If implemented in a country where the central bank struggles to impose its will, the move devalues the official rate of the dinar to the dollar for such …

Governor of the Central Bank of Iraq participates in the meeting of the Board of Governors of central banks
9/19/2018


His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail participated in the meeting of the forty-second session of the Board of Governors of Arab Central Banks and Arab Monetary Institutions in the Jordanian capital Amman and under the patronage of the Prime Minister of the Hashemite Kingdom of Jordan Dr. Omar Al-Razaz.

The meeting was chaired by Mr. Mohammed Mansour Zemam, Governor of the Central Bank of Yemen and Chairman of the current session of the Board in the presence of the Governors of the Central Banks and the Arab Monetary Institutions, as well as observers from the League of Arab States, the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the Union of Arab Banks, Middle East and North Africa, as well as the presence of Arab executives at the IMF and the World Bank and the Director General of the Bank for International Settlements.

The participants discussed the regional and international monetary, financial and economic developments and their repercussions on the Arab countries, as well as discussing the promotion of credit for small and medium enterprises, financial inclusion files and support for the Arab banking sector.

https://cbi.iq/news/view/856

Dawa Party intends to separate Haider Abadi from his ranks
9/19/2018

A political source revealed the intention of the "Islamic Dawa Party" led by Nuri al-Maliki, separated the head of the political body, the current Prime Minister Haider Abadi of his ranks with two other leaders.

The website of the Arab 21 Qatari source, said that "the Dawa Party is determined to separate leader Haidar Abadi, in addition to other leaders Ali Alalak and Walid al-Hali from the ranks of the party."

These developments come after a statement issued by three of the leaders of the Dawa Party carried Abadi the greatest responsibility in refusing to dangle with the wing of Nuri al-Maliki, after an agreement to merge the two lists sponsored by the Dawa Party after the parliamentary elections.

The statement issued by the three leaders that this caused the consensus of the policy of the "conquest" of Hadi al-Ameri and "Sorrow" supported by Muqtada al-Sadr, the remains of the brothers of the call and jihad, "victory" (led by Haider Abadi) and "law" (led by Nuri al-Maliki).

http://www.skypressiq.net/2018/9/19/%D8%AD%D8%B2%D8%A8-%D8%A7%D9%84%D8%AF%D8%B9%D9%88%D8%A9-%D9%8A%D8%B9%D8%AA%D8%B2%D9%85-%D9%81%D8%B5%D9%84-%D8%AD%D9%8A%D8%AF%D8%B1-%D8%A7%D9%84%D8%B9%D8%A8%D8%A7%D8%AF%D9%8A-%D9%85%D9%86-%D8%B5%D9%81%D9%88%D9%81%D9%87

Finance: The budget of 2019 approved the amount (55 – 60) dollars per barrel of oil

9/19/2018

The
Ministry of Finance revealed that the federal budget for the next year 2019 approved the amount of (55 – 60) dollars per barrel of oil and an export rate of up to four million barrels per day, including the source of the Kurdistan region, stressing the continuation of the payment of debt and the benefits of Iraq.

Undersecretary of the Ministry Dr. Maher Hammad Jouhan said a special statement for the "morning": The federal budget was prepared for the next year 2019, but not be stereotyped multi-directional, as the general situation of the country changed from the position it was for the past years and there is a great need to change or The various forms of financing,

both the general budget and other budgets, or the financing formulas, are supported by borrowing, entering into partnerships or finding outlets for the private sector.

He added that the current oil prices help to make these changes, as the budget to be submitted to the Council of Ministers, set the price of a barrel of oil exported between (55 – 60) dollars, giving the state a broader scope to strengthen services and social expenses such as salaries and expenses of education, health and medicine and expenses The ration card,

subsidies and social protection networks do not have a deficit either by allocating or financing and supporting the activities of projects that benefit the activity in the market, which activates the private sector in order to occupy its real space by providing job opportunities and infrastructure suitable for services or enhancing productive activities.

He pointed out that the federal budget adopted the amount of Iraqi oil exported daily between (3.8 – 4) million barrels, including the quantities exported from the Kurdistan region, and expressed the hope that the volume of this export, because Iraq currently exports only 3.8 million barrels and sometimes Less because of the different circumstances, especially the status of Kirkuk, which did not issue the prescribed amount.

He said that despite this, the rise in global oil prices helped to find the treatment of financing the deficit in the budget of up to 12.5 trillion dinars, which rose to 19 trillion dinars after the approval of the House of Representatives, explaining that the difference in prices helped to bridge the deficit, To external or internal borrowing, has returned to positive.

And on the debts of Iraq and whether there is a clause in the federal budget indicates that, the Undersecretary of the Ministry of Finance, there is an item of debt in the budget of 2018 and 2019, and there are debts of various denominations for the budget, both internal and external,

revealing that Iraq is currently paid within the table, 12 trillion dinars between The debts of the farmers have been paid for 2014, 2015, 2016 and 2017, denying the existence of any debt to farmers and contractors, and remained only 30 percent,

the ministry seeks to pay them by the beginning of next year , And It placed the text of the budget ensures the provision of appropriate allocation of funding.

http://www.alsabaah.iq/ArticleShow.aspx?ID=163359

Timings and budget constraints

9/19/2018

Mohammed Abdul Zahra al – Hindawi
general state budget represents one of the most important annual laws, this importance comes as drawing on operational and investment spending tracks in the country, as well as identifying the sources of income and the mechanisms available through different sources and the amount of deficit schematic or realistic.

And thus represent the state’s financial plan for next year, which includes the planned expenditures of ministries and provinces and various institutions in terms of securing salaries of employees, which reach about 40 trillion dinars annually, as well as the provision of allocations for investment projects carried out throughout the country.

These tracks are determined according to the forecast of revenues expected to be achieved through oil sales, which represent the largest share of budget funding, or through taxes and fees on services and revenues of border ports and contributions of
other sectors .

As a result of this importance, the budget enters into multiple tunnels and does not come out of them until after the painstaking efforts of all parties concerned starting from the ministries and governorates and independent bodies, which submit their annual programs, through the Ministries of Planning and Finance, up to the Council of Ministers, to the House of Representatives,

She returns again to enter into the same spending that she entered on the first trip because of the objections and observations of members of the House of Representatives, and then turn to resume the trip again.

Then passed by it must go to the Presidency of the Republic for approval and then to the fact sheet for publication, and then the Ministries of Planning and Finance to issue the implementation instructions, the government may challenge some items that the House of Representatives to change or
add.

Such a strenuous journey will take a period of time that in some years will cross the first third of the year or more. So as not to stand confused at the time unable to address the problems that may arise in the course of implementation.

And here we want to talk about the budget of 2018, which approved the price of a guess $ 46 per barrel, and a deficit reached about 13 trillion dinars, has been described as austerity budget because many aspects of spending was not allocated the amounts required due to lack of financial resources ..

After days began oil prices improve slowly Slowly, the Ministry of Finance began to speak of a financial abundance that helped fill the fiscal deficit in the
budget.

But the problem faced by the government, especially after the events in the province of Basra and other provinces, is how to provide financial allocations for doors not covered under the
budget law .

At a time when there was a huge financial abundance, the Ministry of Finance could not transfer funds between the doors because the law prevents this, nor could talk about the preparation of a supplementary budget in the absence of the House of Representatives.

Therefore, some articles of the budget law have become a constraint on the government in providing appropriate financial allocations to provide services despite the availability of
financial liquidity .

And here and because we are still in the early stages of preparing the budget for the next year 2019, and with optimistic expectations of the arrival of oil prices to about $ 80, there should be a clear vision of this budget and reconsider all its doors away from the political effects that were subject to the budget for the year 2018

due to synchronization Prepared with the end of the legislative session and therefore some of the visions that governed the preparation were political visions trying to establish for the
next stage .

We believe that the circumstances of Iraq now require the preparation of a budget capable of meeting the requirements of development properly, and the need to address all the problems that turned into constraints that tied the government’s hand in spending on vital and
strategic projects .

http://www.alsabaah.iq/ArticleShow.aspx?ID=163352

The Iraqi Cabinet held its regular weekly meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Haider Al-Abadi.

The Cabinet:

  • discussed public services in Basra, and received briefings on federal and local efforts to improve water and other essential services in the province.
  • received briefings on delivery of essential services in other regions of Iraq, with a focus on southern provinces.
  • discussed maintenance and upgrade works to several key bridges in Dhi Qar, Al-Muthana and Babylon provinces, and authorised the Ministry of Construction, Housing and Municipalities to take the necessary measures to complete these projects.
  • discussed internet and telecommunications services in Iraq and voted to merge the State Company for Internet Services and Iraqi Telcommunications and Posts Company (ITPC) into one new company to be known as The General Company for Communications and Informatics.

The Cabinet also discussed the draft federal budget law for next fiscal year.

(Source: Iraqi Govt)

The Iraqi Cabinet held its regular weekly meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Haider Al-Abadi.

The Cabinet:

  • discussed public services in Basra, and received briefings on federal and local efforts to improve water and other essential services in the province.
  • received briefings on delivery of essential services in other regions of Iraq, with a focus on southern provinces.
  • discussed maintenance and upgrade works to several key bridges in Dhi Qar, Al-Muthana and Babylon provinces, and authorised the Ministry of Construction, Housing and Municipalities to take the necessary measures to complete these projects.
  • discussed internet and telecommunications services in Iraq and voted to merge the State Company for Internet Services and Iraqi Telcommunications and Posts Company (ITPC) into one new company to be known as The General Company for Communications and Informatics.

The Cabinet also discussed the draft federal budget law for next fiscal year.

(Source: Iraqi Govt)

In line with Iraq’s goal to improve the efficiency and availability of the country’s power plants, Siemens will provide inspection and upgrade services for two power generation units at Al-Sadder Power Plant.

Located in Baghdad, the 600-megawatts (MW) facility is one of the country’s major power plants that currently supplies approximately 600,000 homes with power. The works will be conducted as part of a new contract between Siemens’ Power Generation Services Division and the Ministry of Electricity.

Under the agreement, Siemens will overhaul two SGT5-2000E gas turbines and perform its advanced 3-dimensional turbine blades and vanes (Si3D) upgrade. The Si3D upgrade is designed to improve power output and thermal efficiency through a combination of 3D aerodynamic design, cooling improvements, and advanced materials. These will help the power assets at Al-Sadder to generate enough power to supply an additional 100,000 homes with electricity.

“Siemens has been a development partner to Iraq for over 80 years. We are committed to supporting the country to strengthen its power infrastructure by offering innovative services that can be instrumental in upgrading existing facilities,” said Gianluigi Di Giovanni, Senior Executive Vice President of Siemens Power Generation Services in the Middle East and North Africa. “The latest upgrade and maintenance services at Al-Sadder, provided in collaboration with the Ministry of Electricity, will bring additional power to households, public buildings and industries.”

In addition to increasing the power output, the upgrade project will improve the efficiency of the turbines by up to 2 percent, resulting in significant fuel savings and reduced CO2 emissions. The agreement also includes the plant’s SPPA-T3000 control system, the supply of anti-virus solutions as well as the support from Siemens’ Remote Expert Center, which is a 24/7 online maintenance support service, enabling more efficient fault diagnosis and troubleshooting.

The latest project at Al-Sadder plant follows a series of service agreements with Iraq’s Ministry of Electricity to carry out critical service and maintenance works at six power plants throughout the country. Once completed, the upgraded units will add 1,350 MW to the national grid, enough to supply approximately 20 million Iraqis with reliable electricity.

(Source: Siemens)