The “Budget” series begins early... Parliament’s finances acknowledge the existence of new amendment

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[size=52]The “Budget” series begins early... Parliament’s finances acknowledge the existence of new amendments: the government diagnoses them[/size]

[size=45]Baghdad/ Haider Hisham[/size]
[size=45]Since the beginning of the new year, many questions have been raised about the financial budget law, which was approved by the current government in a “tripartite” format, and the extent of the possibility of making amendments to it, at a time when Parliament Finance confirms that making these amendments is the responsibility of the executive authority, while economists have determined where they will take place. These modifications.[/size]
[size=45]After a difficult struggle that extended for months, the Iraqi Parliament voted on June 13, 2023, on the country’s general financial budget for the years 2023, 2024, and 2025 after a series of sessions, which extended until the dawn hours.[/size]
[size=45]Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, explains the fact of making amendments to the 2024 budget, while specifying the party capable of making the amendments.[/size]
[size=45]Al-Kadhimi said, in an interview with (Al-Mada), “The budget that was approved in mid-2023 is a tripartite budget, meaning that it will be implemented for three years, which was estimated at 198 trillion Iraqi dinars at the time, in both its operational and investment parts,” stressing that “the government did not spend the amount of 198 trillion Iraqi dinars.” Rather, it was content with spending 140-150 trillion dinars.”[/size]
[size=45]He adds, “Last year’s budget did not witness a deficit,” pointing out that “the 2023 budget, with its same items and texts, which consist of 78 articles, and its schedules (A, B, C, D, E), will turn into the current year’s budget.”[/size]
[size=45]He points out, “The federal government will make amendments to these tables as it deems appropriate regarding operational or investment budgets.”[/size]
[size=45]A member of the Finance Committee explains, “These amendments are presented to the Finance Committee, and after studying them, they are submitted to the House of Representatives for approval under the dome of Parliament,” adding, “The amendments are determined by the government through the spending that occurs in 2023, in addition to work requirements.”[/size]
[size=45]Al-Kadhimi confirms that “there will be amendments to the budget for the current year, commensurate with the work of the government, and on the basis of it, it was approved by the House of Representatives, and is on its way to implementation,” indicating that “the financial budget is currently not suspended, given that disbursement is possible by the Ministries of Finance and Planning.” To the governorates, ministries and various state institutions.”[/size]
[size=45]The current budget is the largest in the country’s history, amounting to approximately 153 billion dollars per year, and the Kurdistan region will receive a percentage estimated at 12.6%, while recording a large financial deficit estimated at about 48 billion annually, which is the highest and more than double the deficit recorded in the last budget for the year. 2021, when it reached 19.7 billion, which observers consider to be an alarm bell that will surprise the current government if oil prices decline.[/size]
[size=45]In addition, economic affairs researcher, Nabil Al-Ali, identified the articles that will be amended in the financial budget law, while confirming that the Iraqi government is required to submit spending and revenue schedules and calculate the new financial deficit.[/size]
[size=45]Al-Ali stated, in an interview with (Al-Mada), that “the Iraqi government needs to submit tables for spending and revenues and calculate the new fiscal deficit in the budget law, given that the tables presented in its first version were related to the 2023 budget only, and this requires the government to submit tables attached to the budget, as one of the Requirements for approving the 2024 budget.[/size]
[size=45]He points out that “some amendments will be made to the items, which are supposed to be fixed, unless the government wants to make additions or amendments to some articles that it deems necessary to accomplish its tasks and implement its government program.”[/size]
[size=45]The economic affairs researcher continues, “These amendments require the government to convince the political parties, especially the supporting parties, to try to pass them within the dome of Parliament.”[/size]
[size=45]Al-Ali points out, “There are other claims, which may be linked to other political parties, such as the provisions related to the agreement between Baghdad and Erbil, given that the articles related to this agreement in the tripartite budget have not been implemented. As a result of the Kurdistan government’s inability to export oil.”[/size]
[size=45]He explains, “This agreement was broken, given that the main condition was the delivery of revenues, which prompted the government to send loans as a type of financing,” suggesting that “there are other articles that some political parties find and demand that they be amended.”[/size]
[size=45]The budget approved the country’s export of 3.5 million barrels of oil per day, including about 400 thousand barrels from Kurdistan fields. According to government data, the total budget for the current year amounts to 197.828 trillion dinars (about 140 billion dollars), while the operational amount is 150.273 trillion dinars, while Investment: 47.555 trillion dinars.[/size]
[size=45]It is noteworthy that the Iraqi government adopted a price of $70 per barrel of oil, given that more than 95 percent of budget revenues depend on oil sales, which angered most economic trends.[/size]
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