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The Association of banks weighs the figures of the 2023 budget expenditures and the reserves of the central bank
Yesterday's economy, 12:24
Baghdad-WA-Mustafa al-Hashimi
The adviser to the Association of Iraqi private banks Samir Al-nusairi predicted on Friday that the expenses within the federal budget law for the fiscal year 2023 will not be less than 125 billion dollars, taking advantage of the abundance available in the state treasury.
Al-nusairi told the Iraqi News Agency (WA):
"it is necessary to maintain the growth rate in GDP according to the expected 9.3% and
the central bank continues to
maintain the stability of the current exchange rate and
not change it at all, and
maintain its foreign reserves, which are expected to reach more than 90 billion dollars over the next two months,"
stressing the need not to interfere in the monetary policies adopted by the Central Bank of Iraq to contribute to stimulating and stimulating the economy and achieve its goals set out in its law in force. He called for
"preparing a draft budget law and sending it to the Council of ministers for discussion and approval and then submitting it to the House of Representatives before the first of December 2022, bypassing the previously approved methods of balancing items and figures and moving to balancing investment and production programs and plans so that the government can work and start implementing the economic reform programs contained in the government curriculum".
"I expect that next year's budget expenditures will not be less than 125 billion dollars, taking advantage of the abundance available in the state treasury, at an oil price ranging between 70-75 dollars per barrel and with a production and marketing ceiling not less than the one achieved for 2022, taking advantage of the abundance available in the Treasury now," Al-nusairi continued, proposing
"the implementation of a new program and approach to financial reform starting from reducing general government spending and a comprehensive adjustment of the salary ladder to achieve societal justice, and
overcoming the wide disparity between grades and job positions according to the principle of redistributing income fairly the societal balance between higher and lower salaries according to responsibility, competence, professional and scientific experience،
As well as reducing the salaries and allocations of social benefits to the three presidencies, independent bodies, special degrees and their pensions of those who previously worked in these positions since 2003,"he said.
He stressed "the importance of
coordination between the financial and monetary policies to maintain the stability of the exchange rate,
maintain the standard adequacy of the central bank's foreign reserves,
avoid external and internal borrowing and
achieve financial sustainability". He pointed out
"the need to
stimulate and encourage the private sector and involve it in managing the economic process, as well as
stopping the import of luxury items and
limiting imports to ration card items, medicine and medical supplies, while
increasing the food basket of the Iraqi family in quantity and quality, and
building a strategic store of food for at least three months," pointing to
"the need to work on the establishment of the sovereign fund by benefiting from financial savings and managing its assets and investments by the Central Bank of Iraq.
The Association of banks weighs the figures of the 2023 budget expenditures and the reserves of the central bank
Yesterday's economy, 12:24
Baghdad-WA-Mustafa al-Hashimi
The adviser to the Association of Iraqi private banks Samir Al-nusairi predicted on Friday that the expenses within the federal budget law for the fiscal year 2023 will not be less than 125 billion dollars, taking advantage of the abundance available in the state treasury.
Al-nusairi told the Iraqi News Agency (WA):
"it is necessary to maintain the growth rate in GDP according to the expected 9.3% and
the central bank continues to
maintain the stability of the current exchange rate and
not change it at all, and
maintain its foreign reserves, which are expected to reach more than 90 billion dollars over the next two months,"
stressing the need not to interfere in the monetary policies adopted by the Central Bank of Iraq to contribute to stimulating and stimulating the economy and achieve its goals set out in its law in force. He called for
"preparing a draft budget law and sending it to the Council of ministers for discussion and approval and then submitting it to the House of Representatives before the first of December 2022, bypassing the previously approved methods of balancing items and figures and moving to balancing investment and production programs and plans so that the government can work and start implementing the economic reform programs contained in the government curriculum".
"I expect that next year's budget expenditures will not be less than 125 billion dollars, taking advantage of the abundance available in the state treasury, at an oil price ranging between 70-75 dollars per barrel and with a production and marketing ceiling not less than the one achieved for 2022, taking advantage of the abundance available in the Treasury now," Al-nusairi continued, proposing
"the implementation of a new program and approach to financial reform starting from reducing general government spending and a comprehensive adjustment of the salary ladder to achieve societal justice, and
overcoming the wide disparity between grades and job positions according to the principle of redistributing income fairly the societal balance between higher and lower salaries according to responsibility, competence, professional and scientific experience،
As well as reducing the salaries and allocations of social benefits to the three presidencies, independent bodies, special degrees and their pensions of those who previously worked in these positions since 2003,"he said.
He stressed "the importance of
coordination between the financial and monetary policies to maintain the stability of the exchange rate,
maintain the standard adequacy of the central bank's foreign reserves,
avoid external and internal borrowing and
achieve financial sustainability". He pointed out
"the need to
stimulate and encourage the private sector and involve it in managing the economic process, as well as
stopping the import of luxury items and
limiting imports to ration card items, medicine and medical supplies, while
increasing the food basket of the Iraqi family in quantity and quality, and
building a strategic store of food for at least three months," pointing to
"the need to work on the establishment of the sovereign fund by benefiting from financial savings and managing its assets and investments by the Central Bank of Iraq.
