Saturday, June 22, 2024
Between Oil And Debt: Iraq Faces The Challenges Of The Budget Deficit, 22 JUNE
Between Oil And Debt: Iraq Faces The Challenges Of The Budget Deficit
June 21, 2024 Baghdad/Al-Masala Al-Hadath: The budget deficit for 2024 in Iraq constitutes a major challenge and reflects the gap between government revenues and expenditures, which imposes pressure on the national economy and leads to an increase in public debt.
Iraq relies on oil revenues as a main source of financing the budget. As oil prices fluctuate, it becomes difficult to predict revenues accurately.
Iraq resorts to borrowing to finance the deficit, which increases the size of public debt and negatively affects the cash reserves of central banks.
Economist Nabil Al-Marsoumi revealed the risks of the budget deficit for the year 2024, amounting to more than 64 trillion dinars.
Al-Marsoumi said in a blog post followed by Al-Masala, “The budget deficit amounted to 64.025 trillion dinars, as the revolving balance in the Ministry of Finance’s account reached 1.571 trillion dinars.”
He continued, “The increase in the selling prices of exported crude oil amounts to 16.607 trillion dinars,” noting that “remittances deducted from the legal reserve of government banks are equal to 5 trillion dinars.”
He added that “loans from government banks amounted to 3 trillion dinars,” noting that “the discount on treasury transfers at the Central Bank of Iraq amounted to 20.041 trillion dinars.”
He pointed out, “National bonds are worth 5 trillion dinars, and total internal borrowing reached 33,041 trillion dinars, and external loans amounted to 12,806 trillion.”
He stated, “Many observations were made regarding the budget deficit, including a decrease in the Ministry of Finance’s revolving balance from 23 trillion dinars in the 2023 budget to 1.571 trillion dinars in the 2024 budget.”
Al-Marsoumi added, “It has been observed that there is a heavy reliance on internal and external borrowing to finance the budget deficit, which exacerbates the size of internal debt, especially which currently stands at 79 trillion dinars, in addition to its negative impact on the cash reserves of the Central Bank of Iraq and other Iraqi banks.”
He concluded that “there are three sources in financing the budget deficit, which are deficit financing, internal and external borrowing, and the revolving balance of government accounts,” noting that “using the expected increase in oil revenues amounting to 16.607 trillion dinars to finance the budget deficit is something new because this increase is supposed to be added.”
The expected oil revenues. In this case, the budget will have been built on the assumption of exporting 3.5 million barrels per day at a price of $83 per barrel instead of $70, which is a non-conservative price and full of risks for two reasons.
The first is that Iraq’s oil exports are less than 3.5 million barrels per day due to OPEC+ restrictions. The second is that The high price of oil adopted by the budget is unrealistic and very optimistic, which may expose the budget to other imbalances as a result of these two assumptions not being met.” https://almasalah.com/archives/92260
"RV UPDATE" BY PIMPY, 22 JUNE
Pimpy
When you hear somebody tell you that, 'Hey in one country you cannot move forward and rebuild with huge projects with an exchange rate of 1,320 of your currencies for $1' just say, 'Oh yeah? Look at Vietnam who has 26,000 of their currencies for every $1 and they continue to move forward.'
---Pimpy
Sudani is really doing a remarkable job. ...This project [oil pipeline] he's getting ready to fund, if it's successful and he pulls this off, this is really going to change the landscape for Iraq, especially against other oil powerhouses in the region...This is going to be a pretty big move.
Parliamentary Committee: Amending The Investment Law In The Next Legislative Term, 22 JUNE
Parliamentary Committee: Amending The Investment Law In The Next Legislative Term
Time: 06/21/2024 Read: 78 times {Economic: Al-Furat News} A member of the Parliamentary Investment Committee announced the committee’s intention to amend the Investment Law.
Muhammad Al-Zayadi told {Al-Furat News} agency, "There is no investment in the country due to the lack of clarity in the investment law, which constitutes a major problem, but after the end of the legislative recess, the committee will work on amending the investment law."
He added, "The political situation has nothing to do with the law because it is related to the service aspect, and the goal of amending the law is to be at the level of moral investment in the country."
It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital because some paragraphs of the laws related to investment conflict with sustainable development in Iraq, including the Investment Law, the Companies Law, and others. Ragheed LINK
SUMMARY OF RV UPDATES BY BRUCE, 22 JUNE
Thurs. 20 June 2024 Bruce
The currencies going up in value finally solidified in the last couple of days – but we don’t know what they are. They were trading upwards and they are now trading exponentially but they are moving UP UP UP to where those rates are supposed to be for us and I do believe that is what they are doing.Today the Redemption Center Staff went in for a couple of hours but the numbers never came today. Tomorrow Fri. 21 June (Summer Solstice) they are going in for overlapping hours – and that would allow for our numbers if indeed they do come out tomorrow.
Yesterday a banker said – “Just hang in there a couple of more days” and so that would have been a couple of days and that would be Friday – so I think we could get this tomorrow and through the weekend.
[via WiserNow] ...we thought the Iraqi Budget for Iraq had been put in the Gazette last Saturday. Well, come to find out it was NOT in the Gazette Saturday...So even though Iraq is trading up the value of the dinar – they really were not quite at the position of locking in that rate for us...but I think based on the information we've had in the last few days...I believe they're ready for this thing to go.
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[vai WiserNow] we know...that the Iraqi dinar has been on the forex and trading upward, and also on the bank screens, they can see it trading upward, and it made some nice moves...from just over $4 - $6, probably on its way to $8...and that's what we want to see...happening
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[vai WiserNow]
...what we're getting from, I'm going to call it some of our military sources saying that the notifications for us...are to come out...Friday or Saturday..
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Bruce
[via WiserNow]
...we got some information from one of our sources in Iraq - Very powerful - spoke with Dr. Sudani, the prime minister of Iraq...He said that the rate on the dinar and the budget...had been handed over...to their official documentation to their official record...but... We haven't had publishing in the gazette yet...the theory is that...once we have the Iraqi dinar out with a budget...in the printed version of the Gazette ...we have a “Game Over”...
S
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5/30. BRUCES BIG CALL- SHORT VERSION- SUE IS GIVING INTEL FOR BRUCES ABSENCE.
High Sources says 800 numbers Today or Tomw. She feels reg Trumps situation this could kick off June 1st. She has very little info regarding dates due to the Silence. She said keep eyes on emails.
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MAY 28, 2024
BRUCE'S BIG CALL
ONLY INTELLIGENCE
**WHERE ARE WE NOW???**
Sue to sort and clarify and make it possible what this information is pointing to and Sue thinks it would be wise to take everything and filter it, and one problem that Sue has seen is that people are confused, distracted and have conflicting doubts, but you have to get different perspectives . . So keep in mind that you hear something from us and then you hear that it won't happen until the 4th of July - there are two things happening and we have boots on the ground and on the front lines, RC heads and people giving us very high level information . but understand that we're in a covert war, so an X and O team and stuff happens in the background, so,
Wouldn't we love to be in the War Room for this and help them? So if you are not part of the solution, you are part of the problem, so please put your energy behind this information and hold the intention to see the 800 NOW; reality is our focus and our consciousness is incredibly powerful, so hold onto this INTEL, see it NOW and declare. do it NOW – it will help you maintain positive energy. So PLEASE DO THIS. You have to be Clear – WITHOUT A DOUBT – THE BEST YOU CAN DO .
We are in this covert war and not everyone can see it so we have to support the conclusion and our number one man says: 1. call from one of the oldest and biggest guards of this event and said that the cleanliness is not to be believed what's happening. So get all excited about taking out the trash onto a clean, fresh field to play on and may you do better than you thought. So this is very, very COOL.
And then he told our guy: we could wait for midday and early afternoon to receive notifications and go from tomorrow to the weekend. And maybe swap from Thursday to weekend.
Then another call from a very important and strategic person, so look for anytime from tomorrow until June 4th, which is next Tuesday. Sue has been in this alongside Bruce for 9 and a half years and Sue is very grateful to know these people and there is a lot going on behind the scenes and these people are shoulder to shoulder with us so in this war it is always on a state of flow. There is a lot going on so the best thing you can do IS HOLD THE LINE AND THE 800 NUMBERS ARE COMING SOONER THAN YOU THINK - DON'T LISTEN TO THOSE WHO PUSH THIS - THOSE PEOPLE ARE MAKING ASSUMPTIONS -
SO EXPECT THIS BEFORE WE THINK AND WALK WITH THE EXPECTATION THAT THIS IS GOING TO BE SOON - SO MAGNITIZE IT FOR US - So Sue says let's see 800 from TOMORROW TO SATURDAY call the Light of God and bring it to US NOW. Sue I am sure she will pray for the calling so please pray for the calling with her and keep praying like we always do every day because all our prayers are very important and also very powerful so we will help everyone PRAY THIS NOW. - KNOW THIS IS THE TRUTH. So my love to ALL of you Gem. Sue is still chatting, but you can see him listening to the recording. Maybe even Friday will just be a CELEBRATION CALL – how happy Bruce would be to hear that. I know how happy we would ALL be.
TRANSLATE IN SPANISH
28 MAYO 2024
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