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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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    Parliamentary circles: Three main points are still the focus of the dispute over the budget

    Rocky
    Rocky
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    • Post n°1

    Parliamentary circles: Three main points are still the focus of the dispute over the budget Empty Parliamentary circles: Three main points are still the focus of the dispute over the budget

    Post by Rocky Mon 17 Apr 2023, 7:26 am

    [size=30]Parliamentary circles: Three main points are still the focus of the dispute over the budget
    [ltr]2023.04.17 - 15:11[/ltr]
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    Baghdad - people  
    According to the information circulating in the various parliamentary circles, there are three main points that still represent the focus of the dispute over the federal budget for the next three years.  
      
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    According to those circles, (April 17, 2023), the points of contention are as follows:  
      
    1_ That the budget is for the next three years and there are fears by many blocs in Parliament, including the bloc to which the Prime Minister belongs, which is the Coordination Framework bloc, of the possibility of the government alone with the budget for the next three years if approved by Parliament without guarantees related to the parliament’s role in oversight, as the government can To have absolute powers without returning to Parliament, which can annually limit the expansion of the government and its spending methods, because the budget is in his hands.  
      
    2_ The deficit included in the budget, which is a large deficit of more than twenty billion dollars. Although it is a hypothetical and not real deficit, it remains linked to oil prices, which makes parliament fear that if oil prices fall below seventy dollars per barrel, the budget deficit will increase, which means the inability to pay employees’ salaries that annually exceed fifty billion dollars.  
      
    3_ At the price of one barrel of oil, as the government set a price per barrel of oil at around $75 per barrel, which some parliamentary circles fear in the event that prices fall in the absence of alternatives to national income in the country, "according to Asharq Al-Awsat.  
      
    And the Finance Committee in the House of Representatives issued a detailed report on the general budget law for this year and the next two years, according to the formula received from the government headed by Muhammad Shia’a al-Sudani.  
      
    The report included major observations about the largest budget in the history of Iraq, with an increase in operational spending by 75%, as the Finance Committee criticized the “traditional method adopted in preparing the budget,” and said that it had become “inconsistent with developments in the volume of resources and spending and the accompanying decrease in the volume of allocated amounts.” for investment projects.    
      
    In its report, the committee indicated the necessity of adopting a "modern method in determining the state's public expenditures, reducing waste and extravagance, investing revenues in investment projects, and preserving the environment and natural resources to ensure the interest of future generations."    
      
    The committee recommended shifting to "gradually balancing programs and performance, designing programs capable of achieving the required goals, paying attention to investment projects that contribute to solving unemployment and poverty problems, ensuring sustainable development, and finding new sources of income that are supportive of the changing primary source (oil)."    
      
    The committee listed the challenges facing the budget law in a number of points, most notably:    
      
    - The huge allocations required to finance state institutions.    
      
    - The magnitude of the planned deficit and its funding sources.    
      
    High rates of unemployment, poverty rates and economic inflation.    
      
    Challenges of providing financial liquidity in the short or medium term.    
      
    The monetary and financial authorities did not disclose their policies towards developing interest rates.    
      
    The instability of the global oil market.    
      
    The report indicates that the volume of estimated revenues for 2023 increased from 2021 by 33%, at a value of 134.6 trillion dinars, by adopting a price of $70 per barrel of oil compared to $45 in 2021, of which oil revenues constitute 87%, which means an increase in dependence on oil by 7%. %.    
      
    Expenditures, according to the budget law for the year 2023, recorded an increase of 53% compared to the previous budget, due to the increase in the estimated allocations for the current budget and the capital budget, while the deficit increased by 125%, with a value of 64.5 trillion dinars.    
      
    The committee's report also indicated an increase in the estimated allocations in the budget by 49%, most of which is due to the salaries of new employees, grants, subsidies, and social welfare.    
      
    The report included detailed tables of increased allocations to ministries and agencies, including a table that revealed the increase in the number of employees compared to 2021.    
      
    According to the table, the Ministry of Education recorded the highest increase in the number of employees by 525%, bringing the number of its workforce to more than 963 thousand people.    
      
    The Ministry of Health recorded, in turn, the second largest increase, by 320%, bringing the number of its employees to more than 488,000 people, followed by the Popular Mobilization Authority, whose number of employees increased from 122,000 to 238,000, an increase of 95%.    
      

    At the end of its report, the Finance Committee recorded 17 notes on the budget law, including those related to economic reform, revenue maximization, electronic governance, continued dependence on oil, as well as a huge increase in spending and an increase in public debt, which means high financial risks related to the extent of the state treasury's ability to Continue to secure overhead.    
      
    And issued 20 recommendations, most notably; Reconsidering the volume of expenditure, the structure of public revenues, and the economic feasibility of some projects.    
      
    It also recommended continuing to support the ration card, support non-oil revenues, support the private sector and investment projects, reduce the level of deficit and rearrange spending priorities.     
      
    The text of the report and notes issued by the Finance Committee in the House of Representatives regarding the general budget law received from the government:  
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