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Neno's Place Established in 2006 as a Community of Reality


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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


    Domestic debt hits record $61 billion

    Rocky
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    Domestic debt hits record $61 billion Empty Domestic debt hits record $61 billion

    Post by Rocky Today at 6:54 am

    [size=38]Domestic debt hits record $61 billion[/size]


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    October 28, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala: Iraq's internal debt rose to record levels in 2024, reaching about $61 billion, which clearly reflects the economic challenges facing Iraq.
    With the country relying on exporting about 3.5 million barrels of oil per day at an average price of $70 per barrel, Iraq faces huge challenges in meeting public spending requirements, paying employee salaries, and implementing development projects that are essential for economic growth and social stability.
    Economist Nabil Al-Marsoumi warns of the serious repercussions of the increasing domestic debt, noting that the Central Bank of Iraq records monthly increases exceeding one trillion dinars.
    This trend reflects a growing gap between revenues and expenditures, confirming that oil revenues alone are no longer sufficient to cover the growing budget deficit.
    This deficit prompted the Iraqi government to consider issuing various domestic bonds, but this decision raises questions about the country’s ability to repay these debts without sacrificing the interests of citizens and the future of the economy.
    The potential impacts of this domestic debt, as Al-Marsoumi explains, may extend beyond the borrowing itself, to include employee salaries and public programmes on which the government relies to ensure economic and social security.
    The House of Representatives, which voted on the 2023-2025 general budget in June 2023, realizes that the cost of this debt will weigh heavily on Iraq in the near future, especially if the debt continues to accumulate without taking reform measures.
    Several analyses link this internal debt to the policies of dependence on oil as the cornerstone of the Iraqi economy, a volatile source of income subject to changes in the global market. As dependence on debt increases, it becomes more difficult to allocate resources to support the private sector and diversify the economy, which could lead to a long-term recession.
     
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