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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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    Iraq is getting rid of the yoke of debt to face the snake of financial waste

    Rocky
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    Iraq is getting rid of the yoke of debt to face the snake of financial waste Empty Iraq is getting rid of the yoke of debt to face the snake of financial waste

    Post by Rocky Tue 21 May 2024, 6:55 am

    [size=38]Iraq is getting rid of the yoke of debt to face the snake of financial waste[/size]


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    May 21, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: Iraq closed the file of its debts owed to the International Monetary Fund and accumulated since 2003, with a total amount exceeding 8 billion dollars, through several loans that were aimed at supporting macroeconomic stability and implementing financial reforms.
    The International Monetary Fund had previously explained that Iraq needs to gradually correct its public financial conditions, to achieve debt stability in the medium term and rebuild financial reserves.
    However, Iraq is still facing major economic challenges, as there are more than 100,000 employees receiving salaries without any work or production, in addition to the presence of about 150,000 employees receiving more than one salary, in addition to the large waste of government expenses and its higher institutions.
    Experts pointed out that any decline in global oil prices would cost Iraq a lot, and would turn employees into opponents of the state and protesters, given the Iraqi economy's heavy dependence on oil revenues.
    At the end of last year, 2023, the International Monetary Fund stated that Iraq’s economy needs radical structural reforms to diversify sources of income and achieve sustainable growth.
    For his part, financial expert Rashid Al-Saadi said that financial waste in Iraqi state institutions exceeds $40 billion annually, stressing that Iraq is capable of addressing this serious problem by drawing up a sound monetary economic policy and reducing levels of financial waste.
    According to the financial advisor to the Iraqi government, Mazhar Muhammad Salih, after 2003, the International Monetary Fund provided several loans to Iraq that were aimed at supporting economic stability and implementing financial reform processes between the years 2003 and 2021.
    Saleh explained, in an interview, that Iraq obtained several financing programs from the International Monetary Fund, including emergency loans and relatively long-term financial aid.
    Saleh stated that since 2003, the value of loans and financial aid granted by the International Monetary Fund to Iraq amounted to $8 billion, and was repaid in full, with a focus when granting loans on implementing programs linked to supporting macroeconomic stability and implementing the necessary financial reforms.
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