraqi Economic News Highlights Tuesday Early AM

Tuesday Early AM Iraq Economic News Highlights 11-1-22

Finance Announces The Actual Start Of Preparing The Budget Law.. What About The Exchange Rate?

Money  and business   Economy News – Baghdad  Today, Monday, the Ministry of Finance announced the actual start of preparing the budget law for the year 2023.  The financial advisor in the Ministry of Finance, Abdul Hassan Jamal, told the official news agency, “The ministry has actually started preparing the 2023 budget, and soon it will be submitted to the Council of Ministers.”

 

And he indicated that “the dollar exchange rate adjustment is within the policies of the government and the Council of Ministers is the one who takes the decision, but in the budget it has not been presented so far.”

 

He added, “There is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible.” Views 236  Added 10/31/2022 – 5:21 PM  Update 11/01/2022 – 11:28 AM    https://economy-news.net/content.php?id=30512

 

We Are Heading To Change The Price Of The Dollar.. Al-Fath: Strict Supervision Will Accompany The Implementation Of The Sudanese Government’s Budget

 

Posted On2022-11-01 By Sotaliraq   On Monday, the representative of the Al-Fateh Alliance, Salem Al-Anbaki, confirmed the determination of the political forces to impose strict supervision during the implementation of the next budget, indicating that the absence of oversight in previous governments wasted huge money.

 

Al-Anbaki said in a televised interview that “the budget law is the most important thing that the government of Muhammad al-Sudani must implement, and it must be prepared as soon as possible.”

 

He added, “Any budget that does not have real oversight, but in the Sudanese government, oversight will be severe, and the political blocs in support of the government will hold the non-working ministers accountable.”

 

He added, “We are going towards changing the exchange rate of the dollar after taking the opinion of specialists to know the pros and cons in order to avoid any economic crisis afflicting the country.”   LINK

 

The Exchange Rate Of The Dollar Is Slightly Rising In The Local Markets

 

Economie| 09:13 – 01/11/2022  Baghdad – Mawazine News   The dollar exchange rates witnessed, today, Tuesday, a slight increase in the local stock exchange.  Selling price: 146.300 dinars per 100 dollars

 

Purchase price: 146.100 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=209867

 

The Iraqi Finance Announces The Start Of Preparing The 2023 Budget And Decides On The Price Of The Dollar

 

Posted On2022-10-31 By Sotaliraq    There is no time limit for sending the budget law to Parliament.”

 

The Iraqi Ministry of Finance said today, Monday, that it has actually started preparing the federal general budget for the fiscal year 2023.

 

The Ministry of Finance prepares the draft budget and then submits it to the Council of Ministers for enrichment and voting, before it is referred to Parliament for legislation within a law.

 

And the official news agency quoted the financial advisor in the ministry, Abdul Hassan Jamal, as saying that his ministry “has actually started to prepare the 2023 budget.” Gamal did not specify a date for sending the draft budget to the Council of Ministers, but indicated that it “will be submitted soon.”

 

Regarding the controversy surrounding the dollar exchange rate, Jamal said that adjusting the exchange rate falls within the scope of “government policies, and the Council of Ministers is the one who makes the decision.”

 

But in the budget, (the exchange rate) has not been presented yet,” he added.

 

And earlier yesterday, a member of the Parliamentary Finance Committee, Jamal Kojer, informed Kurdistan 24 that the draft budget may reach Parliament in the middle of next month.

 

But the advisor to the Ministry of Finance said that “there is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible.”

 

Finance Minister Taif Sami says that her ministry’s priorities are to present and approve the draft budget.

 

In the 2021 budget, the ceiling of crude oil exports was set at a rate of three million and 250 thousand barrels per day at a price of $45 per barrel.

 

The 2021 budget draft included stabilizing the dollar exchange rate at 1450 dinars.

 

Iraq did not approve the 2022 draft budget due to the political crisis that erupted after the elections and left the country without a government for a whole year.

 

The Parliamentary Finance Committee expected the next year’s budget to reach $150 billion.

 

Iraq relies on oil to finance 97 percent of its budget, at a time when its new government is struggling to address the repercussions of chronic corruption in the country.  LINK

 

Report: The 2023 Budget Will Exceed The $100 Billion Mark

 

Money  and business   Economy News-Baghdad   The Ministry of Finance announced the actual start of preparing the financial budget law for the year 2023, amid the confirmation of an Iraqi financial official in Baghdad, to Al-Araby Al-Jadeed, that there is no intention to change the Iraqi dinar exchange rate against the dollar at the present time, after a lengthy meeting held by the new Prime Minister, Muhammad Shia. Al-Sudani, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikheeb, yesterday, Monday.

 

The financial advisor at the Ministry of Finance, Abdel Hassan Jamal, said that the ministry has actually started preparing the 2023 budget, and soon it will be submitted to the Council of Ministers. He added that “there is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible.”

 

And Jamal said in statements to the official Iraqi News Agency (INA), yesterday, Monday, that “the amendment of the dollar exchange rate is within the government’s policies,” adding that “the Council of Ministers is the one who makes the decision, but it has not been presented in the budget so far.”

 

A senior financial official in the Iraqi Ministry of Finance confirmed, “there is no intention to modify the exchange rate of the Iraqi dinar, as it will remain at the threshold of 1460 Iraqi dinars against the dollar.”

 

The official added to “Al-Araby Al-Jadeed”, asking not to be named, that “the calls to restore the old exchange rate are political and are not based on any economic or financial data, and there are important proposals that will be put forward to compensate those affected by the devaluation of the dinar, especially employees and the working class working on the daily wage.”

 

He revealed that the financial budget for the new year will exceed the $100 billion threshold for the first time in years, due to the large financial returns available to Iraq, and to try to compensate for the suspension of many development and investment projects that were affected by the failure to approve the 2022 budget.

 

He continued, “For the first time, the value of operating expenses in the new budget will also be less than the expenditures allocated for investment, development and rehabilitation of infrastructure,” suggesting that “the general budget will be sent within a month to the Council of Ministers in order to send it to Parliament for a vote.”

 

In previous statements, Finance Minister Taif Sami confirmed that “one of the most important priorities of the new government and the ministry is to present and approve the draft general federal budget for the year 2023.”

 

The Iraqi Prime Minister, Muhammad Shia Al-Sudani, directed that the draft financial budget law for the next year 2023 be sent as soon as possible.

 

A statement by the Iraqi government office in Baghdad stated that Al-Sudani “directed the Ministry of Finance to send the draft federal budget law for the fiscal year 2023 to the Ministerial Council for Economy as soon as possible to study it, and then to the General Secretariat of the Council of Ministers, to include it in the agenda of the Council of Ministers, in order to expedite the decision.” Legislation of its importance.

 

He also stated in another separate statement that Al-Sudani discussed with the Governor of the Central Bank of Iraq, Mustafa Ghaleb, yesterday, the conduct of monetary transactions and the banking reality in Iraq, in the first meeting between the two sides since the Sudanese government granted confidence in Parliament last Thursday.

 

Iraq’s financial budgets have witnessed a significant gradual increase since the US invasion of the country in 2003, but this did not contribute to improving the living and service reality of Iraqis.

 

The total budgets for the first ten years of the American invasion amounted to about a thousand billion dollars, the highest of which was spent during the two governments of former Prime Minister Nuri al-Maliki from 2006 to 2014, and it is the most in terms of corruption files that accompanied the performance of the two governments. 84 views  Added 11/01/2022 – 11:11 AM  Update 11/01/22 – 1:27 PM  LINK

 

The Ministry Of Finance: The Preparation Of The Budget Law For The Year 2023 Has Already Begun

 

Economie   17:37 – 10-31-2022   Today, Monday, the Federal Ministry of Finance announced the actual start of preparing the budget law for the year 2023. The financial advisor in the Ministry of Finance, Abdul Hassan Jamal, said in a press statement, that the ministry has actually started preparing the 2023 budget, and soon it will be submitted to the  Cabinet.

 

Within the government’s policies, the Council of Ministers is the one who takes the decision, but the budget has not been presented so far.”

 

He added, “There is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible.”

 

And  Finance Minister Taif Sami confirmed earlier that “One of the most important priorities of the new government and the ministry is to present and approve the draft general federal budget for the year 2023.   LINK

Surprise About The Dollar Exchange Rate In The 2023 Budget

 

2022-10-31 09:56   Shafaq News / The Federal Ministry of Finance announced, on Monday, the start of preparing the Federal Budget Law for the year 2023, while it noted an issue related to the exchange rate of the dollar against the Iraqi dinar.

 

And the financial advisor in the ministry, Abdul Hassan Jamal, said in a statement to the official agency, that “the ministry has actually started preparing the 2023 budget, and soon its project will be submitted to the Council of Ministers.”

 

Jamal added, “Adjusting the dollar exchange rate is within the government’s policies, and the Council of Ministers is the one who takes the decision, but in the current draft budget, this issue has not yet been raised.”

 

The government official noted that there is no “time limit for sending the budget law to the House of Representatives, but work is being done to send it as soon as possible.”

 

It is noteworthy that the Central Bank of Iraq officially announced on (December 19, 2020), the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

 

As a result, according to specialists, the annual inflation in Iraq has risen significantly, so that the prices of all materials and goods in the local market have risen significantly, which has sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.    LINK

 

The Ministry Of Finance: Starting The Preparation Of The 2023 Budget, And There Is No Direction To Change The Exchange Rate Of The Dinar

 

Baghdad – IQ   The Ministry of Finance announced, on Monday, the start of preparing the general budget for the year 2023.

 

The ministry said that the preparation actually began, without offering to restore the dinar exchange rate against the dollar in the budget items.

 

Iraq has financial abundance at the present time as a result of the high global oil prices.

 

And the budget for the current year 2022 was not approved due to the political turmoil before the current government headed by Muhammad Shia Al-Sudani won the confidence of Parliament last week.

LINK