KTFA – Frank26 “News and Views” Sunday 3-31-2024



 The Iraqi government raises the size of the 2024 budget, and Parliament is “surprised”


 The Parliamentary Finance Committee said on Wednesday that the Iraqi government had increased the size of the 2024 budget, noting that it was “surprised” by the decision.

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, explained to Shafaq News Agency, “The Parliamentary Finance Committee hosted the Minister of Planning to discuss amendments, projects, and the reasons for the delay in sending the general budget law to the House of Representatives.”

He added, “We in the Parliamentary Finance Committee were surprised that the government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget,” explaining that “this increase is large, while what was spent in 2023 amounted to 142 trillion dinars.”

He pointed out that “the members of the Finance Committee had an opinion regarding the hosting that the budget should be realistic and not just planning.”

Al-Kadhimi pointed out that “raising the total amount in the budget law caused an increase in the deficit rate,” noting that “the budget is currently still in the corridors of the Council of Ministers and is expected to be sent to the House of Representatives next month.”   LINK


 Prime Minister: Starting to prepare the 2024 budget schedules

 3/28/2024  Baghdad – 

The Prime Minister stressed today, Thursday, that local governments must make their efforts to enhance citizen confidence, while announcing the start of setting 2024 budget schedules.

 Al-Sudani said in a speech during the second session of the Supreme Commission for Coordination between the Governorates, followed by the Iraqi News Agency (INA): “This meeting is the first after the local elections were held,” pointing out that “the elections were one of the important milestones that represent an achievement of the political process.”

He added, “Local governments must work as one team and make their efforts to enhance citizen confidence.”

He stressed that “local governments are an integral part of the executive authority,” noting that “the evaluation of officials must be subject to a professional and scientific program.”

He concluded by stressing: “Our goal is to serve our people,” pointing at the same time to begin setting the 2024 budget schedules.  LINK



 Government advisor: The 2024 budget tables focus on investment spending for new projects

 3/30/2024  Baghdad – INA – Nassar Al-Hajj,

the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Saturday, that the 2024 budget tables focus on investment spending for new projects.

 Saleh said to the Iraqi News Agency (INA): “The existing procedures for completing the public financial tables for the fiscal year 2024 in order to submit them to the legislative authority for approval and implementation immediately are only a response to the text contained in the Federal General Budget Law No. 13 of 2023 (the tripartite ) Which stipulated the submission of schedules of public expenditures and revenues adapted according to the new fiscal year and its objective circumstances for the year 2024 for legal approval.

He pointed out that “the most important thing in these tables is determining the levels of investment spending on new projects, which is fundamental and fundamental spending in the movement of the national economy, as it is directly linked to the development and growth of the economy by providing objective conditions for the movement of government demand for supplies and inputs for investment in projects.”

“The demand for productive factors associated with government investment activity is essential in achieving the targeted level of growth in the annual gross domestic product and sustaining its momentum, in addition to its connection to the labor market and business and moving them in accordance with a climate required by the sustainability of the country’s economic development itself.”

Prime Minister Muhammad Shiaa Al-Sudani earlier confirmed the start of setting 2024 budget schedules.  LINK



 Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have entered the platform


Fadi Al-Shammari, advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, expected on Wednesday (March 27, 2024) a continued decline in the dollar’s exchange rate against the dinar.

Al-Shammari said in a televised statement followed by “Baghdad Al-Youm,” “The dollar is on its way to further decline and is subject to supply and demand.”

He stated, “70% of Iraqi merchants deal with the platform, up from only 10%.”

Reuters previously quoted an official in the Central Bank of Iraq who revealed that there was an increasing demand among merchants on the electronic platform for selling the dollar at the official price (1,320 dinars), and working in a regular manner, as foreign trade remittances rose to 200 million dollars after it was only 50 million dollars last year. .

It is noteworthy that local markets and currency exchanges have been witnessing for days a noticeable decline in the exchange rate of the dollar against the dinar, as it reached 1,476 dinars this evening, Wednesday.   LINK


Submitting recommendations to the Economic Ministerial Council regarding sanctioned banks

3/29/2024   Baghdad – INA – Wissam Al-Mulla, 

Chairman of the Securities Commission and Chairman of the Committee in charge of the Sanctioned Banks, Faisal Al-Haimas, confirmed today, Friday, the submission of recommendations to the Economic Ministerial Council regarding those banks.

 Al-Haimas said in a statement to the Iraqi News Agency (INA): “Prime Minister Muhammad Shiaa Al-Sudani assigned him to head a committee to look into the sanctioned banks,” noting that “the recommendations were submitted to the Ministerial Economic Council more than three weeks ago.”

He added, “The committee is awaiting the approval of the recommendations by the Ministerial Economic Council,” noting that “the committee stressed the necessity of launching development initiatives through government and private private banks to strengthen the Iraqi economy.”

He pointed out that “the reasons for the delay in announcing the recommendations by the Council of Ministers are the existence of procedures and discussions between the Ministerial Economic Council and the Central Bank and other procedures.”  LINK



 Signing an Iraqi-British agreement for joint cooperation in the stock market


The Securities Commission announced, on Tuesday, the signing of a joint cooperation agreement with the British Chartered Institute for Securities, which includes the exchange of information related to financial training programs, confirming that the agreement represents a qualitative shift in the work of brokers in the stock market.

Deputy Chairman of the Securities Commission, Nagham Hussein, told Shafaq News Agency, “Today, the Iraqi Securities Commission signed a cooperation agreement with the British Chartered Institute for Securities and Investment, which stipulates the establishment of a framework for cooperation and exchange of information related to financial training programs for securities markets and services to develop and maintain capabilities.” HR”. 

She added, “The articles of the agreement include the possibility of organizing training courses for Iraqi cadres to benefit from the experiences of financial markets in countries around the world, and developing the professional framework by imposing the qualifications of the Chartered Institute for Securities and Investment on local Iraqi institutes specialized in the field of securities.”

For his part, Chairman of the Securities Commission, Faisal Al-Haims, told Shafak, “The agreement has been worked on by the Securities Commission for about a year. The signing of an agreement in cooperation between the Securities Commission and the British Royal Institute in licensing the capital markets is a highly professional certificate recognized in all countries of the world.”

He pointed out that “this agreement represents a qualitative shift in the work of brokers in the stock market in terms of stimulating the financial performance of companies and their ability to add new skills, not in the Iraqi stock market, but in other markets, both regional and global.” LINK