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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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Experts: Iraq will not benefit from high oil prices in the absence of a budget

rocky
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Experts: Iraq will not benefit from high oil prices in the absence of a budget Empty Experts: Iraq will not benefit from high oil prices in the absence of a budget

Post by rocky Tue Sep 20, 2022 6:08 am

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[size=52]Experts: Iraq will not benefit from high oil prices in the absence of a budget[/size]

[size=45]Experts said that Iraq will not benefit from the rise in oil prices in the absence of a budget, stressing that the country is heading towards being ranked second at the level of OPEC.[/size]
[size=45]Economist Safwan Qusay said, "The economic policy in Iraq is still dependent on the distribution of oil revenues without diversification, whether at the agricultural or industrial level."[/size]
[size=45]And Qusay continued, "Iraq annually spends at least 12 trillion dinars on the level of support for the ration card items, social care and other sections of consumption support."[/size]
[size=45]He pointed out, "The reality requires the Iraqi state at the present time to expand support towards production capacity, and to restore life to industry."[/size]
[size=45]Qusai explained, "Transferring part of the subsidy allocated for consumption towards production will contribute to reducing the unemployment and poverty rates that have reached high rates in our society, and this will also bring us back to economic diversification."[/size]
[size=45]He stressed, "the importance of oil revenues that can continue to rise, especially if we notice that they have reached their highest levels compared to previous years, and we can rank second at the level of the Organization of Petroleum Exporting Countries (OPEC) with continued sanctions against Russia."[/size]
[size=45]Qusai noted, "The increasing importance of Iraq in the oil market, while maintaining the first place for its exports in India and competition in China, as it is trying to enter the European Union market."[/size]
[size=45]He explained, "These countries have advanced industries, and it is an opportunity for Iraq to sell oil to them while importing technology and developing the national industrial machine to create sustainable, not temporary, revenues, given that oil is a depleted wealth."[/size]
[size=45]Qusay stressed, "Oil prices and quantities are governed by global supply and demand, and relying on a single outlet for life exposes the country to risks."[/size]
[size=45]And he spoke of “a financial abundance resulting from the current rise in oil prices, which is supposed to be converted into economic diversification at all levels to reduce external shocks to the economy.”[/size]
[size=45]Qusai goes back to “2020, when the government was unable to pay salaries due to the drop in oil prices, and therefore we need to think about economic integration with the countries of the region and use Iraq’s geographical location to attract investments.”[/size]
[size=45]And he finds, "The United States of America is trying to enter the Iraqi market intensively, and it is the first industrialized country in the world, and we must invest this transformation with our possession of $30 billion in US Treasury bonds."[/size]
[size=45]Qusay continues, "These amounts represent a guarantee and reassurance for the American side to try and invest in Iraq to revitalize the national industry," noting that "Iraq will not be able to compete with its industry if there are no partners."[/size]
[size=45]He called, for "investment of modern technology and exploitation of idle resources to employ primary resources available in Iraq, such as the phosphate industry in Anbar, the sulfur industry in Nineveh, and the cement industry in Muthanna."[/size]
[size=45]And Qusay added, "Such untapped raw materials contribute to supplying Iraq with a series of complementary industries."[/size]
[size=45]He went on to "the importance of investing in communication with the countries of the European Union in perpetuating the relationship between water and smart agriculture to revive lands that have turned into desert due to the lack of technology."[/size]
[size=45]Qusay went on to say that "establishing balanced relations between countries, whether they help us in the field of technology or consumers that require energy security, is very necessary to revitalize industrial sectors that are currently suspended."[/size]
[size=45]For his part, the other economic expert, Muhammad Dagher, stated that “oil revenues, regardless of their amounts and amount, will not be converted into projects in the absence of a budget, as there is no legal basis that allows investments to be made.”[/size]
[size=45]Dagher added, "Iraq is going through a time when it should diversify the economy and not limit it to oil, but we are facing the absence of a budget that helps us achieve this."[/size]
[size=45]He pointed out, "Part of the process of diversifying the economy is by creating and improving infrastructure for new projects and going to support the private sector."[/size]
[size=45]Dagher stated, "The improvement of the private sector is not achieved through distributing salaries to employees and retirees, but rather through projects entrusted to this sector to implement them."[/size]
[size=45]He called, "not to overburden the budget-based financial system, and therefore the submission of its draft law should be expedited and that the next year should not pass without its approval."[/size]
[size=45]Dagher concluded, “The state should not introduce or include any laws alternative to the budget law, and not repeat the emergency food security support law, which took the form of the mini-budget, at a time when Iraqis are waiting for the approval of the budget in order to improve the economic reality and invest the current revenues to the fullest.” “.[/size]
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