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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

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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

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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.”

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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

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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

 Source : dinarrecaps

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