PARLIAMENTARY FINANCE: NON-OIL BUDGET REVENUES WILL REACH 30 TRILLION DINARS NEXT YEAR
The Parliamentary Finance Committee expected, on Sunday, that non-oil revenuesin the 2025 budget would reach 30 trillion dinars, represented by electricity collection, taxes, and revenues from the Baghdad Municipality and all municipal departments.
Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, told Shafaq News Agency, “The Parliamentary Finance Committee held a meeting today, in which it hosted the Minister of Finance, Taif Sami, the heads of the tax and customs authorities, and the general managers of the Ministry of Finance, to discuss the general budget law and oil and non-oil financial revenues.”
He added, “Oil revenues are settled, but as for non-oil revenues, it has been emphasized that government departments should be activated, including electricity in the field of collection, the Baghdad Municipality, and other municipal departments, in addition to the services provided to tax committees, border crossing revenues, customs, and others that would increase non-oil revenues.”
He explained that “the activation of non-oil revenues was mentioned in the government program but was not implemented. What is expected in 2025 is that oil revenues will be 120 trillion dinars, while non-oil revenues will be 30 trillion dinars, which includes customs revenues, taxes, electricity collection, and services provided by the government.”
(Iraq’s non-oil revenues are getting closer and closer to rival the oil-revenues. It now about 1/4th and growing strong… there are programs not even yet implemented that will shoot up this amount very soon.)
I have to start off with my commentary today with some really good news, actually some WOW! WOW! WOW! news. I know WOW again. Is this getting boring yet? I hope not because there is much, much more to come in the near future.
😊 As usual I want to begin the news today with what I feel is one of the most important articles. In fact, I would definitely call it a “WOW!” article. The title is “TRADE BANK OF IRAQ ANNOUNCES THE IMMINENT OPENING OF A CASH DEPOSIT CENTER IN KARKH”
So why am I excited today when I read this article?
The article is telling us that the Trade Bank of Iraq announced on Monday, the imminent opening of the cash deposit center in the Karkh side. What is a “Cash Deposit Center”? And most importantly why establish these centers, which this one will not be the last.
The opening of this center is imminent based on the directives of the respected Prime Minister, Mohammed Shia Al-Sudani.
It was explained in the article that this center receives all cash deposits only for all customers,” indicating that “this is a new service that the bank will launch with the aim of providing the best services to customers, and to contribute to reducing the pressure of cash deposits on its other branches in Baghdad.”
Oh…. So where is all this cash coming from and why a sudden surge in citizens bringing cash to the bank?
But this cash center is not alone in receiving these cash deposits. It is only taking the pressure off the overwhelmed other banking institutions. Yes, this is really happening in Iraq and I have FULL confirmation it is now ongoing.
Remember I told you, and we read articles to prove it too, that the CBI needs to shrink the monetary mass by two-thirds (2/3).
How can they do this if the citizens didn’t trust the banks. Well now with the electronic banking effort and the transition to the digital banking it appears they are now beginning to bring in their hard currency to the banks for deposit.
The banks need some of this money for liquidity to loan out. Remember it all just becomes digits for now until they issue a smaller percentage of it in the newer lower denominations.
This article is yet another sign this is happening and will progress further as the weeks and months roll on. Why else would they set up bank branches for the sole purpose of taking in cash only? There must be a lot of it coming in. The CBI will have to retrieve close to 70 trillion dinars.
After talking to my CBI contact about this article I was told that this process is part of the Project to Delete the Zeros and her committee is now working with the banks to retrieve this hard currency.
They expect it mostly in dinars not dollars. The dollars the citizens can sell to the Black Market and get higher rates than the official rate. But it is the dinars the CBI wants.
The important part is coming to you today to explain all this is that the Project to Delete the Zeros has begun.
But we must not go off half cocked yet. Let’s just watch the steps that must be accomplished for the project to be successful. Remember there are the steps to this process and I outlined them in my blog. Did you have a chance to read it yet? Please go and review it.
If you really want to know the TRUTH about this RV you must first be grounded in the plan, know the FACTS and know what to expect and what is coming. Then guage the news to the plan to see where we stand in the process. This is the ONLY way you get around all these stupid intel guru rumors and lies...TO BE CONTINUED
Shafak News / The visit of the President of the Kurdistan Region, Nechirvan Barzani, to Ankara to meet with the president and officials in Turkey comes at a time that reflects sensitive regional and international developments. It also gains importance at multiple levels, whether in the internal Kurdish framework, or at the Iraqi level in general, or in the Turkish and regional context, where the parties seek to enhance stability and understanding in light of the turbulent conditions in the region.
Observers assert that this visit by Barzani, the second visit to Turkey in the last six months, reflects the region’s strategy of maintaining strong and continuous relations with Turkey, as a major regional partner with wide influence and firm relations with both the Kurdistan Region and the federal government in Baghdad.
Although the statement of the presidency of the region indicated that Nechirvan Barzani is discussing during his Turkish visit to strengthen relations between Turkey, Iraq and the Kurdistan Region, and discuss the latest developments in the region and common issues, the observers refer to many files of great importance on the Erbil-Ankara line, including political, economic and security aspects.
According to the official statement, Nechirvan Barzani and Erdogan stressed the importance of developing Turkey’s relations with Iraq and the Kurdistan Region, especially in the economic field. He also discussed how to raise the level of trade exchange and promote Turkish job opportunities and investment in various regions of Iraq and the region. The Turkish president renewed his country’s continuous commitment to cooperation with Iraq and the Kurdistan Region, expressing the readiness of the private sector in his country to work and invest in various sectors.
The statement pointed out that the two sides expressed concern about the complex situation in the Middle East and its possible repercussions on the region, and agreed on the need to work to prevent the expansion of the conflict and resolve issues by peaceful means.
President Nechirvan Barzani expressed part of his visit through a post posted on the X platform: “It was another productive meeting with my friend Foreign Minister Hakan Fedan, and Ibrahim Kalin today in Ankara. We have exchanged views on a variety of issues of common interest.”
Kurdistan elections
The visit comes four days before the Kurdistan Parliament elections, and some believe that Ankara is very concerned about the results of the elections in the region adjacent to its borders, with which it has multified relations. Therefore, Nechirvan Barzani, within the framework of his responsibilities as president, carries in his short visit the necessary reassurance messages, regardless of the results of the elections and what the ballot boxes will produce, stressing that Turkish-Kurdistan relations are of major priority and attention.
Observers say that President Nechirvan Barzani is fully concerned about the non-continuation of tension and apid apidness in the relations of other Kurdish forces, as the presidency of the region acts as a house that brings together everyone and is keen on their interests, with the aim of trying to contain those tensions and soften the atmosphere even with opponents in the elections, in addition to maintaining relations with Ankara.
Exchange visits
According to observers, President Nechirvan Barzani is building on the results of the historic visit of Turkish President Recep Tayyip Erdogan to Baghdad and Erbil last April, which came at a critical time in the region, highlighting the strong political, economic and security relations between Iraq, the Kurdistan Region and Turkey.
In addition to launching a new phase of security cooperation between Ankara and Baghdad, by banning the PKK’s military activity and finding mechanisms for cooperation and security coordination, Erdogan’s visit to Baghdad and Erbil also saw the launch of the strategic “development road” project, which Nechirvan Barzani realizes will change the map of interests, relations and prosperity at the entire regional level, which will be in the interest of Turks, Iraqis and the people of the region.
Nechirvan Barzani’s movement also intersects with external files, especially in light of the accelerated Iranian developments, since the killing of President Ibrahim Raisi, then the election of reformist President Masoud Bazhekyan and his personal attendance at the inauguration ceremony, benefiting from his old relations with the Iranians. The president of the region visited Tehran on May 5, where he met with Republican leader Ali Khamenei, a visit described by the Washington Institute as a shift in relations between the region and Iran, as the two parties have a firm interest in resolving some of the differences affecting the Iraqi political scene.
Developments in the region and American movements
Nechirvan Barzani understands the importance of the Iranian and Turkish roles in this sensitive regional moment, especially in light of the major Israeli attack on Lebanon a year after the outbreak of the Gaza war. These developments put Iraq and the Kurdistan Region in a critical position, and are likely to renew tensions in light of Israeli threats to launch attacks on Iran and its interests. Ankara and Tehran can be an important support for the region at this difficult point.
Another equally important point that the president of the region takes into account in his new visit to Turkey, came days after Washington and Baghdad announced their understanding on scheduling the deployment of American forces in Iraq, whose mission is supposed to end in two years, with a US force stationed in Erbil in the coming months.
It is important at this stage that coordination between Erbil and Ankara be strengthened on the US military role in the region, especially since this coordination is closely linked to the continued presence of US forces in Syria, where interests and influence overlap between the Americans, Turks, SDF forces, Russians, Iranian-backed factions, as well as the Syrian army.
Nichirvan Barzani is aware of the seriousness of the stage the region is going through, and takes into account the possibility of harming the interests of the Kurdistan Region, so his visit to Ankara and his talks with Erdogan and Fedan and Kalin are a clear attempt to avoid the worst and build on the most positive opportunities.
PRIME MINISTER’S ADVISOR: IMPLEMENTATION OF THE 2024 BUDGET IS PROCEEDING SMOOTHLY
The Parliamentary Finance Committee is expected to discuss the 2025 budget next November, amid a general trend to pass it easily and not amend it significantly, while the Prime Minister’s Advisor for Financial Affairs, Dr. Mazhar Muhammad Salih, stated that the 2024 budget that entered into force had a “precautionary deficit” of about 64 trillion dinars.
Salih said, in an interview with “Al-Sabah”: The average Iraqi oil sales for 2024 were estimated at no less than $75 per barrel, noting that the general financial need for “bridge loans” (which are short-term loans) to address the possibility of a deficit may not exceed 10 trillion dinars in all cases, which are borrowing amounts permitted under Law No. 13.
The financial advisor added that the country’s “financial life” in 2024 is proceeding smoothly, wondering, otherwise how did the Ministry of Finance issue 2024, in cooperation with the Central Bank of Iraq, “achievement bonds” for public subscription.
(Mnt Goat: So, the 204 budget is open and being spent. Oh…but all these idiot intel gurus told you that the new RV rate was in the budget and we would see it when it was opened. Yeh, what nonsense and I told you this was all nonsense too and just guru rumors and bullshit. Do you believe me now.. So who it lying to you? What else do they tell us in this article? They also tell us, once again, the budget is based on the price of oil not the rate of the dinar. Get it? How many times must I say this?)
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