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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


    An economist comments on the 2024 budget schedules: an “important and dangerous” challenge for Iraq

    Rocky
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    • Post n°1

    An economist comments on the 2024 budget schedules: an “important and dangerous” challenge for Iraq Empty An economist comments on the 2024 budget schedules: an “important and dangerous” challenge for Iraq

    Post by Rocky Sat 25 May 2024, 4:26 am

    An economist comments on the 2024 budget schedules: an “important and dangerous” challenge for Iraq
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    Baghdad today - Baghdad
    Financial and economic affairs expert Nawar Al-Saadi confirmed today, Saturday (May 25, 2024), that the 2024 budget schedules represent an important challenge for Iraq, while pointing out that the expected financial deficit represents a serious challenge to the sustainability of public debt.
    Al-Saadi told "Baghdad Today", "The delay in sending the general budget schedules for the year 2024 to Parliament represents an important challenge facing Iraq, especially with the difficult economic conditions that the country is going through."
    He added, "Economic and financial stability is based on clarity and direction of government expenditures and revenues," pointing out that "delaying the budget could lead to faltering financial allocations to investment and service projects, which exposes the continuity of economic development to a halt."
    He pointed out that "expectations regarding an increase in the estimated fiscal deficit and an increase in actual public expenditures in exchange for a decrease in revenues embody an additional challenge for the government, and reflect major challenges in managing financial and economic policies."
    Al-Saadi pointed out that “the expected financial deficit represents a serious challenge to the sustainability of public debt, and may expose the country to a debt crisis if it is not dealt with wisely and effectively,” noting that “the increase in salary requirements and the fluctuation of budget items due to oil prices and the rentier nature of the economy embody additional challenges that reflect structural challenges.” These are complex challenges that require urgent and effective measures.”
    The expert in financial and economic affairs stressed that “it is necessary for the general budget to be flexible and allow for the necessary adjustments to meet the changing challenges in the economic environment, and the government must work seriously to improve resource management and reduce financial and administrative waste and corruption.”
    He continued, "In general, the government must take urgent measures to pressure Parliament to accelerate the process of approving the general budget, achieve a balance between revenues and expenditures, and enhance public investments to promote economic growth and sustainable development."
    It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani revealed in a press conference following the cabinet session last Sunday the details of the budget schedules and said in the most prominent contents:
    - Table (A) includes revenues totaling (144.336) trillion dinars, and Table (B) concerns total planned expenditures totaling (210.936) trillion dinars.
    - The planned budget deficit amounted to (63.599) trillion dinars, and Table (C) is the centrally funded workforce table, amounting to (4,079,906) employees, and governing expenditures amounted to (10.042) trillion dinars.
    - The investment budget for 2024 is (54.298) trillion dinars, and may reach 55 trillion dinars.
    - Governorate allocations to local government programs with an investment allocation amounted to (10.633) trillion dinars in 2023, and we financed (3.333) trillion, based on fundamental requests from the governorates.
    - The remainder of the allocation (7.333) trillion dinars is in a trust account, at the disposal of the provincial governments.
    - Allocating approximately (8) trillion dinars to ongoing projects, including allocations in 2024.
    - For the first time in the history of budgets, we exceeded spending by 50%.
    The increase in debt repayment amounted to 3.9 trillion dinars. In 2023, the debt repayment was 12,751, and in 2024, we repaid 16.725 trillion.
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