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Parliamentary Economy explains...Does the fluctuation of oil prices affect the economy of Iraq?, 24 JUNE

 Parliamentary Economy explains...Does the fluctuation of oil prices affect the economy of Iraq?

Baghdad

The Parliamentary Oil and Gas Committee confirmed today, Saturday, that the fluctuation in oil prices does not affect the Iraqi economy.

Committee member Ali Saadoun Al-Lami said, “The 2023 budget tables came to the House of Representatives when a barrel of oil was calculated at 74 dollars.”

Al-Lami added, “There are 10 moving dollars on the price of a barrel, so the rise or fall of oil prices does not affect the economy.”  LINK

"RV UPDATE" BY FNU LNU, 24 JUNE

Fnu Lnu 

 [Response to Guru Kaperoni's post 6-21-2024 below] 

 I have...reviewed several different sources who all report the "new pipeline project at an amount estimated at approximately 6.5 billion Iraqi  dinars ($4.9 billion)"  is, in fact, accurate and written the same in all the sources.  Just because [Guru] Kap doesn't want it to be true doesn't mean it is a mistake or misprint.

Kaperoni 

 Just because the central bank is changing monetary policy doesn't mean the exchange rate is going to rise. Only with the success and growth of Iraq's economy can the dinar go up in value.

Iraqi Dinar | Iraq's Silent Revolution | The Real Story You're Not Hearing

Government Advisor: The Budget Imposed Discipline In Expenditures And Diversification Of Revenues, 24 JUNE

 Government Advisor: The Budget Imposed Discipline In Expenditures And Diversification Of Revenues

Economical  06/23/2024   The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, said that the budget for the current year 2024 has a number of advantages that will increase rates of sustainable development, raise the pace of projects, and diversify sources of funding, indicating that oil price estimates in the budget are still higher than the specified price of $70 per barrel, by A change of more than 16 percent, while he indicated that the budget has high discipline in maximizing non-oil revenues, especially tax and customs revenues, specifically after adopting automation, modern methods, and information technology in estimation, estimation, and collection.

Earlier, Chancellor Saleh played down the risks of an increase in the budget deficit, stressing that the increase in oil prices above the number specified in the “tripartite” budget means that “automatic financing of the deficit has become a reality.” Last month, the Ministry of Oil announced that the Basra Gas Company had exported its first A shipment of “semi-refrigerated” propane gas, amounting to more than 10,700 tons, indicating that it is “one of the large shipments that are marketed and loaded on the back of specialized tankers.”

While specialists believe that this step is very important and would maximize the country’s financial revenues, in addition to its necessity in meeting internal needs. Saleh confirmed during his speech to “Al-Sabah” that the budget enjoys high discipline in maximizing non-oil revenues, especially tax and customs revenues, specifically after adopting automation, modern methods and information technology in estimation, estimation and collection, in addition to its orientation towards imposing discipline on operational expenditures and keeping spending on them at minimum levels. Accepted.

Saleh also explained that “the tripartite budget was truly keen to raise the efficiency of investment spending and the operation of all approved projects, in order to ensure a high growth rate in the domestic product at a rate exceeding twice the population growth rate through the movement of new projects without delay or stop,” noting that “according to Given these data, we notice that the pattern of public spending, according to the schedules announced, is characterized by accuracy, objectivity, and self-savings, which contributes to reducing the resort to financing the actual deficit, even when there is a need for internal borrowing, and within limits that ultimately do not exceed the accepted international standard percentage for financing the deficit, which amounts to 3 percent of the total. The country's gross domestic product or slightly exceed it.

The financial advisor also explained that “the efficiency of annual spending in the operational and investment aspects is an important issue in determining the total annual public spending according to what is planned,” pointing out that the operating budget constitutes the greatest challenge in the financial policy lifestyle because it constitutes more than 70 percent of the total spending and is spent 75 percent of it is for salaries, wages, pensions, and social care.

Therefore, the transfer space in it is very limited, in our belief, or remains in a very narrow range. Developments in this aspect require that they be matched by high growth in non-oil revenues to confront the constraint on operating spending, and this is what it seeks.

The federal general budget is one of the measures to introduce digital technology and electronic collection within the governance principles stated in the government program, explaining at the same time that the distribution of investment allocations in the tripartite general budget is undoubtedly subject to the standards and indicators of national economic development plans and in accordance with a harmonious vision of investment spending priorities in the country.

Determining governorate projects, which are precise allocations that have the approval of both the Council of Ministers and the legislative authority, as the financial schedules for the year 2024 were recently approved, especially on the side of public expenditures and their operational and investment parts, whose development impacts have expanded in a homogeneous manner throughout the political geography of Iraq.

Saleh believes that if the annual investment allocations for the year 2024 are proportional to the extent of the ability to implement, in light of the indicator of the disruption of the percentage of financial resources previously allocated to projects that were not implemented according to the time course specified for them, then financing governorate projects has become a matter that is consistent with the ability to implement, which is represented in... Time itself is an indicator of investment in the time dimension, which means that financing development projects must, in all circumstances, be proportional to the ability to implement on the ground and in practice.

Here lies the spirit of competition in the priority of one governorate in optimal investment and on time without delay, that is, proceeding with the completed work in an optimal manner. It is necessary to complete the allocations and provide them according to the real investment rule within the specified time.    https://alsabaah.iq/98384-.html

Launch of new IBBC Advisory Council Report with Professor Frank Gunter BY CLARE & MILITIAMAN, 24 JUNE

Clare 

 Video "IBBC Webinar: Drivers of the Iraqi Dinar Exchange Rate" Description "On a webinar organized by the Iraq Britain Business Council (IBBC)...Professor Frank Gunter of Lehigh University and Dr Ahmed Tabaqchali of AFC Iraq Fund (and Expert Blogger on Iraq Business News) discussed the drivers of the Iraqi dinar exchange rate." [Dinar Guru Note:  In the video you'll see a debate of the pros and cons of the Iraqi dinar's potential.  Many things the gurus have reported are confirmed in this video...some are challenged.]

Militia Man 

 Article:  "IBBC Conference: Much to Celebrate in Iraq as Energy takes Centre Stage"   This conference seems to be shedding a positive light on Iraq. There is good reason to in doing so. Iraq is about to break out in a very big way.. No stopping her at this stage now.. Way too many legal obligations on the table. There will be far more to come 

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