KTFA:

Clare:  Deficit” is the password.. Parliamentary Finance decodes the budget delay

5/7/2024  Baghdad

A member of the Parliamentary Finance Committee, Muhammad Nouri, revealed on Saturday that there was a large deficit within the 2024 budget, which obstructed sending its schedules to the House of Representatives for approval.

Nouri said in an interview followed by Mawazine News, “The delay in sending the budget schedules from the Council of Ministers to the House of Representatives for approval and then starting work on them is evidence of the existence of a large deficit within this budget, which has exceeded more than 80 trillion.”

He explained, “There is large government spending that accompanied the 2023 budget and continues until now, including paying the Kurdistan region’s dues and exceeding the original dues, and also the sanctions imposed by the US Treasury may have caused a weakness in revenues, which reflects negatively on the strength of the budget and the government’s ability to address this deficit.” “.

He continued, “There may be political reasons behind the delay in sending the budget, including the delay in choosing a new speaker for the House of Representatives, and that its delay may hinder the launch of some important and strategic projects.”

He stressed that “the government is currently looking for solutions to address this large deficit and the pressure on expenditures within this budget, as well as the pressure on actual spending to reach a deficit that can be worked on. Among these solutions is increasing the price of oil or maximizing other non-oil revenues.”   LINK

CalandDLQ:  At a rate of $1,320, that would be correct…you have a deficit. However, the new rate Sudani and Alak are ready to expose to us non-NDA holders is the solution…the ONLY SOLUTION

Suzie:  Just MY opinion,  that doggone Iraq, ever since we thought we were going to have the "best" Christmas ever, then January, February and March comes and goes, then in April Sudani swears to Allah to take care of his people and off to the US he goes to give us the new exchange rate and make sure all sanctions are gone,

Hopes up again he's going to do the right thing when coming back home, but not quite yet....have to deal with the budget, so far, no rate yet. 

Tomorrow they say full accession to the WTO quite possible although I just finished going thru the agenda and I didn't see where Iraq has completed everything they need to do...I'm human, coulda missed something, also a sovereign currency from a country, sovereign or not, is not needed to fully belong. 

I wish them GOOD LUCK tomorrow and hope all falls into place.  So, Sudani, what's next for the people and the rate to enhance their purchasing power and pay all these contracts being signed, just wonderin' big guy, just wonderin'………..IMO

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DMcCall:  This is really getting old!!!! On February 27, 2024, " IRAQ ANNOUNCES COMPLETION OF REQUIREMENTS TO JOIN THE WTO." As reported by Gulf News. So the time has come to stop talking about the WTO requirements! The article I viewed indicated that FULL members must have an international exchange rate, that is what makes the difference between an Observer country, and a Member country.

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DeepWoodz:  I took a peak. 

Dated May 3, 2024 Just a few days ago!

Working Party on the Accession of Iraq - Accession of Iraq - Initial tariff offer on goods

So this is the latest article listed on the WTO website. 

Im ignorant to the inner workings of the WTO but…I’m not a total idiot. I just wanna put that out there . 

We’ve all seen the article that said they have completed their accession chores. We also know the world is waiting. The above article is restricted so I can’t read it but it clearly says INITIAL TARIFF….This seems to signify they are done. They are in. They are now pricing export/import tariffs. Unless I’m reading it wrong. Highly probable….maybe not. 

Their Minister said point blank they were done like has been previously mentioned by others.  I have to agree. 

There was also an article where they were praised for completing 15 years of work in 1 year. 

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Clare:  A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules

5/8/2024 Baghdad

Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, revealed today, Wednesday, that there is an understanding to extend the legislative term of Parliament to approve the 2024 budget schedules. 

Al-Dulaimi said, in an interview followed by Al-Iqtisad News, that “the current situation requires extending the current legislative term of the House of Representatives and postponing its recess for a month until the 2024 budget schedules are approved.” 

She added, "The Parliamentary Finance Committee is ready to receive the budget schedules and work on them as soon as they reach the House of Representatives."

She continued, "The current legislative term needs to be extended to complete many important legislations for the coming period, including the budget law schedules for the fiscal year 2024."LINK

Clare: The government approves the establishment of important projects, including an industrial city in Basra and a hospital in Baghdad

5/8/2024

Prime Minister Muhammad Shiaa Al-Sudani chaired, this afternoon, Wednesday, the seventh meeting of the Supreme Committee for Reconstruction and Investment, during which it approved important projects.

The meeting witnessed, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “discussing a number of investment opportunities in Baghdad and the governorates, in various sectors, and proceeding with a package of important projects that contribute to revitalizing the economy and providing many job opportunities for young people.”

- Approval of the Taji gas station investment project

 - Approval of a project to establish a solar energy project in Babylon Governorate

-Electricity linkage project between Iraq and the Kingdom of Saudi Arabia.

- Establishing a mental health and addiction treatment hospital in the Ghazaliya area in the capital, Baghdad.

- Approval of a project to establish a 400-bed hospital, on a section of the land of Al-Rashid Camp in the capital, Baghdad.

Approval of the Toyota project, which includes the establishment of an integrated complex that includes units for manufacturing vehicle accessories, spare parts warehouses, a rubber and plastics recycling center, a training and qualification center for Iraqi labor cadres, a vehicle pre-delivery inspection center (PDI), and a vehicle storage center.

In the industrial sector, a project was approved to establish an industrial city in Basra Governorate for the production of iron and steel, in partnership with the General Iron and Steel Company, as well as a project to produce flat float glass, and a project to produce glass bottles and jars.   LINK

DeepWoodz:  Yeeaaa,,,,hard to invest without a REER. (Real Effective Exchange Rate)

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Clcare:  A Sudanese advisor explains the financial financing to implement the development path

5/8/2024

Mazhar Muhammad Saleh, financial advisor to the Prime Minister, Muhammad Shiaa al-Sudani, explained the financial financing for the implementation of the development road project, which starts from the southernmost point of Iraq to its northernmost point, with a length of 1,200 km.

Saleh told {Al-Furat News} agency, “The development road is one of the most important strategic economic projects that achieve regional and international economic integration of our country with the world, in addition to being one of the largest accelerators of integrated investment at the level of the national economy, in terms of sectoral interconnection in various aspects leading to generating opportunities.” Accelerated growth in gross domestic product and intense investment momentum.”

He added, "It is known that the estimated cost of the project is about 17 billion dollars, especially for the completion stages within our country, as announced a while ago, and that the contributions of the regional countries benefiting from it will undoubtedly contribute to the financing due to cross-border interconnectedness, and we look forward to finalizing the preparation of the financing model and the nature of the contributions." national, regional and international finances to implement it.”

Saleh noted, “The principle of partnership between the state and the private sector for industrial cities and logistics services linked to the development road allows for high flexibility for national contributions to projects linked to the development road, in addition to the government’s financing role.”

He stated, "In any case, the financing vision will become more clear when that model is announced, especially what is terminologically called the financial completion of this vital, strategic project for Iraq, which links the trade and investment economies of the North and South of the world."

He continued, "The financial completion tasks within the financing model indicate ways of flowing additional funds to the project, through which funds are collected from knowledgeable investors or attracting new investors, according to the financial model that will be adopted, as the financing completion is used to finance the project's growth stages, expand the scope of work in it, or to cover expenses." Additional fees will be determined according to what will be determined by the approved technical economic feasibility study for the project in all its stages upon its final announcement.”

Raghad Dahham  LINK