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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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    Calls to include local oil and electricity sales in the general budget

    Rocky
    Rocky
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    • Post n°1

    budget - Calls to include local oil and electricity sales in the general budget Empty Calls to include local oil and electricity sales in the general budget

    Post by Rocky Sat 18 May 2024, 7:50 am

    [size=38]Calls to include local oil and electricity sales in the general budget[/size]


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    May 18, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: Economist Nabil Al-Marsoumi indicated that Iraqi executive authorities are currently studying the possibility of introducing local oil and electricity sales into the general budget.
    This means repealing or amending the General Companies Law of 1997, which stipulates the distribution of profits according to specific ratios.
    This decision will cancel the incentives and profits of workers in oil and electricity companies, and increase non-oil revenues by the amount of oil and electricity sales.
    Positives:
    – Increased public revenues: The introduction of domestic oil and electricity sales will contribute to increasing the state’s public revenues, which may contribute to improving the government’s financial position and enhancing the ability to finance public projects and services.
    – Achieving financial balance: The introduction of these sales can contribute to achieving financial balance in the general budget, especially in the event of a global decline in oil prices.
    Negatives:
    - Increased public expenditures: Introducing domestic oil and electricity sales into the general budget will lead to an increase in public expenditures, given that the general budget bears the salaries of workers in the oil and electricity sectors.
    – Limited impact on the budget deficit: The expected positive impact on the budget deficit may have a limited impact, as the increase in revenues will coincide with a corresponding increase in public expenditures.
    The impact of the decision on sending budget schedules and the public finance statement
    The delay in sending budget schedules to the House of Representatives reflects the lack of transparency and delay in making financial decisions.
    The public finance statement for the first quarter of the current year shows the delay in sending budget schedules and the delay in disbursing petrodollar allocations.
    - Dissatisfaction with the disbursement of only a small percentage of the petrodollar allocations, as only 98.8 billion dinars were disbursed out of the total allocations.
    – Delay in sending schedules and failure to disburse allocations negatively affects the workflow and project implementation.
    The government must quickly send the schedules to Parliament and provide financial allocations in a timely manner to support various sectors and achieve development.
    Statement of public finances in the first quarter of 2024
    According to Al-Marsoumi, public expenditures in the first quarter of 2024 amounted to approximately 25.770 trillion dinars.
    Operating expenses constitute a large proportion of public expenses, amounting to 23.179 trillion dinars, and include employee salaries and social care.
    - Investment expenditures amounted to about 1.897 trillion dinars, and constitute a small percentage of public expenditures.
    Operating expenses constitute 90% of total expenses, while investment expenses constitute only 10%.
    Achieving financial balance and achieving financial sustainability requires a review and evaluation of the structure of expenditures and revenues and improving the management of financial resources.
    It is important to direct attention and focus on enhancing transparency and accountability in the management of financial resources and ensuring the achievement of a financial balance that supports economic growth and improving the level of public services.
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