[size=12.66]The real deficit ... a brief study in the law of the federal budget for the year 2014:
03/20/2014
Contains the story and see the head of the parliamentary citizen and former minister for reconstruction and interior ministries and Finance Baqir Jabr Al-Zubaidi
Bayan Jabr After reviewing the draft law on the federal budget for the year 2014 and the attached tables with him and make our analysis generated the following observations:
First oil revenues
I've been following the adoption in calculating oil revenues
1) average export price of crude oil per barrel to $ 90 in the light of price volatility in the global markets States adopt oil export prices and preferred to adopt a conservative price of $ 85 on the far end to avoid any possible decline may expose the country to an economic crisis.
2) adopted the rate amounts to export 3.4 million barrels of crude oil per day, a figure very exaggerated in light of what has been achieved over the past years, especially in 2013, where the rate did not exceed the amount of export 2.6 million barrels per day, even if we adopted the optimism shown by the Ministry of Oil in improved means to export it at best can not reach the amount of export to more than three million barrels of crude oil per day, and thus about 400 thousand barrels is the number of placebo even hit 400 thousand in $ 90 in 360 days, about 15 trillion dinars oil revenues fake not achieved with the survival of the amount of estimated spending for 2014 will increase the amount of the apparent deficit (in the schedules of the budget to about 46 trillion dinars), 30.770 +15 = about 46 trillion.
Secondly deficit
The apparent failure of the draft budget law amounted to 30.770 trillion dinars, or approximately 18% of the total budget, which in itself is very high and if you add to it as we have in the first above oil revenues delusional as a result of excessive quantities of exports, it will be as we have said about 46 trillion dinars Post There is also a material within the draft budget law was legal provisions will add numbers spending not included in the expenditure tables contained in the draft law, which need financing which will increase the size of the deficit, namely:
1) Fifth paragraph of Article 11 of the draft law.
2) Paragraph I, II and IV of Article 12.
3) Paragraphs I., II, III and IV, V and VI, and formerly of Article 14.
4) Articles 18 and 24.
If the added expenses that arranged these materials to the deficit described above, the amount of the deficit could reach more than 60 trillion, a figure can not be any economy that endures because it would constitute about 35% of the total proposed budget.
Thirdly cash budget
Did not provide the Ministry of Finance and the government's budget cash clarify which sources will depend upon the fund and cover the deficit, and what is stated in paragraph II (b) of Article 2, which provides for transfer of the Federal Ministry of Finance the power to borrow from the International Monetary Fund which complements the $ 4.5 billion is important can not be achieved because the fund does not lend without signing an agreement with the State concerned, and this is expected to be completed after the entry into force of the agreement signed and this was repeated in paragraph budgets without her presence and we propose to delete.
But as stated in paragraph (c) the judge authorizing the Federal Ministry of Finance to borrow 500 million dollars from the Islamic Development Bank, an offer Old this loan as if it is not to support the budget to cover the deficit, but to finance investment projects agreed to in order to be demanding the Ministry of Finance and the government's budget to provide cash to clarify the sources that will fund the deficit.
It also stated that one of the paragraphs of the memorandum of the Parliamentary Finance Committee of the Ministry of Finance proposes to fund the ($ 5) of the petrodollar of treasury bills purchased by the central bank which is not out of the question because the law prohibits lending to the central government directly.
Fourthly extinguishing advances
The amortization of advances granted under the Cabinet decisions set forth in Article 15 is against the law because the Council of Ministers can not be granted advances unless there are allocations of the budget sanctioned by Parliament and this has already rejected when discussing the previous year's budget of 2013, so it must be analyzed and presented to Parliament for approval before amortization in the case disapproval bear Cabinet responsibility.
Fifth state banks lending to public institutions
The continuation of the banks lending institutions, self-funded for the purpose of the latter to pay the salaries of its members mentioned in Article 26 will lead to the bankruptcy of these banks because they pay the amounts they lend from deposits of citizens and here lies the danger, because if hair citizens that will be brought to withdraw their deposits, although banks will not be able to fulfill, especially and we do not know the amount of money that has been lent.
[You must be registered and logged in to see this link.][/size]
03/20/2014
Contains the story and see the head of the parliamentary citizen and former minister for reconstruction and interior ministries and Finance Baqir Jabr Al-Zubaidi
Bayan Jabr After reviewing the draft law on the federal budget for the year 2014 and the attached tables with him and make our analysis generated the following observations:
First oil revenues
I've been following the adoption in calculating oil revenues
1) average export price of crude oil per barrel to $ 90 in the light of price volatility in the global markets States adopt oil export prices and preferred to adopt a conservative price of $ 85 on the far end to avoid any possible decline may expose the country to an economic crisis.
2) adopted the rate amounts to export 3.4 million barrels of crude oil per day, a figure very exaggerated in light of what has been achieved over the past years, especially in 2013, where the rate did not exceed the amount of export 2.6 million barrels per day, even if we adopted the optimism shown by the Ministry of Oil in improved means to export it at best can not reach the amount of export to more than three million barrels of crude oil per day, and thus about 400 thousand barrels is the number of placebo even hit 400 thousand in $ 90 in 360 days, about 15 trillion dinars oil revenues fake not achieved with the survival of the amount of estimated spending for 2014 will increase the amount of the apparent deficit (in the schedules of the budget to about 46 trillion dinars), 30.770 +15 = about 46 trillion.
Secondly deficit
The apparent failure of the draft budget law amounted to 30.770 trillion dinars, or approximately 18% of the total budget, which in itself is very high and if you add to it as we have in the first above oil revenues delusional as a result of excessive quantities of exports, it will be as we have said about 46 trillion dinars Post There is also a material within the draft budget law was legal provisions will add numbers spending not included in the expenditure tables contained in the draft law, which need financing which will increase the size of the deficit, namely:
1) Fifth paragraph of Article 11 of the draft law.
2) Paragraph I, II and IV of Article 12.
3) Paragraphs I., II, III and IV, V and VI, and formerly of Article 14.
4) Articles 18 and 24.
If the added expenses that arranged these materials to the deficit described above, the amount of the deficit could reach more than 60 trillion, a figure can not be any economy that endures because it would constitute about 35% of the total proposed budget.
Thirdly cash budget
Did not provide the Ministry of Finance and the government's budget cash clarify which sources will depend upon the fund and cover the deficit, and what is stated in paragraph II (b) of Article 2, which provides for transfer of the Federal Ministry of Finance the power to borrow from the International Monetary Fund which complements the $ 4.5 billion is important can not be achieved because the fund does not lend without signing an agreement with the State concerned, and this is expected to be completed after the entry into force of the agreement signed and this was repeated in paragraph budgets without her presence and we propose to delete.
But as stated in paragraph (c) the judge authorizing the Federal Ministry of Finance to borrow 500 million dollars from the Islamic Development Bank, an offer Old this loan as if it is not to support the budget to cover the deficit, but to finance investment projects agreed to in order to be demanding the Ministry of Finance and the government's budget to provide cash to clarify the sources that will fund the deficit.
It also stated that one of the paragraphs of the memorandum of the Parliamentary Finance Committee of the Ministry of Finance proposes to fund the ($ 5) of the petrodollar of treasury bills purchased by the central bank which is not out of the question because the law prohibits lending to the central government directly.
Fourthly extinguishing advances
The amortization of advances granted under the Cabinet decisions set forth in Article 15 is against the law because the Council of Ministers can not be granted advances unless there are allocations of the budget sanctioned by Parliament and this has already rejected when discussing the previous year's budget of 2013, so it must be analyzed and presented to Parliament for approval before amortization in the case disapproval bear Cabinet responsibility.
Fifth state banks lending to public institutions
The continuation of the banks lending institutions, self-funded for the purpose of the latter to pay the salaries of its members mentioned in Article 26 will lead to the bankruptcy of these banks because they pay the amounts they lend from deposits of citizens and here lies the danger, because if hair citizens that will be brought to withdraw their deposits, although banks will not be able to fulfill, especially and we do not know the amount of money that has been lent.
[You must be registered and logged in to see this link.][/size]
Yesterday at 7:52 am by Rocky
» utube 3/28/24 MM&C Iraqi Dinar - IQD Update - SWIFT - Purchasing Power - Urban Renaissance - Releas
Yesterday at 7:51 am by Rocky
» Al-Mandalawi: Iraq is witnessing competition between major companies...and the House of Representati
Yesterday at 7:49 am by Rocky
» The President of the Republic stresses the importance of the role of programmers in developing the w
Yesterday at 7:46 am by Rocky
» The Minister of Industry and Minerals follows up on the technical and production performance of the
Yesterday at 7:45 am by Rocky
» The Minister of Finance is following up on the field the progress of the newly implemented ASYCUDA s
Yesterday at 7:44 am by Rocky
» Statistics: There are more than 15 million bank accounts in Iraq
Yesterday at 7:42 am by Rocky
» Representative: One paragraph hinders the passage of a general amnesty within the House of Represent
Yesterday at 7:37 am by Rocky
» Parliamentary Finance: “The draft federal budget law will be devoid of new job grades.”
Yesterday at 7:36 am by Rocky
» Parliamentary action to resolve the fate of “food security contracts” in 15 governorates
Yesterday at 7:35 am by Rocky
» 300 factories turned into "iron scrap" in Diyala
Yesterday at 7:34 am by Rocky
» A deputy expects the dollar exchange rate to reach 140 Iraqi dinars
Yesterday at 7:32 am by Rocky
» Al-Yasiri: The American administration is working hard to destroy the Iraqi economy
Yesterday at 7:31 am by Rocky
» Infographic: The highest annual salaries of leaders of Arab countries
Yesterday at 7:30 am by Rocky
» Communications announces that the electronic signature project has reached advanced stages
Yesterday at 7:29 am by Rocky
» Parliamentary Integrity presents a file related to Kuwaiti violations of Iraqi oil
Yesterday at 7:27 am by Rocky
» Parliamentary move to include amendments to Parliament’s internal regulations on the agenda (documen
Yesterday at 7:25 am by Rocky
» The Iraqi President urges the Minister of Finance to expedite the payment of salaries to the Kurdist
Yesterday at 7:23 am by Rocky
» Central Bank of Iraq sales exceeded $251 million at today’s auction
Yesterday at 7:21 am by Rocky
» The Foreign Minister questions the "Iraqi resistance" attacks against Israel: the other side did not
Yesterday at 7:20 am by Rocky
» The Minister of Labor announces progress in the electronic payment system
Yesterday at 7:17 am by Rocky
» Interior Ministry: For the first time, we controlled the smuggling of petroleum derivatives by 98 pe
Yesterday at 7:16 am by Rocky
» International companies offer offers to invest in the Dhi Qar marshes.. What distinguishes them?
Yesterday at 7:15 am by Rocky
» “Tough” comments on interest rates raise the dollar globally
Yesterday at 7:14 am by Rocky
» Iraq is the fifth largest oil supplier to South Korea in a month
Yesterday at 7:12 am by Rocky
» Recovering more than 100 billion as a result of more than 200,000 employees on social welfare
Yesterday at 7:11 am by Rocky
» The Sudanese consultant announces the completion of Baghdad Metro track designs
Yesterday at 7:08 am by Rocky
» Al-Sudani stresses ending the problem of triple-shift schools
Yesterday at 7:07 am by Rocky
» Iraq begins building two new tankers to transport petroleum products
Yesterday at 7:06 am by Rocky
» Forming a council for “competition and preventing monopoly”
Yesterday at 7:04 am by Rocky
» Features of an Iraqi-Turkish agreement regarding the status of the Kurdistan Workers’ Party
Yesterday at 7:02 am by Rocky
» {Al-Buzrajiya} between the hammer of fraud and the power of the owners
Yesterday at 7:01 am by Rocky
» Ministry of Oil: The gas sector is witnessing great development
Yesterday at 6:59 am by Rocky
» An agreement with Britain in the field of securities
Yesterday at 6:58 am by Rocky
» Discussions between Baghdad and Ankara to open a new port
Yesterday at 6:57 am by Rocky
» Trade: About 11 million citizens updated their new card information
Yesterday at 6:56 am by Rocky
» Electronic payment is sustainable growth
Yesterday at 6:55 am by Rocky
» Experts: Iraq qualifies to be an important tourist country
Yesterday at 6:54 am by Rocky
» Amending the Health Professions Law “robs” scientists of the central appointment 3 years after it wa
Yesterday at 5:20 am by Rocky
» Is the “blessings package” that Erbil paid to the citizens of Kurdistan related to the elections?
Yesterday at 5:19 am by Rocky
» Exceeded 5,000 projects.. Allocating 10 trillion dinars to support governorate reconstruction plans
Yesterday at 5:18 am by Rocky
» “His need no longer exists.” Parliamentary Finance confirms the necessity of returning the retiremen
Yesterday at 5:17 am by Rocky
» To communicate with the bases... 12 directives from Al-Sadr, including blocking numbers for non-gove
Yesterday at 5:15 am by Rocky
» In an interview with "Baghdad Today"... an Iranian researcher reveals the importance of Haniyeh's vi
Yesterday at 5:14 am by Rocky
» After it was 63 trillion in 2023... the 2024 budget deficit will rise to 80 trillion dinars
Yesterday at 5:13 am by Rocky
» Parliament reveals the date of the first evaluation of the governors and determines the party respon
Yesterday at 5:11 am by Rocky
» The President of the Republic informs Al-Araji and Al-Basri: Momentum must be mobilized to eliminate
Yesterday at 5:10 am by Rocky
» Can the Federal Court sue others? A legal clarification of its response mechanism to abuse
Yesterday at 5:09 am by Rocky
» Despite promises to soon stop burning gas.. What is the secret behind Iraq renewing the Iranian gas
Yesterday at 5:07 am by Rocky
» Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have ent
Yesterday at 5:06 am by Rocky
» Iraq exported more than 99 million barrels of oil last February
Yesterday at 5:04 am by Rocky
» Barzani “gives good news” to Kurdistan employees: salaries, land, and loan exemptions
Yesterday at 5:03 am by Rocky
» Alia Nassif: Nour Zuhair returned to the port of Umm Qasr to make deals.. An influential Shiite forc
Yesterday at 5:02 am by Rocky
» The Prime Minister announces the movement of nearly 500 stalled projects
Yesterday at 5:00 am by Rocky
» A government strategy to enhance investments.. Iraq is on the verge of a new era of economic develop
Yesterday at 4:59 am by Rocky
» Ranging between 20% and 50%.. The Kurdistan government decides to reduce service fees, customs dutie
Yesterday at 4:58 am by Rocky
» Al-Sudani: The reform approach in the security services is an integral part of reform in other secto
Yesterday at 4:56 am by Rocky
» Everyone in Iraq wants the Sudanese visit to Washington to be successful, even the factions!
Yesterday at 4:55 am by Rocky
» Sources and experts expect the agenda.. in his bag is the Baghdad dollar and the factions’ truce, bu
Yesterday at 4:54 am by Rocky
» The decision to raise gasoline prices arouses the ire of drivers...a reminder of the large demonstra
Yesterday at 4:53 am by Rocky
» Parliamentary services: 3 important hospitals in Baghdad will enter service at the end of the year
Yesterday at 4:52 am by Rocky
» Iraq signs a contract to supply Iranian gas for a period of five years
Yesterday at 4:50 am by Rocky
» Parliament adds a voting paragraph on amending the Penal Code to its agenda
Yesterday at 4:49 am by Rocky
» His political advisor: We are not afraid of Sudanese entering the elections alone
Yesterday at 4:48 am by Rocky
» Parliamentary services explain the reasons for the rise in real estate prices in Baghdad
Yesterday at 4:46 am by Rocky
» Attia, criticizing the government's decisions: "The citizen's feathers will be ruffled without servi
Yesterday at 4:45 am by Rocky
» Parliamentary Communications: Zain Iraq and Asiacell did not pay their debts
Yesterday at 4:44 am by Rocky
» The Governor of Karbala announces the imminent establishment of the largest industrial city in the c
Yesterday at 4:43 am by Rocky
» A government determination to end the issue of displaced persons in the middle of this year
Yesterday at 4:42 am by Rocky
» Iraq buys gas from Kurdistan to generate electricity
Yesterday at 4:41 am by Rocky
» Parliamentary signatures to include an amendment to the internal regulations to decide the choice of
Yesterday at 4:40 am by Rocky
» In Basra.. a demonstration against foreign workers in Iraqi companies (video)
Yesterday at 4:38 am by Rocky
» Al-Samarrai: Presidency of Parliament is an entitlement to the constituents, and calling it a “frame
Yesterday at 4:36 am by Rocky
» Electronic food supplies in 6 governorates... covering 11 million Iraqis and “writing off” about 700
Yesterday at 4:34 am by Rocky
» Corruption of the Ministry of Transport.. Representatives express their surprise at the minister’s s
Yesterday at 4:32 am by Rocky
» The biggest supporter of the invasion of Iraq.. The death of former US Senator Joe Lieberman
Yesterday at 4:31 am by Rocky
» Iraq is ranked “late.” A list of the most and least safe Arab countries for women
Yesterday at 4:30 am by Rocky
» The Council of Ministers exempts the Gulf Interconnection Authority from guarantee fees: it is a gov
Wed 27 Mar 2024, 7:48 am by Rocky
» The Iraqi government raises the size of the 2024 budget, and Parliament is “surprised”
Wed 27 Mar 2024, 7:46 am by Rocky
» Popular Movement: We have many economic options away from American hegemony
Wed 27 Mar 2024, 7:42 am by Rocky
» The Oil Parliament stresses the need to transfer part of the revenues to the producing governorates
Wed 27 Mar 2024, 7:41 am by Rocky
» It will cover 14 regions in eastern Iraq.. A deputy reveals the “border electricity” project
Wed 27 Mar 2024, 7:40 am by Rocky
» Experts Warn Mass Migration Threatens US Food Security
Wed 27 Mar 2024, 7:37 am by Bama Diva
» Al-Fateh: America occupies Iraq through agreements
Wed 27 Mar 2024, 7:37 am by Rocky
» Anger in Iraq over a "sudden decision"... and a reminder of a "general strike" that paralyzed the co
Wed 27 Mar 2024, 7:34 am by Rocky
» Parliamentary Committee: Parliament is discussing today a decision that “disturbed” the Iraqis
Wed 27 Mar 2024, 7:33 am by Rocky
» Ministry of Electricity: Our production will reach 27 thousand megawatts by May
Wed 27 Mar 2024, 7:31 am by Rocky
» Diagnosing the “most important” problems in the oil file between Baghdad and Erbil.. What is the rel
Wed 27 Mar 2024, 7:30 am by Rocky
» The Iraqi Fiqh Academy and the Sunni Endowment issue a fatwa to pay Zakat al-Fitr
Wed 27 Mar 2024, 7:28 am by Rocky
» The National Bank of Iraq continues its digital transformation by launching its new banking system a
Wed 27 Mar 2024, 7:26 am by Rocky
» Parliamentary Investment and the Central Bank are discussing the housing initiative
Wed 27 Mar 2024, 7:25 am by Rocky
» The Prime Minister announces the restart of 500 suspended projects
Wed 27 Mar 2024, 7:23 am by Rocky
» Al-Barti assesses the region's employees: Your salaries are insured and will be paid after resettlem
Wed 27 Mar 2024, 7:21 am by Rocky
» Iraqi-American discussions in anticipation of the Sudanese visit
Wed 27 Mar 2024, 7:20 am by Rocky
» Iraq and Turkey hold meetings in Ankara to discuss technical issues related to the development road
Wed 27 Mar 2024, 7:17 am by Rocky
» A government parliamentary agreement to support budget revenues and governorate allocations for inve
Wed 27 Mar 2024, 7:16 am by Rocky
» Oil: The gas sector is witnessing great development
Wed 27 Mar 2024, 7:15 am by Rocky
» A Kurdish-French agreement to develop trade and economic relations
Wed 27 Mar 2024, 7:13 am by Rocky
» Exchange companies in Mosul demand that they be entered into the currency selling window
Wed 27 Mar 2024, 7:12 am by Rocky