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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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    The debts of Iraq .. Challenges facing the Iraqi economy

    Rocky
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    The debts of Iraq .. Challenges facing the Iraqi economy Empty The debts of Iraq .. Challenges facing the Iraqi economy

    Post by Rocky Thu 30 May 2019, 4:48 pm

    [size=35][size=35]The debts of Iraq .. Challenges facing the Iraqi economy[/size]
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    Economie

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    2019-05-30 9:29
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    [size=18]Today, the Iraqi economy is facing huge challenges: a high debt volume, with $ 15 billion being allocated to repay debt and interest payments in 2019 as a result of increased borrowing over the past 10 years.


    A matter attributed to specialists, according to "Al Jazeera Net", to the financial and administrative corruption prevalent in the country, and go to the pockets of the parties to finance their activities instead of sustainable development. 

    The story of [You must be registered and logged in to see this link.] began with the religion in the Iran-Iraq war in the 1980s, where the debt out of the sum of eighty billion dollars, and in 2003 reached [You must be registered and logged in to see this link.] debt to nearly 120 billion dollars, before the debt is settled with some countries by paying the principal Without any benefits, in cooperation with the United Nations and [url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]the International Monetary Fund[/url] .





    In 2014, [You must be registered and logged in to see this link.] was hit by a financial crisis with a third of its territory out of government control, plus high operating costs, making it resort to external and domestic borrowing to fill its budget deficit and cover war costs. 

    The foreign debt, according to [url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]the International Monetary Fund (IMF[/url] ), now stands at $ 85.3 billion. It includes the entitlements of foreign companies operating in the energy sector and the purchase of electricity and gas from [You must be registered and logged in to see this link.] , while the domestic debt reaches $ 40 billion, mainly to the central bank and the three government banks: Rafidain, For trade, and the National Retirement Authority.


    Today, [You must be registered and logged in to see this link.] owes the Gulf states about $ 41 billion, borrowed from Saddam Hussein's former political system, as well as [url=https://www.alsumaria.tv/Entity/3854174177/%D9%86%D8%A7%D8%AF%D9%8A %D8%A8%D8%A7%D8%B1%D9%8A%D8%B3/ar/]Paris Club[/url] debt of $ 9 billion. Iraq's debt has come close to the level of the red line to reach 55% of GDP. 

    The director of the Department of Financial Operations and Debt Management of [url=https://www.alsumaria.tv/Entity/693201483/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]the Central Bank of Iraq,[/url] Dr. [url=https://www.alsumaria.tv/Entity/108719121/%D9%85%D8%AD%D9%85%D9%88%D8%AF %D8%AF%D8%A7%D8%BA%D8%B1/ar/]Mahmoud Dagher[/url] , said in a press interview that " [You must be registered and logged in to see this link.]debt is not classified as excessive debt, because they are within the rational range, when compared with GDP. 

    "Iraq's debt currently stands at $ 68 billion, divided into $ 40 billion in domestic debt and $ 28 billion in foreign debt," he said.

    He added that some international organizations add to the total debt of $ 41 billion to become a total of $ 109 billion, while these debts are not "suspended" in terms of payment of interest and receivables, and need to negotiate, and may be extinguished of 80%, as happened with the [url=https://www.alsumaria.tv/Entity/3854174177/%D9%86%D8%A7%D8%AF%D9%8A %D8%A8%D8%A7%D8%B1%D9%8A%D8%B3/ar/]Paris Club[/url] countries . 

    Dagher pointed out that some parties calculate the entitlements of foreign companies operating inside [You must be registered and logged in to see this link.] , as well as the import of electricity and gas within the debt, which is incorrect, because these are settled annually in the general budget, and allocate funds. 

    He stressed that the compensation of Kuwait is within the debt, and the rest of which 4.3 billion dollars, "We pay annually 0.5% of oil revenues."

    He pointed out that there are two types of debt: the first went to fill the budget deficit, specifically during the years 2015 and 2016 because of increased military spending to recover land from the state organization, which was accompanied by a financial crisis due to low oil prices, which made the state go to borrow to fill the budget deficit Operational insurance for staff pensions, war costs and others. 

    The second type of religion went to investment projects to develop them, the private loans to the [url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url] and the World Bank and the Japan Agency for International Cooperation "JICA" and others, according to the same speaker. 

    Dagher pointed out that [You must be registered and logged in to see this link.] began repaying loans and interest in 2018, and is expected to end the external loans during the next ten years, because the loan period ranging from five to seven years, while the domestic loans are very few and are settled annually.


    " The amount of indebtedness of Iraq is very large, and part of it went to the pockets of corrupt and some political parties, through fictitious projects in the absence of transparency from 2003 until the end of 2014," said [url=https://www.alsumaria.tv/Entity/3548789364/%D8%A7%D9%84%D9%84%D8%AC%D9%86%D8%A9 %D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9/ar/]the[/url] parliamentary representative of the [url=https://www.alsumaria.tv/Entity/3548789364/%D8%A7%D9%84%D9%84%D8%AC%D9%86%D8%A9 %D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9/ar/]Finance Committee[/url] Ikhlas al-Dulaimi. 

    "The budget of 2014 contains external and internal loans disbursed without the knowledge of anyone in mysterious circumstances because it was not approved within the parliament with the provision of accounts final to them." 

    Sistani Dulaimi pointed out that there are debts disbursed, and the country is obliged to pay its dues and benefits, and "these funds did not go to achieve development, but pockets of corrupt."

    She pointed out that "the proportion of loans in each budget after 2003, between 20 and 25% of the total budget, because of the failed economic policies of previous governments, which are economic plans indiscriminate not dependent on the economy, but on the parties and businessmen loyal to them, and tampering with the country's ability to during the militias, according to the expression. 


    For their part, economists emphasized that the problem of [You must be registered and logged in to see this link.] is the lack of control over the debt, which made many international organizations refuse to lend directly, but through the support service projects supervised by, for fear of financial and administrative corruption. 

    said [url=https://www.alsumaria.tv/Entity/2556740423/%D8%A8%D8%A7%D8%B3%D9%85 %D8%AC%D9%85%D9%8A%D9%84 %D8%A3%D9%86%D8%B7%D9%88%D8%A7%D9%86/ar/]Bassem Jamil Antoine[/url] Vice - President of the Assembly For Iraqi economists in a press interview that " the problem of [You must be registered and logged in to see this link.]The money that entered the country of oil estimated at one trillion dollars, since 2003 until now, and is able to build the country, and not to borrow from any external or internal. " 

    He added that the problem that accompanied the Iraqi debt is financial and administrative corruption, and part of the This debt went to support the financial budget to fill the salaries of employees and public expenditures and others, while there are projects funded funded from public debt 

    He explained that some international organizations and countries began to grant funds to the Iraqi government, in installments after the completion of the stage of each project, The money was also getting in the past.


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