A Parliamentary Committee Reassures: The 2024 Budget Will Not Witness A Financial Deficit,14 JAN

 A Parliamentary Committee Reassures: The 2024 Budget Will Not Witness A Financial Deficit

Economy News – Baghdad    Today, Sunday, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expected that there would be no financial deficit in Iraq’s fiscal budget for the year 2024, while he confirmed the existence of decisions that require new financial funding.

Al-Kadhimi said, during an interview followed by Al-Iqtisad News, that “the budget is ongoing and the Ministry of Finance can disburse the allocations of ministries and governorates for the year 2024 normally and without delay, whether operational or investment.”

He added, "The government is submitting amendments to the table of amounts, and these amendments are in the process of being completed and sent to the Finance Committee. They will be studied there, approved by Parliament, and are on their way to implementation."

The member of parliamentary finance explained, “Considering the budget as a tripartite, there are observations made by the government on the experience of last year’s fiscal year 2023, or that there are decisions made by the Council of Ministers that require new financial funding.”

He continues, "There was no financial deficit in the 2023 budget and there was a surplus, but the 2024 budget will not have a financial deficit, especially since oil prices are constantly increasing."

Last June, the House of Representatives approved the financial budget for the years 2023, 2024 and 2025, after a difficult struggle and a series of parliamentary sessions. This budget was considered the largest in the country’s history, with a value of about 153 billion dollars for each year.

Views 69 01/14/2024 - https://economy-news.net/content.php?id=39403

"RV UPDATE" BY PAULETTE, 14 JAN

 Paulette  

 Saleh told us early in last year that they must bring the parallel market rate to  the "Required Two Percent". This is part of the IMF requirement for full compliance with Article VIII.  Based on what he said recently, it appears the target is 1350 or less in spite of 2% being 1346.4. 

 I am only watching the Market Rate at this time.  It has decreased slightly since Wednesday and as of today is 1540 in Baghdad and 1530 in Kurdistan.   Saleh said 1350 (135,000 to $100) soon.  Hopefully soon is weeks and not months.  IMSO, if they would RD, show the RV as just over a USD, they would get the Market Rate within the Required 2% very quick so they can RI.  Perhaps that is the plan.

Iraqi dinar 🔥PM Al Sudani new commmitment and final price update

A thousand dinars angers the owners of the payroll outlets in Amara.. Pictures from the protest against Al-Rafidain, 14 JAN

 A thousand dinars angers the owners of the payroll outlets in Amara.. Pictures from the protest against Al-Rafidain

"Retirees can't bear it anymore"

 Maysan 

On Sunday, the owners of outlets for disbursing the salaries of retirees and employees in Maysan organized a protest against a new commission of one thousand dinars imposed by the Rafidain Bank, on withdrawing nationalized salaries, in addition to the previous 3 thousand dinars deducted in exchange for the service of withdrawing one million dinars from the salary.

the details

Rafidain Bank imposed a commission of one thousand dinars on every million withdrawn from salary delivery outlets, in addition to 3 thousand dinars imposed previously, which angered the outlet owners who organized a protest in front of the bank’s branch in Amara.

Haider Abd Falhi - Demonstration Coordinator:

There are 3 things that Rafidain Bank must change, the most prominent of which is adding a thousand dinars commission, which will be a new burden on employees and retirees, and this is what we reject.

In addition, the bank deducts an amount of 3,000 dinars for every withdrawal from the outlets, and this causes us huge losses.

There are matters that the Rafidain Bank has not resolved, most notably the recovery of damaged currency from salaries, and the compensation of outlet owners for the recurring shortage in the amounts received from the bank, and this is what the Rafidain Bank has not yet acknowledged.

Sabah Salem - outlet owner:

The outlet owners deposited deposits in the Rafidain Bank several years ago at a rate of 5 million dinars, which have not been returned yet.

There is rough treatment with outlet owners within the bank, and it would have been better for us to be dealt with in a better way than that, because we conduct large and continuous financial transactions with the bank.

Bassem Muhammad - Director of Al-Rafidain Bank in Al-Amarah:

We cannot change the procedures issued by the public administration in Baghdad, and responding to these protests is within its jurisdiction only.  link

"RV UPDATE" BY MILITIAMAN, 14 JAN

 Militia Man

  The Central Bank of Iraq...they're not going to be doing all the banking...JP Morgan Chase, CitiBank...those are the the banks that are going to be doing the correspondent work with the trade, cross border payments...That's what we've been waiting on.  That's what happening.  It looks like the international institutions have the green light.  Looks like it's a pretty phenomenal time frame for that....

 Al-Alaq said he was going to delete the zeros/the project to delete the zeros off the exchange rate.  What did Al-Sudani say?  He said the dinar would be stronger than the dollar.  What did Salih say?    He said they were going to have a major announcement.  We're going to see if all three of those guys are telling the truth or not.  I have a feeling they are...

Accounting started January 1st.  Taxation in the dinar, commercial trading in the dinar was supposed to start on the 1st.  We're going to have to watch them expose how this rolls out.  

 Iraqi stock exchange soars 97%. The other day we talked about what 52% and that was a pretty bold statement for them to say that.  Now they're talking about 97% annual gain as an indication of economic upswing.. .

 The oil & gas law is a very important and is considered to be integral to the citizens needs and the economic development of the country. They stop short of telling us what came of the oil & gas law today. Why? 

...One reason would be that there is exchange rate sensitivity with respect to the law...An exchange rate to be one that is stronger than the dollar  (Per Al-Sudani) will help largely in that regard. So, yesterday they were focusing on the importance of this law and with urgency. A very good sign!!!

Iraqi stock exchange soars 97%. The other day we talked about what 52% and that was a pretty bold statement for them to say that.  Now they're talking about 97% annual gain as an indication of economic upswing...

The oil & gas law is a very important and is considered to be integral to the citizens needs and the economic development of the country. They stop short of telling us what came of the oil & gas law today.  Why?

 ...One reason would be that there is exchange rate sensitivity with respect to the law...An exchange rate to be one that is stronger than the dollar  (Per Al-Sudani) will help largely in that regard. So, yesterday they were focusing on the importance of this law and with urgency. A very good sign!!!

 Developing the market for the banking sector is huge because look, the ISX shows that their index has been up about 52% in 2023...Why is that if Iraq is just status quo and it's just blah...?  It's not.

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-militiaman-12-jan.html

PM Sudani's Promises to Iraqis!💣Is Dong in Play?!🤔Iraq Dinar RV Updates ...

Submission of a proposed law to "remove foreign forces" from Iraq, 14 JAN

  Submission of a proposed law to "remove foreign forces" from Iraq, 14 JAN

twilight News / About a hundred deputies in the Iraqi parliament announced on Saturday the submission of a proposed law "Removing foreign forces from Iraq", amid unprecedented escalation Between armed factions and the international coalition forces, most notably the escalation against military bases in Country.

said MP Faleh Al-Khazali, during a press conference held at the Parliament building, with the participation of a number of MPs, attended by Shafaq News Agency: "We, members of the House of Representatives, present a proposed law to remove foreign forces from Iraq, at a request signed by 88 deputies."

He came This is as a result of "the continued violations of Iraqi sovereignty by US forces, by During the repeated targeting against the headquarters of the Popular Mobilization Forces and their leaders, who are part of the forces Iraqi Armed Forces," Khazali said.

He added This also comes as "considering that there is no need for foreign forces to be present in Iraq, Especially in light of the presence of a sufficient number of armed forces and security agencies that undertake Defending the homeland and its people."