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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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    Mazhar Mohammed Saleh reassures Iraqis: The government will confront the decline in oil prices and w

    Rocky
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    Mazhar Mohammed Saleh reassures Iraqis: The government will confront the decline in oil prices and w Empty Mazhar Mohammed Saleh reassures Iraqis: The government will confront the decline in oil prices and w

    Post by Rocky Mon 23 Sep 2024, 7:06 am

    Mazhar Mohammed Saleh reassures Iraqis: The government will confront the decline in oil prices and we are prepared for crises - Urgent
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    Baghdad Today - Baghdad 
    Mazhar Muhammad Salih, economic advisor to Prime Minister Muhammad Shia al-Sudani, confirmed today, Monday (September 23, 2024), that the Iraqi financial policy is based on hedging against oil shocks.
    Saleh said in an interview with Baghdad Today, "During the last 20 years, there were major precautions, and in every budget, the hypothetical deficit policy is applied, because it takes the worst oil possibilities that constitute 90% of the revenues."
    He added, "A hypothetical deficit is always created and a barrel of oil is priced below its market price to confront challenges. If a deficit occurs, borrowing will be resorted to in order to maintain the level of expenditures, most notably salaries for employees and retirees, social care, and support for the food basket. These are the government's priorities."
    Economic expert Mustafa Akram Hantoush explained on Saturday (September 14, 2024) that the decline in oil prices will not affect the exchange rate of the dollar and salaries in Iraq.
    Hantoush said in an interview with Baghdad Today, "The dollar exchange rates in Iraq will not be affected by the decline in oil prices, as this issue depends on supply and demand in the local market, and has no relation to the oil file and oil revenues."
    He explained that "in terms of operating expenses, including salaries, they will not be affected by the crisis, even if oil prices reach $50, as the state is able to pay salaries and governing expenses."
    Hantoush added that "the impact of fluctuations in oil prices will greatly affect investment programs, and that oil prices may threaten the state's investment side, as happened in the past years, including 2015, 2016, and 2017, when projects suffered from significant procrastination in those years."
    These financial concerns reflect the challenges facing the global oil market, as oil prices have fallen significantly in recent weeks due to weak global demand, especially from China, which is the world's largest oil importer.
    Every now and then, fears are circulated in Iraq about the government’s inability to pay employees’ salaries due to financial liquidity, especially since the country’s oil imports, which constitute more than 90% of the Iraqi economy, are in Iraq’s account at the US Federal Reserve.
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