TNT – “Tidbits From TNT” Monday 12-4-2023


Tishwash:  The 2023 budget loses its “explosive” character: the year will end with only 58% of it being spent

The 2023 budget approved by the Iraqi parliament last June was described as an “explosive budget” and the highest in the history of Iraq’s budgets, as it amounted to 199 trillion Iraqi dinars, but as the end of the current year approaches, it is expected that only 58% of the budget will be spent.

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said, “The committee had a meeting with the Budget Department inMinistry of FinanceWhat has happened so far is the release of allocations to governorates and ministries, but not in the required manner,” noting that “what was spent during the first six months amounted to 47 trillion dinars,” according to the official Al-Sabah newspaper.

Al-Kadhimi added, “In the second six months, the spending rate will reach more than 70 trillion, and thus we will not have a budget deficit, but rather there will be a surplus,” stressing that “next year will be without a deficit.

Al-Kadhimi pointed out that after the elections are completed, more allocations will be made to governorates and ministries to implement projects, which will lead to the advancement of the government program presented by the Prime Minister.

Accordingly, the total amount that will be spent will amount to only 117 trillion dinars during the current year, an amount equivalent to only 58% of the total budget amounting to 199 trillion dinars, which was described as the highest in the history of the country.Iraq.     link

CandyKisses:  China announces an increase in the volume of trade exchange with Iraq

Economy Baghdad News

The Chinese embassy revealed, on Sunday, the volume of trade exchange with Iraq during a year, and the increase in its purchases from Iraq by nearly 48%.

Deputy Ambassador Xu Haifeng said in a statement reported by the official news agency and seen by Al-Eqtisad News that “China has a great interest in developing trade and economic relations with Iraq because of its economic weight in the world and the Middle East.”

He added that “the volume of trade exchange between the two countries in 2022 amounted to 53.37 billion dollars, an annual increase of 43.1 percent, while the volume of China’s imports from Iraq amounted to 39.38 billion dollars, an annual increase of 47.8 percent,” stressing that “China is the largest buyer of Iraqi oil.”

On the Iraqi-Chinese Business Council, Haifeng pointed out that “the Council is the first business council established by Chinese and Iraqi companies, and we are confident that it will contribute to the development of bilateral relations between Iraq and China in terms of trade and economy.”

“The Chinese embassy will work to promote information exchange and guide companies to conduct their work in accordance with laws and regulations, to make a bridge of cooperation between the two countries,” he said


Tishwash:  Parliamentary accusations against America of standing against the Belt and Road Initiative

Today, Monday, the head of the Parliamentary Rights Bloc, Saud Al-Saadi, accused the United States of America of standing against the completion of the Belt and Road Initiative. 

Al-Saadi said in an interview with the Maalouma Agency, “There is an American desire not to complete the Chinese Belt and Road Initiative agreement with Iraq.” 

He added, “America stands against the Iraqi government’s efforts to develop its economy and move towards strategic projects.”

Al-Saadi confirmed, “China is present in Iraq at some level of initiatives, such as schools, oil sectors, or the energy sector.” 

He pointed out that “the United States of America prevents in any way the signing of a comprehensive framework agreement with China at the level of the Belt and Road Initiative inside Iraq.” 

The popular movement for the Belt and Road had accused unnamed corrupt political parties of obstructing the implementation of the Belt and Road project, calling on Prime Minister Muhammad Shiaa Al-Sudani to pay attention to the Belt and Road initiative and work to complete the Grand Al-Faw Port. link


CandyKisses:  When will the deposit of Iraq’s oil money in US banks end?


The economist, Nasser Al-Kinani, on Sunday, the reasons for the United States of America to deposit the money for the sale of Iraqi oil in the Federal Bank, these agreements have existed since the former regime.

Al-Kinani said in an interview with the agency / Information /, that “what the country lacks is the strong political leadership in the negotiations to end the file of farewell to Iraq’s money in American banks,” adding that “the agreements concluded by the United States of America do not allow the deposit of money selling oil in Iraqi banks directly.”

He continued, “Iraq will end the US hegemony in the event of ending the dollar and heading towards the euro or other global currencies,” adding that “these agreements began during the former regime by exporting oil in exchange for food and medicine and were developed to serve the interests of Washington in the first place.”

Al-Kinani concluded his speech: “The financial policy that includes the United States of America aims to benefit from the farewell of funds and then send them to Iraq later,” noting that “Washington prevents the flow of dollars to countries that impose financial or political sanctions, whether direct or indirect.”

The leader of the State of Law Coalition, Haider Al-Lami, had accused in an interview with the agency / Information /, “The United States of America circumventing political agreements file farewell money sale oil in the Federal Bank, while stressing that the changes Made by Washington to the security, political and economic agreements are tantamount to occupation of the country.