Latest news with #ParliamentaryFinanceCommittee
Shafaq News
2 days ago
- Business
- Shafaq News
Iraq's top advisor to speculators: We're not in financial trouble
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani's Financial Advisor, Mudher Muhammad Saleh, dismissed speculation of a looming financial crisis in Iraq, crediting the country's economic stability to 'prudent fiscal policy.' Saleh told Shafaq News that Iraq relies on oil revenues to finance about 90% of public expenditures, while government spending constitutes roughly 50% of GDP, noting, 'This spending drives around 85% of total demand in the economy.' He cautioned that Iraq must remain vigilant amid global trade tensions and energy market disruptions, noting that oil prices seem to be entering a new downturn. This, he said, has led to closer coordination between the country's fiscal and monetary authorities. 'Iraq has weathered similar oil cycles since 2014 and succeeded in preserving economic stability,' he added. The economic expert further pointed out that the government is enforcing stricter fiscal discipline on revenues and expenditures, coordinating with the central bank to cover deficits without disrupting essential outlays. Ensuring sufficient liquidity to meet national needs remains a top priority. Earlier, the Parliamentary Finance Committee warned of a potential future crisis amid falling oil prices and inadequate safeguards to cushion Iraq's economy. Economic experts blamed the Ministry of Finance and the Central Bank for weak monetary circulation and declining public trust in the banking sector. Official data showed that Iraq's money supply has reached around 127 trillion dinars (96.52 billion USD), with 70% of it held outside the banking system. Additionally, oil revenues reportedly dropped by 15% in April, compounding pressure on strategic reserves.
Shafaq News
3 days ago
- Business
- Shafaq News
Dollar sinks in Iraq: MP cites market forces
Shafaq News/ Declines in the US dollar rate against the Iraqi dinar were not the result of government action, an Iraqi PM announced on Tuesday. Speaking with Shafaq News, Jamal Kocher, a member of the Parliamentary Finance Committee, attributed the drop in the dollar's value to multiple factors, most notably the slump in trade activity and the resulting decline in demand on the parallel market. He warned that the government's failure to disburse payments to contractors, coupled with a halt in project execution and growing public tension, has further reduced market demand for dollars. Observers say global economic turmoil, rising trade restrictions, and declining commercial activity have spilled into Iraqi markets. The weakened global demand for imports has reduced the need for dollars, contributing directly to its lower value locally.
Iraqi News
5 days ago
- Business
- Iraqi News
PM affirms the government's commitment to ensuring the budget includes its priorities in implementing its schedules
Baghdad-INA Prime Minister Mohammed Shia al-Sudani affirmed, on Monday, the government's commitment to ensuring the budget includes its priorities in implementing its schedules. The Prime Minister's media office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Mohammed Shia al-Sudani received the head of the Parliamentary Finance Committee, Atwan Sayed Hassan al-Atwani." "During the meeting, the latest preparations for the 2025 budget schedules were reviewed, as well as the mechanisms and plans to ensure the financing of salaries and expenditures, according to sectors and activities during the current year." According to the statement, al-Sudani affirmed "the government's commitment to ensuring the budget includes its priorities in implementing its schedules, in order to complete the items of the government program, particularly those related to providing services and completing projects, to achieve the aspirations of citizens in all Iraqi governorates."
Iraqi News
28-04-2025
- Business
- Iraqi News
Al-Atwani: Oil price fluctuations compel us to seek alternative sources of revenue
Baghdad-INA The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed on Monday that oil price fluctuations and their impact on the budget pushing us to seek alternative and sustainable sources of revenue. A statement from the committee, received by the Iraqi News Agency (INA), stated that "the Parliamentary Finance Committee, headed by Atwan Al-Atwani, held an expanded two-day workshop to discuss ways to maximize revenues, in cooperation with the International Partners Foundation, with the participation of experts, consultants, university professors, and relevant official bodies." According to the statement "the workshop focused on discussing the proposed amendments to the Federal Revenue Authority Law, where numerous opinions and proposals were presented, centering on the need to activate the Authority's work and strengthen and activate its powers, particularly with regard to the process of assessing state revenues and ways to collect them, with the aim of preserving public funds and promoting sustainable development." Al-Atwani noted that "the workshop is at the core of our efforts to enhance the country's financial sustainability and represents a real opportunity to come up with practical, applicable recommendations that contribute to achieving our shared goals." He added that "our fruitful cooperation with the International Partners Foundation represents a valuable addition to our efforts, and we appreciate their support and expertise in this vital field." He noted that "exchanging expertise and knowledge with leading international institutions will undoubtedly contribute to enriching discussions and providing innovative solutions." According to the statement, Al-Atwani emphasized that "the fluctuations in oil prices and their impact on the budget compel us to seek alternative and sustainable sources of revenue." He noted that "the path towards a sustainable economy may be fraught with challenges, but it is also rich with opportunities," emphasizing that "the Parliamentary Finance Committee looks forward to this workshop being a real starting point towards building a more stable and prosperous economic future." He continued, "Our economy's decades-long dependence on oil revenues has made the country's financial situation fragile and weakened our ability to achieve the Sustainable Development Goals, which requires serious work to overcome this dependence." "Unilateral," he stressed, "economic diversification is no longer a complementary option, but rather an urgent and strategic imperative for building a multifaceted economy based on diverse production and service sectors capable of generating wealth and creating added value." He also noted that it is "the best way to protect our economy against external shocks, expand the base of economic growth, and provide sustainable opportunities for our future generations." He pointed out that "the ongoing fluctuations in oil prices and their impact on the state's general budget compel us to seek alternative and sustainable sources of revenue that contribute to financing development projects and improving services."
Shafaq News
15-04-2025
- Business
- Shafaq News
No Budget, No Answers: Iraq's 2025 financial plan still missing
Shafaq News/ The Iraqi government has yet to submit the 2025 budget tables to parliament, prompting criticism from the Parliamentary Finance Committee, which described the delay on Tuesday as 'unexplained.' Committee member Saad al-Noubi said both Planning Minister Mohammed Tamim and Finance Minister Taif Sami had previously told lawmakers the tables had been sent to the Cabinet. 'But until now, nothing has arrived,' he told Shafaq News, calling the delay a 'clear challenge' to the legislature. The documents were expected before the end of March, in line with Iraq's three-year federal budget covering 2023 to 2025. Al-Noubi said the committee had requested clarification from the ministers but received no reply. The absence of the budget tables has raised concerns over potential disruptions to public spending, including public sector salaries and regional allocations, particularly to the Kurdistan Region. Without parliamentary approval, planned expenditures for 2025 remain on hold. Iraq faces mounting economic pressures and political friction between branches of government, with lawmakers warning that further postponement could strain fiscal planning and service delivery.
