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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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Government advisor: Changing the exchange rate added to the Ministry of Finance 20 trillion dinars

rocky
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Finance - Government advisor: Changing the exchange rate added to the Ministry of Finance 20 trillion dinars Empty Government advisor: Changing the exchange rate added to the Ministry of Finance 20 trillion dinars

Post by rocky Tue 19 Apr 2022, 5:55 am

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[size=52]Government advisor: Changing the exchange rate added to the Ministry of Finance 20 trillion dinars[/size]

[size=45]A financial advisor in the Council of Ministers confirmed that changing the dollar exchange rate added to the Ministry of Finance 20 trillion dinars last year, pointing out that the amount is equivalent to what the state receives from non-oil revenues.[/size]
[size=45]The chancellor criticized the House of Representatives for canceling allocations aimed at addressing the economic damage resulting from the decision, indicating that more than 25% of the Iraqi people live below the poverty line, stressing that the actual revenues of the customs apparatus do not exceed 10% of what it achieves.[/size]
[size=45]Mazhar Muhammad Salih said in a television interview, which was followed by (Al-Mada), that "the decision to reduce the value of the Iraqi dinar against the dollar by 23%, had primary and basic objectives as a financial tool."[/size]
[size=45]He continued, "When the Ministry of Finance sells the dollar to the Central Bank at the new price, it will get more revenues than it was getting in the past."[/size]
[size=45]He pointed out, "The Ministry of Finance obtained, as a result of this decision, 20 trillion Iraqi dinars, and this amount is not small and is equivalent to non-oil revenues compared to last year's budget, which was also 20 trillion dinars."[/size]
[size=45]Saleh pointed out that "a number of measures should have been taken in the face of this decision, including reducing the poverty gap," noting that the House of Representatives reduced the spending ceiling in the budget from 169 to 129 trillion.[/size]
[size=45]Saleh stressed, "Part of this reduction was related to supporting the vulnerable segments, and therefore the parliament bears the responsibility as well."[/size]
[size=45]He continues, "The area of ​​poverty in Iraq is expanding, and it currently ranges between 25 to 30%, and this means that more than a quarter of the population lives below the poverty line."[/size]
[size=45]And Saleh added, "There are areas in the south of the country, including Al-Muthanna Governorate, completely crushed, and the state's social and moral function is to intervene to deal with the economic damage that is occurring."[/size]
[size=45]He went on to say, "Expenditures based on the previous budget according to the Financial Management Law are no longer sufficient," explaining that "the price of a barrel of oil based on the previous budget created a small deficit in a way that we can say that it (the budget) was balanced to some extent."[/size]
[size=45]Saleh added, "The new requirements, in front of a large financial abundance achieved by oil revenues, are pressing towards searching for solutions in order to confront the poverty crisis."[/size]
[size=45]He continues, "The government had two options, either to present the draft budget law, or to present an exceptional project that deals with those variables represented in the Emergency Support Law for Food Security and Development, and it resorted to submitting the latter to the House of Representatives for approval."[/size]
[size=45]Saleh stressed, "The customs revenues, according to the current import rates, are supposed to come to us about 10 billion dollars annually, or no less than 8 billion dollars as a minimum estimate."[/size]
[size=45]He explained that "the actual revenues generated by the customs are about one billion dollars annually or less, and the rest goes to exemptions and false estimates."[/size]
[size=45]And Saleh went on to say, "The customs apparatus is experiencing a state of improvement by resorting to electronic means, and thus we have overcome many false estimates, but the problems do not end.[/size]
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