Clare: The reasons identified…the Parliamentary Finance Committee rules out sending budget tables to Parliament
6/21/2025
Hussein Mounes, a member of the Iraqi Parliament’s Finance Committee, ruled out on Saturday the government’s submission of the federal budget schedules, while reviewing the main reasons for this move.
“There are several reasons for the government’s exclusion from sending the federal budget schedules to parliament, most notably the financial deficit, unstable financial revenues, the lack of a real economic vision, and the approaching date of the legislative elections,” Mounes told Shafaq News Agency.
He added, “The large deficit in the budget law amounts to 80 trillion dinars, which puts the government in a difficult position due to the lack of a real economic vision for completing the budget tables and submitting them to Parliament.”
Parliamentary Finance Committee member Moeen Al-Kadhimi previously indicated that the budget schedules would likely reach parliament in early July.
Al-Kadhimi told Shafaq News Agency at the time that the Ministry of Finance had completed its observations on the budget law’s schedules and submitted them to the Council of Ministers to express the government’s opinion on the nature of the budget and the total amount compared to last year, in light of the decline in revenues achieved during the current year .
Al-Kadhimi explained that the Ministry of Finance is preparing the final schedules for the budget law after receiving the government’s response to the submitted comments. He noted that the draft 2025 budget law is expected to be referred to the House of Representatives early next month after its approval by the Council of Ministers .
The delay in approving the 2025 federal budget in Iraq threatens financial stability, service and development projects, the disbursement of salaries and benefits, and other repercussions that directly impact the daily lives of Iraqi families, according to observers .
Observers believe the budget has become a “political tool” during election seasons, used as a means of pressure and bargaining between blocs, without regard for the impact of these procrastinations, which have continued for more than half a year .
Legal experts also believe that delaying the disbursement of financial allocations stipulated in the budget law constitutes a form of administrative corruption and opens the way for lawsuits to be filed against entities obstructing the implementation of the law LINK
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Clare: Through 26 axes, Iraq is developing plans to develop its trade policy locally and globally.
6/21/2025 Baghdad – INA – Amina Al-Salami
The Ministry of Trade announced plans on Saturday to develop infrastructure by digitizing services to accelerate trade and reduce costs. While indicating that the next phase requires political will and economic stability to prepare Iraq for an effective partnership in the global economy, the Ministry emphasized the need to strike a balance between protecting the national economy and global openness, as well as preparing for accession to the World Trade Organization.
Ministry of Trade spokesman Mohammed Hanoun told the Iraqi News Agency (INA): “The Ministry of Trade’s plans to develop Iraq’s trade policy include updating the legal and legislative structure by reviewing existing trade laws to comply with the requirements for joining the World Trade Organization, such as the Consumer Protection Law, the Competition Law, and the Anti-Dumping and Subsidy Law, and enacting new laws regulating intellectual property, e-commerce, and data protection, which are among the requirements of a modern market environment.”
He pointed out that “the Ministry has adopted a more open and diversified trade policy by restructuring its trade policy to ensure a balance between protecting national products and opening up to international markets, expanding bilateral and multilateral trade partnerships, particularly with Arab countries, neighboring countries, and European and Asian markets, in addition to simplifying foreign trade procedures and reducing non-tariff barriers to facilitate the entry and exit of goods and services.”
Hanoun pointed to “supporting and developing the private sector by enabling it to become a true partner in commercial activity by providing export incentives, supporting small and medium-sized enterprises capable of entering foreign markets, and qualifying local industries to compete regionally and internationally.”
He explained that “developing the trade infrastructure by digitizing commercial services (such as company registration, issuing certificates of origin, and commercial contracts), developing the international exhibition system, activating the role of the General Company for Exhibitions to support the promotion of Iraqi products, and improving the performance of ports and border crossings in coordination with other entities to accelerate trade flow and reduce costs.”
He added, “The development plans also include joining the World Trade Organization (WTO), resuming technical negotiations with the organization by updating the Iraqi accession file (which was frozen for long periods), and submitting offers on customs tariffs and market services, in accordance with the organization’s requirements, in addition to building the capacity of technical cadres in the Ministry of Trade and related institutions to enable Iraq to negotiate efficiently, while coordinating with other ministries to prepare the economic and administrative environment in line with WTO standards.”
He explained that “the plans also include transparency and business governance by enhancing the principle of transparency in commercial data through the regular publication of reports, prices, and indicators, and combating corruption and monopoly in the local market by activating regulatory bodies and implementing competition laws.”
He continued, “We seek to achieve a balance between protecting the national economy and global openness, with a focus on preparing Iraq to join the World Trade Organization through legislative and institutional reforms, empowering the private sector, and developing the trade and services environment.” He noted that “the next phase requires political will, economic stability, and comprehensive national coordination to qualify Iraq to be an effective partner in the global economy.” LINK
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television says we have the largest amount of foreign currency reserves and we are about to enter an economic boom. FRANK: IMO the currency reserves are set. They are primed for at least $3.00 rate IMO in order to float internationally, not so much at 1 to 1 anymore. That’s the only way they have the audacity/right to say Iraq is about to enter an economic boom because even 1 to 1 is not enough for that economic boom but it sure is a good start.
Militia Man I haven’t been in the Iraqi dinar for 22 years but I have been around for a long time. I’ve seen the progress and that’s what keeps me focused. It’s a complex situation. It’s been a long process. It’s been tiresome. Things have changed. Look at the new digital transformation that have taken place…the new technology…the new Swift system…ISO 2022. We didn’t have all that. They didn’t have the transparency…anti-corruption…anti-money laundering laws…currency manipulation laws. They didn’t have any of that but now they do. Now you’re starting to see all of these things are really truly coming together and it’s beautiful to see it.
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FRANK26….6-20-25…..ALOHA…..,BANK STORY
https://www.youtube-nocookie.com/embed/oCveeFQxErY?feature=oembed&enablejsapi=1
