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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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    After more than 100 billion dollars... Iraq "does not know" the feasibility of what it has borrowed

    Rocky
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    After more than 100 billion dollars... Iraq "does not know" the feasibility of what it has borrowed  Empty After more than 100 billion dollars... Iraq "does not know" the feasibility of what it has borrowed

    Post by Rocky Mon 15 Jan 2024, 4:15 am

    [size=35][size=35]After more than 100 billion dollars... Iraq "does not know" the feasibility of what it has borrowed over the past years[/size]
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    Economy

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    01-15-2024 | 01:01
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    Al-Sumaria News - Economy

    The Iraq Foreign Loans Review Committee is working to review Iraq’s foreign loans, especially those formed after 2003, to find out where they were distributed and for what purposes they were borrowed and what happened to them, in order to reach the stage of liquidation, stressing that they “did not provide any added value.” for the Iraqi economy,” with the possibility of returning these debts if they were allocated to useless projects.


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    The Prime Minister’s Advisor for Technical Affairs, Muhammad Al-Daraji, said, “After 2003, Iraq entered a new wave of external loans and debts as a result of the decline in oil prices and the insufficient budget in most cases.

    ” He added, “There was clear confusion and differences in estimating the size of Iraq’s new external debt due to the presence of Other debts before 2003,” noting that “new debts must have a clear picture of them so that appropriate measures can be taken to deal with them in order to preserve the country’s economy and its global credit rating,” according to the official Al-Sabah newspaper.



    Al-Daraji explained, “The loans are distributed among ministries and governorates in exchange for projects, and the task of the committee that was formed is to inventory the loans and find out which projects, ministries, or governorates have benefited from them and what their condition is,” indicating that “the debts entail interest that burdens Iraq and must be liquidated and final results must be reached in Knowing the size of the debt, how to repay it, and its value to the economy.”

    He pointed out that "these debts may have been taken for certain reasons, but they do not contain any added value to the Iraqi economy, which makes us study the debts again and proceed with implementing the projects for which we were borrowed. If they are useless, they must be stopped and the debts returned to improve the situation of Iraq." Finance internationally.

    Iraq's debts are distributed by more than 21 billion dollars in foreign debts, in addition to more than 41 billion dollars in "hateful" foreign debts, meaning they came during the period of the Iraq wars. Iraq believes that it is expected and supposed that 80% of them will be written off as they are hateful debts, in addition to the internal debts amounting to More than 53 billion dollars, which makes Iraq’s total debt about 115 billion dollars, which is equivalent to Iraq’s budget for a full year.

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