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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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    In detail.. the 2022 budget and a warning about the delay in its approval

    Rocky
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    In detail.. the 2022 budget and a warning about the delay in its approval Empty In detail.. the 2022 budget and a warning about the delay in its approval

    Post by Rocky Wed 22 Dec 2021, 6:06 am

    In detail.. the 2022 budget and a warning about the delay in its approval

    •  Time: 12/22/2021 08:58:41
       
    •  Reading: 1,677 times

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    {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced the completion and preparation of the draft federal financial budget law for the year 2022.
    Saleh said in a press statement, "A country without a budget gives a misleading and distorted picture of economic life, and the goals are unclear, as the method of exchange in the absence of the budget's approval will be a reality if there is no planning, and it is called a cash budget, and the disbursement is done according to cash income." .
    And he indicated, "The disbursement will be according to the price of a barrel of oil in the 2021 budget, at an amount of 45 dollars, and the increase in prices will be additional financing, meaning that the constants of the year 2021 will be the same as the constants of 2022."
    He pointed out that "in the event that oil prices reach a level lower than the specified level in the 2021 budget, there may be a stumble in expenditures, specifically the delay in the payment of salaries, as happened in the year 2020, as well as the halting of ongoing investment projects, and to improve services, and to fix the costs." External debt, including the installments of the Paris Club Agreement, which determines the credit rating of Iraq, which is among the priorities of the government, which is the payment of external obligations as well as salaries, in addition to the operating expenses of the government.
    Saleh added:
    And he expected, "the budget will be in a position close to equilibrium as in the 2021 budget, despite the receipt of some borrowings, which amount to nearly 3 percent of the gross domestic product."
    Finance Minister Ali Allawi had announced earlier that the price of a barrel of oil in the 2022 budget would be $50, indicating that the 2022 budget would provide an opportunity to strengthen the social protection network.
    The Prime Minister's advisor said, "The budget has been prepared and has been a complete bill for a while. Thus, great efforts have been made in preparing it, but the date of its submission coincided with the date of the dissolution of Parliament."
    He explained that "Parliament is prescribed budget law, and passes through the legislative track, as it offers as usual from the Ministry of Finance to the Cabinet during the month of September, to express an opinion and approval, and then submitted to the House of Representatives for approval, and it was supposed to be a bill The budget was in the month of October in Parliament, but it was dissolved because of the elections.”
    He added, "The budget is currently prepared, but not submitted to legislation, and the approval of its law depends on the speedy convening of the new parliament and granting confidence to the next government, as it will be a priority among other laws."
    Regarding the importance of the budget law, Saleh spoke, saying that “government spending constitutes about 40 to 45 percent of Iraq’s gross domestic product, meaning that about half of spending in Iraq depends on approving the general budget, and thus the expectations of investors, the market, and economic activity depend on the orientations of the budget and its policy. the year".
    And he indicated that "the law has taken into consideration, if the adoption of the budget is delayed, then there is an alternative solution for it, which is the adoption of the Financial Management Law, which states: The new fiscal law does not allow the budget administration in the year to enter the fiscal year. 1/12 of the previous year, which each month will be expenses for the month equivalent of the previous year, a nature and ongoing expenses of any continuing wages and salaries continued to work and projects, whether operational or investment. "
    He noted that "in the case of budget legislation, the exchange is modified," noting that "one of the shortcomings of its delay is the lack of knowledge of the country's fiscal policy, and where it will be its direction and objectives? Will it be contractionary or expansionary? In addition to the lack of new investments, that is, it is not possible to start new projects, Only ongoing projects.
    It is noteworthy that the Ministry of Planning confirmed that the important projects that will be included in the 2022 budget will give priority to the ongoing projects that are under implementation, as the focus will be on projects that have different completion rates, indicating that the inclusion of new projects will be only for extreme necessity and with the approval of the Council of Ministers.
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