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“Budget may be on Track” – Wed. AM TNT Thoughts/News 11-30-22

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TNT

Tishwash:
Iraq gains membership in the Arab Businessmen Union

The Iraqi Business Council joined, today, Wednesday, as an active member in the Arab Businessmen Union.

The vice-chairman and secretary of the Iraqi Business Council, Saad Naji, told the Iraqi News Agency (INA), that “the council’s accession to the federation’s membership will contribute to joint cooperation, exchange of experiences, and the development of Iraqi investments in various economic fields.”

He pointed out that “the Iraqi private sector is interested in expanding its investments in the Arab world, especially with the presence of many diverse opportunities on the commercial and investment level, which can be exploited in the development of joint Arab relations.”

For his part, the head of the Arab Businessmen Union, Hamdi al-Tabbaa, expressed his happiness at the Iraqi Business Council’s joining, stressing “the importance of Iraqi investments at the Arab level.”

He pointed to “the union’s efforts to strengthen Arab economic and investment relations and to promote the advantages, incentives and investment opportunities enjoyed by the Arab world in its various promising sectors.”   link

CandyKisses:
I hope that this RV will arrive in December, but time will tell.

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RVAlready:
Thanks Candy. Budget may be on track. I do not think the budget is necessary for the RV, but that is just my opinion.

CandyKisses:
I agree, rvalready. The rate could come first.

Yada:
Agreed rvalready. I also believe the rate can be released once it is submited to pariliament, even before it is voted upon.

RVAlready:
Yes, the draft budget had to be prepared with the RV rate as an input from the CBI.  The rate affects all the percentage allocations in the budget. It isn’t just a multiplier of the totals.  I don’t see any reason not to do the RV in December.

CandyKisses:
Al-Salhi Announces The Date Of Raising The Budget To The House Of Representatives And Voting On It

Earth News / Member of Parliament, Rafik al-Salihi, set today, Wednesday, the date for submitting the budget to Parliament and voting on it.

Al-Salhi told Earth News, “The previous Al-Kazemi government failed to prepare a budget for the current year 2022, and therefore the next budget 2023 is important.”

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And he indicated that “all governorates and ministries have raised their needs in terms of projects and others

As for the 2023 budget, it is an important budget, and the Al-Kazemi government failed in the year 2022 by not being able to prepare a budget for the previous year, and now the Ministry of Finance is proceeding with its preparation, which also includes fixing contracts,” noting that “next Tuesday, the budget will be submitted to the House of Representatives and begin to discuss, prepare and vote on it in the coming days.”

Parliamentary Finance expects the size of the 2023 budget and its deficit percentage

{Economic: Al Furat News} The Parliamentary Finance Committee expected the size of the federal financial budget for the year 2023 and the percentage of deficit in it.

Committee member Jamal Cougar said, in a press statement, that: “The budget for next year 2023 ranges from 100 to 120 billion dollars, in light of oil prices in the current global markets.”

He explained that “after the decline in oil prices in global markets, the budget amounts will decrease as well,” expressing his belief that “the budget will be between 100 to 120 billion dollars.”

As for the expected deficit in the next budget 2023, Cougar indicated that “according to the Financial Management Law, no more than 7.5 billion dollars are allowed, given that it is 3% percent of the national product, and the national product is estimated at about 250 billion dollars.”

He pointed out, “And on the fifteenth of next December, we will enter the legislative season recess, so the budget should be sent before this date to Parliament, so that we can read it first, and then a second reading after three days, and the parliament enters into a legislative recess, and we as representatives In the Finance Committee, we will enter into our discussions.”

It is noteworthy that Prime Minister Mohamed Shia Al-Sudani directed in two ministerial meetings during this month the need to expedite the completion of the 2023 budget bill and send it to the House of Representatives for approval.

He stressed “the importance of the budget being at the level of ambition, and that it puts in its priorities meeting the needs of citizens in terms of services, as well as taking it upon itself to effectively address the problem of electricity shortages, which greatly affected the life of citizens and the economic sectors in the country.”

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Planning announces the inclusion of 2768 projects within the emergency support law

{Local: Al Furat News} The Ministry of Planning announced  the completion of the first phase of work on the emergency support for food security and development law, by including nearly (3) thousand projects within the regional development program.

The official spokesman for the ministry, Abdel-Zahra Al-Hindawi, said, in a statement, which {Euphrates News} received a copy of, that: “The number of projects listed until the end of last week amounted to (2768) projects distributed in (15) governorates, in addition to the Ministry of Construction and the two funds for the reconstruction of Dhi Qar and the liberated areas.

Pointing out that the sums funded for these projects amounted to more than (4) trillion dinars.

He pointed out, “The listed projects included various service projects in the governorates, and according to the ceilings of allocations set by the law for each governorate,” explaining that “the subsequent steps after listing the projects will be the concern of the governorates, which are the procedures for announcing, assigning and initiating the implementation of projects, while the Ministry of Planning will undertake follow up on its implementation.

Source: Dinar Recaps

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