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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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International experts provide an economic vision to meet the challenges of fiscal policy in Iraq

rocky
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International experts provide an economic vision to meet the challenges of fiscal policy in Iraq Empty International experts provide an economic vision to meet the challenges of fiscal policy in Iraq

Post by rocky Fri 09 Dec 2022, 4:20 am

[size=35][size=35]International experts provide an economic vision to meet the challenges of fiscal policy in Iraq[/size]
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Economie

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2022-12-09 | 04:54
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Alsumaria - Economy
The International Monetary Fund presented a roadmap for Iraq's financial policy in order to overcome the economic challenges facing the country, while stressing that policy makers must be careful in finding a balance between the goals of saving exceptional, unexpected oil profits, social spending and spending on public investments. .


In the final statement of the Article IV consultation mission for the year 2022, fund experts said, “A sound financial framework will be a critical element in overcoming the economic challenges it faces.”[You must be registered and logged in to see this link.]
And the statement continued, “Policy makers should be careful to find a balance between the goals of saving exceptional and unexpected oil profits, in order to enhance the ability to withstand future oil price volatility, and increase social spending, which is very important, and spending on public investments, while reducing the level of dependence. ”  the oil gradually. 

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Post by rocky Fri 09 Dec 2022, 5:42 am

[rtl]International experts provide an economic vision to meet the challenges of fiscal policy in Iraq[/rtl]

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[rtl]In the final statement of the Article IV consultation mission for the year 2022, fund experts said, "A sound financial framework will be a critical element in overcoming the economic challenges facing Iraq." 
The statement continued, “Policy makers should be careful to find a balance between the goals of exceptional savings and unexpected oil profits, in order to enhance resilience in the face of future oil price volatility, and increase critical social spending and spending on public investments, while reducing the level of dependence on oil.” gradually.” 













According to the statement, the fund's experts recommend adhering to a fiscal rule aimed at achieving a gradual reduction in the main non-oil fiscal deficit, to build a precautionary reserve margin to achieve stability in public finances, and that would improve the government's ability to facilitate spending in response to future declines in oil prices, while those should The financial strategy, at the same time, seeks to allocate sufficient resources for public and the social safety net, with the aim of supporting the critical development needs of Iraq and investments vulnerable population groups. 
The statement stressed that “providing adequate linkage of these standards is very important with indices (a set of indicators) for targeted cash transfers and pensions for people with limited incomes, in order to protect the most vulnerable social groups from the rising costs of living, And it is not advisable, at the same time, to support expenditures.” Procyclical economic trends are a great support, given that this support can fuel inflation pressures, increase the dependence of the government budget on oil revenues even more, and create conditions conducive to the occurrence of a cycle of economic recovery and economic recession. 
Experts recommend saving a large portion of the potential unexpected oil profits by targeting the main non-oil fiscal deficit, amounting to 114 trillion Iraqi dinars (58 percent of non-oil GDP) in 2023, and more importantly, targeting it by containing growth. in the government wage bill, and an increase in non-oil revenues.



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