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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


    After a decline in its revenues... three challenges facing Iraq, most notably the “salaries” file -

    Rocky
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    After a decline in its revenues... three challenges facing Iraq, most notably the “salaries” file - Empty After a decline in its revenues... three challenges facing Iraq, most notably the “salaries” file -

    Post by Rocky Thu 14 Dec 2023, 4:30 am

    After a decline in its revenues... three challenges facing Iraq, most notably the “salaries” file - urgent
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    Baghdad today - Baghdad 
    Iraq faces three challenges, the most important of which is the salary file, in light of expectations indicating a decline in its revenues after the decline in global oil prices, according to parliamentary authorities, who confirmed to “Baghdad Today” the need for the government to take a serious stance to overcome the expected crises.
    Member of Parliament Saud Al-Saadi said today, Thursday (December 14, 2023), that three challenges may face Iraq with the decline in its financial revenues, the most prominent of which is related to salaries.
    Al-Saadi said in an interview with “Baghdad Today” that “dealing with the decline in Iraq’s revenues due to the decline in global oil prices is subject to the government’s vision and calculations in light of a 3-year budget,” stressing that “it is not devoid of complexity, ambiguity, and lack of clarity of vision.”
    He explained, "This calls for a serious stance to overcome the country's economic challenges and preserve its economy, especially in light of the limited alternatives, because oil constitutes the most important revenue in Iraq's treasury." 
    He pointed out that "the nature of the guardianship of Iraq's funds in the US Federal Reserve, the fluctuation of oil selling prices, and limited revenues contribute with oil to strengthening the country's economy," adding, "However, they are all challenges that require a pause by the government and political forces to overcome the expected crises." 
    Al-Saadi continued, “The decrease in revenues will affect the service sector and its projects, but will go further than that, reaching salaries, especially with the large employment that took place in the past months in state institutions and the opening of doors in multiple directions, which will leave an impact on the country’s budget, especially since it depends primarily on the sale of oil.” in financing it.
    He stated that "the government's vision and accounts remain relevant, as they are the ones who determine the country's financial and economic situation." 
    Earlier, the economic expert, Nabil Al-Marsoumi, warned of a decrease in the budget to less than 10 billion dollars and the collapse of the Iraqi dinar in the future in light of the implementation of the (COP28) agreement related to reducing the use of fossil fuels, indicating that it is an “early warning” to rentier countries, especially Iraq. 
    The economic expert added in a blog post followed by “Baghdad Today” that, “Regardless of how realistic the call made by the COP28 climate change negotiations aimed at reducing fossil fuel consumption and production, in a fair, orderly and just manner, in order to achieve carbon neutrality by 2050, This constitutes an early and severe warning to rentier states.”
    He continued: "Especially for countries that depend entirely on oil, most notably Iraq, where oil dominates more than half of the gross domestic product, 99% of total exports, and 95% of public revenues, which is the main source of income, financing and driving economic activities in Iraq." 
    He pointed out that "in light of the almost complete absence of commodity activities such as agriculture and industry, and the horrific backwardness in the service and distribution sectors, if one day the world leaves oil or if oil, which is a non-renewable resource, runs out, then the results will be disastrous." 
    Al-Marsoumi pointed out that “oil exports will disappear, oil revenues will decrease accordingly, the size of the annual general budget will decrease to less than $10 billion, the Iraqi dinar will collapse, the real incomes of employees and fixed-income earners will decrease, unemployment and poverty will worsen, the Iraqi economy will be completely paralyzed, and the situation will be much worse than what Iraq suffered in The time of the economic blockade 1990-2003. 
    The economic expert stated, "Hence comes the importance of caution and hard work within the framework of a real development plan in which an important part of oil revenues is used to diversify the country's economy and activate other non-oil sectors and not make it hostage to one depleted commodity that the world plans to dispense with in the future." 
    A draft agreement published earlier confirmed that one of the options for the outcome of the talks was “to gradually phase out fossil fuels in accordance with the best scientific findings.” 
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