Economist: Salaries in the 2024 budget will reach more than 100 trillion dinars, 3 APRIL

Economist: Salaries in the 2024 budget will reach more than 100 trillion dinars

Abdullah Ahmed, an expert in economic matters, affirmed on Tuesday that the budget for 2024 will include compensation of more than 100 trillion dinars.

In an interview with, Ahmed stated that a reading of the actual 2024 budget, with a predicted deficit above 80 trillion dinars—a frightening figure—amounts to 228 trillion dinars. The budget schedules are expected to come next week, per legislative confirmations.

He said, “Returning to the 2023 budget and its numbers bring us to the fact that the 2024 budget deficit has increased by up to 20 trillion, noting that the size of salaries exceeds 100 trillion in the 2024 budget.”

He stated, “It is necessary to pay attention to the repercussions of sampling at high rates and the pressure it causes on the budget, which depends 95% on revenues from the sale of oil, meaning that we will be in a difficult position if prices decrease according to market fluctuations.”

The government’s 2024 budget timetable is awaited by Parliament so that it may proceed with a thorough reading and eventual approval.

"RV UPDATE" BY MILITIAMAN, 3 APRIL

  Militia Man 

 With the Central Bank taking measures to stop the exchange rate rise in the parallel market showed they attained a gradual decline in the exchange rate due to merchants gravitated to the new platform in significant numbers whereby the parallel market decreased to a mere $25 million a day compared to over $200+ million with the legitimate system. They say that decline will continue. Likely to disappear, imo.

 Why in the world would anybody want to invest into Iraq if they were going to put their money into Iraq and then they were going to lose ?  Because if you invest your money in Iraq and they LOP their currency you're not going to make any money, it's a neutral event.

Iraqi Dinar🔥Exciting Times For Iraqi Dinar Investors Today 2024🔥iraqi di...

Jordan starts Supplying Iraq with Electricity, 3 APRIL

 Jordan starts Supplying Iraq with Electricity

The first phase of the project to connect Iraq and Jordan electrically was officially opened on Saturday morning by Iraq’s Minister of Electricity, Ziad Ali Fadel.

The Rawa district will profit from this hookup by receiving 40 to 50 megawatts of electricity, as terrorist organizations have destroyed infrastructure, leaving it without electricity for more than a decade.

Minister Fadel underlined the significance of interconnection projects, stressing their high level of technical advantages and dependability for the electricity grid, which increase supply hours and stability.

Up to 500 megawatts of further project phases are planned. Additionally, he said that the electrical connecting project between Iraq and the Gulf is nearing completion and that connections to Saudi Arabia are proceeding as planned.

"RV UPDATE" BY PIMPY, 3 APRIL

 Pimpy 

 Community request  "Please tell us about the smaller notes, 500s, 250 and 50s. Will they be a throwaway?  What is the good and bad of them?"  If they do a re-denomination there won't be a need for a 500 or 250 note...They're going to create the notes like the ones we have.  You will see a 1, 5, 10, 20, 50 and 100 denomination...They don't lose the purchasing power.  The 10 has the same purchasing power as a 10,000.  The 5 has the same purchasing power as a 5,000.  The one has the same purchasing power as the 1,000...

 Community Comment:   "It's the exchange rate.  I don't know where they get taking zeros off the bills."   Every study out there that talks about the deletion of the zeros tells you it comes off the bank notes...If they delete the zeros, your 25,000 becomes a 25 dinar.  They're going to take the zeros off [the rate as well].  .00076 becomes .76...still the same value.  You have a smaller denominated note but your purchasing power stays the same.

  We're dealing with two different things... We have what's known as the nominal value, which is the numbers on the bank notes and then we have an exchange rate value.  That's two different things.

This is [from] the World Bank data bank - Real Effective Exchange Rate is the nominal effective exchange rate in measure of the value of a currency against a weighted average of several foreign currencies divided by a price denominator or index of costs...   Iraq already reports a real effective exchange rate.  They report it all the time...It's reported to the IMF regularly...

The IMF, WTO, World Bank and whoever don't have a say whether or not Iraq LOPS off their zeros.  That is decided by the Central Bank of Iraq as well as the government of Iraq.   You're confusing the 'lopping of the zeros', 'the deletion of the zeros', 'the reducing of the zeros', 'the removing of the zeros', as somehow a loss in value.  It is a neutral event.  It doesn't affect outside investment into the Iraqi dinar.  I told you when you remove the zeros all you're doing is lowing the nominal value of the currency.  Has nothing to do Iraq's exchange rate versus other wold currencies - noting whatsoever.  

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-pimpy-31-march.html

Iraqi Dinar🔥Evening Exchange Rates Of Iraqi Dinar Against USD Today 2024...

Advisor to the Prime Minister: Budget schedules resolved in the middle of this month, 3 APRIL

Advisor to the Prime Minister: Budget schedules resolved in the middle of this month

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, signed the approval of the budget schedules in the middle of April.

“The budget schedules are supposed to be decided in mid-April probably,” Saleh said in a press statement.
He added that “the tripartite federal general budget, which was stated in Law No. 13 of 2024, did not be without the principle of its annuality in the issue of preparing the annual schedules and submitting them to the House of Representatives for approval, specifically for the two years (2024, 2025). ”
He stressed, “The law on the approval of the tripartite budget constitutes an expression of an exchange of trust between the legislative and executive authorities to manage public financial affairs in our country to ensure the continued implementation of investment projects and the communication in the adoption of new projects in an integrated and planned manner.”
Saleh continued that “annual government spending constitutes about 50% of the value of GDP directly, and exceeds 80% indirectly by affecting the work cycle and the general activities of the market and building its positive expectations and stability.”

He pointed out that “the three-year budget was the first experiment that was adopted in the financial history of the country and was adopted based on an explicit legal text contained in the Federal Financial Management Law No. 6 of 2019 as amended, so it became necessary to document this financial experience rich in its economic contents and evaluate its results and the requirements for its implementation in the future when proceeding with its adoption again, including the proposal to study an appropriate ame ndment to some provisions of the Financial Management Law in light of what was produced by the experience of the application of the Tripartite Federal Public Budget Law.”

The Council of Ministers, a few days ago, received the budget schedules from the Ministry of Finance, and began work on them to sign and later send them to the House of Representatives.
 https://alforatnews.iq/news/مستشار-لرئيس-الوزراء-حسم-جداول-الموازنة-منتصف-الشهر-الجاري