Wednesday Morning Iraq Economic News Highlights 6-21-23
Al-Sudani’s Political Advisor: The Government Has No Intention Of Challenging The Budget Yet
2023-06-21 21 Policy Today, Wednesday, Sabhan Al-Mulla Jiyad, advisor to the Prime Minister for Political Affairs, ruled out the existence of the federal government’s intention to challenge the tripartite financial budget approved by the Iraqi parliament, but he revealed that there are financial burdens in it that will be dealt with later. Jiyad said in a press statement today, that “there is no intention to challenge the budget law so far,” adding, “But there are financial burdens and the Council of Ministers will discuss them, and I expect that the budget will be passed without an appeal, or there will be an appeal in one or two articles at most.”
And he added: “If the budget was for one year, the delay would be very large, but it is for three years, so the government will be able to complete the work and avoid the delay,” explaining that “the disputes with the Kurds and the Kurdistan region are almost over because of the Sudanese approach that works with a balanced policy with everyone.”
And Mulla Jiyad stated that: “The work of the governorates should be administrative and not political, and we are with the provincial councils, in order to work independently and with great freedom in the affairs of the state through administrative decentralization that gives greater freedom in work, and it is an administrative task that is approached with a political component.” .
And the Prime Minister’s advisor continued by saying: “The budget is an indicator of a successful consensus for Parliament, and any objector could have obstructed it, despite the delay, and it was approved by political consensus.” LINK
Foreign Loans In The Budget.. A Government Advisor Details Their Percentage And Disbursement Mechanism
economy |Baghdad today – Baghdad Today, Tuesday, Mazhar Muhammad Salih, the financial advisor to the Prime Minister, clarified the percentage of foreign loans in the Federal Budget Law and the mechanism for disbursing them.
Salih told (Baghdad Today) that “foreign loans are for the purposes of investment projects and are limited in all cases and constitute only 20% of government investment spending in the 2023 budget, which constitutes 25% of total public spending.”
He pointed out that “these loans are mostly old commitments and agreements that took place between Iraq and foreign institutions and governments, which stipulated the obligation to provide loans.”
He pointed out that “withdrawals are made from it to the account of completing the implementation of investment projects annually and gradually, such as the Japanese government loan (JICA) or part of the American Export-Import Bank loan and others.”
He emphasized that “these loans are mostly allocations in return for withdrawing the part allocated for the loan as financing, that is, to complete or implement government investment projects.”
Earlier, the Parsec Consulting website quoted in a report on the economic advisor, Mazhar Muhammad Salih, as saying, “The Ministry of Finance maintains an external debt of $20 billion, which is owed to a group of creditors, and is expected to be amortized in 2028, in addition to $6 billion owed to the governments of Japan and the member states of the Union.”
The European Union, which pledged to finance parts of the Iraq Development Program at the Madrid Donors Conference in 2003, however, these are long-term loans and have not yet matured.
He added that “Iraq has debts estimated at 116 billion dollars at the present time, although the country plans to repay 76 billion of the total,” according to the report. LINK
Adviser To The Prime Minister: There Is No Intention To Challenge The Budget And The Disputes With The Kurdistan Region Are Almost Over
Money and business Economy News _ Baghdad Today, Wednesday, Sabhan Al-Mulla Jiyad, Advisor to the Prime Minister for Political Affairs, ruled out the existence of the federal government’s intention to challenge the tripartite financial budget approved by the Iraqi parliament, but he revealed that there are financial burdens in it that will be dealt with later.
Jiyad said in a press statement seen by “Al-Iqtisad News”, that “there is no intention to challenge the budget law so far,” adding, “But there are financial burdens and the Council of Ministers will discuss them, and I expect that the budget will be passed without an appeal, or there will be an appeal in one or two articles on the most”.
He added, “If the budget was for one year, the delay would be very large, but it is for three years, so the government will be able to complete the work and avoid the delay,” explaining that “the disputes with the Kurds and the Kurdistan Region are almost over because of the Sudanese approach that works with a balanced policy with everyone.”
And Jiyad indicated that “the work of the provinces should be administrative, not political, and we are with the provincial councils, in order to work independently and with great freedom in state affairs through administrative decentralization that gives greater freedom of work, and it is an administrative task that is approached with a political component.”
And the Prime Minister’s advisor continued by saying: “The budget is an indicator of a successful consensus for Parliament, and any objector could have obstructed it, despite the delay, and approved a political consensus.” Views 25 06/21/2023 – https://economy-news.net/content.php?id=34846
Parliamentary Finance Recommends Approving The “Budget” Next Week
The first 2023/06/21 Baghdad: Shaima Rashid Sulaymaniyah: Karim Al-Ansari
The Parliamentary Finance Committee suggested that the President of the Republic approve the general budget law during the next week, at a time when the government spokesman, Basem Al-Awadi, stated that the version of the total budget coming to us from the House of Representatives is good and preserved its philosophy that the government wanted, and there are not many objections to it. And that the country will turn into a large workshop when the budget is approved and implemented in the coming months.
A member of the Finance Committee, Maeen Al-Kazemi, said: “It is assumed that the President of the Republic will approve the budget law during the current week or the beginning of next week as a maximum, and if it is not approved, and 15 days have passed since the date it was sent, the law is considered approved, even if it is not approved.” It is approved in accordance with the law and the constitution.
He added, “The implementation of the budget law will be at the beginning of next month, after which the government will be able to disburse the funds allocated for projects, and the citizen will see a major change in services during the next stage.” implementation of its programme.
In addition, the government spokesman, Basem Al-Awadi, said: “The prime minister welcomed the approval of the budget, and these are indications that confirm that the government is convinced of approving the budget, but despite that he left the door open with regard to some paragraphs on which the government may have another position on it through the team.”
The economic team associated with the Prime Minister,” pointing out that “the economic team will study these paragraphs and take the appropriate decision from them during the coming period.”
He added, “The overall budget that came out of Parliament is good and preserved its philosophy that the government wanted, and there are not many objections to it,” noting that “the budget provides ministries with legal space and funds, and the next six months will be radically different in work and financing.”
And he continued, “In the past six months, the citizen felt the government’s seriousness in working as much as the funds available before approving the budget, especially with regard to providing services, especially in the Baghdad governorate,” stressing that “Iraq will turn into a workshop in all governorates, and the prime minister has been waiting for the budget since It takes a long time for the implementation of the actual workshops that promote all governorates to begin, and the next six months will be different in terms of work.
For his part, Jamal Cougar, a member of the Parliamentary Finance Committee, told Al-Sabah: “The Finance Committee, when it approved the budget, set a condition on the government, which is to send it the next year’s budget schedules before the end of this year, because these schedules contain estimates for everything, and In light of the tables, the price of a new barrel of oil will be estimated.
He added, “The next year’s budget will change in the event of a change in oil prices,” explaining that “if oil prices rise and the government does not spend the entire budget during the remainder of the current year, then what will be returned from the sums as a rounder for the government will contribute to reducing the deficit.”
Meanwhile, statements and statements by members of the Kurdistan Democratic Party were frequent, calling on the President of the Republic not to ratify the budget law, on the pretext that the changes in the budget were unfair to the region, and the political analyst, Subhi al-Mandalawi, commented in an interview with “Al-Sabah” on the statements of some members The Democratic Party, and said:
“This is a personal vision,” and added, “In all cases, constitutionally, even if the President of the Republic does not ratify, the budget will pass within a period of 15 days.”
Edited by: Muhammad Al-Ansari https://alsabaah.iq/79472-.html
The Tripartite Budget Provides A Network Of Projects To Address Unemployment
Economical 2023/06/21 the mainstay of the emirate
The Ministry of Planning and Development Cooperation pointed out the role of the tripartite budget in absorbing unemployment through a network of projects that amount to 7 projects implemented in various regions of the country, while economists recommended the necessity of structuring the economic sectors to be more active and able to absorb the largest number of labor force, considering stimulating the labor market The most important portals for providing job opportunities for all those of working age, including skilled workers and others.
The media spokesman for the Ministry of Planning and Development Cooperation, Abd al-Zahra al-Hindawi, said in an interview with “Al-Sabah”: “The budget for the current year and the next two years will have a positive impact in reducing unemployment, as it ensures that projects will not stop, through the financing it will provide for many projects.”
The movement of all joints of the labor market in Iraq and through the public and private sectors,” pointing out that “hundreds of government projects that are stalled and lagging behind will be completed.”
Rework it.”
He added, “There will be an abundance of job opportunities through 7,000 projects implemented and providing suitable job opportunities, and we are also talking about new projects mentioned in the budget, conditional on the approval of the Ministry of Planning to include such projects of great developmental and service importance, such as the Baghdad ring road and other projects that provide opportunities.” Great job.
On the private sector side, Al-Hindawi indicated that new investment horizons will be opened for it, in several sectors, especially in the housing sector, as the government program includes the implementation of new residential cities and residential neighborhoods, and this drives new work joints that, in turn, provide new job opportunities.
Economic expert d. Thaer Al-Ani saw that “serious solutions to reduce unemployment are to provide an appropriate climate for foreign and local investment, which increases real job opportunities that serve the process of employment and employment and is able to absorb a large part of the workforce and thus reduce unemployment rates and is accompanied by an increase in the volume of government spending, which is an important factor.” in stimulating the national economy.
He added, in an interview with “Al-Sabah”, that “the increase in government expenditures works to increase investment and consumption and save money, and at the same time it works to absorb the unemployed in state projects or private projects.”
And he indicated that “this approach is sufficient to create new job opportunities that contribute to withdrawing and employing the unemployed, especially young people, and among other measures is the restructuring of the labor market to accommodate the increase in the workforce, by training the workforce and adopting various programs concerned with training workers while providing the necessary services to enable them to work.” Get job opportunities under new environment,
Al-Ani hinted that “one of the most important reasons for the high population growth rates and the increasing migration from rural areas to cities is the failure of the Iraqi economy to find job opportunities that are compatible with the supply represented by the increasing numbers of entrants to the labor market due to the limited production base and weak investments.”
In turn, the specialist in economic affairs, Dr. Ahmed Al-Rawi, that “tackling unemployment is represented in the necessity of structuring the economic sectors through a program that adopts, in its implementation, more flexible financial policies that help in revitalizing the productive sectors, achieving balance in the allocation of resources, and encouraging the agricultural sector, which is a vital sector for Iraqi society due to the wide job opportunities it provides.” ».
He added, “Work to activate the private sector so that it takes its role in the development process so that it can reinvest its migrant funds to create job opportunities capable of absorbing the labor force, given the ability of this sector to quickly achieve large and widespread investments in all governorates.”
Dr. continued. Al-Rawi, “Giving priority in employment and work for the Iraqi workforce in foreign investments.” https://alsabaah.iq/79445-.html