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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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    Specialists call for a reconsideration of investment spending

    Rocky
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    • Post n°1

    Specialists call for a reconsideration of investment spending Empty Specialists call for a reconsideration of investment spending

    Post by Rocky Wed 10 Jan 2024, 4:55 am

    Specialists call for a reconsideration of investment spending


    Iraq  01/10/2024
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    Hoda Al-Azzawi

    Specialists in economic and financial affairs traded expectations regarding the volume of spending for the past year 2023, which it is hoped will be revealed by the Ministry of Finance, which is approximately 136 trillion dinars, with a completion rate of approximately 68 percent of the approved budget estimates of 198 trillion dinars, in what may constitute... The operating spending of the budget amounts to 121 trillion dinars, while investment spending is approximately 14 to 15 trillion dinars, or approximately 10 percent of total spending.
    Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, stated in an interview with “Al-Sabah” that “the trends in implementing the spending sections in the federal general budget that was legally issued on June 26, 2023 and extending for three years, show that the spending part related to the investment budget in The fiscal year 2023 is mostly slow in implementation rates, and the reason is due to the effectiveness of the beneficiary entities and their implementation capabilities in approving new projects. Despite this, the tripartite budget and entering the new fiscal year from the date of January 1, 2024 provided the advantage that medium-term financial planning brought. In order to avoid time delays in the implementation of investment projects and programmes.”
    He pointed out, "The entire issue is being followed up by the Ministries of Finance and Planning and the Financial Supervision Bureau to point out implementation obstacles, some of which were linked to the slowdown in financial legislation itself, and the subsequent waiting period until the issuance of instructions to implement the budget, especially investment, which were issued a month or more after the date of the enactment of the law." The federal general budget for the year 2023.
    Saleh explained, “In light of the above, the issuance of Legislation No. 13 of 2023 (Federal General Budget Law) after the middle of the year - I mean on June 26, 2023 - and waiting for a period of more than a full month until the budget implementation instructions are issued, then for the referral and contracting processes to begin.” And others, they are all relative factors that contribute to the slow disbursement of the estimated investment allocations for the implemented expenses, specifically in the implementation of new projects.”
    For his part, the economic expert, Nabil Jabbar Al-Tamimi, in an interview with “Al-Sabah”, pointed to “the approximate and estimated figures prior to the issuance of the Ministry of Finance’s reports on the volume of spending for the year 2023, which reflect the government’s ability to implement huge budgets, as operational spending is mainly divided into Employee salaries are approximately (50) trillion dinars, while the value of purchasing energy and fuel for the Ministry of Electricity is estimated at (8.1) trillion dinars, while government debt constitutes 10.2 trillion dinars, retirees’ salaries, grants and subsidies constitute (18) trillion dinars, the ration card and the purchase of wheat crops. And barley (approximately 11 trillion dinars), oil employee profits, grants, subsidies and allocations (1) trillion dinars, and social welfare (4.7) trillion dinars.”
    He stated, “Investment spending, which by the end of the year amounts to approximately 15 billion dollars, is distributed according to the ministerial program (8) trillion dinars, regional development (5.4) trillion, petrodollars (1.4) trillion dinars, and the last amounts were allocated to the economic sectors as shown: Education sector (1.56) trillion dinars, buildings and services sector (7.7) trillion dinars, transportation and communications sector (3.37) trillion dinars, (7.7) trillion dinars, industry sector, approximately (1.58) trillion dinars, agriculture sector (half a trillion dinars) ".
    In turn, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, in an interview with “Al-Sabah,” criticized the parties that liberalized the budget, indicating that they were unable to read reality correctly and determine the actual need for the Iraqi economy, calling on “the government to make amendments to The draft budget for 2024, and thinking about moving away from relying on the line item budget as it is an unproductive consumer budget that does not give consideration to the objectives of financial planning, and relying on the program and performance budget.”
    He said: “We hope that the government will move quickly to make amendments to the general budget law enacted from the previous year, make adjustments to the calculated price of a barrel of oil and the quantity of exports, and reconsider the exaggerated amounts for various sectors between reality and illogical estimates.”

    Edited by: Muhammad Al-Ansari
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    • Post n°2

    Specialists call for a reconsideration of investment spending Empty Specialists call for a reconsideration of investment spending

    Post by Rocky Wed 10 Jan 2024, 5:01 am

    Specialists call for a reconsideration of investment spending


    The first  01/10/2024
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     Baghdad: Hoda Al-Azzawi

    Specialists in economic and financial affairs traded expectations regarding the volume of spending for the past year 2023, which it is hoped will be revealed by the Ministry of Finance, which is approximately 136 trillion dinars, with a completion rate of approximately 68% out of the approved budget estimates of 198 trillion dinars, while it may constitute The operating spending of the budget amounts to 121 trillion dinars, while investment spending is approximately 14 to 15 trillion dinars, or approximately 10% of total spending.
    Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, stated in an interview with “Al-Sabah” that “the trends in implementing the spending sections in the federal general budget that was legally issued on June 26, 2023 and extending for three years, show that the spending part related to the investment budget in The fiscal year 2023 is mostly slow in implementation rates, and the reason is due to the effectiveness of the beneficiary entities and their implementation capabilities in approving new projects. Despite this, the tripartite budget and entering the new fiscal year from the date of January 1, 2024 provided the advantage that medium-term financial planning brought. In order to avoid time delays in the implementation of investment projects and programmes.”
    He pointed out that "the entire issue is being followed up by the Ministries of Finance and Planning and the Financial Supervision Bureau to highlight implementation obstacles, some of which were linked to the slowdown in the financial legislation itself, and the subsequent waiting period until the issuance of budget implementation instructions, especially the investment ones that were issued a month or more after the date of enactment of the budget law." Federal General Assembly
     for the year 2023.
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