Iraqi President approves 2024 budget, 1 JULY

Iraqi President approves 2024 budget

The Iraqi President, Abdel Latif Rashid, supported on Thursday a few draft bills, including the 2024 spending plan.

According to a statement released by the Iraqi Presidency, Rashid passed legislation governing prostitution, homosexuality, the Independent High Electoral Commission (IHEC), and agricultural land renting in addition to the budget for 2024.

The Iraqi parliament approved the country’s proposed budget at the beginning of June, with the goal of increasing expenditures until the end of 2024.

In a statement, the Iraqi parliament said that 199 of the 329 members of the parliament attended a session that was presided over by the acting speaker, Mohsen Al-Mandalawi, and approved the budget for 2024.

The Iraqi cabinet completed a draft of the budget bill last month before submitting it to the Iraqi parliament for approval.

Iraqi administrators passed the spending plan that raised the country’s use to 211 trillion Iraqi dinars (around $161 billion).

In June 2023, Iraq approved a record-breaking $152 billion budget for three years, with 12.6% going to the Kurdistan region.

The budget deficit for Iraq in 2024 is approximately 63 trillion Iraqi dinars (approximately $48 billion), or one-third of the total budget.

In December, Iraqi Prime Minister Mohammed Shia Al-Sudani said that the government is talking to the parliamentary financial committee about changing relevant laws because businesses in Iraqi Kurdistan are waiting for payments to cover production costs.

In March, Mouin Al-Kadhimi, a member of the Parliamentary Finance Committee, stated that an increase in the overall amount of the budget led to an increase in the deficit.

"RV UPDATE" BY RAYREN98, BANKER & CLARE, 1 JULY

 RayRen98  

 [via Babysmom]  "THE CLOCK IS TICKING. IT APPEARS THAT CELEBRATIONS HAVE COMMENCED EARLY ON SATURDAY EVENING...THE GAZETTE" UPDATES" AROUND 4:00 A.M. EASTERN...TIME WILL TELL!!!"

 Banker  

...The new Budget was included in the latest Gazette but the rate was not given.  I now have it from three different sources that Iraq is planning a nationwide celebration for this Sunday 30 June. There are many foreign dignitaries in country for the party and the rate will be announced and the new ATM’s with the new currency will be opened...

Clare  

Article: "A new Iraqi plan to return the green bird to the skies of Europe again " Quote "The Iraqi Airways Company talked about a new plan to return the green bird to the skies of Europe again."

Iraqi Dinar News Today Iraq Officially Joins WTO | Dinar Ready to Float

"CBI TAKES CONTROL... BECAUSE THAT'S THE GOAL!!!" BY FRANK26, 1 JULY

 KTFA

FRANK26: "CBI TAKES CONTROL... BECAUSE THAT'S THE GOAL!!!"...F26

Economist: Direct banking investment is prohibited by order of the Central Bank

6/30/2024

 

Economic expert Mustafa Akram Hantoush explained on Sunday that the Central Bank of Iraq is adopting a “strict” central policy in its dealings with the banking sector, which limits the ability of banks to engage in direct investment and financing economic projects .

Hantoush told Shafaq News Agency that this policy makes it difficult for the banking system and investors to invest their capital in new projects without obtaining special approvals from the Central Bank.

Hantoush added that the current procedures followed by the Central Bank prevent banks from entering the areas of direct investment, which hinders the banking sector from achieving a vital role in moving the national economy.

He explained that the banking system, in light of these procedures, does not have sufficient capacity to play an effective investment role in line with normal banking rules, but rather the investment decision becomes subject to the directions and approvals of the Central Bank.

Hantoush stressed that this approach lacks the concept of "financial liberalization" for banks, which would provide the banking sector the opportunity to enter the Iraqi market directly and support investment opportunities, while adhering to banking and legal controls.

He stressed that reviewing these policies may be a necessary step to activate the role of banks in supporting economic projects and promoting investment in Iraq.

LINK

LATEST FROM FRANK26, 1 JULY

 Frank26 

 The #1 reason, the only reason why we didn't have a new exchange rate, new lower notes, is because of the terrorism that was coming from Iran...Not anymore...You see more clamping down.  More arrests, more money being returned.

---

 They're ready to burst wide open and give everybody their sweet blessings.  No doubt. 

  Question "Is it safe to give somebody at the bank your money before it's verified?"   NO! ...Take care of them.  Don't let them out of your sight...If you go to a bank and they say we're going to exchange the currency for you but we're going to have to take this currency and send it to the upper echelon bank...do a 180, about face, and run like the Road Runner.  Get away from them as fast as you can.  You never want to give up your dinars to anybody...Simply say, give me the address of that bank and you take them.

 Sudani...I honestly feel he has put everybody ...in checkmate...He put Kurdistan and Barzani in checkmate when he showed them the new exchange rate IMO.  He put all the contractors in checkmate ...when they rewrote [contracts] with the new exchange rate IMO...

Sudani has...all those involved in monetary reform in checkmate, even the United States of America, WTO, everybody is in checkmate...Look at all the excitement...pomp and circumstances pointing at Iraq from everybody... bowing to Iraq...You got the oil we want...The whole world knows Iraq are in control of them.

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-frank26-1-july.html

Iraqi Dinar ✅Something Big Happening In Iraq Investors Alert-Iraqi Dinar...

"COMMUNICATION & ELECTRICITY... VERY IMPORTANT FOR THE MONETARY REFORM" BY FRANK26, 1 JULY

 KTFA

FRANK26:"COMMUNICATION & ELECTRICITY... VERY IMPORTANT FOR THE MONETARY REFORM".....F26

The head of the Media Commission confirms Iraq's commitment to bridging the digital gap

6/30/2024

 

 

Baghdad - WAA
 
- Chairman of the Iraqi Communications and Media Commission, Ali Al-Muayyad, affirmed today, Sunday, Iraq's commitment to bridging the digital gap in the country.
The authority said in a statement received by the Iraqi News Agency (INA): “The head of the Iraqi Media and Communications Authority, Ali Al-Muayyad, affirmed, during his speech at the Forum for Governments, Communications Policies and Technical Solutions for the Middle East and Central Asia, Iraq’s commitment to bridging the digital gap in the country.”
Al-Muayyad explained during his speech, according to The statement, “The Authority’s efforts to bridge the digital gap in Iraq,” noting that “over the past two years, strategic projects worth more than $30 million were launched to strengthen the digital infrastructure in remote and marginalized areas.”

He pointed out that "these projects included providing Internet services to schools, delivering communications services to deprived areas, establishing digital community centers, and developing training programs for citizens."

He explained that "the Authority's efforts were not limited to the technical aspect, but also included developing local digital content and enhancing awareness of the importance of technology," noting that "these efforts yielded positive results, including increasing the percentage of Internet users and improving the quality of digital services."

The head of the Communications and Media Commission stressed "Iraq's commitment to continue working to build an integrated digital society, in cooperation with local and international partners, to achieve the vision of a digital future that guarantees equal opportunities for all and promotes development."

It is noteworthy that the Forum for Governments, Communications Policies and Technical Solutions for the Middle East and Central Asia was held within the activities of the Mobile World Congress (MWC Shanghai 2024) and witnessed the participation of an elite group of experts from regulatory bodies, telecommunications companies and sector partners in the countries of the region. They discussed the future of communications policies in the region, global best practices, and protecting... User privacy.

LINK