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Sudanese Advisor: The Budget Tables Focus On Investment Spending For New Projects, 1 APRIL

 Sudanese Advisor: The Budget Tables Focus On Investment Spending For New Projects

Economy | 03/30/2024  Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Saturday, that the 2024 budget tables focus on investment spending for new projects.

Saleh said in a statement followed by Mawazine News: “The existing procedures for completing the public finance tables for the fiscal year 2024 in order to submit them to the legislative authority for approval and implementation immediately are only a response to the text contained in the Federal General Budget Law No. 13 of 2023 (the tripartite ) Which stipulated the submission of schedules of public expenditures and revenues adapted according to the new fiscal year and its objective circumstances for the year 2024 for legal approval.

He pointed out that "the most important thing in these tables is determining the levels of investment spending on new projects, which is fundamental and fundamental spending in the movement of the national economy, as it is directly linked to the development and growth of the economy by providing objective conditions for the movement of government demand for supplies and inputs for investment in projects."

“The demand for productive factors associated with government investment activity is essential in achieving the targeted level of growth in the annual gross domestic product and sustaining its momentum, in addition to its connection to the labor market and business and moving them in accordance with a climate required by the sustainability of the country’s economic development itself.”

Prime Minister Muhammad Shiaa Al-Sudani earlier confirmed the start of setting 2024 budget schedules.   https://www.mawazin.net/Details.aspx?jimare=244882

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 Prime Minister: Starting to prepare the 2024 budget schedules

 3/28/2024  Baghdad – 

The Prime Minister stressed today, Thursday, that local governments must make their efforts to enhance citizen confidence, while announcing the start of setting 2024 budget schedules.

 Al-Sudani said in a speech during the second session of the Supreme Commission for Coordination between the Governorates, followed by the Iraqi News Agency (INA): “This meeting is the first after the local elections were held,” pointing out that “the elections were one of the important milestones that represent an achievement of the political process.”

He added, "Local governments must work as one team and make their efforts to enhance citizen confidence."

He stressed that "local governments are an integral part of the executive authority," noting that "the evaluation of officials must be subject to a professional and scientific program."

He concluded by stressing: “Our goal is to serve our people,” pointing at the same time to begin setting the 2024 budget schedules.  LINK

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Chambers of Commerce: Implementing the SWIFT system will attract international commercial activities to Iraq , 1 APRIL

Chambers of Commerce: Implementing the SWIFT system will attract international commercial activities to Iraq

3/31/2024   Baghdad - IA - Fatima Rahma

Today, Sunday, the Federation of Iraqi Chambers of Commerce explained the importance of the SWIFT system on the Iraqi economic movement, stressing that the implementation of this system will attract international commercial activities to Iraq.  

The president of the federation, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): “SWIFT is a global system, and when it was implemented in Iraq, funds became managed in a white-collar manner before the world.”

He added, "Implementing the SWIFT system will give us a great opportunity to attract all sectors and international commercial activities that come to Iraq, because the transfer has become through this platform, and the importer and exporter have become known, and all papers are clear and natural."

Al-Zuhri stated: “There was a great delay in starting to implement the SWIFT system for two or three months, on the part of most commercial companies, Iraqi banks, and the Central Bank, because the system is new and there is no information about this issue, but now things are going well.”

He pointed out, “The more traders and business owners enter the platform, the more stability there will be in the exchange rate,”  expressing his hope that “there will be real participation between the public and private sectors.”   LINK

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 The Iraqi government raises the size of the 2024 budget, and Parliament is “surprised”

 3/27/2024

 The Parliamentary Finance Committee said on Wednesday that the Iraqi government had increased the size of the 2024 budget, noting that it was “surprised” by the decision.

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, explained to Shafaq News Agency, “The Parliamentary Finance Committee hosted the Minister of Planning to discuss amendments, projects, and the reasons for the delay in sending the general budget law to the House of Representatives.”

He added, "We in the Parliamentary Finance Committee were surprised that the government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget," explaining that "this increase is large, while what was spent in 2023 amounted to 142 trillion dinars."

He pointed out that "the members of the Finance Committee had an opinion regarding the hosting that the budget should be realistic and not just planning."

Al-Kadhimi pointed out that “raising the total amount in the budget law caused an increase in the deficit rate,” noting that “the budget is currently still in the corridors of the Council of Ministers and is expected to be sent to the House of Representatives next month.”   LINK

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