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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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Parliamentary Finance: We will turn again to loans to bridge the deficit of the 2022 budget

rocky
rocky
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Join date : 2012-12-21

Parliamentary Finance: We will turn again to loans to bridge the deficit of the 2022 budget Empty Parliamentary Finance: We will turn again to loans to bridge the deficit of the 2022 budget

Post by rocky Mon 30 Aug 2021, 7:12 am

[size=52]Parliamentary Finance: We will turn again to loans to bridge the deficit of the 2022 budget[/size]

[size=45]Baghdad / Muhammed Sabah[/size]
[size=45]After reservations made by the Finance Committee in the House of Representatives regarding the preparation of the draft federal budget bill for 2022 by the current government, political circles described the proposed numbers in the bill as “very large,” but expected that after the reduction, their size would reach about (120) trillion dinars.[/size]
[size=45]Ali Abdel Amir Allawi, Minister of Finance, expected, in a dialogue session with a group of journalists and media professionals, to present the draft budget law to the Council of Ministers during the next four weeks, but at the same time he ruled out “presenting it during the current electoral cycle, but rather presenting it to the next parliament.”[/size]
[size=45]Ahmed Al-Saffar, the rapporteur of the Finance Committee in the House of Representatives, said in a statement to (Al-Mada) that "the current government, after holding the early parliamentary elections, will turn into a caretaker government, and this is what prevents it from presenting bills."[/size]
[size=45]Al-Saffar added, "The new government will be responsible for preparing the draft federal budget law for 2022, according to its ministerial and governmental program."[/size]
[size=45]In line with the laws in force that obligate the government to submit a draft budget law before October of each year, the Ministry of Finance formed a committee called the Budget Strategy Preparation Committee, which was able to collect the proposals of all state institutions and will start drawing a draft federal budget law for the next year.[/size]
[size=45]Al-Saffar commented on the steps of the Ministry of Finance by saying, “The completion of the draft budget law for 2022 by the current government will be useless; Because we are on the verge of elections, and the new parliament needs between three to four months to complete the election of the three presidencies, and then discuss the federal budget law.”[/size]
[size=45]He pointed out, "If this project is prepared, it will be for an expired government, and therefore the new government will undertake to reformulate this law again depending on its economic vision in accordance with its governmental and ministerial program," while he expected that "the next budget will be large in its numbers, but it will be reduced after that".[/size]
[size=45]The decision of the Parliamentary Committee believes that “the size of the new budget will be approximately (120) trillion dinars, based on operating expenses and investment projects.” He added that "the budget deficit will depend on the speculative price of oil."[/size]
[size=45]He noted that "the 2022 budget, its legislation will be greatly delayed due to the elections and the formation of the new government, or perhaps next year will be without a budget, or the parliament's budget will come late after amendments made by the new government to the draft law."[/size]
[size=45]Finance Minister Ali Abdel Amir Allawi confirmed in a dialogue session with a group of journalists and media professionals last Thursday that "the ministry is in the final stages of the budget preparation process, after the strategic budget preparation committee held 24 to 25 meetings, and it is in the process of drawing up the budget in its final form."[/size]
[size=45]In turn, Committee member Faisal Al-Issawi, who was present at many meetings of the Strategic Budget Preparation Committee, stated that “the committee concerned with the draft budget has completed two parts, the first of which is the budget strategy, and the second is the draft budget, which is a compilation of all the proposals and requests submitted by state institutions.”[/size]
[size=45]Over the course of the fiscal years, many stakeholders and specialists complained about the process of preparing budget projects, which are often in large and exaggerated numbers, specifically the chapters on officials' salaries and allocations.[/size]
[size=45]As for the new budget figures, Al-Issawi replied that “the proposed figures in the budget law until this moment are very large. They will be dealt with in the coming periods, and we cannot reveal them for fear of confusion,” adding that “all ministries submitted their proposals.”[/size]
[size=45]Expectations indicate that the Budget Preparation Committee approved the selling price of a barrel of oil in the upcoming federal budget at $50, compared to current prices, ruling out problems in the price of oil in the coming years similar to previous years.[/size]
[size=45]Al-Issawi asserts, “The data collected by state institutions cannot be approved because it is too large.” And he spoke of “a tendency to adopt the selling price of a barrel of oil, as a first step, at $50 per barrel.”[/size]
[size=45]Al-Issawi revealed that “loans will be included in the new budget to fill the speculative budget deficit,” expecting that “the budget law will be sent to the Council of Ministers during the month of September or more.”[/size]
[size=45]In addition, committee member Jamal Cougar said in a statement to Al-Mada that "the approval of the budget depends largely on the issue of the elections and commitment to their date."[/size]
[size=45]Cougar added, "Many started talking about holding early elections on time, and this means that the current House of Representatives cannot discuss the budget due to lack of time."[/size]
[size=45]He pointed out that "the government will not be able to send it, according to the current data, before the tenth of next October."[/size]
[size=45]Cougar continues, “The issue of the size of the budget will depend primarily on oil revenues and what they provide to the public treasury, and as happens with each year, the government will send the project to Parliament to deal with it according to the constitution, either by transfer or reduction, but the increase should be in prior agreement with the government.” [/size]
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