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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 Ministry of Finance is working to reduce operating expenses and make a final adjustment to the b

    Rocky
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    The Ministry of Finance is working to reduce operating expenses and make a final adjustment to the b Empty The Ministry of Finance is working to reduce operating expenses and make a final adjustment to the b

    Post by Rocky Wed 04 Jan 2023, 7:41 am

    The Ministry of Finance is working to reduce operating expenses and make a final adjustment to the budget



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    2023-01-04 05:58
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    Shafaq News/ An informed source in the Iraqi Council of Ministers stated, on Wednesday, that the Federal Ministry of Finance is working to reduce operating expenses in the draft of the general budget bill for the current year.
    The source told Shafaq News agency that the Ministry of Finance has completed the draft general budget law for the year 2023 by 90%, adding that the final draft of the budget law will reach the Council of Ministers after adding the financial allocation for lecturers and contracts in ministries and state institutions who have fixed permanent staffing.



    He explained that the total amount of the budget law amounted to 180 trillion dinars, with a deficit rate of 40 trillion dinars, indicating that the price of one barrel of oil was calculated at 65 dollars, while the exchange rate of one dollar was calculated at 1450 dinars.
    The source went on to say that the Ministry of Finance is currently working to reduce operating expenses and make a final amendment to the budget law before sending the final draft of the law to the Council of Ministers, pointing out that the Ministry of Finance will send the budget to the government next week.
    On Tuesday, Prime Minister Muhammad Shia al-Sudani announced an increase in the amount of salaries in the general budget for the year 2023, realizing that the draft law needs a lot of time.
    "The amount of salaries in the budget increased from 41 to 62 trillion dinars," Al-Sudani said, in a press conference attended by Shafaq News Agency's correspondent, explaining that "the budget needs a lot of time" in order to be approved.
    And Finance Minister Taif Sami had revealed, at the end of last year 2022, that “the general budget will focus primarily on the health sector, supporting hospitals, reducing the conduct of operations abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for small projects in Ministry of Labor".
    She added, "The price of a barrel of oil, which has been set so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and it has not yet set the total amount of the budget, while the dollar exchange rate has been fixed at 1450."
    And the Minister of Finance indicated that "the draft general budget law may include a study to impose some taxes on the oil derivatives sector, if approved by the House of Representatives, which would enhance revenues."
    It is noteworthy that the financial budget for the past year 2022 was not approved by the Council of Ministers and the House of Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, which escalated to dangerous levels that ended with the events of the Green Zone, with armed confrontations between supporters of the Sadrist movement and the security forces, which claimed lives. Dozens and hundreds injured.
    After the end of the crisis, with the agreement of the political blocs to elect the President of the Republic and to grant confidence to the government of Prime Minister Muhammad Shia’a al-Sudani, the latter pledged that he would present the draft federal budget law for the year 2023 as soon as possible.
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