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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

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    An Economic Website Warns Of Financial Fluctuations In Iraq Due To The Government's Performance

    Rocky
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    • Post n°1

    warns - An Economic Website Warns Of Financial Fluctuations In Iraq Due To The Government's Performance Empty An Economic Website Warns Of Financial Fluctuations In Iraq Due To The Government's Performance

    Post by Rocky Mon 25 Jul 2022, 9:12 am

    [size=38]An Economic Website Warns Of Financial Fluctuations In Iraq Due To The Government's Performance
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    2022/07/24 | 5:13 PM
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    Information/translation...
    A report by the Fitch Economic Agency in Hong Kong confirmed that Iraq's good financial performance as a result of high oil prices could contribute to a sharp reduction of the Iraqi government's debt to reach pre-Corona pandemic levels, but this may not last much amid the political fluctuations in the country and the government's performance.
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    The report, which was translated by the "Information" agency, stated that "this high performance of Iraq in the financial economic return for 2022 may be positive for the creditworthiness of the sovereignty, but the decline in the volume of debt may not be sustainable, because it partly reflects the political tensions that restricted public spending and reflected political risks." high.”
    He added, "Iraq's government debt decreased by 41 percent in 2022 from 66 percent in 2021, which is the largest for any sovereign country in the Middle East and North Africa region. However, there remains a great deal of uncertainty about public financial trends and oil price expectations." .
    He continued, "Iraq's failure so far to form a government and approve the budget since the October 2021 elections led to this restricting spending to last year's levels until Parliament passed an emergency financing bill to allocate $17 billion, or 7% of GDP, to support Food, energy and salaries. The subsidy programmes, which had not been reformed, were in danger of running out of money due to rising global commodity prices.”
    He explained, "The risks to spending expectations are escalating as any new budget is likely to involve higher spending in light of the urgent social and economic development needs in Iraq, so accelerated spending could weaken the sustainability of public debt reduction, this could follow a path similar to what happened." In 2018, also after the elections, when public spending was slow to pick up after the oil price hike, which brought debt down somewhat, but spending rose strongly in the end.”
    Public grievances could degenerate into broader social instability, as occurred in 2019-2020, as protests eventually lead to early elections. Iraq scores poorly across the World Bank’s governance indicators, reflecting insecurity and political instability, corruption, government ineffectiveness, and weak institutions. Therefore, high levels of political risk are expected, and weak management will continue to affect the country’s sovereign rating. finished/ 25 z
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