Sunday, January 12, 2025
2025 budget is on the verge of legislation, and delaying the schedules will not stop the decision, 12 JAN
2025 budget is on the verge of legislation, and delaying the schedules will not stop the decision
Jamal Kojer, a member of the Finance Committee in Parliament, confirmed today, Saturday, that the 2025 budget schedules have not reached Parliament yet, but he stressed that the budget will be legislated during the current legislative session.
Kocher explained in a statement to {Euphrates News} that "the delay in the arrival of the tables will not affect the course of the budget legislation, indicating that the next legislative session will be quieter due to the preoccupation of the representatives with the elections, which will reduce their attendance at the sessions."
It is noteworthy that the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government sends the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year.
He added that the Ministry of Finance has announced that it is in the process of preparing the general budget schedules for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Triennial Budget Law.
Saleh noted that the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, in a way that ensures that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024. link
AJ: THE GOVERNMENT OF IRAQ CAN PAY THE SALARIES IN THE KURDISTAN REGION, 12 JAN
AJ
I know a lot of you have been under the assumption the government of Iraq could not pay for the salaries in the Kurdistan Region. Nope you were wrong. As a broker who trades Crude Oil, I've known about this for years. OMG and then some. Read BELOW. Game of cat and mouse between the two.
Republic of Iraq. Ministry of Finance
Dashra / Decentralized Accounting
To the Government of the Kurdistan Region of Iraq Council of Ministers Ministry of Finance and Economy / General Directorate
Greetings....
For accounting / M. Accounts unification
Non-oil revenues
Please inform us of the reason for not transferring the non-oil revenues for the months of July, August and September until now, hoping to transfer the revenues in question to our current account (70018) opened at the Central Bank of Iraq as soon as possible.
With appreciation.
Spectrum Sami Muhammad
Minister of Finance
Economist: The Central Bank’s policy is moving towards globalizing Iraqi banks, 12 JAN
Economist: The Central Bank’s policy is moving towards globalizing Iraqi banks
Economic expert "Safwan Qusay" confirmed that the Central Bank's policy is moving towards globalizing Iraqi banks, while stressing that it will contribute to raising the status of these banks globally.
Qusay said in an interview: "The Central Bank's policy is moving towards consolidating the issue of globalizing Iraqi banks, and the process of ending dealings with the electronic platform will contribute to accepting local banks that have the ability to provide guarantees and international compliance conditions with international correspondent banks."
He added that "these correspondent banks can carry out the process of changing the Iraqi dinar to any global currency immediately, and for more than a million banks around the world, and there is a possibility to develop the performance of other banks in order to succeed in the international acceptance process, and there is still a possibility to import capital from different countries of the world and re-inject it into the local environment in the form of grants in different investment portfolios, and thus the possibility of achieving the goals of the Central Bank in the matter of development."
He pointed out that "the Central Bank will move from the issue of accepting local banks internationally to the issue of participating in the development process, and this will certainly contribute to achieving part of the government program's goals in employing the unemployed, and in forming productive Iraqi capital, especially since a portion of Iraqis own Iraqi dinars outside the banking system, and whenever we start the issue of convincing them to trust Iraqi banks, we will have new doors to operate this monetary mass."
He stressed that this step will contribute to raising the status of Iraqi banks globally, "meaning that they will succeed in the process of having a name in international financial transfer operations, and gradually confidence between banks will be strengthened, and there is what is called credit cover between Iraqi banks and international banks, and the level of confidence will be reflected in the credit cover."
He pointed out, "Whenever there are transfers and coverage at acceptable credit levels, this level may rise so that we succeed in the process of having Iraqi banks that are accepted internationally - and this is a step that does not exist - as Iraqi banks, especially public ones such as Rafidain and Rashid, have withdrawn from international financial transfers since the eighties of the last century."
Pointing out that "rehabilitating these banks, especially TPI Bank, can contribute to our having international acceptance for international correspondents for these banks." link
TIDBIT FROM KAPERONI, 12 JAN
Kaperoni
Iraq is clearly working to diversify their economy away from oil Independence.
They're also diligently focused on investment, rebuilding and integrating their banking system into the global economy. Good signs!
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