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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


    "Serious repercussions" .. Iraq's internal debts rise at a rate of one trillion dinars per month

    Rocky
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    "Serious repercussions" .. Iraq's internal debts rise at a rate of one trillion dinars per month Empty "Serious repercussions" .. Iraq's internal debts rise at a rate of one trillion dinars per month

    Post by Rocky Today at 5:45 am

    [rtl][size=36]"Serious repercussions" .. Iraq's internal debts rise at a rate of one trillion dinars per month[/rtl][/size]
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    [rtl]Published on: October 21, 2024: 12:31 PM[/rtl]
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    Exclusive/Al-Mada
    Iraq has recently witnessed a significant increase in its internal debts, recording an increase of one trillion dinars per month, which raises widespread concern among citizens and economic analysts.


    This increase comes at a time when the country is suffering from multiple economic challenges, including weak economic growth and increasing unemployment rates.


    As the financial crisis worsens, economists expect the growing public debt to have negative effects on citizens’ standard of living, including a decline in public services and higher prices.


    Under these circumstances, there is an urgent need to develop effective strategies to manage debt and ensure financial stability in the country.


    The economic expert, Nabil Al-Marsoumi, announced in a post on his personal accounts, followed by (Al-Mada), that "according to the data published on the website of the Central Bank of Iraq, the total domestic public debt in Iraq increased from 70 trillion dinars in January 2024 to 80 trillion dinars in October 2024. The rate of increase in the debt reached 1 trillion dinars per month, representing a growth rate of up to 14%."

    He added, "This growth in the domestic debt reflects the existence of an actual deficit in the 2024 budget, as part of this deficit was covered through domestic borrowing, deducting remittances, and issuing bonds," noting that "the government's three-year budget law in 2024 has provided the possibility of obtaining 5 trillion dinars through remittances deducted from the legal reserve of government banks, in addition to borrowing 3 trillion dinars from these banks."


    The government's measures also included issuing national bonds worth 5 trillion dinars and deducting treasury transfers at the Central Bank of Iraq worth 20 trillion dinars.


    The economic expert continues, "This increase in domestic debt in light of the economic challenges facing Iraq requires effective strategies to manage public debt and achieve sustainable financial stability."


    For his part, economic affairs expert Taha Al-Janabi said in an interview with Al-Mada that “the increase in Iraq’s internal debts by a rate of one trillion dinars per month could have major negative effects on citizens and the economy in general.”


    He added, "With the rise in public debt, the government may have to impose new taxes or increase existing taxes to compensate for the deficit, which will reduce the disposable income of citizens."


    He explained that "focusing on debt repayment could lead to reduced spending on basic services such as health, education and infrastructure, which negatively affects the quality of life."


    Al-Janabi explained that, "to finance the debt, the government may have to print more money, which may lead to higher inflation rates and higher prices, and thus a loss of purchasing power for citizens."


    He stressed that "if public debt continues to rise without a clear plan to manage it, this could lead to a loss of confidence in the government and economic systems, which could lead to social unrest."


    He explained that "the increasing debt may lead to future generations being burdened with paying off these debts, which will affect their economic future."


    The economic expert continued, "Addressing these issues requires effective economic strategies from the government, including improving the management of public funds, increasing spending efficiency, and developing various economic sectors." 

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