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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


    Parliament Finance: Changing the exchange rate portends a budget deficit..and the government has two

    Rocky
    Rocky
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    Parliament Finance: Changing the exchange rate portends a budget deficit..and the government has two Empty Parliament Finance: Changing the exchange rate portends a budget deficit..and the government has two

    Post by Rocky Sat 11 Feb 2023, 5:12 am

    [size=30]Parliament Finance: Changing the exchange rate portends a budget deficit..and the government has two options
    [ltr]2023.02.11 - 09:08[/ltr]
    [/size]
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    Baghdad - people  
    The government took advantage of the financial comfort as a result of the surplus of oil rents, so it was an opportunity to appoint and install more than 750,000 new employees. This comes at a time when the 2023 budget, which will reach Parliament soon, will break many numbers in allocations, and the deficit as well.  
      
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    Parliamentary Finance indicated that changing the exchange rate may increase the budget deficit by no less than 10 to 15 trillion dinars, with the price of a barrel of oil remaining at around $70.  
      
    Committee member Jamal Cougar said, in a statement to the official newspaper, followed by “Nass” (February 11, 2023), that “the financial management law does not allow the government to exceed the 3% budget deficit, which in all cases does not exceed 15 trillion dinars, but the truth is It is the arrival of the deficit to more than 60 trillion dinars before changing the exchange rate, and we expect that at least 10 to 15 trillion dinars will be added to this deficit,” explaining that the government, “has two options, not a third, either compressing expenditures or going towards deleting some Paragraphs in the executive budget or the operational and investment budget, or accepting an increase in the deficit from 60 trillion to 75 trillion.  
      
    And he believed that "the government should not borrow from local banks that owe it to it in the first place."  
      
    Regarding the government's internal debts, he said: "These banks are supposed to play the role that is synonymous with the role of the government because the latter can create job opportunities through projects through the investment budget, while banks can create job opportunities for the private sector by granting soft loans."  
      
    And he continued, "If the government tends to withdraw liquidity from these banks, it will burden it with increasing debts and loans and handcuffing the banks to create job opportunities, and thus the pressure will transfer to the government, which tended towards appointment."  
      
    Regarding the price of a barrel of oil, Cougar explained that "it will be in the budget estimates about $70, even with its low prices, and the government will have to withdraw from bank reserves as happened in previous budgets," pointing out that "the operational budget will be fixed, while the investment budget will change if it chooses." The government is compressing expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of higher oil prices.  
      
    Recently, the US Treasury Department discussed, with the Iraqi delegation, the economic challenges the country faces, including corruption, energy dependence, and exchange rate issues.  
      
    According to a Treasury statement, which "NAS" received a copy of (February 10, 2023), "US Deputy Secretary of the Treasury, Wali Adimo, met with Iraqi Deputy Prime Minister and Foreign Minister Fouad Hussein and the Governor of the Central Bank of Iraq, Ali Al-Alaq, to ​​discuss the economic situation in Iraq and the government's plans to reform the economic and financial sector." And mutual commitment to anti-money laundering and terrorist financing procedures.    
      
    According to the statement, "The Deputy Secretary of State and Deputy Prime Minister reaffirmed the continued importance of bilateral economic relations between the United States and Iraq and shared their goal of strengthening the Iraqi economy."    
      
    The two sides also discussed "the economic challenges facing Iraq, including corruption, dependence on energy and exchange rate issues."    
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