TNT
Tishwash:
Al-Saabri: The next parliament is required to legislate the oil and gas law.
MP Hussein al-Saabri affirmed on Saturday that the upcoming parliament is required to overcome all political differences and proceed with enacting the oil and gas law, as it is one of the most prominent pieces of legislation postponed from previous sessions.
Al-Saabri told the Information Agency that “engaging the law will establish a clear legal framework for managing oil and gas resources and guarantee the rights of all parties, thus enhancing fairness in revenue distribution and reducing ongoing disputes.”
He added that “postponing the law over the past years has negatively impacted the national economy and led to continued disagreements regarding oil management and export,” explaining that “the next phase requires genuine political will to resolve this vital issue, which is directly linked to the state budget and its economic stability.” (LINK)
Iraq avoids budget deficit thanks to one factor… Expert reveals the secret
Economic expert, Salah Nouri, revealed that the Financial Management Law No. 6 of 2019 served as a safety valve that saved Iraq from entering a state of financial deficit by addressing cases of delay in approving the federal general budget law or its failure to be approved on the specified dates.
Nouri told Al-Furat News Agency that: “The Financial Management Law has addressed several cases related to the approval of the federal general budget law,” noting that “Article 13 stipulated clear procedures to ensure the continuity of spending even if the budget is delayed beyond December 31 of the year preceding the year in which it was prepared.”
He explained that “the aforementioned article authorized the Minister of Finance to issue an official circular based on specific criteria, whereby it permits spending at a rate of {1/12} or less of the total actual expenditures for current expenses for the previous fiscal year, after excluding non-recurring expenses, to ensure the continuity of employee salaries and the operation of government facilities without interruption.”
Nouri added that “the same article allowed for spending from the total annual allocation for ongoing investment projects whose allocations were included during the previous and subsequent fiscal years, according to the actual completion rates or completed stages of preparation, with the aim of preventing the suspension of projects under implementation.”
The economist explained that “the third paragraph of the article accurately addressed the situation of the budget not being approved at all, as it stipulated that the final financial data of the previous year be adopted as the basis for the financial data of the new year, provided that this data is submitted to the House of Representatives for the purpose of approval, which ensures the continuation of the state’s financial activity in a legal and organized manner.”
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Nouri stressed that “this article, with its three paragraphs, represented a comprehensive solution to the situation of delaying or not approving the budget at the end of the fiscal year,” explaining that “thanks to it, Iraq avoided falling into financial paralysis, especially since the House of Representatives had previously approved a budget for three years {2023 – 2024 – 2025}, which strengthened financial stability and contributed to regulating government spending within specific and clear ceilings.” (LINK)
LouandDebNC:
Indonesia plans Bill to redenominate rupiah, potentially slashing zeros from currency
CNA
JAKARTA: Indonesia’s finance ministry said it is planning a new Bill to redenominate the rupiah in an effort to improve economic efficiency, maintain stability and improve the currency’s credibility.
“The Bill on redenomination is a carryover draft Bill that is planned to be finalised in 2027,” a ministry regulation reviewed on Saturday showed.
The plan to slash zeros from the currency has been discussed in past years.
The last time the government submitted a draft to Parliament was in 2013. It proposed slashing three zeros of the rupiah banknote, but the draft was shelved.
It was not immediately clear how many digits would be removed under the latest redenomination plan, though state news agency Antara reported on Saturday (Nov 8) that the Bill proposes removing three zeros from rupiah denominations.
Local news outlet Jakarta Globe reported that the latest measure appeared in Finance Ministry Regulation (PMK) No 70/2025 on the ministry’s 2025–2029 strategic plan, issued on Oct 10 and enacted on Nov 3.
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Currently, rupiah banknotes range from 1,000 to 100,000 in denominations. A 100,000 rupiah note is equivalent to US$6.
Redenomination would remove the number of digits on currency without altering purchasing power or the exchange rate.
In 2023, Bank Indonesia said it was ready to implement redenomination, but had not yet found the right timing.
Jakarta Globe reported that policymakers cited three main considerations then: Domestic and global macroeconomic conditions, monetary and financial system stability, and social-political dynamics.
On the last point, the central bank reportedly emphasised that redenomination is not devaluation, but the public could still be cautious given past experiences with inflation and currency crises.
Source: Dinar Recaps
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