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Economist: Iraq is in the depth of the crisis and is unlikely to be bankrupt

rocky
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Economist: Iraq is in the depth of the crisis and is unlikely to be bankrupt Empty Economist: Iraq is in the depth of the crisis and is unlikely to be bankrupt

Post by rocky on Thu 22 Oct 2020, 2:09 pm

Economist: Iraq is in the depth of the crisis and is unlikely to be bankrupt

  •  Time: 10/22/2020 20:53:54
     
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{Baghdad: Al Furat News} The economic expert, Abdul Rahman Al-Mashhadani, confirmed that Iraq had entered the depth of the economic crisis, while ruling out the issue of declaring bankruptcy.
Al-Mashhadani told Al-Furat News, "We are now in the depth of the crisis, and oil and non-oil revenues are not sufficient to finance salaries, and therefore the difference must be covered by this deficit from borrowing, whether it is locally or abroad," noting that "the external borrowing portal is not possible for several reasons and there is nothing left but borrowing." Procedure.
He added, "The government must go to borrowing, but it is not in the way it has drawn, which is the point of contention between the government and the parliamentary finance."  
Al-Mashhadani explained, "The monthly deficit in revenues for expenditures is up to a trillion and a half trillion dinars, and the government project submitted for the remaining three months of the year was around 57 trillion dinars, total expenditures and a deficit of 41 trillion dinars, and this deficit is equivalent to what the government spent in 7 months." 
The economic expert ruled out "the issue of bankruptcy .. Iraq has many resources and is able to overcome the crisis." 
He continued, "We have a set of mechanisms that the government is able to exploit by compressing expenditures, stopping the salaries of aliens, engineering resources, and confirming the final accounts. All estimates indicate that oil will continue to decline until next year," noting that "the government's ability to spend does not exceed 85 trillion dinars." . 
Commenting on the recovery of Iraq’s money from countries, Al-Mashhadani said, “The issue of recovering the money needs many years, at least 5 years, and we are in a crisis that needs quick solutions. If we had a sovereign fund, we would not have gone through this crisis.” He asked, “We have surpluses in the budgets where did you go?” ? ".
The economist concluded his speech by saying, "Our problem will only be solved by declaring the private sector a basic partner for the public sector."
Wafa Al-Fatlawi

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