Home
Stopping oil exports from the region increases the {budget} deficit
Iraq 2023/05/10
[You must be registered and logged in to see this image.]
Shaima Rashid
Parliament Speaker Muhammad al-Halbousi announced the extension of the current legislative term until the approval of the federal general budget law, and while the Parliament’s Finance Committee hosted (for the third time) Minister of Finance Taif Sami regarding dismantling the paragraphs and provisions of the budget law, parliamentarians and economists warned of the negative impact of stopping oil exports from the region Kurdistan and its contribution to increasing the deficit in the public budget. A member of the Finance Committee, Jamal Cougar, said, in an interview with "Al-Sabah": "The suspension of the region's exports increased the budget deficit, because among the Iraqi state's imports is the value of 400,000 barrels of oil exported from the region and included in the budget."
He added, "If the region does not export oil, it will not take any sums from Baghdad, and here will be a new problem regarding the salaries of employees in the region," noting that "two months ago the region did not export oil, and last month Baghdad paid 400 billion dinars in the form of a loan as salaries for employees." .
And he continued, “Among the deficit in the budget is the value of exporting oil from the region, and if it is not exported, the deficit will be greater, because the Iraqi state’s resources amount to 3 million and 500 thousand barrels per day, including 400 thousand from the region, meaning that Baghdad will sell 3 million.” And only 100,000 barrels in this case. And Cougar indicated, "The government has included the region's oil imports from within the budget, and without it, there will be no share for the region in the budget, and here is the same equation and the first affected is the region," noting that "the timing of re-exporting oil from the region is not yet known, and it may be after the Turkish elections." ".
In addition, the economics and energy expert, Furat al-Moussawi, stated that "the oil agreement between Baghdad and Erbil in the budget law stipulates that the Kurdistan Regional Government shall hand over the Iraqi government 400 thousand barrels of oil per day, and Baghdad will receive all financial dues to the region, and that the financial damages for not The resumption of oil exports from the region to Turkey will be borne by the Iraqi government until all problems are resolved and exports resume normally.
Al-Musawi told Al-Sabah: "The oil revenues exported from the Kurdistan region, according to the agreement, will be placed in an account within the Central Bank of Iraq in the name of the Kurdistan Regional Government of Iraq, while Baghdad will have the power to enter and review the account in addition to passing the financial spending operations required by the regional government," noting That "stopping oil exports from Kurdistan to the Turkish port of Ceyhan harms the Iraqi economy because it undermines financial resources and reduces the volume of Iraqi oil revenues."
And he continued, "In previous budgets, the regional government was required to deliver 250,000 barrels of oil per day in exchange for the federal government paying the region's salaries, and when the region did not deliver oil, the federal government cut off the amount of undelivered oil by agreement from the region's budget share. The region's share of oil amounting to 400,000 barrels, according to the agreement, with the 2023 budget due to an external reason (because of Turkey). The federal government must compensate the region's share and hand over its approved budget without receiving any amount of oil, which will contribute to adding a financial deficit to the Iraqi budget 2023.
Meanwhile, the Parliamentary Finance Committee hosted, yesterday, Tuesday, Minister of Finance Taif Sami (for the third time) regarding dismantling the paragraphs and provisions of the general budget law, reviewing expenditure tables, public expenditures, and detailed data.
The head of the committee, Atwan Al-Atwani, indicated, according to a parliamentary statement, the need to discuss the operational budget related to employee compensation, service and commodity supplies, grants, subsidies, social care, and expense and revenue accounts, in order to reach the appropriate notes and classify the financial sums and direct them in the appropriate place, as the operational budget amounted to approximately 133 trillion. Dinars in the General Budget Law for the year 2023, and the investment budget included in the budget was also discussed.
In the same regard, the Minister of Finance, Taif Sami, provided a detailed explanation regarding the chapters of the operational budget according to the tables listed, the actual expenditure and the distribution of amounts according to the spending units, as well as the mechanism for financing the spending units, the trusts account, the final accounts, employee compensation, the procedures for fixing contracts and wages, and the contracts of the Ministry of Health according to Law of Medical Graduation for Scientists, and Financing of Money for them.
Yesterday, Tuesday, a member of the Parliamentary Finance Committee, Youssef Al-Kalabi, suggested voting on the draft budget law between one to two weeks from now.
Edited by: Muhammad Al-Ansari
[You must be registered and logged in to see this link.]
» Intensive US movements on the Iraqi-Syrian border.. Where is the situation heading? - Urgent
» Iraqi Minister of Water Resources speaks to Al Jazeera Net about solutions to the water crisis
» utube MM&C 9/26/24 Iraq Dinar News-Iraq Plans Redenomination of Currency-Value of it Related-Elect
» utube 9/28/24 MM&C IQD Update News -Iraq PM - $83 Billion 3 Years - Stability - Global Contracts -
» Iraqi Foreign Ministry: Expanding the scope of war in the region leads to serious consequences
» /Information/ reveals the location of the Rafidain Bank robbers in Ramadi
» Al-Sudani Office for /Al-Maalouma/: Foreign workers threaten graduates
» Foreign Minister invites his Venezuelan counterpart to visit Baghdad
» "Government" real estate loans with amounts up to 150 million dinars.. Conditions and details
» Setting a date to launch 102 investment opportunities in Iraq
» Bitcoin Set to Post Best September Ever on Rate Cut
» What is the truth about the existence of a naval embargo imposed on Iraq?
» More than $70 million in Iraqi imports of Indian tea
» Oil price decline: Impact hits new groups in Iraq
» Parliamentary Finance to NINA: The decline in global oil prices will not affect employees’ salaries
» Al-Hakim: Investing in tourism as one of the sources of financial revenues for the state
» From Najaf Al-Ashraf.. The Minister of Labor announces the completion of the procedures for issuing
» Parliamentary Finance to NINA: The decline in global oil prices will not affect employees’ salaries
» 19,000 dinars difference from the official price.. The dollar falls slightly in Baghdad
» Al-Asadi: We call on citizens to invest in the retirement and social security law
» “Worth $4 billion”: Iran exports engineering services to Iraq
» US, Iraq agree to end 'alliance' in September 2025
» New tax will push house prices up, Iraq's real estate market into recession
» It is black and includes Iraq.. Netanyahu waves the “curse map” before the United Nations
» “The wiretapping scandal” complicates the political scene.. The second term is far from Al-Sudani
» Suspicions surround hospital projects.. Is corruption hindering the Chinese agreement in Iraq?
» Statement issued by the media office of Dr. Iyad Allawi
» Faeq Zidane: The jurisdiction of law and judiciary is a constitutional and legal jurisdiction
» Sudanese arrives in Baghdad
» Planning: Completion of 70% of inventory and numbering work in Kirkuk
» Rafidain Bank announces granting real estate loans to three categories
» Dollar price today
» Netanyahu enters with maps and attendees leave the General Assembly session.. What did he mention Ir
» The historic agreement on international withdrawal... a turning point in the path of Iraqi sovereign
» Includes citizens, employees and retirees.. A real estate loan from Rafidain worth 150 million dinar
» Does it include an American withdrawal? Two important indications in the statement "ending the missi
» Dollar exchange rates drop in Iraqi stock exchanges
» Will the drop in oil affect only employees' salaries or all segments of society?
» North Carolina removes 747,000 from voter rolls
» The full extent of the Biden-Harris criminal alien invasion REVEALED
» utube 9/24/24 MM&C Iraqi Dinar News-IRAQ-INTERNATIONALISM NY-2023 to 2029 Road Map - Social- Finan
» Hanoun calls for benefiting from the Chinese economic experience and linking the Silk Road between t
» Gulf-American statement directs a strict request to Iraq
» Conflict escalates in the Middle East, warning of Iraq slipping deeper into confrontation
» EU 'concerned' over increasing executions in Iraq
» Mustafa Sand: The judiciary has proven the “wiretapping” issue, and Al-Sudani’s brother is involved
» Parliamentary Committee Talks in Numbers About Iraq’s Water Crisis with Türkiye and Proposes a Solut
» Why did the Central Bank hesitate to implement the measures taken against Iraqi private banks?
» US State Department: Announcement of agreement on the future of the international coalition from Ira
» Housing Crisis in Iraq: “Ambitious” Government Plans and Fears of Monopoly
» Will privatization save Iraq's economy or open the door to corruption?
» Parliament: Agreement with the regional government to review its oil contracts to adapt them constit
» Interior Minister: Iraq is free of drug factories
» Anbar Alliance: Halbousi clings to power because he fears opening major files against him
» Rising prices of oil derivatives in Kurdistan.. reasons and goals
» Economist calls on the government to resort to tax exemption
» Iraqi Oil Company for Investment and Pricing of Raw Gas Produced
» Increase in activity at Mandali border crossing during the current year
» MP: New cities map will include eight governorates next year
» The Ministry of Finance confirms that the employee is entitled to university service allowances whil
» Media Commission and Starlink discuss cooperation prospects to provide internet services in Iraq
» Prime Minister: Iraq is witnessing an urban and economic renaissance and revitalization of the indus
» Kurdistan Finance announces the results of its delegation's recent visit to Baghdad
» "We will guarantee your rights".. A specialized committee reassures the drilling company's cadres af
» Iraq discusses cooperation with SpaceX to provide internet services
» Among them are young people.. the most prominent groups included in the distribution of housing unit
» Labor announces the direct transfer of 12 thousand beneficiaries to contracts in the Ministry of Int
» Al-Samarrai praises Al-Sudani’s speech before the United Nations: It is worthy of Iraq, its history
» Iraqi expert raises the principle of "no return" in Lebanon: We are facing the hypocrisy of the larg
» New tax will push house prices up, Iraq's real estate market into recession
» Iraqi oil returns to the red zone, affected by the collective decline in prices
» “Iraq at a Crossroads”… Will Climate Change Become an Opportunity for Innovation and Sustainability?
» Masrour Barzani to Parliamentary Finance: Halting oil exports caused Iraq to lose $19 billion
» 1291 projects stuck in Iraq.. achievements on paper and ruins on the ground!
» Violated Childhood.. Iraq suffers from the absence of law and the continuation of the cycle of viole
» Chinese Ambassador: We are determined to provide support to Iraq regarding armament and developing m
» Activating electronic services in the presidencies of the courts of appeal
» Trump threatens to turn Iran's largest cities into rubble.. Iraqi expert explains
» Parliamentary Finance Delegation Visits Kurdistan.. Salaries, Oil and Ports Files on the Table of Ba
» Iraqi bank achieves “achievement” in electronic transactions
» State of Law: The coming days are fateful for America and its interests in the region
» Iraq announces sending 75 tons of medical aid to Lebanon by air
» Economist reveals reasons for the return of the dollar's rise in Iraq
» Conflict escalates in the Middle East, warning of Iraq slipping deeper into confrontation
» Labor announces the direct transfer of 12 thousand beneficiaries to contracts in the Ministry of Int
» Faeq Zidane: The jurisdiction of law and judiciary is a constitutional and legal jurisdiction
» Iraq signs with Jordan the second amendment to the electricity sales contract
» US-Gulf meeting stresses importance of Iraq's respect for Kuwait's sovereignty
» New information about "the arrival of 40,000 Iraqi and Yemeni fighters to the Golan"... and Assad is
» 71,000 barrels per day.. Iraqi oil exports decreased last month
» Does the “Right to Information” Law restrict freedoms? Why weren’t journalists involved in its formu
» Zidane: The judiciary considers issues of a political nature imposed by the constitution and the law
» Engineers apply new tech to model deadly brain tumors
» Iraqi banks cause citizens to “reluctantly” take out loans to purchase solar energy systems for home
» What are the reasons behind the "weakness" of imports of goods from Iraq?
» Iran announces exporting $4 billion worth of technical engineering services to Iraq
» Social Protection: Red tape hinders access to support, Ministry of Labor adopts new initiatives
» Parliamentary Committee: There are people controlling investment in Iraq