Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

by **Proven** Mon 07 Dec 2020, 8:44 am

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Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

by Proven Mon 07 Dec 2020, 8:44 am

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Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the numbers to "reduce the financial deficit!"

2020-12-06

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Yes Iraq - Baghdad

The Parliamentary Finance Committee informed the Presidency of the House of Representatives, today, Sunday, that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.
"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating the numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmad Al-Saffar, said.
He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."
He added, "The draft budget is still up to the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year," indicating that, "according to government estimates that we have informed about the price of a barrel of oil." In the general budget it will be between 42 - 43 dollars.
The official spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.
Expectations of the next deficit?
And on that, today, Sunday, a Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for the month of October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.
The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general average for salaries of 3.34, an increase of 3.45%.
The statement pointed out that the expenditures for social care increased by 19% compared to the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.
The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. It is higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) will be 4.652 trillion dinars.
He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."
The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to paying the amounts of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement.

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by weslin3 Fri 18 Dec 2020, 8:12 am

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Post n°11

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

by weslin3 Fri 18 Dec 2020, 8:12 am

That's true about many stocks out there right now... I still think Iraq will have to put some value on their IQD whether it is $.10 or whatever. After all Afghanistan money is worth $.02 and they haven't anything going on for them as Iraq. Also right now oil is edging up to almost $50 a barrel. New technology no doubt is coming but will not come in like overnight. I'm still hanging on.

Last edited by weslin3 on Fri 18 Dec 2020, 12:17 pm; edited 3 times in total (Reason for editing : typo)

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by **Neno** Mon 21 Dec 2020, 9:53 am

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Post n°12

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

by Neno Mon 21 Dec 2020, 9:53 am

“ Neno will be able to tell you about the new automated EV transport trucks now in the US, which means no driver required. Things are going to change fast, and the requirement for oil will drastically be reduced in the next 10-15 years.”

Ain’t happened anytime soon (no public trust, yet) but, it is a possibility! The USA is built on oil and is self sustained today. As long as the senate doesn’t loose control imho, it’ll be even longer. Sorry Jedi I just don’t see it around the corner.

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by **jedi17** Mon 21 Dec 2020, 6:35 pm

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Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

by jedi17 Mon 21 Dec 2020, 6:35 pm

Neno wrote:“ Neno will be able to tell you about the new automated EV transport trucks now in the US, which means no driver required. Things are going to change fast, and the requirement for oil will drastically be reduced in the next 10-15 years.”

Ain’t happened anytime soon (no public trust, yet) but, it is a possibility! The USA is built on oil and is self sustained today. As long as the senate doesn’t loose control imho, it’ll be even longer. Sorry Jedi I just don’t see it around the corner.

Here is the problem in itself. Around the corner is about 15 years away. If we knew what we were doing we would have gotten into Bitcoin when it sold for under $3. We would have invested in Amazon when they were only selling books online, we would have invested in Tesla about 5 years ago, last year if we knew what we were doing we would have invested in NVIDIA or QUALCOMM which are major players in semiconductors and other technology required for AI and 5G. Instead we were here, hoping to be players in the dinar,(which i still hope happens), maybe we should have paid closer attention to Neno and his crypto journey.

Oil is a major industry, but I don't believe it will be a major player in 15 years. I believe that in 15 years we will be wishing that today we looked more into AI, 5G, EV, and telemedicine. I think that we should have paid more attention to the suppliers of the big 5G and AI stock holders like ATOMERA. You may disagree, but in 30 years most people will not own their own vehicles, but will order them and pay for use, however they will be much cheaper then the usual cabs of today because electric vehicles will be far less to make and maintain, and they will be automated so you won't be paying for a driver.

You may disagree and that is fine, all I ask is that you look into this as it is all over the internet.

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by weslin3 Tue 22 Dec 2020, 7:29 am

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Post n°14

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

by weslin3 Tue 22 Dec 2020, 7:29 am

All I know is there many uses of oil other than just fuel in our lives... Oil is a major resource.

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Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

Re: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the

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