This is not good news...Well known Iraqi economist Nabil Jaafar Al-Marsoumi...has warned that US pressure to lower oil prices could...lead to a devaluation of the Iraqi dinar...
[He] explained in a Facebook post that US president Donald Trump has pushed for Saudi Arabia and OPEC to lower oil prices.
This move is intended to make energy more affordable and accelerate the end to the Russia Ukraine war. As a result, OPEC plus is expected to end production cuts of 4.65 million barrels within the next few weeks.
This decision will likely cause oil prices to drop...A drop in oil prices to $60 per barrel would create serious financial challenges...If oil prices fall further to $50 per barrel Iraq may have no choice but to devalue its currency...Stay tuned and stay positive..
Iraqi Parliament Approves First Amendment to General Budget Law for 2023-2025
2/2/2025
TheIraqi Parliament voted, on Sunday, on the draft law of the firstamendment to the Federal General Budget Law of the Republic of Iraq forthe fiscal years (2023 - 2024 - 2025) No. (13) of 2023.
Forhis part, independent MP Ahmed Majeed announced in a statement toShafaq News Agency that members of the House of Representatives from thecentral and southern governorates boycotted the parliament session heldtoday, considering that voting on the budget is "a violation of the lawand the internal regulations of the council due to the lack of a legalquorum."
Majeedexplained that "the number of representatives present does not exceed 140 representatives, which means that the quorum is not achieved," stressing that they doubt the legitimacy of the session.
Headded: "We will file an appeal with the Federal Court against the Houseof Representatives for violating the law and proceeding with the voteon amending the budget law."
TheIraqi Council of Representatives held its fourth session of the firstlegislative term of the fourth legislative year a short while ago, headed by the First Deputy Speaker of the Council, Mohsen Al-Mandalawi
, with the attendance of 176 representatives, and the boycott of about 50representatives.
Aparliamentary source told Shafaq News Agency, "The representatives ofthe Central and Southern Front boycotted the session in protest againstthe amendment of the budget law. The number of representatives of the Front is about 50 representatives, most of whom are independents."
Therepresentative of the Central and Southern Front, Raed Al-Maliki, saidduring a press conference held in the parliament building with theparticipation of the representatives and attended by a Shafaq NewsAgency correspondent, "We are a group of representatives from thecentral and southern governorates who boycotted the parliament sessionon Sunday because of the paragraph amending the budget law."
Al-Malikiadded, "We requested that there be a joint administration with theregional government, and that companies be obligated to reviewcontracts, and that other articles be reviewed, including Article 14 ofthe budget law, in addition to other articles and the deficit in thebudget law."
Hestressed, "Our demands relate to implementing the rights of the centraland southern governorates and financing the government contractingexpenses of companies contracting with local governments."
ParliamentSpeaker Mahmoud Al-Mashhadani, who is currently visiting the Iraniancapital Tehran, announced before his departure that Parliament willapprove today, Sunday, amending the general budget in accordance withthe text sent by the Council of Ministers.
Earliertoday, the Coordination Framework, which brings together Shiitepolitical forces, revealed the existence of a political agreement topass the amendment to the budget law during the session of the Iraqiparliament scheduled to be held today.
Therepresentative of the framework, Mohammed Radhi, told Shafaq NewsAgency, "There is a political agreement to pass the amendment to thebudget law during today's session, as the text of the amendment wasmentioned by the Iraqi government. There is a political andparliamentary will and desire to support the government's steps toresolve the differences with the region."
Radiadded, "The agreement to pass the amendment to the budget law came inorder to push the government to expedite sending the 2025 budgetschedules, as no one wants to disrupt this budget, to preventobstructing the construction and reconstruction process, and launchingmany strategic and important projects during this year."
TheFinance Committee of the Iraqi Council of Representatives announcedyesterday, Saturday, that the Council of Representatives will vote intoday’s session, Sunday, on the government’s proposal to amend Article 12 of the General Budget Law.
Thedraft amendment to Article 12 of the Budget Law includes twoparagraphs, the first of which relates to the costs of producing andtransporting the Kurdistan Region’s oil after determining the actualestimated costs through the advisory body.”
Asfor the second paragraph, it stipulates that if the federal andregional governments do not agree on the costs of production andtransportation, the Ministry of Oil shall choose a party to determinethose costs, and as a result the cost of extracting oil from the oilfields in the region shall be calculated.
In June 2023, the Iraqi Parliament voted on the draft general budget law for the fiscal years (2023, 2024, 2025).LINK
IRAQ
Today was a HUGE damn hurtle step in passing the amendment of Article 12 of the general budget!!!
The NEXT step is THE RATE CHANGE:
(along w/new lower currency notes)
“Voting on the amendment will ENABLE the government to submit the 2025 budget tables to Parliament for approval,”
Now parliament (HOR) is waiting to approve the {2025 BUDGET SCHEDULES/TABLES} which they’ve been asking for & will receive from Iraq Council of Ministers (COM) once the Rate Changes. Not before because it will expose the NEW EXCHANGE RATE being leaked to the public before Iraq Gov’t/CBI ANNOUNCE/EXPOSE it 1st & see it on the http://CBI.iq website.
They already stated on 1/19/25 multiple articles outlets that they will approve the amendment to the budget law (happened today) & next is approving the budget articles but they COULD NOT reveal that date.
However Today Shafaq news stated "forecasts indicate that the federal government will send the budget tables to parliament at the end of FEBRUARY!!!!!!!!
If this forecast date of February is F*cking true, then WE MUST have a NEW RATE CHANGE before & we’re in FEBRUARY!!!
…LFG
Parliamentary source: Parliament's vote on amending the budget does not mean approving the 2025 schedules
A parliamentary source revealed, on Sunday, that the 2025 budget schedules were not approved in
today's session, while indicating that the vote on amending the budget law was limited to a paragraph related to the Kurdistan Region's oil .
The source said, in an interview with Shafaq News Agency, "The House of Representatives voted today to amend Article 12 of the Federal Budget Law," stressing at the same time that "this amendment has nothing to do with the budget law schedules for the year 2025."
The source added, "Expectations indicate that the federal government will send the budget tables to parliament at the end of February, especially after the vote on amending the budget law today," indicating that "the budget tables will be similar to last year, but the difference will only be in the numbers of operating and investment expenses."
The source pointed out that "the cost of extracting oil according to the new amendment in the budget will be 6 dollars for the central and southern provinces and 16 dollars in the Kurdistan Region."
Earlier today, Sunday, the Iraqi Council of Representatives voted on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023 .
The amendment to Article 12 of the Budget Law includes two paragraphs, the first of which relates to the costs of producing and transporting the Kurdistan Region’s oil after determining the actual estimated costs through the advisory body.”
As for the second paragraph, it stipulates that if the federal and regional governments do not agree on the costs of production and transportation, the Ministry of Oil shall choose a party to determine those costs, and as a result the cost of extracting oil from the oil fields in the region shall be calculated .
The President of the Republic, Abdul Latif Jamal Rashid, had previously warned against the continued increase in operating expenses in the general budget allocated to finance the monthly salaries of employees and workers in the public sector in the country, stressing the need to support the private sector to push the economy forward .
https://shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D9%85%D8%B5%D8%AF%D8%B1-%D9%86%D9%8A%D8%A7%D8%A8%D9%8A-%D8%AA%D8%B5%D9%88%D9%8A%D8%AA-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%B9%D9%84%D9%89-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D9%84%D8%A7-%D9%8A%D8%B9%D9%86%D9%8A-%D9%82%D8%B1%D8%A7%D8%B1-%D8%AC%D8%AF%D8%A7%D9%88%D9%84-2025
