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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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    The International Monetary Fund calls on Iraq to cancel the appointments and correct the course of n

    Rocky
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    The International Monetary Fund calls on Iraq to cancel the appointments and correct the course of n Empty The International Monetary Fund calls on Iraq to cancel the appointments and correct the course of n

    Post by Rocky Fri 17 May 2024, 6:46 am

    [rtl]The International Monetary Fund calls on Iraq to cancel the appointments and correct the course of non-oil revenues[/rtl]

    Economy  ,  05/17/2024 10:21  Number of readings: 135 
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    [rtl]Baghdad - Iraq Today:

    The International Monetary Fund stressed the need for Iraq to gradually correct its financial conditions to achieve debt stability in the medium term and rebuild financial reserves.

    This comes after the Executive Board of the International Monetary Fund (IMF) concluded Article IV consultations with Iraq and studied and approved the employee evaluation, before recommending control over public wages and the gradual abolition of compulsory employment, according to a report by the Fund.

    It is expected that the next Article IV consultations with Iraq will be held in the standard 12-month cycle, according to the International Monetary Fund report and schedules.

    In its statement, the Fund welcomed the strong economic recovery, the decline in inflation in Iraq to 4% by the end of 2023, and the improvement in domestic conditions that led to the implementation of the first 3-year budget. He stressed the need for sound economic policies and structural reforms in Iraq to secure public finances and debts, given the regional conflicts that may affect oil prices.

    He pointed to the strong recovery in the non-oil economy in Iraq after a contraction in 2022-23, and that Iraq was “largely” unaffected by the conflict in the region, pointing to the revaluation of the currency as of February 2023, and the return of trade financing to normal. However, the imbalances were exacerbated by the significant fiscal expansion and the decline in oil prices.”

    The Fund's report expected that the continued fiscal expansion would boost growth in 2024, at the expense of further deterioration in financial and external accounts and Iraq's vulnerability to oil price fluctuations. Without policy adjustment, the risks of medium-term sovereign debt stress are high and external stability risks could arise. Key downside risks include a significant decline in oil prices or the spread of conflict in Gaza and Israel.

    The executive directors agreed, according to the report, “With the thrust of the staff assessment, the strong economic recovery, low inflation, and improved domestic conditions that led to the implementation of the first-ever three-year budget were welcomed. They noted that the risks were tilted towards the downside, given regional disputes and high dependence.” on the volatile oil prices, and that a major financial expansion could lead to financial and external imbalances.”

    The directors also stressed “the need for sound macroeconomic policies and structural reforms to secure public finances and debt, sustainability, promote economic diversification, and achieve sustainable and inclusive growth led by the private sector.”

    The Directors stressed that “a gradual but significant fiscal adjustment is needed to stabilize debt in the medium term and rebuild fiscal safety margins.” They encouraged the authorities to focus on controlling public wage rolls, phasing out compulsory employment policies, and mobilizing non-oil revenues, with better targeting of social assistance.

    Directors agreed that “immediate implementation of Customs and Revenue Administration reforms, full implementation of the Single Treasury Account, and strict oversight and limitation of the use of extra-budgetary funds and government guarantees are essential to support fiscal consolidation.”It is also important to reduce monetary financing and reform the pension system.”[/rtl]

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