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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


    Finance figures lead experts into a “fiery debate”… Continuous bleeding of Iraq’s financial future

    Rocky
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    Finance figures lead experts into a “fiery debate”… Continuous bleeding of Iraq’s financial future Empty Finance figures lead experts into a “fiery debate”… Continuous bleeding of Iraq’s financial future

    Post by Rocky Wed 07 Aug 2024, 6:30 am

    [size=35][size=35]Finance figures lead experts into a “fiery debate”… Continuous bleeding of Iraq’s financial future[/size]
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    Economy

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    2024-08-07 | 06:26
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    Alsumaria News - Economy

    Experts and those interested in economic affairs in Iraq are immersed in a deep discussion about the size of the "old renewed" danger, which the spending and revenue figures remind us of from time to time with an increase in the risk rate, as a result of the increase in the size of spending monthly and annually in Iraq.


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    The latest report of the Ministry of Finance’s accounts revealed the size of revenues and expenditures in Iraq during the first half of the current year. The report showed that employee salaries and social welfare consume two-thirds of the budget revenues, with a continuous increase due to continued employment and continued increase in allocations, with expectations that salary amounts will rise above the 50 trillion barrier for the first time by the end of the current year, in contrast to indicators of a decline in Iraq’s revenues due to the decline in oil prices.



    Employee salaries in Iraq have reached more than 28 trillion dinars and social welfare more than 12 trillion dinars, so that the total welfare salaries and salaries are more than 40 trillion dinars during the first half of this year, which was described by the economic expert Nabil Al-Marsoumi as more than two-thirds of public expenditures and oil revenues are spent on salaries and welfare. Al-

    Marsoumi explained that if the price of a barrel of oil falls to $60, oil revenues will be enough to cover salaries and social welfare only.

    Accordingly, this means that Iraq is separated by less than $20 per barrel, so that all investment projects and all types of Iraqi expenses will stop, even the ration card perhaps, and the expenses of commodity supplies for schools, hospitals, and others.

    Accordingly, Al-Marsoumi comments by saying: "May God prolong the life of oil, raise its price, and keep the horror of the decline away from it!"


    Economic expert Munar Al-Obaidi said two days ago that it is expected that government sector salaries for the year 2024 will exceed the 50 trillion Iraqi dinar barrier for the first time in Iraq's history, reaching 56 trillion Iraqi dinars and representing more than 44% of total expenditures after representing less than 40% of total expenditures in previous years. The

    total value of government sector salaries until mid-2024 amounted to 28 trillion Iraqi dinars, an increase of 19% compared to last year. In contrast, total revenues for the current year are expected to decrease by 3% compared to the previous year, according to Al-Obaidi.


    Amidst this raging debate about the ongoing indicators of the slow collapse, death and gradual bleeding of Iraq's financial power and its financial fate, with rapidly rising expenditures and declining revenues, specialists describe the most dangerous payments as the monthly payments in a fixed installment that are not linked to the increase or decrease in revenue, namely salaries and the share of retirees in the budget, and the monthly share of care and support in the budget, because they are expenses that are difficult to reverse except by the trick of reducing the value of the currency and have become exposed after 2021, or by imposing taxes and withholding allocations, and they will face popular rejection, in a vicious circle from which there is no escape.
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