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Sunday, August 21, 2016

"A First for Iraq" - Sun. PM KTFA News/Thoughts


 » August 21st, 2016

Baghdad discussed the budget in 2017 with the World Bank over the next week

Author: AB, AT Editor: AB, AT 21/8/2016 16:35 Number of Views: 422

Long-Presse / Baghdad

Revealed Economists, on Sunday, for a meeting of Baghdad with the International Monetary Fund, in the 28th of this month to study the general budget for Iraq in 2017 and the extent of its commitment to the recommendations of the World Bank, as an enemy to those recommendations "are necessary and in the interest of the country," deputy criticized the mass of Warka recommendations World Bank as "may serve the interests of foreign capital."

He said economic expert on behalf of Jamil Antoine in an interview with (long-Presse), "A delegation from the Ministry of Finance and some specialists will hold a meeting with the International Monetary Fund, in the 28th of the current month," noting that "the meeting will include a study of the general budget for Iraq for 2017".

He said Antoine, "The meeting will discuss Iraq's commitment to the recommendations of the World Bank which stipulated to lend to Iraq, which include activation of taxes and curb wastage and activating non-oil resources," adding that "the talks will focus on the price of oil, which will be the budget is calculated according to him, should not be higher of rolling price in the market. "

For his part, economist Majid picture in an interview with (long-Presse), "The World Bank's recommendations are necessary and in the interest of the country as calls to reduce operating expenses and not investment."

The promise of the picture, that "resort to reduce special grades and protections starved general budget spending significant funds."

In turn, he said a member of the House of Representatives on the mass of the Warka Joseph Salioh in an interview (range Press), "The World Bank recommendations and interfering in the work of the government and determine the budget, is a procedure that has been in the interest of foreign capital," and accused the World Bank of "not taking into account the interests of the country." .

It was the financial advisor to the Prime Minister Haider al-Abadi, revealed in the (16 August 2106), from the end of the Ministry of Finance to prepare the 2017 budget, and stressed submitted to the Cabinet for discussion during the month of September, while noting that its value would be about $ 82 billion at a price calculated $ 40 for a barrel of oil. Link

 » August 21st, 2016

Well this must be a first for Iraq.....actually allowing an outside source like the World Bank to be a part of their discussion regarding a budget....the 2017 budget.....

Some are quick to point out in their opinions that the WB recommendations are interfering with the work of the government.....but I believe the WB has a vested interest in Iraq.....they are providing loans to them and will be expecting to see a payment made for any loans.....to make a payment means Iraq has to be solvent and capable of bringing in revenues so these payments can be made......

All banks are in the business of what.....we've talked about this before....they want to make money.....they do so by loaning money and watching their customers squirm under the details of the interest on said loans.....they have to be careful tho and not make bad loans because that would create headaches for the bank they don't want to deal with....
And last thing of note here.....the budget value....there is that figure again......"$82 Billion".....hmmmm. Aloha Randy

Don961 » August 21st, 2016

Government confirms its quest Send 2017 budget to parliament before the start of the new fiscal year

The news agency Buratha 22 2016-08-21

The Iraqi government confirmed Sunday, seeking send the federal budget for the next year in 2017 to the House of Representatives before the start of the new fiscal year,noting that it comes to ensuring the functioning of the state institutions and the lack of any delay or disruption in government performance.

Information Office of the Prime Minister Haider al-Abadi, said in a statement, said that "the commitment of the government approval of the general budget of the Federal Republic of Iraq for the project in accordance with the limits specified time in the financial management of the state of law, the cabinet began to discuss the terms of the paragraphs of the budget submitted by the Ministry of Finance a draft order of the Council on the speed project approval and forwarded to the House of Representatives in early so that the parliament vote on it before the start of the new fiscal year. "

He added Abadi Office that this comes "in order to ensure the regularity of the functioning of the state institutions and the lack of any delay or disruption in the government's performance in fulfilling the government needed to sustain the work smoothly in various institutions and financial requirements, as a result of the delay, which could happen in the event of delayed legislation Budget Law" .

The Abadi's office said that the Cabinet discussed during its meeting held in (August 16, 2016), in preparation for the 2017 budget completed and presented to the parliament in "as soon as possible."




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