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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    A "politically difficult" budget that Iraq has never seen before... Early details of the 2022 budget

    Rocky
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    A "politically difficult" budget that Iraq has never seen before... Early details of the 2022 budget Empty A "politically difficult" budget that Iraq has never seen before... Early details of the 2022 budget

    Post by Rocky Sat 07 Aug 2021, 7:58 am


    [size=30]A "politically difficult" budget that Iraq has never seen before... Early details of the 2022 budget revealed

    2021-08-07
    [/size]
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    Yes Iraq: Baghdad

    The Ministry of Finance has been working for two months, i.e. since June in particular, to prepare the budget for the next year 2022, which is supposed to be approved a few months before next year, but an emergency may prevent the approval of the budget represented by early elections, which are only two months old if they are already held .
    Finance Minister Ali Allawi revealed specific details related to the upcoming budget, while the budget is expected to be “shocking” and politically difficult because of the paragraphs it will contain that may be new to the history of Iraqi budgets.
    Allawi said that "the 2022 budget, which the ministry began preparing a few days ago, will have a reformist dimension, as it differs from previous budgets and reflects the reality of Iraq's obligations," noting that "the ministry will seek to submit this new budget to Parliament before the early parliamentary elections scheduled for October / October,” adding that it will be a “reform budget, but perhaps it will be politically difficult.”
     
    He explained that the ministry "tried in the previous budget to do a similar thing", as it "presented the budget in a way that shows officials the size of Iraq's real obligations without paying them in arrears corners, so the number was large and was not politically acceptable, so it was modified and the budget was issued" in its current form.
    And the minister hinted by this most likely to the difficulty of passing the new budget due to the high value of the deficit in it, as happened in the previous budget.
    Regarding the price of a barrel, the minister confirmed that in the new budget there will be 50 dollars a barrel, which is an adjustable figure, but the value of a barrel of oil in the market is currently much higher and exceeds sixty dollars.
     
    However, the minister said that Iraq's financial situation improved during the current year due to "the rise in the price of oil and the change in the exchange rate of the dinar."
    Meanwhile, Iraq is negotiating with the International Monetary Fund on a loan amounting to between 3 to 4 billion dollars, as the minister explained, hoping to reach an agreement with the Fund by the end of the year.
    He explained that this “borrowing is of a monetary nature and gives credibility to the reforms” that the ministry wants to implement, and “their end depends on our current situation and the 2022 budget if we are able to present it to Parliament before the parliamentary elections.”
     
    white paper application
    In consolidation of what the minister alluded to him that the budget will be “politically difficult,” the Parliamentary Finance Committee revealed that the 2022 budget will be related to the implementation of the white paper announced by the government for economic reform.
    A member of the Parliamentary Finance Committee, Ahmed Hama, said that “legislating the 2020 budget law was very difficult due to the financial crisis, and while the 2021 budget was compensatory, the 2022 budget bill will be a practical application of the white paper.”
    And he added, "The preparation of the draft budget 2022 by the Ministry of Finance will be in accordance with the terms of the white paper," noting that "there is difficulty in passing the draft law during the last months of this year in the event that early elections are held."
    He added that "if the bill is delayed, the government will resort to using the Financial Management Law by disbursing 1/12 of the actual current expenditures, in order to bypass the problem of counting its approval."
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