Iraq, Opec's second-largest oil producer, has started to prepare the country's much-needed 2023 budget, a senior government official has said.
Finance Ministry adviser Abdul Hassan Jamal did not give a date as to when the budget will be completed but said it would be sent to Cabinet "very soon”.
The controversial issue of the exchange rate against the US dollar will not be addressed in the budget, Mr Hassan told the Iraqi News Agency.
“Amending the exchange rate is a government policy and, therefore, the Cabinet is the one which decides,” Mr Jamal said. “Until now, there is nothing in the budget on that.”
Political wrangling over the formation of a new government after national elections in October last year delayed the approval of the 2022 budget, leaving the caretaker government with limited access to funds.
Iraq's Parliament approved the Emergency Law for Food Security and Development in June to meet some of the country's most pressing needs.
The law introduced a 25-trillion Iraqi dinar ($16.9 billion) programme to subsidise food and improve service delivery, including in the power sector throughout this year.
On Thursday, Parliament confirmed the new government, paving the way for the preparation of the budget. Once completed, it will sent to legislators for final approval.
Prime Minister Mohammed Shia Al Sudani said getting the budget approved was a priority for his government.
However, it remains unclear how much money will be allocated for next year within the budget. Last year's budget stood at 130tn dinars ($89.6bn), with an estimated deficit of 28.7tn dinars.
As of early last month, the country's foreign reserves stood at $85bn, the highest since the 2003 US-led invasion that toppled Saddam Hussein, according to the Central Bank of Iraq.
Foreign reserves are expected to increase to $90bn by the end of the year, the central bank said, thanks to the rise in oil prices and the devaluation of the currency in December 2020.
Iraq's monthly oil revenue hit a historic high this year, exceeding $10 billion in some months.
The country boosted its gold reserves to 130.4 tonnes last month, it said.
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique
UAE%20FIXTURES
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