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[size=36]Adviser to the Prime Minister expects the total spending ceiling in the current year's budget[/size]
political| 09:56 - 02/22/2023
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Baghdad - Mawazine News
Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that what was included in the second package of the Central Bank’s facilities in financing foreign trade with China, Iraq’s largest trading partner, will push the exchange rate down in the parallel market, while predicting the volume of total spending in the 2023 budget. He said
. Saleh, in a televised interview, followed by Mawazine News: "The second package of facilities launched by the Central Bank, today, has reorganized the financing of foreign trade for Iraq on new bases, as for the first time the bank's reserves are linked to this trade, as it was unilateral and linked only to the dollar."
He added, "The central bank's portfolio is diversified and includes various currencies such as the euro, the Chinese yuan, the Japanese yen, the pound sterling and other global currencies. The plan to regulate foreign trade financing with China directly and in the yuan currency is the first coordinated and organized step linking Iraq's trade with the quality of reserves, and through which the Iraqi trader can feed accounts." Iraqi banks in China in their national currency.
And he continued, "This procedure will also take place with foreign trade in Europe and the United States and with the currency of each region, which is a step that will give greater reliability and an optimistic signal that will gradually bring the exchange rate in the parallel market closer to the official price, because China's role in Iraqi trade is very large and the facilities of the Central Bank of Iraq will allow financing." The trade of importers from this Asian country, as it is the number one trading partner for Iraq, our oil exports with China, and the volume of trade exchange and imports for the government and private sectors all reach $53 billion annually, a value that constitutes a quarter of Iraq's domestic product.
He pointed out that "trade with China will be financed in the currency (yuan) through 3 outlets, the first is the central bank's platform with Chinese banks, and the second is through the US JP Morgan Bank and another Singaporean bank, a third outlet."
He pointed out, "The two packages of facilities launched by the Central Bank of Iraq liberated the current account of the balance of payments, as there were obstacles to paying the simplest wages in foreign currency, such as freight charges for goods, for example, and we expect that a third package will be launched to liberate the capital account to finance purchases, but with controls and conditions that do not drain the Iraqi economy." .
Regarding the 2023 budget and the spending ceiling in it, Saleh stated, “Last year, 145 trillion dollars were spent by applying the principle of 1/12 in the 2021 budget that preceded it, and what was included in the Emergency Support for Food Security and Development Law, which is the minimum that can be spent for the year 2023, but the budget ceiling for the current year We expect that it will range between 180-200 trillion dinars, according to our expectations, thanks to what was included in the ministerial program of great support for the social program in it, such as support for the ration card and the social welfare file, as well as strategic and service projects and the continuation of service businesses in many regions.
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. Saleh, in a televised interview, followed by Mawazine News: "The second package of facilities launched by the Central Bank, today, has reorganized the financing of foreign trade for Iraq on new bases, as for the first time the bank's reserves are linked to this trade, as it was unilateral and linked only to the dollar."
He added, "The central bank's portfolio is diversified and includes various currencies such as the euro, the Chinese yuan, the Japanese yen, the pound sterling and other global currencies. The plan to regulate foreign trade financing with China directly and in the yuan currency is the first coordinated and organized step linking Iraq's trade with the quality of reserves, and through which the Iraqi trader can feed accounts." Iraqi banks in China in their national currency.
And he continued, "This procedure will also take place with foreign trade in Europe and the United States and with the currency of each region, which is a step that will give greater reliability and an optimistic signal that will gradually bring the exchange rate in the parallel market closer to the official price, because China's role in Iraqi trade is very large and the facilities of the Central Bank of Iraq will allow financing." The trade of importers from this Asian country, as it is the number one trading partner for Iraq, our oil exports with China, and the volume of trade exchange and imports for the government and private sectors all reach $53 billion annually, a value that constitutes a quarter of Iraq's domestic product.
He pointed out that "trade with China will be financed in the currency (yuan) through 3 outlets, the first is the central bank's platform with Chinese banks, and the second is through the US JP Morgan Bank and another Singaporean bank, a third outlet."
He pointed out, "The two packages of facilities launched by the Central Bank of Iraq liberated the current account of the balance of payments, as there were obstacles to paying the simplest wages in foreign currency, such as freight charges for goods, for example, and we expect that a third package will be launched to liberate the capital account to finance purchases, but with controls and conditions that do not drain the Iraqi economy." .
Regarding the 2023 budget and the spending ceiling in it, Saleh stated, “Last year, 145 trillion dollars were spent by applying the principle of 1/12 in the 2021 budget that preceded it, and what was included in the Emergency Support for Food Security and Development Law, which is the minimum that can be spent for the year 2023, but the budget ceiling for the current year We expect that it will range between 180-200 trillion dinars, according to our expectations, thanks to what was included in the ministerial program of great support for the social program in it, such as support for the ration card and the social welfare file, as well as strategic and service projects and the continuation of service businesses in many regions.
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