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Neno's Place Established in 2006 as a Community of Reality


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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


    Paying off the internal debt of the Central Bank from the government's fiscal surplus supports the n

    Rocky
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    • Post n°1

    Paying off the internal debt of the Central Bank from the government's fiscal surplus supports the n Empty Paying off the internal debt of the Central Bank from the government's fiscal surplus supports the n

    Post by Rocky Sun 12 Mar 2023, 4:57 am

    Paying off the internal debt of the Central Bank from the government's fiscal surplus supports the national economy

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    The Ministry of Finance announced that the government’s total revenues for the year 2022 exceeded 161 trillion dinars, expenditures amounted to 119 trillion dinars, and the fiscal surplus exceeded 41 trillion dinars, and the total oil revenues amounted to 154 trillion dinars, with an actual revenue rate of 95% of the total revenues, and other revenues amounted to 7 trillion dinars, or 5%.
     This confirms that the government will not be able to deviate from the limits of these revenue ratios and change the revenue ratio equations in the 2023 budget, and oil rents will dominate as a basic resource in the budget, despite the government's plan to activate other productive sectors and diversify sources of national income.
    And because the expectations of changes in the global economy are still unstable due to the ups and downs in global oil prices and the effects of the Russian-Ukrainian war and for the purpose of facing potential risks and to enable the central bank to maintain its foreign monetary reserves at their current levels or increase them as it is the only entity capable of facing the risks of the economy in times of crisis and as This happened during the economic and security shocks in 2014 until 2017 when the state treasury was supported with up to 16 trillion dinars, and in 2020 and 2021 with up to 30 trillion dinars due to the Corona pandemic, the drop in oil prices, the closure and the global economic recession, which led to the food and energy crises, and with this support and the use of monetary policy tools and applications by rediscounting transfers The treasury issued by the Ministry of Finance was able to avert risks and protect the economy from collapse.Unfortunately, despite the announcement of the financial abundance or cash surplus currently available in the state treasury and the current good financial situation, the government has not paid anything from the internal debt of the Central Bank.
    And since the government has not yet sent the general budget for the year 2023 to the House of Representatives and for the important measures taken by the Central Bank to control the exchange rate and its return to its target rates in conjunction with banking reform operations and adherence to international banking standards approved to enter the circle of the global financial system disciplined by international standards and in a manner Especially in the field of foreign transfers and the regulation of foreign trade. It makes us call on the government and the Ministry of Finance to invest this abundance with high transparency and with great care to achieve the requirements of financial security for Iraq and to pay what it owes to the Central Bank as an internal debt that must be paid, amounting to about 46 trillion dinars with interest.
    And the repayment of the internal debt will inevitably contribute to achieving flexibility with the central bank in controlling the exchange rate, reducing inflation and increasing foreign cash reserves. On the other hand, it will lead to a decrease in the ratio of total debt to GDP to less than the current high ratio.
     Therefore, the Ministry of Finance is required to start paying the internal debt owed to the Central Bank according to a timetable to be agreed upon, and that achieving this is one of the important pillars of the government program in economic and banking reform.

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    Added 03/12/2023 - 12:08 PM


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