Sunday, January 12, 2025
Salaries are secured and a committee is following up on Kurdistan’s dues.. Details of hosting Taif Sami in Parliament, 12 JAN
Salaries are secured and a committee is following up on Kurdistan’s dues.. Details of hosting Taif Sami in Parliament
On Saturday, January 11, 2025, the head of the Finance Committee, Atwan Al-Atwani, revealed the details of hosting the Minister of Finance, Taif Sami, within the committee, while indicating that the minister confirmed securing the salaries of employees during 2025 .
Al-Atwani said in a press statement followed by the "Al-Jabal" platform, "Minister of Finance Taif Sami confirmed during her hosting within the Parliamentary Finance Committee that employees' salaries are secured through 2025."
He added, "We have formed a subcommittee to follow up on the Kurdistan Region's dues for the years 2024-2025," adding, "The committee will submit its report in the next Monday's session regarding amending Article 12 / Second / Paragraph C of the General Budget Law."
Earlier today, the Iraqi Parliament's Finance Committee held a meeting, hosting Iraqi Finance Minister Taif Sami, to discuss the issue of amending the country's general budget law and securing employees' salaries.
A source from within the parliamentary finance committee previously told Al-Jebel platform that “this meeting (with the Minister of Finance) was supposed to be held before the legislative recess, but the travel of senior officials from the Iraqi Ministry of Finance prevented that,” adding that “the finance committee will collect all information related to the subject during the meeting to later submit it to the Speaker of Parliament.”
The Parliamentary Committee hosted the Minister at the Parliament headquarters to discuss with her the issue of amending the General Budget Law, which the Parliament is scheduled to conduct its first reading of next Monday, and securing the salaries of public sector employees for the year 2025.
The Iraqi Parliament is scheduled to hold a session on Monday, January 13, to discuss and read a set of proposed draft laws, including an amendment to the provisions of Iraq’s General Budget Law No. 13 of 2023.
The aforementioned amendment is related to the resumption of oil exports from the Kurdistan Region abroad.
Member of the Parliamentary Oil and Gas Committee, Sabah Subhi Haider, had previously stated to the Mountain Platform, “We conducted the first reading of the amendment and all that remains is the second reading and voting on it. All expectations are moving towards an agreement, and there is a political agreement as well as an international and regional agreement on the necessity of re-exporting Kurdistan’s oil at a rate of 400,000 barrels per day.”
He added, "The order to resume oil exports from the Kurdistan Region is still in place, through amending (Article 12, Paragraph/Second C) in General Budget Law No. 13 of 2023."
Oil exports from the Kurdistan Region to abroad via the Turkish port of Ceyhan were halted in March 2023, after the International Court of Arbitration in Paris issued a decision to adjudicate a lawsuit filed by Iraq against Turkey regarding (the illegality of exporting Iraqi oil from the port of Ceyhan without coordination with the Iraqi SOMO Company). According to official statements by officials, the losses of Iraq and the Kurdistan Region from stopping the export process exceeded $20 billion since last year. link
CRYPTO TRADER : Birth of a new banking entity in Iraq, 12 JAN
CRYPTO TRADER
Birth of a new banking entity in Iraq.. A government advisor reveals the details .
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The financial advisor {Economic: Al Furat News} to the Prime Minister, Mazhar Muhammad Salih, revealed a study being conducted by a global consulting firm, commissioned by the state, to restructure Rafidain and Rashid Banks, which constitute 85% of the banking market in .
the country Saleh explained to Al Furat News Agency that "the two banks suffer from a historical legacy of challenges, which requires a comprehensive reform plan to reposition them within the map ".of effective and efficient banking work Saleh added,
"The study aims to establish a new banking entity specializing in government banking operations, to meet the government's needs exclusively. This entity will contribute to achieving the goals of the unified treasury account, which is a crucial tool for regulating ".cash flows for public finances He pointed out that "the study focuses on
evaluating the legal status of the two banks, including property rights, evaluating assets and
liabilities, and studying the requirements of a strategic partner if necessary, with a focus on
developing the two entities to operate according to advanced financial technology that meets the requirements of the national banking ".market
He stressed that "the structural reform also aims to enhance the integration of the two
banks into the national banking market and enable them to expand into global financial
markets, especially in the areas of trade and ".investment financing for the private sector
He added that "the two potential entities will rely on modern systems in compliance, governance and risk management, with a focus .on digital payments
He concluded by saying: "The study is expected
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
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