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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


    Iraq intends to reduce external borrowing and allow it in only two cases

    Rocky
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    Iraq intends to reduce external borrowing and allow it in only two cases Empty Iraq intends to reduce external borrowing and allow it in only two cases

    Post by Rocky Thu 16 Sep 2021, 7:51 am


    [size=12]Al Hurra - Washington
    [/size]

    [size=39]Iraq intends to reduce external borrowing and allow it in only two cases







    September 15, 2021
    [/size]
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    Iraq announced, on Wednesday, that it intends to reduce external borrowing to its "lowest levels", at a time when the country is suffering from an economic and financial crisis due to low oil prices and the Corona pandemic.
    The Iraqi Minister of Planning, Khaled Batal Al-Najm, said that "the ministry's policies and the government's directions are moving towards reducing external borrowing to its lowest levels in order to reduce the burden of loans on the national economy."
    The star added in an expanded meeting that included representatives of a number of ministries and the representative of the World Bank in Iraq, Ramzi Noman, that "external borrowing will be absolutely necessary and in only two cases: the first is the great importance of the project, and the second is the lack of cash to implement this project."
    The Iraqi minister indicated that "the ministry will not list or approve any project unless it meets all the requirements, foremost of which is the feasibility study."
    Iraq relies on oil to finance 97 percent of its budget, and its commitment to the OPEC + agreement to cut oil production has reduced the financial resources of a government struggling to deal with the repercussions of years of war and rampant corruption.
    The Iraqi parliament failed to approve the draft 2020 budget and was later forced to pass an emergency spending bill to allow the cash-strapped government to borrow from abroad as the economy was hit by the drop in oil prices.
    Last March, the Iraqi parliament approved the budget for the year 2021, with a volume of 130 trillion Iraqi dinars (89.65 billion dollars), and a deficit estimated at 28.7 trillion dinars (19.79 billion dollars).
    Affected by a decline in revenues, the Central Bank of Iraq last December increased the selling price of US dollars to banks and the currency exchange rate to 1460 dinars from 1182 dinars.
    Iraq, the second largest oil producer in OPEC, is going through its worst economic crisis. The poverty rate in the country has doubled in 2020, and 40 percent of the population of 40 million is considered poor, according to the World Bank, while the Iraqi dinar has lost 25 percent of its value.
    Corruption, which has cost Iraq twice as much as its gross domestic product, or more than 450 billion dollars, is the most prominent concern of Iraqis who suffer from a lack of electricity, hospitals and schools.
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