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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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    Repeatedly stopping the region's oil confiscations.. puts it on the abyss of bankruptcy

    Rocky
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    Repeatedly stopping the region's oil confiscations.. puts it on the abyss of bankruptcy Empty Repeatedly stopping the region's oil confiscations.. puts it on the abyss of bankruptcy

    Post by Rocky Thu 27 Apr 2023, 7:32 am

    [size=38]Repeatedly stopping the region's oil confiscations.. puts it on the abyss of bankruptcy[/size]


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    April 27, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk Al-Hadath: Media outlets reported on an official source in the Ministry of Finance in the Kurdistan region of Iraq, that “the region incurred a loss estimated at 850 million dollars,” one month after stopping its oil exports, amid official fears that it would go bankrupt.
    The suspension decision, which the federal government won as a result of a lawsuit before the International Court of Arbitration, reflected negatively on the region's economic conditions.
    And the region in which the economy depends heavily on oil exports, the cessation of exports may lead to a sharp decline in economic growth and an increase in unemployment rates.
    The longer the period of suspension of exports, the greater its impact on the exporting economy, as it may lead to exacerbation of financial problems and increase the chances of bankruptcy.
    And the cessation of oil exports could lead to a sharp deterioration in the financial situation of the region, and increase the chances of bankruptcy.
    Later, it was agreed between the region and Baghdad to resume oil exports.
    According to circulating information that lacks official confirmation, the region has incurred a financial loss estimated at about $850 million since the decision to stop exporting its oil on the twenty-fifth of last March.
    And in the event that the export cessation continues, the region is on the verge of an unprecedented state of bankruptcy.
    Prime Minister Muhammad Shia al-Sudani and the President of the Kurdistan Region, Nechirvan Barzani, agreed earlier this month to resume oil exports, and stressed that the direct technical authorities would immediately implement the agreement with Erbil.
    Last month, Iraqi government circles talked about 4 basic items included in the agreement between the federal government and the Kurdistan region. The first included the export of 400,000 barrels of oil per day from Kurdistan through the National Oil Company “SOMO” and naming a representative of the region in the company, and this happened for the first time after years. There were long disputes between the two sides, and it was also agreed that a Kurdish official would occupy the position of assistant to the head of the company (SOMO). However, the aforementioned agreements did not appear to be implemented yet.
    In the region and even in Baghdad, the presence of alternative sources of income, such as agriculture, tourism and manufacturing, the impact of stopping exports may be much less on the economy.
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