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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    World Bank: An Arab country in one of the worst economic crises since the 19th century

    Rocky
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    • Post n°1

    World Bank: An Arab country in one of the worst economic crises since the 19th century Empty World Bank: An Arab country in one of the worst economic crises since the 19th century

    Post by Rocky Tue Jun 01, 2021 9:14 am

    World Bank: An Arab country in one of the worst economic crises since the 19th century

    •  Time: 06/01/2021 12:21:19
       
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    {Economist: Al-Furat News} The World Bank warned Tuesday that Lebanon is mired in an economic collapse that may place it among the ten worst global crises since the mid-nineteenth century, in the absence of any solution horizon to get it out of a reluctant reality exacerbated by political paralysis.
    In a new report, the World Bank expected that the real GDP in Lebanon, which suffers from a "severe and chronic economic depression", will shrink by 9.5 percent in 2021.
    The report stated that "this economic and financial crisis is likely to be classified among the ten most severe crises, and perhaps one of the three most severe crises, at the level of the world since the mid-nineteenth century."
    He added that "in the face of these enormous challenges, the continued failure to implement rescue policies, in the absence of an executive authority that performs its full functions, threatens the already deteriorating social and economic conditions and the fragile social peace. No clear turning point is on the horizon."
    Since the summer of 2019, Lebanon has witnessed an accelerating economic collapse, exacerbated by the horrific explosion of the Port of Beirut on August 4, and the measures to confront the Corona virus. In March 2020, the state defaulted on paying its foreign debts, and then began negotiations with the International Monetary Fund on a recovery plan that was later suspended due to differences between the Lebanese negotiators.
    The exchange rate of the Lebanese pound against the dollar gradually declined until it lost more than 85 percent of its value, and more than half of the population is below the poverty line, and the unemployment rate has risen, while the international community requires the authorities to implement urgent reforms so that the country can obtain the necessary financial support to get it out of its cycle. collapse.
    But the country, since the explosion of the port of Beirut, has been mired in political paralysis.
    Despite international pressures led by France in particular, Prime Minister-designate Saad Hariri has not been able, since his assignment in October, to complete his mission. The Lebanese government resigned after the port explosion.
    The World Bank report entitled “Lebanon is Drowning: Towards the 3 Worst Global Crises” stated that “the response of the Lebanese authorities to these challenges at the level of public policies was largely insufficient,” due to several reasons, most notably “the absence of political consensus regarding effective initiatives in the field of Policies” as opposed to “a political consensus about protecting a bankrupt economic system that has benefited a few for a long time.”
    In 2020, real GDP contracted by 20.3%, after contracting by 6.7% in 2019.
    The value of the gross domestic product, according to the report, decreased from about $55 billion in 2018 to an estimated $33 billion in 2020. The report added that “in light of an unprecedented state of uncertainty, real GDP is expected to contract by 9.5 percent.” percent in 2021.
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    Rocky
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    World Bank: An Arab country in one of the worst economic crises since the 19th century Empty Al-Kazemi with the President of the World Bank Group..Details of the recent discussions

    Post by Rocky Tue Jun 01, 2021 9:51 am

    [size=32]Al-Kazemi with the President of the World Bank Group..Details of the recent discussions[/size]
    [You must be registered and logged in to see this link.] Tuesday, June 01, 2021 at 15:12 pm (50 views)
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    Sky Press /

    Today, Tuesday, the office of Prime Minister Mustafa Al-Kazemi revealed the details of the latter's discussions with the President of the World Bank Group, Farid Belhaj.

    The office said, in a statement, that "Prime Minister Mustafa Al-Kazemi received, today, the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, and his accompanying delegation."

    The statement added, "The meeting during which they discussed ways to enhance cooperation between Iraq and the World Bank in various programs and fields, and with regard to mechanisms to combat corruption and rebuild the structure of the public service in a way that increases efficiency, establishes sustainable development and optimal investment of human capital, and some were discussed." The World Bank's lagging projects in Iraq and agreement on ways to reactivate it."

    The Prime Minister stressed, during the meeting, "Iraq's determination, despite all challenges, to proceed on the path of economic reform, according to long-term visions that depend on effective solutions."

    And he indicated that "the government puts in mind the interests of Iraq first and the needs of the Iraqi people, in addition to benefiting from the advice provided by discreet financial institutions such as the World Bank."

    For his part, Belhaj praised the Bank's "historical and strategic relations with Iraq."

    He pointed out, "The sobriety of the white reform paper presented by the government, which includes a coherent vision for ambitious economic development in a way that enhances the goals of good governance."

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