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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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    3 international experiences and an Iraqi proposal to invest oil revenues for development in a way th

    Rocky
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    3 international experiences and an Iraqi proposal to invest oil revenues for development in a way th Empty 3 international experiences and an Iraqi proposal to invest oil revenues for development in a way th

    Post by Rocky Sun 05 Jun 2022, 7:40 am


    [size=30]3 international experiences and an Iraqi proposal to invest oil revenues for development in a way that does not lead to “bankruptcy”

    2022-06-04
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    Yes Iraq: Baghdad

    The oil expert, Nabil Al-Marsoumi, reviewed 3 experiences of investing the surplus and oil revenues for development, while he presented a proposal to benefit from the oil surplus in Iraq.
    Al-Marsoumi mentioned, in a clarification followed by “Yes Iraq”, the first experience represented by “the Alaska experience,” noting that “the US state of Alaska is known for its oil wealth and for distributing small amounts of that wealth directly to its citizens, during the period of prosperity in oil wealth, the government did little to diversify the base. tax”.
     
    Judgment Day
    He added, “In 2016, due to the decline in prices, and the state government faced a budget deficit of 4 billion dollars, Governor Paul Walker had the task of trying to persuade his voters to receive lower payments through direct distributions of oil in order to obtain longer financial relief. derived from oil revenues as he tries to diversify the economy.”
     
    And he continued, “The governor, Walker, felt the state’s urgent need to make a radical change so that he voted to veto a legislative budget that took money from an emergency oil fund, and instead passed cuts from industrial tax credits and direct distribution networks to citizens. That day was called Judgment Day, and the governor justified this unpopular decision by explaining that for 40 years Alaskans had enjoyed free lunch and could no longer bet their state's future on a depleting resource."
     
    UAE experience
    In a second experiment, Al Marsoumi reviewed the experience of the Arab Emirates, noting that “in the constitution of the United Arab Emirates, the revenues of each emirate, especially from the discovery and export of oil, are kept independently and are not considered a federal asset. In addition, the process of providing support to the federal budget from The revenue that the Emirate of Abu Dhabi directly generates from its oil exports is an informal process and is not constitutionally obligatory, and although the tradition of Abu Dhabi’s support for the entire federation has been enshrined by the generous political wisdom of the founding father Zayed bin Sultan Al Nahyan, institutionalization through commitments The legality of this support is still intangible.”
     
     
    norwegian experience
    In Norway, Al-Marsoumi indicated that “in 1976 the Norwegian government decided not to spend from oil revenues and was transferring its revenues to the search and exploration for more oil fields, and in 1990 it established a sovereign fund, which it activated in 1996 and began transferring profits to it. The government announced that The fund belongs to future generations and the government prevented itself from using more than 4% of these funds only, including infrastructure projects and other public projects, while investing the rest of the money in the global financial markets, where the government separated government spending from the revenues of the sovereign fund completely, and spending only from profits The fund whose investments are distributed among more than 9,000 companies around the world in an investment strategy that guarantees diversification in investment and lack of risk. Therefore, it is said that the Norwegian sovereign fund goes bankrupt if the whole world goes bankrupt, as its assets amount to 1.4 trillion dollars, which is the largest in the world.
    Iraqi proposal
    وعلى ضوء التجارب المذكورة، اقترح المرسومي استثمار عائدات النفط العراقية كحل مناسب لإدارة الإيرادات النفطية وذلك بان يتم تشريع قانون يتم فيه ادخار صافي العائدات النفطية التي تزيد عن مستوى معين في صندوق خاص، واعتمادا على السعر التقديري لبرميل النفط المثبت في كل موازنة على حدة.
    Al-Marsoumi gives, for example, that the estimated price is 65 dollars per barrel, and the actual price in the budget year has risen to 90 dollars, so the difference is estimated at about 25 dollars for every barrel of oil exported to this fund and through it the resources of this fund are distributed to the governorates through regional development projects and petrodollars And if the allocation, for example, is 15% for the development of the regions and 10% for the oil and gas-producing governorates, and the remaining 75% should be employed through a comprehensive development plan for the purpose of diversifying the Iraqi economy and expanding and modernizing the material base so that it can produce more goods and services and provide job opportunities for citizens, especially And that the oil resource is, in the end, a depleted resource.”

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