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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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Iraq's credit rating will rise with the payment of the last dues of Kuwait's compensation

rocky
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Iraq's credit rating will rise with the payment of the last dues of Kuwait's compensation Empty Iraq's credit rating will rise with the payment of the last dues of Kuwait's compensation

Post by rocky Thu 13 Jan 2022, 6:47 am

[size=52]Iraq's credit rating will rise with the payment of the last dues of Kuwait's compensation[/size]

[size=45]Translation / Hamed Ahmed[/size]
[size=45]Financial experts point out that Iraq's economic situation is supposed to improve for 2022 and be further strengthened with Baghdad paying the last installments of the financial compensation for the invasion of Kuwait imposed on the country since 1991.[/size]
[size=45]On December 22, the Central Bank of Iraq announced the payment of the full financial compensation amounting to 52.4 billion dollars approved by the United Nations in favor of Kuwait due to its being invaded by Iraq. . Thus, Iraq has completed the payment of the full amount of compensation, a total of 52.4 billion dollars, according to United Nations Resolution No. 687 of 1991.[/size]
[size=45]Mazhar Muhammad Salih, financial advisor to Prime Minister Mustafa Al-Kazemi, told Al-Monitor that the payment of the last installment has boosted Iraq's credit rating, adding, "Accredited international rating agencies have placed Iraq in the B category of the credit rating, and the international financial institution will have a positive view of Iraq's capabilities." Finance.”[/size]
[size=45]Saleh indicated that despite paying the last installment, Iraq still bears deferred debts to international credit institutions, despite the possibility of resolving this issue soon. He stressed, "This debt is owed by approximately 12 countries, including four Gulf countries, and dates back to the pre-1990 era." He said that according to the Paris Club agreement signed between Iraq and international credit institutions, it is assumed that 80% of the value of the debt, or approximately 41 billion dollars, will be deducted, “and then it will be equal to 8-9 billion dollars only as a result of the Iraq-Iran war, and I expect that it will be Turn it off completely.”[/size]
[size=45]The financial advisor adds that "the accumulated funds for these compensations will annually provide approximately $2 billion at least, which in turn will strengthen Iraq's budget and provide a settlement for external debt dues, or provide sums of money that go to productive investment projects."[/size]
[size=45]The economic expert at the secretariat of the former cabinet, Salam Sumaisem, told Al-Monitor, “Settlement of compensation and debts improves the country’s financial capabilities as long as these funds are used for development and investment projects. The next financial abundance should not be wasted, as many opportunities have been wasted over the past years.”[/size]
[size=45]Abbas Abboud, an academic and writer, told Al-Monitor that Iraq's payment of the last installment will reduce the psychological impact on Iraqis and will push toward balanced political relations with the Gulf countries in general and with Kuwait in particular.[/size]
[size=45]As for the political analyst, Qassem Al-Gharawi, from the Iraq Institute for Strategic Studies, he told Al-Monitor that "there are government parties trying to redirect the sums that were earmarked for settling compensation towards establishing sovereign funds for future generations." He pointed out that with that, the sums that were previously allocated to Kuwait's compensation, it is better to use it now in a program to develop sustainable development projects outside the authority of the government.[/size]
[size=45]Manar al-Obeidi, an economic analyst and the official spokesperson for the Emtadad Movement, told Al-Monitor that the settlement “will increase Iraq’s income, especially taking into account that 5% of oil sales were deducted to pay the compensation premiums.” He pointed out that Iraq's foreign debt has fallen to 20 billion dollars, or approximately 15 percent of the gross domestic product, which is a small percentage compared to other countries. But he stressed that the fact remains that the growth in infrastructure and services facilities is still low.[/size]
[size=45]Analyst and economic expert, Hussein Saqib, said that the previous compensation funds could be used to support small and medium investment projects, provided that these projects are subject to monitoring and evaluation. Saqib believes that fiscal policy needs reforms and clarity as far as performance is concerned. Economic experts and global advisory bodies should help formulate financial policies, noting that there is a need to amend and reform the budget law so that public revenues can support economic development.[/size]
[size=45]It is noteworthy that most of Iraq's debts resulted from the uncalculated military adventures of the former regime. Paying the final installment to Kuwait may lead to financial abundance, if the economic decision-making process is reformed away from the routine administrative mentality.[/size]
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