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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


5 posters

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Rocky
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    • Post n°1

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by Rocky Sun 04 Aug 2019, 3:22 am

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful expenses

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    Despite the optimism shown by the Parliamentary Finance Committee, by its member Haneen al-Qaddu on the budget next year and confirmed that this budget will bring a qualitative boom in the Iraqi economy, but this optimism seems fragile against the warnings of the [You must be registered and logged in to see this link.] Monetary Fund that the continuation of financial spending in its current form will eliminate any economic progress in Iraq. 

    Last week, the International Monetary Fund (IMF) issued a warning to the Iraqi government against the consequences of continuing what it described as "financial waste", pointing out that the continuation of this spending in its current form would eliminate any economic progress achieved by Iraq. 

     This warning was not limited to the International Monetary Fund, but the economist, Hisham Al-Mana warned of the increase in current spending because it will negatively affect the Iraqi economy, noting that a large part of the budget goes as operating expenses of the government,

    He said immunization: that more than 70 to 75% of the budget goes as operating expenses of the government. 

    He added that the IMF [You must be registered and logged in to see this link.] is aware that these wasteful expenditures are not offset by the production, noting: that the government sector , which receives this income has no parallel contribution to GDP, so all revenues from the oil sector goes to consumption Albzkha and wasteful ,. 
      He pointed out that this presents the [You must be registered and logged in to see this link.] economy to disasters in the future, especially as oil prices are not guaranteed to remain at these levels, as a result of the increasing congestion in the oil market and increase production and competition between oil producers.

     Al-Mana'a said oil prices will fall to low levels and fall further over the next 10 or 15 years due to the emergence of multiple alternatives to oil. The oil age is about to end, which threatens the Iraqi economy. 

    He said the IMF's warning that current spending would threaten Iraq's future was because the government was not working to find alternatives to the crude oil sector, but was increasingly dependent on the sector. 

    The International Monetary Fund has warned that [You must be registered and logged in to see this link.] current budget for 2019, if current spending continues as it is, will eliminate any progress achieved by [You must be registered and logged in to see this link.] economically during the past years. 

    He pointed out that the expectations indicate an increase in Iraqi spending by 25% per year, unless the authorities amend their financial laws and budget items, describing the Iraqi economic situation as (facing serious challenges).

    For his part, warned member of the Finance Committee in the House of Representatives Abdul Hadi al-Saadawi that the budget next year will be the worst in Iraq, because of the deficit included will exceed 70 trillion dinars. 

    The Saadawi: The federal budget for 2020 will be the worst in the history of Iraq, adding: The initial reports talk about a significant increase in the proportion of the deficit expected to reach 72 trillion dinars. 

     Al-Saadawi pointed out that this is the first time in the budgets of [You must be registered and logged in to see this link.]which caused a major setback in the deficit rates, considering that this decline caused by the current government, which followed a financial policy did not take into account planning or knowledge in the disbursement of funds. 

    He said: Many of the money spent by the current government as allocations and privileges of some ministries without reference to the treasury of the state.

    The total deficit of the federal budget for 2019, voted by the House of Representatives in January last (27.5) trillion dinars (23 billion dollars), while the estimated revenues (106 trillion dinars) (88.5 billion dollars), and expenditures (133 trillion dinars) ($ 111.5 billion). The Ministry of Finance announced in a statement last month that the date of lifting the draft federal budget law for 2020 to the Council of Ministers will be in September next. 




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    Proven
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    • Post n°2

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Re: Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by Proven Sun 04 Aug 2019, 8:55 am

    Thanks Rocky.


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    Proven
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    • Post n°3

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Re: Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by Proven Wed 07 Aug 2019, 7:56 am

    Planning to turn the ignition!  They have to tell the people.


    2019/08/04 12:45


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    Understandings Abdul Mahdi and Fuad Hussein lead to the worst budget since 2003 .. Does the state sell its properties for rescue?

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    BAGHDAD (AP) - Political forces and parliamentary blocs are moving to question Finance Minister Fouad Hussein and dismiss him on the backdrop of a high deficit in the next year's budget to 72 trillion dinars, which was a great shock to the government of Adel Abdul Mahdi, because it put the views of Abdul Mahdi, In this budget confusion that has not happened since 2003. 

    The Finance Committee in the House of Representatives described the budget being prepared as "the worst in history and represents a setback in the economic reality."

    It does not know exactly how the state can deal with this crisis, while ideas that do not seem practical, such as the sale of a number of state properties, the adjustment of the dinar exchange rate to the new circumstances, and the activation of tax collection and taxes to reduce the deficit rates.

    A source familiar with the "Reports that have reached indicate an increase in the federal budget deficit for 2020 to 72 trillion dinars."

    According to the source, the reasons for the growing deficit in the budget next year is due to security spending, the issue of fixing contracts, daily wages in all ministries, and the return of the separation of the security services, but the main reason is to grant the region a large sum of money by the Minister of Finance, and by order of Prime Minister Adel Abdul Mahdi.

    "There is a significant increase in the expected deficit of up to 72 trillion dinars," says a member of the Finance Committee in the House of Representatives Abdul Hadi al-Saadawi, adding that "this decline was caused by the current government, which followed a fiscal policy that will not take into consideration planning or knowledge of disbursement of funds."

    The Finance Committee in the House of Representatives, after the adoption of the budget law of 2019 deliberately conceal the detailed budgets of most of its ministries and sub-departments.

    In an attempt to deter the deficit in the budget, MP Hoda Sajjad revealed on Thursday, 1 August 2019 on the collection of parliamentary signatures on the claim of the Integrity Commission to open an investigation on the number of employees in the Kurdistan region of Iraq and the falsification of the budget law for the year 2019 Article 10 on the share of the region.

    And revealed the deputies of the wisdom of huge sums spent for the Kurdistan region, the recognition of the President of the Office of Financial Supervision, and the order of Prime Minister Adel Abdul Mahdi, which supports the courtesy of the Prime Minister of the region at the expense of the budget, which must be divided fairly on the Iraqi people, at a time delaying the region in the payment of dues To export the region's oil.

    As revealed on 31 July, 2019 deputies on the "serious fraud" in the general budget, which was approved within the House of Representatives, because of the "catastrophic paper" was added to the budget items relating to Kurdistan without going through the members of parliament.


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    Lobo
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    • Post n°4

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Re: Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by Lobo Wed 07 Aug 2019, 1:53 pm

    Thanks guys, I would think that the CBI and Mahdi knew what was in the budget when the CBI originally said the Trade Bank of Iraq would be operational by mid-May in Saudi last April when they had the ribbon cutting and for sure when the CBI said the Trade Bank of Iraq would be operational in Saudi, Dubai and China by August.  And, Mahdi telling the citizens that they would add purchasing power to the currency by the end of the legislative session - originally end of June and extended to end of July.  The GOI have been telling the citizens this since LAST NOVEMBER.  So, something must be delaying this - not the "news" about the budget for next year.  I know it is going to happen, the banks seem to be ready, the ATMs seem to be in place around the country, the people are opening bank accounts, and the education is continuing with the citizens about the new banking system, the bank employees are continuing with the banking information education, the MasterCard and Visa cards were and are still being issued - stating they will/are international.  They also told the citizens they can buy gold - GOLD - bars at the ATMs, point of service is established at stores, restaurants, etc. - I think they are more than ready to "push" the button.  Don't forget they have been issuing passports by the thousands each month for the past few months - that tells me the currency will be international and the people will have money to travel.  I think all they have to do is announce they are Art. 8 compliant and RV.
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    zimi31
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    • Post n°5

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Re: Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by zimi31 Wed 07 Aug 2019, 3:27 pm

    Thanks all for the thread...nice! Lobo, thanks for the all the supporting information which for me is sometimes forgotten..not on much these days. Appreciate all of you posters that put so much time into keeping us up to speed...always hopeful.    drunk
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    zimi31
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    • Post n°6

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Re: Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by zimi31 Wed 07 Aug 2019, 3:29 pm

    Thanks all for the thread...nice! Lobo, thanks for the all the supporting information which for me is sometimes forgotten..not on much these days. Appreciate all of you posters that put so much time into keeping us up to speed...always hopeful.    drunk
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    zimi31
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    • Post n°7

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Re: Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by zimi31 Wed 07 Aug 2019, 3:30 pm

    Sorry about the double post...my puter is giving me  a problem  :(
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    mochasmom
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    • Post n°8

    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful Empty Re: Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful

    Post by mochasmom Wed 07 Aug 2019, 5:27 pm

    But they are not completely art 8 compliant
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    • Post n°9

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