KTFA Members "News and Views" Saturday 5-13-2023
KTFA:
Henig: A scary revolutionary to Nina:
The budget can be approved in two days. If this condition is met
Baghdad / Nina / MP for the State of Law Coalition Thaer Makhif said: "The budget can be approved within two days if a single condition is met."
Makhif said in a statement to the Iraqi National News
Agency (NINA) that: "If discussions between the political blocs on
the budget take place naturally and professionally away from the bloc's
demands, and to stop those demands, the budget can be approved in just two
days, but those demands and disputes are what delayed the adoption of the
budget so far."
He explained that: "So far, there are disputes,
demands, financial and non-financial problems (political) and means of pressure
from one party against another related to the budget of the political
blocs."
He pointed out: "The parliament, in all cases, is
determined to approve the budget before going to the legislative recess,"
stressing: "The speed of approving the budget depends on the political
consensus between the blocs." LINK
DeepWoodz: Imo They have
no choice but to approve before recess. Recess being the break between the two
legislative sessions during the year.
Constitution Article 57: The Council of
Representatives shall have one annual term, with two legislative sessions,
lasting eight months.The session in which the general budget is being presented
shall not end until approval of the budget.
Henig:
Parliamentary Finance reveals to "Baghdad Today" the possibility of
passing the budget on May 17
Baghdad Today - Baghdad
Today, Saturday, the Chairman of the Parliamentary Finance
Committee, Atwan Al-Atwani, confirmed that the seventeenth of May is the
deadline for voting on the 2023 budget, in accordance with the agreement
between the political blocs.
Al-Atwani told "Baghdad Today", "The
decision of the State Administration Alliance related to setting the
seventeenth of this month as a date for passing the budget gave momentum
and strength to the work of the Finance Committee," noting that "the
committee intensified its work and divided into two committees, the Committee
of Items and the Committee of Tables."
He pointed out that "the committee will have other
hosts for ministers and officials soon," stressing that "the date of
the 17th of this month we agreed in principle that it is a date for voting on
the budget and we are serious about submitting it as soon as possible."
Al-Atwani added that "observations are being
collected to resolve the final budget amount and the mechanism for its
distribution in order to complete the transfers between the items," noting
that "the amount so far remains as it is, amounting to 198 trillion as
received from the government."
The State Administration Alliance had announced the
agreement to set the seventeenth of this month as a preliminary date for voting
on the budget, amid millions of Iraqis looking forward to approving it.
It is expected that no major changes will be made to the
budget, especially since any changes will require more time, as the budget is
large and branched, which is the largest in the history of Iraqi
budgets. LINK
DeepWoodz: ImoThis article is a
little mis-leading. I think ALL Iraqi’s are waiting for PURCHASING
POWER.
Henig: Well, given that
we've been taught that the rate comes before the budget, and the rate brings
with it purchasing power, IMO I disagree with you in a minor way--I think they
are waiting for the budget because they'll get that purchasing power right
close to that time. But I also think that's a minor enough distinction
that we really don't have a disagreement.
DeepWoodz: Imo No
disagreement at all. Ive always believed what Frank taught here but one step
further….I actually think they are using a new rate in their trade agreements.
We are just waiting with the citizens for them to show it. Imo
TSM: Is this "the approved budget, the
one they are now supposed to be using?...or is this the budget that MOST say
needs the 3rd reading and a vote to approve?..imo
Clare: THE BUDGET HAS BEEN
APPROVED.. THE 3RD VOTE IS A FORMALITY THAT WILL MAKE IT LAW. WHICH
THEY ALSO REFER TO AS APPROVAL, BUT IT REALLY MEANS MADE INTO LAW- TO
IMPLEMENT
IF THEY WERE NOT GOING TO AGREE TO PASS IT INTO LAW, IT
WOULD'VE BEEN SENT BACK TO THE COM.(council of ministers) .. WHICH IT NEVER
WAS.
THE PARLIAMENT SESSION WAS SUPPOSED TO END ON THE 9TH OF
MAY - THEY ALREADY EXTENDED THE SESSION TO HAVE THE 3RD VOTE ON THE BUDGET AS
PER ARTICLES IMO
************
Clare: The Parliamentary Finance
completes the discussion of the budget items and confirms its commitment to the
legal frameworks
5/13/2023
The Parliamentary Finance Committee announced, today,
Saturday, that it has completed discussing the provisions of the Federal Budget
Law.
The committee stated, in a statement that {Euphrates News}
received a copy of: “It is continuing, headed by Atwan Al-Atwani, its meetings
through the sub-committees for reading the items and following up the schedules
on Saturday 5/13/2023, in preparation for raising them to vote,” stressing
“the need to follow up on the exchange authorities after approval The budget is
in accordance with the legal frameworks, to come out with a result that meets
the aspirations of the Iraqi people, as it directly affects the lives of
citizens.\
And the special committee for studying the items -
according to the statement - completed reading the legal texts contained in
the budget and presenting visions and ideas in order to maximize the
revenues of the state’s public treasury, in addition to discussing the
allocations of the vehicle fees law for the maintenance of roads and bridges,
distributing the amounts according to the spending authorities, and estimating
the revenues, stressing on “
The committee also checked the listed tables to study the
amounts allocated for service and commodity requirements and special programs,
electricity and water fees, gas imports, as well as allocations for the school
feeding program, and discussed them scientifically and expressed views to
ensure that they reached their places, and hosted those concerned in this
regard.
The committee affirmed "its keenness to adhere to the
accuracy of making transfers between spending units, and transferring funds as
needed, with knowledge of all exchange chapters contained within the schedules
of the Federal General Budget Law, and stressing increasing allocations for
poor governorates for the implementation of service projects." LINK
Clare: THIS ARTICLE HERE
TELLS USE EVERYTHING IS DONE FOR THE BUDGET TO BECOME LAW... THEY ONLY NEED THE
FORMAL VOTE NOW. IMO
Clare:
Finance" hopes to reduce the deficit by 18 trillion dinars, so that the
total budget becomes 180 trillion
5/13/2023
The Finance Committee in the Iraqi Parliament indicated,
on Saturday, new figures for the fiscal deficit and the value of the total
budget, while confirming that the approval of the draft law will take place
within the next few days.
A member of the committee, Mueen Al-Kadhimi, told Shafaq
News agency, "The House of Representatives will vote on the general budget
law in the coming days, after the Parliamentary Finance Committee finishes
preparing its final report, after which the government will start implementing
its government program in early June."
Al-Kazemi added, "We in the Parliamentary Finance
Committee hope that there will be a possibility to reduce the budget deficit
rate of 64 trillion dinars, by increasing revenues and reducing unnecessary
expenditures, especially since the remaining period of this year is seven
months, and it is certain that many things cannot be done." disbursed in a
short period of time.
The member of the Finance Committee indicated that the
committee worked to reduce the deficit to about 18 trillion dinars by reducing
and compressing operating expenses, so that the total deficit in the budget
would be 46 trillion, instead of 64, and thus the total amount of the general
budget would be 180 trillion dinars.
The Iraqi Council of Representatives completed the first
and second readings of the draft federal budget law for the Republic of Iraq,
which was submitted by the government of Muhammad Shia al-Sudani for the fiscal
years (2023, 2024, 2025).
On Tuesday, the ninth of May, the committee announced that
the size of the operating budget in the 2023 budget, which has not yet been
approved by the Iraqi parliament, amounts to approximately 133 trillion
dinars. The State Administration Coalition formed by the government of
Muhammad Shia’ al-Sudani set May 17 as the initial date for voting on the
tripartite budget (2023-2024-2025). LINK
**************
DeepWoodz: Imo We having some
fun now. Let’s talk about something Walkingstick and Frank brought
up. Currency swaps.
A currency swap is an agreement in which two parties
exchange the principal amount of a loan and the interest in one currency for
the principal and interest in another currency. At the inception of the
swap, the equivalent principal amounts are exchanged at the spot rate.
Forward rates are also worthy of
study.
This is one of the things that makes me think they are
using new rate/rates already.
In my mind, this agreement has to be beneficial to both
countries. That said, no one would want to swap currency with Iraq at 1310. So
what then? Just for argument sake….They agree to meet Iraq in the middle. The
middle being they swap at a rate that is higher than the value of the other
countries currency, with the agreement that the dinar will go up in value at a
later date. So they benefit twice, Iraq benefits twice as well when their
currency goes up even higher…say 3+. Since these countries have already agreed
ie. in the IMF to allow Iraq a high rate in the world.
I didn’t come up with this phrase but in this scenario….
”All ships rise with the tide.”
************
Henig: International Monetary Fund: Iraq
is third in the Arab world in terms of exports of goods and services last year
Baghdad / Nina / The International
Monetary Fund announced that Iraq came in third place in the Arab world in
exports of goods and services last year.
The Fund stated in a table: Iraq exported goods and
services in 2022 worth $ 140.7 billion, which increased from the years 2020 and
2021, which amounted to $ 54 and $ 94 billion, respectively, while the rate of
these exports between 1990 and 2000 was worth $ 64 billion.
The Fund expected that the value of exports in Iraq for
goods and services for the year 2023 will decrease to reach $ 119.3 billion,
and also decrease for the year 2024 to reach $ 118.5 billion.
He pointed out that Iraq came third among the Arab
oil-producing countries with the highest value of exports of goods and services
after the UAE and Saudi Arabia, in which the latter's exports for the year
2022 amounted to $ 519.3 billion and $ 441.3 billion, respectively, while
Bahrain was the least oil-producing Arab country exporting goods and services
with a value of $ 40.1 billion for the year 2022. LINK
************
Henig: SEIZURE OF FAKE TRANSACTIONS
WORTH 17 BILLION DINARS IN DIYALA ELECTRICITY
Saturday, 13 May 2023 5:17 PM
Baghdad / National News Center
Today, Saturday, the Federal Integrity Commission
announced the seizure of (1463) fake exchange transactions in the branch of the
Electricity Distribution Department in Diyala, under which billions of dinars
were disbursed.
"The Commission's Investigations Department, while
talking about the seizure operation carried out based on a judicial warrant,
reported that the Commission's investigation office in Diyala rushed to form a
working group to investigate and investigate as soon as it received information
about the allegations of spending an amount of more than (17) billion
dinars, under hundreds of fake fraudulent transactions," the integrity
said in a statement received by the National News Center.
She continued, "The team moved to the headquarters of
the Diyala Electricity Distribution Branch, and was able to seize (1463,2021)
fake exchange transactions that were processed in 17, pointing out that the
amounts disbursed under these transactions exceed (000,000,000,<>) billion
dinars."
Al-Nazaha explained that "the seized transactions are
for fake purchases and projects, in addition to casting, drilling and
maintenance work," noting that "those purchases, projects and works
allegedly carried out show that all of them are fictitious, as they were
"carried out on paper only," while noting that most of "those
transactions whose amounts have been disbursed are free of administrative
orders for implementation."
She noted that "a fundamental report of
the process was organized, and presented with the seized exhibits, to the judge
of the Investigation Court competent to consider integrity cases in Diyala, in
order to complete the legal procedures and determine the
negligence." LINK