Government Advisor: Adoption of budget schedules does not affect financial obligations, 31 July

 The monetary guide to the Head of the state, Mazhar Muhammad Salih, affirmed today, Tuesday, that the spending plan plans have turned into a reality, and giving directions is a procedural matter that doesn’t influence monetary commitments.

Salih said, in a meeting followed , that “the legitimate reason for the ongoing monetary year 2024 is a matter that has been enacted and endorsed essentially, in light of the arrangements of the government general financial plan for the years 2023, 2025, 2024 gave by Regulation No. 13 of 2023, which was distributed on June 26, 2023 in the Authority Paper.”

He stated, “This was achieved in the fiscal year 2024,” noting that “what is stipulated in Article Two / 77 of the law includes the executive authority submitting the financial schedules for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially.”

“The three-year federal general budget was implemented for the first time in the country, which was based on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which permitted the implementation of a three-year general budget-based financial plan.”

RV UPDATE BY MILITIAMAN, 31 JULY

 Militia Man 

 Article: "Paralyzed for 19 years.. Parliamentary optimism about passing the most important laws in Iraq" 

 Quote: “The oil and gas law is the most important of the suspended laws...this issue will be resolved in the coming days.”  There is absolutely no coincidence that this law is on the table now...We never know what the coming days will mean.  However, with...where Iraq is in her reforms and the loss of revenues from the Kurdistan Region, the pressure has been mounting for results needing to take place and quickly. This is a very good sign of things to come and likely first or at the same time...

 Progress has been intense because there's some political opposition.  I think the US Treasury, Federal Reserve, Central Bank of Iraq, Al-Sudani...have been working to benefit the Iraqi citizens. 

 There's been blow back...Iraq is not alone in having pressure... Unfortunately corruption has been a problem for many years.  Nothing new.  But that's being changed so now it's getting more intense...

Breaking Hidden Exchange Rates In Iraq Big News For Investors

Iraq agrees with Siemens to build five new stations to boost electricity grid, 31 July

 The representative for the Iraqi Service of Power, Ahmed Musa, said on Tuesday that the service concurred with the German organization “Siemens” to foster a specialized guide to foster the electric transmission area.

Musa told , “Among the means settled upon with Siemens is the foundation of five stations in various governorates, including the capital, Baghdad.”

Musa made sense of that “these stations will give a complete limit of up to 7,500 megawatts, as each station will have a limit of 1,500 megawatts,” focusing on that “work is in progress to foster the transportation area in Iraq to accomplish higher unwavering quality in the association and removal of the energy delivered.”

That’s what he added “the organization and 400 stations structure the lines connecting the governorates, which upgrades the nature of the organizations, forestalls transportation mishaps, and gets the inventory of conveyance organizations.”

He stated that “these stations will be part of the ministry’s plan for the next three years, and will be transformer stations responsible for discharging the energy produced and feeding the electricity grid through transmission lines,” and that “the agreement with the German company Siemens includes specific financial allocations and that the contracts are ready to establish the five stations.”

In collaboration with the German company Siemens, Iraqi Prime Minister Mohammed Shia Al-Sudani launched the executive works on the 495 MW combined cycle expansion projects for Al-Haidariyah and Al-Najaf gas-fired power plants as well as the 400 kilowatt transformer station project yesterday, Monday.

RV UPDATE BY MARKZ, 31 JULY

 MarkZ

   [via PDK] 

 RV news has been quiet after a very busy weekend from Iraq. Nothing on HCL yet …but our last update yesterday is it looks like it will go within days.

 Question:   What is the HCL?  

MarkZ:  The hydro carbon law. This is where the Kurdish region of Iraq shares oil profits, government revenues ect …how they handle payments and who gets what. It’s been a huge stickler for 19 years in Iraq.

I have heard nothing negative out of Iraq this weekend.  

 Article:   “The Parliamentary Oil and Gas committee expressed today, Sunday its optimism about the imminent approval of the Oil and Gas Law which has been suppressed for 19 years.”  

There is discussion about the immediate approval of the HCL. We were always told that within hours of possibly days of the HCL being passed we would see that rate change.

Iraqi Dinar RV Shmething Big Happening

Through two procedures, an economist confirms the possibility of solving the problem of disparity in employee salaries, 31 July

Through two procedures, an economist confirms the possibility of solving the problem of disparity in employee salaries

On Tuesday, economic expert Safwan Qusay confirmed the possibility of transforming some ministries into productive and income-generating ones and resolving the issue of the disparity in the salaries of some employees.

Qusay told “There is no acknowledgment of the ebb and flow pay scale, particularly at the level of a few bureaucratic services, and the public authority can’t reevaluate these services except if spending is diminished on a few different services or another window for incomes is opened inside the services of industry, exchange, culture, and water assets.”

That’s what he added “the previously mentioned services were beforehand ready to persuade their workers through their exercises, notwithstanding the chance of rethinking the issue of impetuses and attempting to acknowledge the deficiency in the compensations of the previously mentioned services by circulating plots of land to their representatives and opening new windows to utilize the jobless inside the important services.”

He said, “There is a need to reconsider the allocations of other ministries and work on compressing them, especially since the country has witnessed stability at the security level, as allocations were previously granted to some ministries as a result of the security conditions and an attempt to attract certain cadres to those ministries.” He was referring to the fact that “there is a need to reconsider the allocations of other ministries and work on compressing them.”

He brought up the chance of “the State leader’s Office completing exchanges between parts inside similar monetary designations endorsed by Parliament.”