Iraqi lawmaker criticizes government's budget law submission, calls for revisions
Shafaq News/ On Thursday, a member of the Iraqi Parliament's Finance Committee, raised concerns over legal and constitutional violations in the government's submission of the 2023 federal budget law to the legislature.
In an interview with Shafaq News, Mustafa al-Karawi highlighted discrepancies in the submission process, noting that “Article 77, Section 2 of the 2023 federal budget law (the three-years budget law) mandates the Cabinet to submit the budget tables before the end of the fiscal year. However, only one amendment—regarding the cost of oil extraction in the Kurdistan Region—was submitted, rather than the complete set of required budget tables.”
"This failure to submit the tables on time constitutes a legal and constitutional violation," al-Karawi said. "Moreover, if the government proceeds with amendments to specific provisions, there are numerous items that require revision to address injustices and ensure fairness for various segments of society."
During a parliamentary session on Tuesday, al-Karawi stressed that the committee had noted these concerns during the first reading of the amended budget law, confirming that they are working to amend the budget law, which will then be sent back to the government for a comprehensive revision that aims to better serve the needs of the entire population and address the issues in the previous budget.
The Success Of The Economy Saves The Drowning Of Politics
Mahmoud Dagher: At a time when some governments of the rentier system insist on expanding analyzes and political approaches and various elements of ideology, there is a decline in interest in the economics and management of depleted oil resources towards diversification in other governments, to the point where the interests of the economy and the well-being of the population take precedence over others, and the criterion for success becomes clamor.
Industry, agriculture, technology, and the accompanying development of human resources, versus whispers of politics and ideology.
Such a conclusion is prompted by what Moody’s credit rating agency published regarding the new credit rating of the Saudi economy, which reached Aa3 with a stable outlook after eight years ago for this agency, it was A1 with a positive outlook for the future.
It means an improvement in the state’s credit capacity, including its entry into the bond markets and the acceptance of its proposals. Financing and with lower interest.
Rather, more importantly, Saudi banks and other financial institutions enjoy the advantage of the new classification after they could not market their financing except with the old classification because financial institutions cannot exceed the classification. State.
Iraq, for example, is classified as B-, and therefore the highest at which its banks can be classified is the same classification or lower.
It was noted a few months ago that the classification of the largest Iraqi bank, TBI, was downgraded.
The macroeconomic credit rating and its changes depend on numerous economic and financial criteria reflected in the levels of financial and economic performance, including the
level of public deb
t,
growth rates, and
improved private sector performance, as well as
non-oil revenues and the
performance of non-oil output.
The sum of these criteria leads to an improvement in the level of economic diversification of the rentier state under the classification.
Which is the most important conclusion from the new classification of Saudi Arabia compared to other economies.
The growth rates of non-oil production sectors have increased, expectedly, to 4-5%, in addition to the non-oil revenues reaching about 40% in total public revenues. In fact, Saudi Arabia’s non-oil exports grew by 22% for the month of September 2024, and such results lead to an increase in the share of The output of the private sector in Saudi GDP, which is expected for the latter to grow up to 4.7%.
The high rating of the Saudi economy is attributed to a long-term economic path of diversification transformation that is considered the mainstay of long-term growth, as well as the tangible approach to independence from the oil crises.
Providing economic interests towards higher prosperity is what leads to the easing of political and ideological tension, despite its presence in our region that floats on oil and the problems associated with it.
Yes, improving the performance of the economy is a way to save yourself from the drowning of politics.
FIREFLY:Sudani on television again this afternoon saying the CBI has progressed in the 77 past years and they have dealt with all the challenges and the reforms...
Alaq on television talking about the CBI...the more we listen the more it sounds like he's telling us they're going to be giving us our purchasing power very soon.
FRANK: They're telling you your country...bank...economy is exploding. That's impossible at a program rate...It's their way of telling you what they promised you...purchasing power in your currency. It is coming.
Withdrawal Of The License Of The Oman Brokerage Company To Buy And Sell Foreign Currencies
November 27, 2024 diamonds: The Central Bank of Iraq decided to withdraw the license of the Amman Company to mediate in the buying and selling of foreign currencies.
