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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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    Famous "pessimistic" economist: Iraq suffers from financial difficulties and the government resorts

    Rocky
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    Famous "pessimistic" economist: Iraq suffers from financial difficulties and the government resorts Empty Famous "pessimistic" economist: Iraq suffers from financial difficulties and the government resorts

    Post by Rocky Sat 31 Aug 2024, 4:49 am

    Famous "pessimistic" economist: Iraq suffers from financial difficulties and the government resorts to borrowing from 
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    Baghdad Today - Baghdad 
    Economic expert Nabil Al-Marsoumi revealed, today, Friday (August 30, 2024), that Iraq is suffering from financial difficulties due to the significant growth in public expenditures, which reached 41% during the first half of 2024.
    Al-Marsoumi wrote in a post on his personal account on the Facebook platform, which was followed by Baghdad Today, that "the recent government decisions regarding attempts to seize the financial resources of oil companies and maximize non-oil revenues by raising customs duties on the import of some goods and trying to raise tax revenues indicate that the government is actually suffering from financial difficulties due to the significant growth in public expenditures, which amounted to 41% during the first half of 2024 compared to the same period in 2023, while the growth in government revenues did not exceed 20%."
    He added, "The government resorted to borrowing 7 trillion dinars from government and commercial banks and issuing bonds worth 3 trillion dinars to cover the actual budget deficit, which rose to 8 trillion dinars in the first half of 2024, which raised the size of the domestic debt to 86 trillion dinars."
    Al-Marsoumi pointed out that "the situation will become more difficult and government revenues will decrease in light of the noticeable decline in oil prices and Iraq's commitments to OPEC Plus restrictions, which if Iraq actually adheres to them, will reduce the production level to 4 million barrels per day and to 3.850 million barrels per day starting next September to compensate for Iraq's production in excess of its production quota, which will reduce its oil exports to 3.3 million barrels, while the planned number in the budget is 3.5 million barrels per day, while Iraq will increase its imports of petroleum derivatives as a result of Iraq's agreement to reduce its domestic consumption of crude oil from 570 thousand barrels per day to 500 thousand barrels per day."
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