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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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The budget is in front of three scenarios..the most likely not to pass its law

rocky
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The budget is in front of three scenarios..the most likely not to pass its law Empty The budget is in front of three scenarios..the most likely not to pass its law

Post by rocky Wed 12 Jan 2022, 6:47 am

[size=52]The budget is in front of three scenarios..the most likely not to pass its law[/size]

[size=45]Baghdad/ Firas Adnan[/size]
[size=45]The current year’s budget stands in front of three scenarios, while expectations indicate that the closest is not to approve it due to the delay in forming the government until the end of March, but this does not preclude the continuation of securing expenditures, foremost of which are the salaries of employees, retirees, and those covered by the social welfare network, as well as ongoing projects.[/size]
[size=45]In the event that the law goes ahead, parliamentary circles have suggested that the price of a barrel of oil will be between 50 and 60 dollars, with little or no deficit.[/size]
[size=45]The Council of Ministers had announced that the Ministry of Finance had finished preparing the current year’s budget, but it was unable to refer it to Parliament due to its transformation into a daily task after the dissolution of Parliament itself on the seventh of last October.[/size]
[size=45]The current parliament will not receive the budget law until after the formation of the new government, since the constitution does not allow the caretaker government to send bills.[/size]
[size=45]The current MP, Jamal Cougar, said, in a statement to Al-Mada, that "Parliament has not yet seen the draft budget law, and the government has not leaked it."[/size]
[size=45]Cougar, who was a member of the Finance Committee of the dissolved parliament, added that "the talk about the current year's budget falls under the category of analyzes and speculation, and there is nothing official until the present time."[/size]
[size=45]He pointed out, "The price of a barrel of oil fixed in the budget will be estimated at between 50 to 60 dollars," stressing that "the expenses of the oil sector in Iraq are high, and for each barrel we need from 12 to 13 dollars."[/size]
[size=45]And Cougar indicated, "Iraq should take all of its reserves, as a drop in oil prices or quantities sold may occur, and therefore this will affect the state's public revenues."[/size]
[size=45]He explained, "The law will include a deficit, but it will be planned and may turn into actual if the global repercussions are difficult, but if the economic conditions are easy, we may not witness any deficit."[/size]
[size=45]Cougar stated, "The current indicators do not indicate that the budget bill includes new jobs, especially after warnings issued by Finance Minister Ali Abdul Amir Allawi that Iraq during the next ten years will resort to laying off its employees."[/size]
[size=45]And he added, "These statements show that there are huge numbers of employees redundant, and if we look at global standards, half of the number of employees in Iraq is redundant, unless the new government has another vision." Cougar spoke about "there are three possibilities regarding the fate of the current year's budget, the first is to speed up the formation of the government that adopts the same current project, and then the law will be voted on during the month of April." He explained, "The second scenario is for the government to adopt a new law, and then the budget will be somewhat delayed, perhaps until July or a little more."[/size]
[size=45]Cougar went on, "The third scenario is that the formation of the government is delayed, and then we may not witness a budget for this year, and then we will switch to a 1/12 exchange mechanism in light of the previous budget in accordance with the Federal Financial Management Law."[/size]
[size=45]For his part, the economic expert, Abdul Rahman Al-Mashhadani, said, in a statement to (Al-Mada), that “information about the 2022 budget is not known except for the price of a barrel of oil, which will be between 50 to 60 dollars.”[/size]
[size=45]Al-Mashhadani continued, "Our expectation is that the budget will come as it was in the previous year's situation, and the deficit in it will be zero or close to it."[/size]
[size=45]He pointed out, "The delay in forming the government may make passing the current year's budget impossible, and therefore this year will be without a budget."[/size]
[size=45]Al-Mashhadani stated, "The constitutional timings give an initial impression that the government will be formed at the beginning of March in order to then review the budget, which needs two weeks, and then send the project to the parliament." He believes, "Parliament needs at least three months to discuss the project through the first and second reading, and then vote, and with this we will be in the middle or end of June." Al-Mashhadani continues, "The process will not end to this extent, but we need another month to issue instructions for implementing the budget, and therefore we will be at the end of July, and there is only one month left to prepare the 2023 budget."[/size]
[size=45]And he went on, “These data came to a conclusion not to proceed with approving the current year’s budget law, but rather to rely on the Federal Financial Management Law in the 1/12 disbursement mechanism of last year’s budget with regard to non-recurring operating expenses, such as salaries for employees, retirees and those covered by the care network. Social".[/size]
[size=45]Al-Mashhadani concluded, "The investment side will be limited to allocating funds for ongoing projects only."[/size]
[size=45]It is noteworthy that Iraq had failed to approve the 2014 and 2019 budget, and this affected the completion of the process of approving the final accounts, which was suspended until the 2011 budget.[/size]
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