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Upcoming financial crisis in Iraq: low revenues


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Upcoming financial crisis in Iraq: low revenues Empty Upcoming financial crisis in Iraq: low revenues

Post by rocky on Thu 19 Sep 2019, 3:18 am

[size=32]Upcoming financial crisis in Iraq: low revenues

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Pessimism dominates the atmosphere in the Iraqi parliament over the budget for next year 2020, which members of the committees of financial, legal and economic affairs began a wide review with the government, in preparation for formal receipt by the parliament during the next two months at the latest with a view to vote.
This comes amid the pessimism of economists and parliamentarians in light of expectations of increasing the deficit this year and warnings of the worsening of the financial crisis next year.
After reports of a large government lavishness and openness to employment and unimportant projects, threatening a huge fiscal deficit will be the first of its kind in the country since 2003, MPs assured the "New Arab" that there is a decline in the country's oil and non-oil financial revenues General warns of a severe financial crisis will hit Iraq and must work on a comprehensive review of the spending plan in the country.
A member of the Finance Committee in the Iraqi parliament, Anaam al-Khuzaie, revealed in a statement, on Monday, a "sharp decline in the revenues of the state oil and non-oil," warning of the possibility of "a severe economic crisis, in the country, contrary to what is stated in the government program The fourth axis focused on maximizing non-oil revenues and monitoring public debt to ensure that it remains within the limits of financial sustainability, ”the statement said.
The decline in oil revenues and the recent customs agreements with Iran have caused huge losses to the current public budget, especially with the granting of this country customs exemptions and the abolition of entry fees, which led to a significant decline in non-oil revenues.
`` Official figures indicate that non-oil revenues fell from 8.6 trillion dinars in August of 2018 to about 3 trillion dinars in August of 2019 (one trillion Iraqi dinars = $ 800 million).
On the problem, Faleh al-Khazali, a member of the Iraqi parliament for the "conquest", which supports Prime Minister Adel Abdul-Mahdi, said that this year Iraq accounted for oil from the total financial imports of the vast majority, so the government in general needs a revolution to revive several sectors and reduce imports and achieve sufficiency in Several areas otherwise the crisis will fall. "Encouraging investment, revitalizing the industrial sector, reviving agriculture, reducing spending on unimportant areas, and really fighting corruption is what the state urgently needs this year," he said. He continued: so far the government program has been implemented only about 40 per cent, and meetings are continuing with the government and discuss with it the budget 2020 to strengthen it.
MP Ala Talabani said that "the discussion of the new budget focuses on the importance of finding alternatives other than oil, the current figures confirm that 96 percent of Iraq's annual imports come through oil only, and with crises and problems in the region, dependence on oil alone is not correct."
Talabani confirmed to the "new Arab", that the failure of the government to obtain non-oil revenues is a decline and backwardness in the government program and bear the responsibility alone. She considered that the failure of the government to seriously engage in this issue or to announce the expected deficit figures is a retreat in its government program and its promises to find alternatives other than oil.
The Iraqi Ministry of Finance, in turn, said that the figures that are being circulated about the budget deficit next year because of falling revenues is incorrect and premature. A statement of the ministry that "the Ministry of Finance has been holding since the beginning of this year to hold more than sixteen meetings to discuss the strategy of preparing the budget for the coming years and in the presence of the Finance Committee in the Iraqi Council of Representatives and representatives of all ministries, bodies and provinces. The statement stressed that "the figures put forward about the proportion of the budget deficit is premature and unfounded."
Deputies expected the deficit to rise to 30 billion dollars next year, compared with 23.3 billion dollars this year. Iraqi observers considered that the reports of deputies in parliament remain approximate figures and the Ministry of Finance alone should clarify many facts about the reason for the decline of Iraq's financial imports. According to Iraqi economist Moneim al-Dulaimi, the new government has created tens of thousands of jobs and launched large projects and allocations in addition to the repayment date of many of the loans taken by Baghdad from several banks and countries during the war on ISIS in the past years.
He pointed out that the start of the discussion of the budget from now is further evidence that officials understand the critical problem and need to discuss and address them.

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