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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


    Government Adviser: We have missed great investment opportunities due to the absence of a budget

    Rocky
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    Government Adviser: We have missed great investment opportunities due to the absence of a budget Empty Government Adviser: We have missed great investment opportunities due to the absence of a budget

    Post by Rocky Sun 09 Oct 2022, 5:07 am

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    [size=52]Government Adviser: We have missed great investment opportunities due to the absence of a budget[/size]

    [size=45]A French report stated that Iraq missed many investment projects due to the absence of the budget and the delay in forming the government, despite the passage of a full year since the early elections.[/size]
    [size=45]A report by Agence France-Presse, which was followed by Al-Mada, stated that “on October 10, Iraq will complete a full year since the early parliamentary elections, in the absence of a new government or budget due to political paralysis that threatens to deprive the country of much-needed infrastructure projects and reform opportunities. “.[/size]
    [size=45]The report continued, "Iraq, an oil-rich country exhausted by decades of conflicts, achieved huge oil revenues during 2022, and these funds are located in the Central Bank, whose foreign currency reserves amounted to 87 billion dollars."[/size]
    [size=45]He pointed out, "The benefit of these funds in projects that Iraq needs is subject to the formation of a government with full powers and a budget that controls the pace of spending."[/size]
    [size=45]And the report indicated, "The current government, headed by Mustafa Al-Kazemi, has been handling business for a year and does not have the authority to submit the draft budget to Parliament."[/size]
    [size=45]Economist Yasar Al-Maliki says that "infrastructure projects need years of constant funding from the government."[/size]
    [size=45]Al-Maliki added, "The political situation has caused great turmoil, further weakening Iraq's already fragile position in front of its investors," explaining that "the political crisis was added to other concerns that have existed for a long time, especially security and corruption."[/size]
    [size=45]The report emphasized that “political differences are still continuing between the two prominent Shiite camps, the Sadrist movement on the one hand, and the coordination framework, which includes blocs representing the Popular Mobilization, an alliance of armed factions loyal to Iran that has become affiliated with the state apparatus, on the other hand.”[/size]
    [size=45]He stressed, "This is after a year of elections that initially witnessed hesitation among Iraqi voters, and with the inability of the two sides of the political crisis to resolve their differences, a new government has not yet been formed."[/size]
    [size=45]The report pointed out that "violence erupted on August 29 in Baghdad, between fighters from the Sadrist movement on the one hand, and the security forces and the Popular Mobilization Forces on the other hand, killing about 30 of al-Sadr's supporters."[/size]
    [size=45]And considered the United Nations representative in Iraq, Jenin Plaschaert, before a recent Security Council session, that these events were supposed to represent a "warning bell," adding that "the situation is still very volatile."[/size]
    [size=45]She added, "Many Iraqis have lost confidence in the ability of the political class in Iraq to work for the benefit of the country and its people."[/size]
    [size=45]The report continues, that “the World Bank estimated the growth of the Iraqi economy at an average of 5.4% annually between 2022 and 2024,” adding that “macroeconomic expectations are surrounded by a large degree of risks due to the heavy dependence on oil, the persistence of budget stalemates, and the delay in Formation of the new government.[/size]
    [size=45]And he continues, "Iraq, as a result of the absence of a budget, is spending today on the basis of the Federal Financial Management Law, that is, what was spent in the previous budget divided over 12 months, which does not reflect the reality of the revenues that the country achieved in 2022."[/size]
    [size=45]The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirms that "these minimum budgets ... resemble the past, not the present or the future, and in which there are no opportunities for economic growth, and they deprive Iraq of major strategic projects."[/size]
    [size=45]And Saleh added, "Iraq has missed great opportunities, opportunities to invest in important, strategic and planned projects."[/size]
    [size=45]The report went back to pointing out that “Iraq, for example, signed a contract last summer with the French company (Total Energy), which includes many projects, especially in the field of the exploitation of associated gas and solar energy, worth ten billion dollars, partially funded by the Iraqi government. Its beginnings," an informed source says, "The Iraqi government is working to speed up work in it and raise obstacles before it."[/size]
    [size=45]The expert, Yasar Al-Maliki, spoke about “other projects that are moving at a slow pace in the oil sector, and with the absence of a government with full powers, the Ministry of Oil cannot finance, sign and award contracts for these basic projects.”[/size]
    [size=45]And the report stated, "The Iraqi parliament, and to meet emergency expenses, legislated the emergency support law in June, worth 25 trillion dinars (17 billion dollars), which allowed to meet the emergency needs of the population and buy grain to ensure food security, but also to ensure the purchase of energy and electricity from abroad."[/size]
    [size=45]Al-Maliki believes that “the Iraqi authorities, with the approach of the year 2023 without a budget, will have to either legislate a new law similar to food security” or continue spending on the basis of 12 months, that is, “reducing spending again.”[/size]
    [size=45]And the report continued, "Former Finance Minister Ali Allawi, the owner of the reform economic project, which did not completely turn into a tangible reality, did not hesitate upon his resignation to define the problem quite frankly."[/size]
    [size=45]Allawi stated, "All government plans and programs are always constrained by the need to obtain broad agreement from a torn political class," adding that "all calls for reform have been hampered by the political framework of this country."[/size]
    [size=45]The report is based on “the United Nations, which confirmed that out of every ten young people, four are unemployed, while a third of the 42 million population are below the poverty line.”[/size]
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