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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


    The financial advisor talks about an unamortised “enormous” advance: it prevents the completion of f

    Rocky
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    advisor - The financial advisor talks about an unamortised “enormous” advance: it prevents the completion of f Empty The financial advisor talks about an unamortised “enormous” advance: it prevents the completion of f

    Post by Rocky Sun 03 Jul 2022, 9:58 am

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    2022.07.03 
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    [size=18]Baghdad - people  [/size]
    [size=18]Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, confirmed on Sunday that there are huge un-amortized advances to ministries, amounting to 150 trillion dinars, that prevent the completion of final accounts.  [/size]
     
      
    Saleh said in a statement to the official newspaper, followed by "Nass" (July 3, 2022), that the obstacles that prevent the final accounts are being held, represented by the lack of budgets, and the ministries borrowing huge amounts of money that have not been extinguished so far, exceeding 150 trillion dinars.  
      
    And he indicated that "the final account procedure requires the existence of a general budget for the state, and in the absence of it, a budget law (reality status) is required to be discussed and approved by the House of Representatives."  
      
    He pointed out that "the final accounts require that they be prepared in succession, as it is not possible to calculate a current year without making the calculation for the previous one, and this is expected to happen during the current year, in the event that a general budget of the state is not approved."  
      
    [size=18]Earlier, the World Bank Group said that Iraq is gradually emerging from the deep recession that it experienced in 2020 due to the Corona Virus (Covid-19) pandemic and the accompanying collapse in oil prices, but at the same time it warned of the repercussions of delaying the approval of the financial budget. .   [/size]
      
    The report, which was followed by "Nass" (June 16, 2022), said that despite expectations that the Iraqi economy will grow by an average of 5.4% annually between 2022 and 2024, macroeconomic expectations are surrounded by a large degree of risks due to the high dependence on oil, and the continued The stalemate in the budget, and the delay in forming the new government.    
      
    The report also emphasized that dependence on oil alone could harm domestic motivations to implement economic reforms, which would deepen the country's structural economic challenges.    
      
    The report concluded that, after contracting by more than 11% in 2020, the Iraqi economy achieved a growth of 2.8% in 2021 with the easing of restrictions imposed by the Corona pandemic on movement, and this growth was supported by a strong expansion in non-oil production, especially in Services sector.    
      
    With the phasing out of the OPEC+ production cuts, oil GDP also began to grow in the second half of 2021, and higher oil revenues pushed Iraq's fiscal and aggregate external balances to surplus in 2021. The stagnation in the public finances continues, and the uncollected arrears remain large.    
      
    Commenting on this, Saroj Kumar Jha, Regional Director of the Mashreq Department at the World Bank, said: “Iraq has a unique opportunity to undertake urgent and wide-ranging structural reforms by taking advantage of the fiscal space created by its recent windfall oil revenues.    
      
      
    The report reveals that the current food security challenges in Iraq have intensified in the midst of the current rise in the prices of basic commodities globally, while the level of local food production is less than the level of demand resulting from rapid population growth. Severe droughts and other climate change factors have exacerbated this situation    
      
    While direct subsidies and transfers can help mitigate these negative impacts in the short term, achieving food security requires coordinated efforts to improve local food production and more efficient management of water resources.    
      
    Iraq’s financial, social and economic fragility underscores the need to accelerate much-needed macro-structural and financial reforms to remove impediments to private sector development, increase investments in water efficiency and agri-food systems, and shift towards more sustainable sources of energy, in addition to decarbonizing the private sector. Transport.    
      
    Further delays in forming the government and approving the 2022 budget may limit the use of the country's sudden oil revenues, as the actual ceilings of the 2021 budget have been reached, and suspend the implementation of new investment projects, which may reduce economic growth.    
      
    As for the "white paper" drawn up by the Iraqi government, it remains to this day a model and a bold blueprint for a comprehensive economic reform program towards economic diversification.    
      
      
    For example, a child born in Iraq prior to the Corona pandemic may be productive at the age of eighteen at only 41% of what it would have been if he enjoyed a full education and full health. The pandemic has affected Iraq's human capital by negatively affecting the health and economic well-being of today's workers, as well as by lowering the potential productivity of Iraq's future generation.    
      
    Addressing such challenges requires an educational reform path to improve the level of learning and skills development for Iraqi children.    
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