Sunday, March 31, 2024
Information” opens the files for installing lecturers, the exchange rate, and automation in the 2024 budget, 1 APRIL
Information” opens the files for installing lecturers, the exchange rate, and automation in the 2024 budget
An accelerated movement led by the Parliamentary Finance Committee in order to find objective solutions to many of the problems facing the economy and money in Iraq by pushing the government’s programs for implementation in light of the challenges imposed by the oil markets, which constitute an important criterion in determining the volume of money flowing to the country’s treasury, not to mention the rights of multiple segments awaiting resolution. In the 2024 budget.
The Information Agency interviewed Mudar Al-Karawi, a member of the Parliamentary Finance Committee, to find out the most prominent developments in the economic file in the country and its challenges during 2024.
Q/ When will the 2024 budget schedules reach Parliament and are there any important changes?
A/ We expect the 2024 budget schedules to arrive next week after they are completed by the government committee, after which they will be discussed by the committee, but it is too early to talk about its provisions in detail, but the Ministry of Finance is awaiting approval of the schedules in order to launch financing for all governorate projects according to the instructions.
Q/ Where has the automation file reached in state institutions?
A/ There is remarkable progress in applying automation, especially in the tax and customs departments, not to mention the rest of the other services, because it is a path that will reduce the routine of administrative procedures and close 50% of the doors to corruption, in addition to being an effort to develop non-oil revenues for the Iraqi treasury.
Q/ The 2020 lecturer file in education, will it be decided in the 2024 budget tables?
A/ The Parliamentary Finance Committee gives importance to this file, and we officially asked the Ministry of Finance to include their appointments within the Ministry of Education’s 2024 allocations, and we are awaiting the schedules in order to deal with them according to the procedures.
Q/ Will the exchange rate in the parallel market witness a greater decline in 2024?
C/ The Central Bank and financial measures contributed to stopping the fever of the exchange rate rise in the parallel market and even controlling it at high rates and the gradual decline that occurred, even if it was slow over the last five months, but it was the beginning of pushing it to be close to the exchange rate specified by the Central Bank of Iraq, i.e. The decline will continue
Q: Was the amount of money allocated to provincial projects in 2023 limited?
Q/ It was not limited, but rather it was at a high rate compared to previous years, especially since the total amount allocated amounts to more than 10 trillion dinars, and it covers more than 5 thousand projects in the governorates, but reaching the actual completion requires some time, especially with the procedures and time period to complete the stages. .
Q/ What is Iraq’s 2024 strategy to confront its financial challenges?
A/ Iraq is still facing a real challenge represented by its dependence on the sale of oil as a primary resource for its treasury at a rate approaching 90% in light of price fluctuations that put the economy in a difficult situation from time to time. Therefore, there is a general trend in maximizing non-oil treasury revenues and establishing a culture of partnership between the two sectors. Public and private, to crystallize a long series of investments that create job opportunities and provide indicators of activity according to the principle of service in exchange for interest.”
Q/ What are the most prominent challenges of investments in Iraq?
A/ For years, the security factor has been the most prominent challenge to investment and attracting capital, but the situation is currently different with stability and control of the security forces, but the marketing factor remains, creating flexibility in procedures, reassuring investors, and diversifying job opportunities are challenges that must be paid attention to, in addition to the necessity of ending any indicators of corruption that are trying to approach the file. Investing and seeking to reduce procedures in a way that contributes to attracting more money, especially since internal investment rates increased by 35% in the past 16 months.”
Q/ Is Iraq continuing to diversify currency baskets?
C/ A current reality imposed by international conditions on the importance of diversifying the basket of currencies in order to secure import needs from multiple origins and not to limit dealing to one or two currencies. Also, pushing the Iraqi reserve to the principle of diversification is very important, and it is a context that most countries in the world have begun to adopt in recent years. link
Iraq-Jordan power line to see the light tomorrow, Saturday, 31 MARCH
Iraq-Jordan power line to see the light tomorrow, Saturday
Baghdad - Iraq Today:
The Director General of the Jordanian National Electric Power Company Amjad Al-Rawashdeh said that the Jordanian-Iraqi electrical interconnection line will enter service next Saturday.
The Jordan News Agency (Petra) quoted Rawashdeh as saying that the line will be shared between the Jordanian Risha electric stations and the Iraqi Rutba station at a voltage of 132 kilovolts, to feed the loads of the Rutba area near the border with Jordan.
On February 11, 2024, in the capital, Amman, Iraq and Jordan signed a document to provide the Iraqi side with 40 megawatts of electricity in the first phase, as the two parties considered the contract as part of a more comprehensive Arab plan for the Arab common market for energy in the future.
The Iraqi Ministry of Electricity announced the completion of the operation of the Iraqi-Jordanian electric line, stressing that the date of entry of the line into service will be next Saturday, March 30.
She added that the line will be shared between the Jordanian Risha electric stations and the Iraqi Rutba station, and at a voltage of 132 kilovolts to feed the loads of the Rutba area near the border with Jordan.
"RV UPDATE" BY SANDY INGRAM, 31 MARCH
Sandy Ingram
I would say [They] do not want us to have wealth from our investment in the Iraqi dinar.
Why? Because it would become too difficult for them to continue to control us. We are the ones they do not want to give power to...When I...imply Iraq will go on to readjust its currency and we may not be privileged to participate in the profits this is where I am coming from. Iraq readjusting its currency does not mean the country will join the global financial platforms. Saddam never did and his currency was worth 1 dinar to 3 US dollars...Will they allow the people of Iraq to connect with the people outside of Iraq on the Forex market ?
We often talk about $0.10 to $0.25 to one U.S. dollar. People get upset but that is what could happen without a reval. And most of the [Dinar investors] would experience a six-figure profit if the currency just went up to 10 cents to 1 U.S. dollar.Kurdistan retirees rush with "tremendous human momentum" in front of banks to receive their salaries., 31 MARCH
This morning, Saturday (March 30, 2024), banks in the governorates of the Kurdistan Region witnessed a huge human momentum by retirees to receive their salaries.
The "Baghdad Today" correspondent said, "The banks of the Kurdistan region witnessed this morning a huge human momentum from retirees to receive their salaries."
Last Thursday, the Ministry of Finance and Economy of the Kurdistan Regional Government announced the employee salary schedule for the month of February.
According to the schedule published, and seen by “Baghdad Today,” “the distribution of salaries will begin starting on Saturday, as the Ministry of Health, Finance, Interior, retirees, social affairs, and people with special needs will be the first to receive the salary.”
On Wednesday, the Kurdistan Regional Government announced the distribution of employee salaries for the month of February and the preparations to secure salaries for the coming months. Link
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