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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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    Report warns of "economic shock" in Iraq caused by oil and debt

    Rocky
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    Report warns of "economic shock" in Iraq caused by oil and debt Empty Report warns of "economic shock" in Iraq caused by oil and debt

    Post by Rocky Fri 18 Oct 2019, 3:04 pm

    Report warns of "economic shock" in Iraq caused by oil and debt
     [You must be registered and logged in to see this link.]  17/10/2019  907
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    Gilgamesh Press / Baghdad ,
    said Moody 's credit ratings Thursday, the weakness of institutions and slow to restrict Iraq 's credit rating reforms (Caa1) with a stable outlook, according to IAEA report released today.
    What does Caa1 mean?
    Means that the country or institution has a very high credit risk to repay the debt.
    The agency said that these factors in addition to the challenges of governance reduce the government's ability to deal with internal and external economic shocks and reduce the competitiveness of the Iraqi economy.
    The agency warned that the decline in oil prices will lead to a budget deficit this year, and that the pace of structural reforms will remain slow as major domestic and foreign political challenges continue.
    What is the budget deficit?
    When expenditures are greater than resources in a given economy. It is measured in relation to GDP - the sum of goods and services - to measure a country's ability to meet its obligations without problems. According to the statement, the
    agency's
    deputy head and co-author, Alexander Bergesi, said that Iraq "has made slow progress on the agenda of structural reforms, which include improving laws and legislation and developing institutions to improve public financial management."
    “Attempts to diversify the economy remain a challenge. Barriers to the growth of the non-oil private industrial sector include dilapidated infrastructure, an inefficient banking system, unstable electricity supplies, a shortage of skilled labor and weak control of corruption.
    The Iraqi economy depends mainly on oil, where Iraq's oil exports constitute about 95 percent of the revenues of the state budget, and therefore Iraq is greatly affected by fluctuations in world oil prices.
    In addition to fluctuating oil prices, Iraq faces an internal challenge of political conflicts, the fragile security situation in some areas and the huge task of rebuilding cities devastated by fighting with the Islamic State for three and a half years.
    Protests broke out in some central and southern cities earlier this month against corruption, unemployment and political elites. The demonstrations saw clashes with security forces that killed dozens and forced the government to impose a total curfew and cut off the Internet for several days.


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