Parliamentary finances vote on 2024 budget schedules and add 2 trillion to provincial share, 4 JUNE

Parliamentary finances vote on 2024 budget schedules and add 2 trillion to provincial share

Baghdad – Mil

A member of the House of Representatives, Burhan Al-Mamari, announced today, Monday, the vote of the Parliamentary Finance Committee on the 2024 budget schedules, noting that it added an increase of 2 trillion dinars to the share of the provinces to become 3.5 trillion.

Al-Mamouri said in a post seen by “Mil”, “The Finance Committee voted on the 2024 budget schedules and added an increase of 2 trillion dinars to the share of the provinces to become 3.5 trillion.”

He added that “this increase came after most members of the House of Representatives objected to the schedules sent by the government and in light of providing financial support to the provinces.”

Al-Mamouri continued, “the Finance Committee played its role and made distinguished efforts and achieved the basic requirement, which includes increasing the financial allocations of the governorates, although we demanded a further increase.”

“We stand by the Finance Committee’s decision and call on members of the House of Representatives to support the Finance Committee represented by all blocs and components and to expedite a session to vote on the budget schedules,” he added.

He stressed that “our governorates need to launch the allocations installed in the budget schedules to move the wheel of lagging projects and promote the service and urban reality in the public good.”

https://miliq.news/political/31057–2024-2-.html

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"RV UPDATE" BY PIMPY, 4 JUNE

 Pimpy  

 Article:  "UN Security Council extends mission in Iraq for last time"  The United Nations Security Council voted to end the Iraq mission by the end of next year, 2025.  The UN will not be babysitting Iraq anymore. That goes a long ways towards them establishing their sovereignty.

Article:  "The document..The House of Representatives votes next Monday on the budget schedules"  Finally after all this time.  There was a huge delay.

Trump did not buy Iraqi dinars.  You realize Trump has been tied to Iraqi dinar way before he was the president?

  ...You have to be careful about where you're getting your source from...

There are no articles out there that confirm this at all...There's no, and I mean none, proof out there that Donald Trump owns Iraqi dinar...----

Article: "Expert: The Iraqi economy is witnessing a remarkable growth, with the decline in the dollar exchange rate."  This is good.  We need this to happen.  Iraq needs it to happen. 

 More importantly the policies that are being implemented by Iraq are favorable amongst the IMF, World Bank and all those people who are involved with making sure Iraq stay on track, stops laundering money and financing terrorist.  The more Iraq continues to stay on track and prove to the world they are going to behave themselves for now on the doors open for Iraq to rejoin the international community...

 Article: "Economist:  The budget is not affected but dollar exchange rates.  And explain the reason"  The person is saying the budget is never affected by the dollar exchange rate because the budget is based on Iraqi dinars.

Article: Central Bank of Iraq quote "There are no current plans to print new currency." 

 What that tells me is people don't have to worry about a lop or redenomination because in order for you to have a redenomination or a lop you have to create new currencies.  It also tells me they're not creating the lower denominations which means they're going to stick with the currency they currently have.  Some people see this as the glass half full.  Some people look at it as the glass is half empty.

 I agree it's going to happen.  I don't have doubt about that.  I'm just keeping an eye on whether or not they want to delete the zeros.  I f they go to a free floating market hopefully there won't be...deleting the zeros and we'll see the exchange rate go up pretty quick before they have time to respond...

Iraq was already a member of the World Trade Organization.  They are going through the ascension process for a second time.  That's because all the rules, regulations, understandings and business practices...changed once the fall of Saddam Hussein.  Now we have to make sure all their practices, rules and regulations regarding trade line up once again with the World Trade Organization.  Iraq has been a member of the World Trade Organization since 2004.  This is their second time throughout the ascension process...

There's this misconception that the World Bank, IMF and the BIS get to tell countries what to do.  They don't...They facilitate.  They make recommendations but they don't control a country's bank..----.

Another budget is getting ready to come and go and there is no talk of the rate change.  Isn't that what they told you?  It would be in the new budget because there was no way for them to do large projects, there was no way for them to move forward without an exchange rate change...Why so secret now?  Is this one of those things they're trying to keep from the people?  

They didn't keep it from the people last time [they increased the value] and there's no mention of it this time...Keep your fingers crossed, it hasn't passed yet so maybe they'll change it between now and the time they pass it...You guys know what I think.

 Floating the currency means the value is determined by the market, so if people for whatever reason want to start investing in the Iraqi dinar and the start buying up the Iraqi dinar that means the demand for it is there, think supply and demand. 

 Since they have a liquidity issue, there's not going to have a lot of Iraqi dinar out there and if that's the case then they don't have the supply to feed the demand...But we'll be more than happy to sell our Iraqi dinar back to them if they get the exchange rate up around a quarter or more. I know I would.

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-pimpy-24-may.html

Iraqi Dinar $7.35 &Vietnam Dong $4.20 VND Zimbabwe Dollar $2.55 Rate | I...

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Sudanese financial adviser reveals when the government implements the budget schedules, 4 JUNE

Sudanese financial adviser reveals when the government implements the budget schedules

 Financial Advisor to Prime Minister Mazhar Mohammed Saleh revealed the date of the government’s implementation of the financial budget schedules for 2024 approved by the House of Representatives on Monday.

Mazhar Mohammed Saleh said to the {Euphrates News} agency, “Based on the constitutional path in force in issuing legislation, the start of the official implementation of the federal general budget schedules must be accompanied by its approval by the House of Representatives, based on the provisions of Article 77/II of the Federal Public Budget Law No. 13 of 2023 (the tripartite budget), 

if that approval in the House of Representatives takes the form of (the law) or the form of amendment to Law No. 13 of 2023 referred to above, these amendments to the origin of the law or the version of the tables as a new law must in all cases be given by the coincidence of the President of the Republic, and then published in the Official Gazette to complete the procedures The legal one is drawn.”

He pointed out that “after that, the implementation or implementation phase begins immediately, unless there are instructions for the implementation of federal budget schedules for the year 2024, which may be issued with joint instructions to the Ministries of Finance and Planning.”
Saleh continued, “However, the important aspect remains that the budget schedules for the year 2024 are ratified by the legislative authority and accepted by the legislators in the House of Representatives, and then the financial schedule for the year 2024 is issued and adopted under any form of legislation in force, whether issued by a new law or a legislative decision.”

Raghid

https://alforatnews.iq/news/المستشار-المالي-للسوداني-يكشف-موعد-تنفيذ-الحكومة-لجداول-الموازنة

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"RV UPDATE" BY MNT GOAT, 4 JUNE

 Mnt Goat 

   "The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed...the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next week."   Folks this is all positive news and exactly what we should expect to see at this point in time. Yes, it is now all about the Banking Reforms. This is what is going to get the dinar to officially pass the dollar. We already know the value is greater and so now we just need to go through the motions to get it recognized to its true value.

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Q & A

Question from Suki:

Hi Mtn Goat,
I was wondering this as well. If I remember correctly mid year, June, was also a feasible option. But you did mention January.  I am trying to stay grounded, but my Wings are flapping as fast as the news is in Iraq. If policies continue to move as fast as they are, Do you think we still have to wait another 6 months since January is the best time for them to make a fiscal change?
---- Thank you

Question from ashleypikes:

Thank you MG for a very exciting report today, yes the train is moving rapidly. As you mentioned we have moved into the second stage of financial an monetary reform. My question to you today is just how many more stages of reform are needed. It seems something is always added to the list in Iraq. You said not years to complete, however that is still a long time an since your contact has not given any timeframe which is proper conduct,, do we have to Wait till Biden is out or God forbid re-elected. Have you changed your tune in that scenario , thank you an blessings on you. We continue to wait ..

Answer Mnt Goat:

Guten tag Suki and ashleypikes. Seem both of these questions evolve around the timing of the RV. I will answer both now. As I have said a thousand times if not a million times in the last decade of my Newsletter – DO NOT DWELL ON THE TIMING. What good does this do for you? No one and not even the CBI knows the timing ,,,,get it? There is no such thing as delays it is all in your head. When the time is right Iraq will reinstate. There are other events that must proceed FOREX and I have reviewed these also many times. Don’t you get it by now? 

Instead pay attention to the events as the reinstatement is a “byproduct” of the Financial Reforms more specifically Banking Reforms now underway. Did you reference the information I sent you on the Pillars of Financial Reform? Did you go read the White Paper? If you did then why are you asking me questions now on the timing of the RV? I do not in my heart believe that Biden will allow this event to occur.His administration may surprise us. we have had many surprises along this journey. It’s what you don’t know or what you think you know that will haunt you later.

Will we have to wait until January? It is a possibility, but I believe we may see it way before then. Oh… but you say the election is not until November and so Biden will still be around. Read between the lines folks,,, will you! I am saying he might not be around by then…get it? Why in hell do I spend all this time presenting the prophets and what God has to say about all this? Some say the U.S. has already signed off on it and we heard this a hundred times over too. Its all nonsense by nonsensical idiots trying to guess the RV timing. That is all it is. Get it? I am not going go there. If this is what you want then there are many idiot intel gurus out there that you can follow.

https://dinarevaluation.blogspot.com/2024/05/q-with-mnt-goat-29-may.html

I wanted to share an interesting conversation I had...with my CBI contact this past Wednesday...I was told that the committee to work on the Project to Delete the Zeros has sent the CBI prepared articles to the news media for the sake of educating the citizens on the upcoming process. However, they are dated and so they are for the near future and not for current news.  Yes, they are getting ready and moving ahead.

...we read three articles about the CBI official rate equaling the Parallel or Black market rate in the coming days. WOW!...Saleh, the prime minister’s financial advisor, then goes on to say this will make one dinar equal to one dollar in Iraq. WOW! ...I was told by my CBI contact months ago to watch for right before the CBI makes one more “official” rate change closer to 1000 from 1320. If you take 1000...and delete the three zeros 1000 what do you have? Of course, you have a situation of 1 dinar equals 1 dollar...But I believe that when they CBI does make this next official rate change it will move closer to 1166 and not 1000 which would make 1 dinar = 1.16 dollars just over a dollar to help the banks retrieve these dollars hoarded outside of the banks...   Let’s sit tight and watch this play out.

 Samir Al-Nusairi, the Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy...CBI announces it has completed the first phase of it by...building solid international banking relationships with international banks and correspondent banks. Get ready….

 The UN, IMF and World Bank all on one day, Thursday, noted significant progress that Iraq has made in recent years, despite ongoing challenges. The reinstatement spigot has been opened. The direction is now clear.

So, in today’s news we read multiple articles coming out from the CBI and the Iraqi news telling us about yet more “WOW!” news...much of this news is confirming what my CBI contact told me recently so my trust level of my contact increases too. ...In today’s news the CBI is telling us they are moving into the “second phase of banking reforms” ...WOW! WOW! WOW!  ...Folks this RV train is moving along rapidly now. It is right in our faces now what they are doing. No more guessing or hoping. The reinstatement spigot is now wide open! ...The reinstatement is coming...Folks, it is now EXPLODING!  

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-mnt-goat-23-may.html

So, in today’s news we read multiple articles coming out from the CBI and the Iraqi news telling us about yet more “WOW!” news...much of this news is confirming what my CBI contact told me recently so my trust level of my contact increases too. ...

In today’s news the CBI is telling us they are moving into the “second phase of banking reforms” ...WOW! WOW! WOW!  ...Folks this RV train is moving along rapidly now. It is right in our faces now what they are doing. No more guessing or hoping. The reinstatement spigot is now wide open!...The reinstatement is coming...Folks, it is now EXPLODING!  

 Folks just remember I am telling you that Iraq already has a value to the dinar way above the 1/6 of a penny. They do not have to develop the private sector to raise the dinar, the economy or...export more products... 

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-mnt-goat-22-may_0247460925.htm

Floating The Iraqi Dinar, chase Bank, well Fargo, New Exchange Rate Of I...

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Iraqi PM calls on Parliament to support government's legislative and oversight efforts, 3 JUNE

Iraqi PM calls on Parliament to support government's legislative and oversight efforts

Shafaq News / On Monday, Prime Minister Mohammed Shia Al-Sudani urged the Iraqi Parliament to strengthen the government's efforts by enhancing legislative and oversight activities. 

This call came following the parliamentary vote on the 2024 budget. Al-Sudani emphasized that "there will be no compromises at the expense of the people."

"With great appreciation and pride, we commend the responsible decision taken by the esteemed Council of Representatives in approving the budget tables for the year 2024, related to Law No. 13 of 2023, the Federal Budget Law of the Republic of Iraq for the Fiscal Years 2023, 2024, and 2025," the Prime Minister’s media office quoted the PM as saying.----

"We express our gratitude and appreciation for the efforts of the Presidency of the Council of Representatives, the political parties, the parliamentary committees, and the Finance Committee, which complemented the governmental effort in drafting and approving the budget tables (A, B, C, D, E, F)."

The PM continued, "We reaffirm our commitment to implementing the government program, approved by the Council of Representatives and supported by political forces, to achieve the targeted objectives and fulfill the priorities that reflect the aspirations and demands of the Iraqi people."

"We call upon the Council of Representatives and provincial councils to support the government’s work through their legislative and oversight efforts. These efforts are seen by our institutions as essential support, providing guidance for the right path and safeguarding against corruption, deviation, and failure. We have pledged to our people that there will be no delays or compromises at the expense of their interests. We will ensure the protection of public funds and the provision of services in all forms."

"We ask Almighty God for success, guidance, and our people's satisfaction."

Earlier today, the Iraqi Parliament voted on the 2024 budget tables. In the hours leading up to the vote, there was significant debate within the Parliamentary Finance Committee, resulting in the budget tables being voted on twice due to disagreements.

Saad Al-Toubi, a member of the Parliamentary Finance Committee, confirmed that the committee had voted on the federal budget tables for 2024 without making any changes. 

He noted that two trillion IQD were allocated for transfers between spending categories.

During a press conference held by its members following the parliamentary vote, the committee stated that "student grants for university and school students have been secured, and allocations for employees have been increased by four trillion IQD to secure salaries for employees, new hires, retirees, and to implement contract terms and appointments, including those whose contracts were canceled."

The committee noted the allocation of "1.25 trillion IQD to secure the increased salaries for retirees," announcing the provision of "funds for the end-of-service bonuses for both civil and military retirees."

The Finance Committee confirmed "an increase in social welfare allocations to include more than 650,000 new families," and highlighted "an increase in the capital of the Real Estate Bank by 500 billion IQD to cover housing loan requests from citizens."

Additionally, the committee allocated five trillion IQD to secure the dues of farmers for the purchase of wheat and barley crops.

In June 2023, Parliament approved the Federal Budget Law for 2023-2025, totaling 197 trillion dinars, with a deficit of 63 trillion dinars, approximately one-third of the budget.

PM Mohammed Shia Al-Sudani revealed that the 2024 revenues are around 144 trillion and expenses are at 210 trillion, leaving a deficit of 63 trillion dinars.