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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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    Half-year" .. the deficit and oil swing the budget and the government speeds up the parliament

    Rocky
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    • Post n°1

    Half-year" .. the deficit and oil swing the budget and the government speeds up the parliament Empty Half-year" .. the deficit and oil swing the budget and the government speeds up the parliament

    Post by Rocky Fri 31 Mar 2023, 5:27 am

    Half-year" .. the deficit and oil swing the budget and the government speeds up the parliament
    • Time: 03/31/2023 12:56:09
       
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    {Reports: Al-Furat News} Report: Ammar Al-Masoudi
    The 2023 budget is above explosive and unprecedented, submitted by the government of Muhammad Shia’a al-Sudani to the House of Representatives, but it is also with an unprecedented deficit, and the price of oil is almost below global market prices, without any reservation or reservation of any fluctuation or decline from the price specified in the budget. 
    On March 13, the Council of Ministers approved the three budgets and referred them to Parliament for approval.
    The total budget amounts to more than 197 trillion dinars, including 150 trillion for operational and 47 trillion for investment, and its deficit exceeded 63 trillion dinars based on the price of oil at $70, while non-oil revenues amounted to more than 17 trillion dinars.
    The Kurdistan region's share of the budget was 12.67%.
    Parliament received the budget on March 16, but it has not yet reached the relevant financial committee.
    The rapporteur of the House of Representatives, Representative Gharib Askar al-Turkmani told Al-Furat News that the draft law will reach the Finance Committee early next week, "expecting that it will be approved in Parliament between one to two months.
    " "Dependence on oil and the fluctuation of its prices makes it difficult to adopt a budget for three years, and the Finance Committee disagrees with each other regarding the budget," he
    noted, noting that "it is very difficult to bridge the large deficit in the budget," expecting "the launch of the budget next May and its implementation in June," noting He added that "oil is estimated at $70, and the solution is to return the government to its estimates in the budget,"
    and Al-Sari acknowledged, "the difficulty of restoring the budget to the government, but amendments will be made to it according to the parliament's authority to amend and transfer between its doors."
    He revealed that "Prime Minister Muhammad Shia'a al-Sudani expressed his willingness and desire to attend the House of Representatives with his government ministers to explain and defend the budget and its importance in implementing his government program, and this is happening for the first time."
    On the government side, Deputy Prime Minister and Minister of Planning Muhammad Tamim defended the reason for preparing a budget for three consecutive years and said that it was "not new, but was mentioned in the Financial Management and Public Debt Law of 2019 and approved in the previous session."
    And Tamim, during his participation in the Al-Rafidain Center for Dialogue in Najaf yesterday evening, said: “The budget is for three years, but the Council of Ministers did not attach the schedules for the years 2024 and 2025, so practically it is for the year 2023 only,” noting that “the budget for the year 2023 was approved by nearly 200 trillion dinars.” And with a deficit of 60 trillion dinars, and this deficit is for the year 2023 only, and that the price of a barrel of oil was calculated at 70 dollars, according to realistic estimates.
    A member of the Parliamentary Finance Committee, Jamal Cougar, criticized the reason for the delay in the arrival of the draft budget law to the committee, and told Al Furat News: “We do not know who is responsible for the delay in presenting the budget law yet, and that the Finance Committee did not officially receive the law – until the preparation of this report.”
    And he added, "With regard to the issue of reducing the powers of the House of Representatives with the budget law, 3 things are the first, the reduction and transfer between the chapters, and the addition of paragraphs that have no financial side, and until now, these paragraphs or reduction are not known, because we have not seen the budget officially."
    "It is out of the question to set a date for holding a session for the first reading of the budget without presenting it to the Finance Committee and studying it," Cougar confirmed.
    He pointed out that "despite the financial deficit in the budget law, the Finance Committee will not intervene and reduce the operational aspect of salaries."
    Cougar pointed out, "There are calls to return the budget to the government, given that there is no justice in distribution on the one hand, and on the other hand, the fiscal deficit has increased because the price of oil has decreased, which affected what was drawn in the budget."
    Regarding the extent to which the government's projects and plans will be affected in the event of a delay in approving the budget, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said: "Certainly the delay in approving the budget so far affects the government's plans and projects."
    He explained, "Every delay in approving the budget affects the government's financial and economic plans, and economic life remains linked to money," pointing to "confusion over what was approved in the year 2021, which leads to an impact on the government program and its implementation."
    From an economic point of view, the expert ruled out the loss of the budget "for its value" despite the delay in its approval in the House of Representatives.
    Abdul Rahman Al-Mashhadani explained to Al-Furat News: "The delay in approving the budget does not lose its value because it was prepared for three years, and this means that investment expenditures will remain continuous, and because the operational budget continues in all cases in terms of salaries and wages, which constitute the most important part."
    He added, "Its impact is limited, not as it happens every year, and because it included a paragraph on the continuation of petro-dollar projects, as well as the recycling of other expenses, as if it was approved in a tripartite manner, it means that projects do not stop in the coming years."
    And the Minister of Planning acquitted the government of the exacerbation of operating expenses in the budget, and Muhammad Tamim said in the Al-Rafidain dialogue in Najaf yesterday: “The current government is not responsible for the additions in the operational side of the budget, but rather it deals with decisions taken by previous governments, including volunteers in ministries, free lecturers, measurement readers, and contract employees.” ".
    He stressed, "The private sector is the main partner for state and government assistance in implementing programs and policies, and we have begun practical steps to advance and develop it."
    The Minister of Planning stressed that "Iraq is not experiencing a planning crisis, but rather there is a problem in implementation."
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