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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 Kurdistan ... the biggest obstacle to its compatibility with Baghdad

    Rocky
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    • Post n°1

    The debts of Kurdistan ... the biggest obstacle to its compatibility with Baghdad Empty The debts of Kurdistan ... the biggest obstacle to its compatibility with Baghdad

    Post by Rocky Thu 25 Jul 2019, 6:44 am


    [size=32]The debts of Kurdistan ... the biggest obstacle to its compatibility with Baghdad

    - 1 Minute Ago
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    With the announcement of the initial approval of the Government of the Kurdistan region of Iraq to deliver the oil quantity agreed with the central government of the company, "Sumo" National Oil Export, estimated at 250 thousand barrels per day, according to the federal budget law for this year, the debt file accumulated on the Kurdistan Regional Government, which was an obstacle The consensus of the regional and central governments and broad Iraqi political debate over the past seven months, since the federal budget was approved this year, has begun to be phased out.
    Estimates vary
    Estimates of the total debt of the Kurdistan region of Iraq vary, as there are no official statements on this, and because the identification of the "identity" of those debts varies from one side to another. Estimates indicate a variance of between $ 15 billion and $ 30 billion.
    The government of the Territory says that "what is considered a public debt and must be committed by the central government is the value of dues of oil companies in their own, which are estimated by those close to the Government of the Territory between 10 and 15 billion dollars. On the other hand, they consider the sum of other funds in their pocket, from the salaries of regional employees, the debts of private sector companies contracted with the territorial government, and the region's commitments to projects and private banks.
    Iraqi politicians and opinion leaders close to the Iraqi central political parties consider that "the KRG should pay the full value of its oil exports over the past five years, including the oil it exported from the fields of Kirkuk province, which was under the control of the region during the extended period Between 2014 and 2017, after the region's share of the federal budget was deducted during those years. If implemented by the central government, it would raise the size of the region's public debt to nearly $ 30 billion.
    Slight improvement
    The current indicators, for the economy of the Kurdistan Region of Iraq, confirm that the situation of slow stability is due to him, thanks to political stability after several crises, and because of the cooperation of the current federal government, which sends salaries of regional staff and Kurdish Peshmerga, regardless of political differences and disagreement over the delivery of oil .
    Oil and financial crisis between Kurdistan and the Iraqi government The 
    declaration of the Russian company "Rose Oil", the largest partners of the Kurdistan region of global oil, in mid-May (2019), a surprise to economic observers, as the company announced that the full debt on the Kurdistan region fell from three billion dollars To $ 1.4 billion, or less than half. Which the Russian company said in a special press statement that it "paid during the first quarter of 2019."
    In the same period, announced the Consulate General of Iran in the Kurdistan region of Iraq that "the government of the region paid 20 percent of the debts of private Iranian companies that have them," explaining that "the visit of Iranian Foreign Minister Mohammad Jawad Zarif, headed the delegation of Iranian economists in early 2019, was Aimed at resolving this issue, and that the Government of the Territory has responded to this and committed to its commitments. "
    Two interpretations are contradictory
    There are conflicting arguments, each presented by one of the parties, the territorial government and the federal government, on who should be responsible for paying the debts of the Kurdistan region of Iraq, specifically debts owed to oil companies operating in the region.
    In the view of the Iraqi political forces "Shiite", as well as the broader space of the central government through the ministers of these political forces, that the Kurdistan Regional Government is to pay the debt accumulated in full, as it has concluded oil agreements with international companies, without the return or approval of the government Central Iraqi, early 2013. These debts, according to the central parties of Iraq, are the result of the financial and oil policies of the Government of the Territory and mismanagement of resources and public expenditures, in addition to corruption and favoritism.
    Three Kurdish reasons
    For its part, the territorial government says that "these debts were accumulated by three mechanisms, the central government was a direct cause in each."
    The central government rejected the legal interpretation of the constitutional article, which states that "the extraction of underground resources in Iraq and investment is a common right between the central government and the governments of the provinces and provinces of Iraq. The central government has been and still wants to monopolize that, to act as a tool to impose a hidden kind of political and administrative centralization by controlling the resources and the national economy. And the lack of recognition by the central government of the right of Kurdistan, this weak conditions and the ability of the territorial government to conclude comfortable agreements with international companies, which exploited the circumstance.
    Volume pressures
    "The Iraqi political forces and the central government do not appreciate the pressure that the Kurdistan Regional Government (KRG) has placed on the millions of Iraqi refugees who have taken refuge in the region over the past years, so that they have nearly half of its population and have put enormous pressure on its budget, They continued to provide them with public services, just as they were offered to their citizens, as well as the military effort made by the province and the central government in fighting the urging of years. " All this happened at a time when the Iraqi central government was not sending to the Kurdistan region of Iraq any amount of its share of the central budget of Iraq, which was estimated at 17 percent, throughout the years between 2005 and 2014.
    "There are circumstances that led to the accumulation of debt, as oil prices fell at the beginning of 2014 to nearly a quarter, which affected the flow of financial resources to the region, in exchange for the continuation of the Territory's financial obligations." Observers point to the amount of debt accumulated by the Iraqi central government during the same period, which exceeded five times the debt of the Kurdistan region of Iraq, and if it insisted on the receipt of oil from the region, it is natural to take care of debt accumulated as a result of the extraction of this oil.


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