DINAR REVALUATION
Saturday, December 21, 2024
PM Advisor: Government program aims to raise non-oil revenues to 20%, 22 DEC
PM Advisor: Government program aims to raise non-oil revenues to 20%
Baghdad
Prime Minister’s Advisor, Muthher Mohammed Saleh, confirmed on Saturday that non-oil revenues have significantly increased in their contribution to the federal budget, adding that the government program aims to raise their share to 20%.
Saleh told the Iraqi News Agency (INA) that "there are two key factors driving the increase in non-oil revenues, which have seen a substantial shift in their role within the federal budget, as highlighted by Prime Minister Mohammed Shia’ al-Sudani. "
He explained that "the first factor is the growth in the non-oil GDP, which is approaching 6% annually. This represents a significant leap in the development of sectors outside the oil economy, including transportation, digital communications technology, housing, construction, infrastructure, agriculture, and industrial transformation."
He further noted that "the second factor is the improvements in the federal budget’s non-oil revenues, driven by high discipline in tax and customs collection, the introduction of digital processes and automation, and the expansion of efforts to address previously untapped tax bases."
Saleh emphasized that "the progress made aligns with the government’s program, which aims to gradually increase the share of non-oil revenues to 20% from less than 10%, in line with broader economic reforms."
Saleh explained that "this goal is directly linked to the growth in non-oil GDP, as well as the expansion of traditional budget revenue sources, including direct and indirect taxes and various other government revenues. This creates a complementary relationship between financial sustainability and economic sustainability over time, which is one of the key objectives of the government program."
Prime Minister Mohammed Shia’ al-Sudani had previously confirmed in a special interview on Iraqi News Channel, followed by INA, that "non-oil revenues have reached 14%, up from 7% previously."
He also noted that "unemployment had dropped from 16.5% to 14.4%, while poverty levels were reduced from 23% to 17%."
MAJEED: " ALMOST DONE WITH AUDITING THE PAYROLL WITH THE NEW RATE !!!, 22 DEC
MAJEED
READY????? Almost done with auditing the payroll with the new rate based on article 77/I and 5/I of the three years budget .
IRAQI NEWS : Iraqi Deputy Finance Minister Rebaz Hamlan announced that the federal Ministry of Finance and the KRG Finance Ministry are close to finalizing their work on expenditure reviews and resolving technical issues related to the salaries of civil servants in the Kurdistan Region.
Parliament: The budget tables of 2025 will reach us early next year, 22 DEC
Parliament: The budget tables of 2025 will reach us early next year
Mawazine News – Baghdad
The Parliamentary Finance Committee, on Friday, determined the date of the arrival of the 2025 budget tables to the House of Representatives, pointing out that the budget schedules will arrive early next year.
“The issue of amending the oil item for the Kurdistan Region is hoped that it will be referred to the 2025 budget tables,
as it is hoped that the tables will be sent to the House of Representatives at the beginning of next year, according to the Prime Minister,” the head of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement from the official agency.
He stressed that “there is a need to find radical solutions to the outstanding problems between the federal government and the regional government,” noting that “the goal is not only to add new items within the budget, but to provide applicable and enforceable clauses.”
He added that “the amendments were presented to the head of the Financial Supervisory Board, who made some observations on the old controversial points related to the settlement of oil dues,” stressing that “the Finance Committee will follow up this file seriously during the coming period.”
ARIEL: " THIS SHOULD BENEFIT THE IRAQI DINAR, WHICH IS PAIRED WITH XRP" , 22 DEC
BREAKING: Donald Trump signs a deal to integrate $68 billion worth of $XRP into the Federal Reserve and Treasury!
ARIEL
Not sure how accurate this news is. But I will say this in general If this turns out to be true. If XRP becomes a recognized reserve asset or part of international transactions, its liquidity will increase.
This should benefit the Iraqi Dinar, which is paired with XRP, by providing it with a more stable and liquid environment for trading.
We all know Iraq will also use their gold reserves to help stabilize the IQD as well.
This could lead to a more predictable exchange rate for the IQD in international markets, potentially reducing volatility and enhancing investor confidence.
Which was always the goal. Ofcourse RLUSD will play a role in this given that it is a Stable Coin.
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