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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


2 posters

    Iraq to cut spending in 2016 and owes billions of dollars

    Rocky
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    • Post n°1

    Iraq to cut spending in 2016 and owes billions of dollars Empty Iraq to cut spending in 2016 and owes billions of dollars

    Post by Rocky Fri 15 Jul 2016, 2:29 am

    [ltr]Iraq to cut spending in 2016 and owes billions of dollars[/ltr]

     Since 14/07/2016 18:44 pm (Baghdad time)
    [ltr][You must be registered and logged in to see this image.][/ltr]
    [ltr]Baghdad balances News[/ltr]
    [ltr]The Iraqi government announced in a memorandum published by the International Monetary Fund that Iraq will cut spending in the non-oil budget in 2016 by 15% and Sestdan billions of dollars in light of falling oil prices more than expected.[/ltr]
    [ltr]Iraq relies's second-largest oil producer in OPEC crude exports to earn almost all its revenue.[/ltr]
    [ltr]While Iraq is seeking support from donors in the light of the collapse of the global crude oil prices and the high cost of the war to organize "Daash" in.[/ltr]
    [ltr]The Iraqi parliament has approved a 2016 budget amounting to 105.8 trillion Iraqi dinars (about $ 90 billion) deficit of 24 trillion dinars in December / December.[/ltr]
    [ltr]The government said in a speech the sender of the International Monetary Fund for a loan application under the demand that it now expects to reduce the deficit to $ 4.9 billion in 2016 and then to $ 13.2 billion during the period 2017-2019.[/ltr]
    [ltr]The IMF agreed to loan demand in the last week to allow Iraq to get a first payment of $ 1.9 billion.[/ltr]
    [ltr]While Iraq announced that other sources of funding to fill this year's deficit may include loans worth more than $ 2 billion from the World Bank participate in the guaranteed France, Britain, Canada and loans worth more than $ 3 billion from the United States and other lenders.[/ltr]
    [ltr]The authorities will rely on bonds worth one billion US dollars to ensure the full and the issuance of international bonds, a similar amount in the last quarter of 2016.[/ltr]
    [ltr]The last time he sold the Iraq international debt instruments was in 2006, when it issued bonds worth about $ 2.7 billion due in 2028 and Bkopon 5.8%.[/ltr]
    [ltr]The Iraqi government plans to withdraw from its foreign exchange reserves over the next few years to help support this funding.[/ltr]
    [ltr]The government expected that the reserves fall to $ 31.5 billion in 2020 from $ 59 billion in October / October last.[/ltr]
    [ltr]Iraq also said the International Monetary Fund that he was committed to "progressive repayment" of receivables overdue for international oil companies by the end of 2016.[/ltr]
    [ltr]While the government has announced in the note that it will apply the policy of hiring freeze in most sectors and reform of pensions and charging for electricity in order to increase revenues.[/ltr]
    [ltr]She added that while the government of Iraq's economic activity shrank by 2.4% in 2015, but expects to grow by 10.3% in the current year.[/ltr]
    [ltr]is over[/ltr]
    [ltr]M h n[/ltr]


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    Rocky
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    • Post n°2

    Iraq to cut spending in 2016 and owes billions of dollars Empty Iraq plans to cut spending non-oil 15% in the budget of 2016

    Post by Rocky Fri 15 Jul 2016, 5:49 am

    [size=30]Iraq plans to cut spending non-oil 15% in the budget of 2016[/size]
    14/07/2016 04:49 | Number of Views: 415
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    Revealed a document issued by the International Monetary Fund, on Thursday, for the determination of Iraq spending cuts the non-oil 15 percent in the budget of 2016 due to lower average oil prices, as suggested reduced the budget deficit to 4.9 billion dollars during the current year, it confirmed that Iraq aims to pay all arrears owed to companies global oil by the end of the year.
    According to the document cited by "Reuters" agency, said that "Iraq will cut spending non-oil 15 percent in the budget of 2016 due to lower average oil prices than expected at $ 34.5 a barrel," pointing out that "it is expected the budget deficit reduced to 4.9 billion dollars in 2016 and 13 0.2 billion in 2017-2019. "
    She added that "Iraq is expected to include funding for 2016 deficit to borrow $ 1.9 billion from the IMF and two billion from the World Bank," indicating that "it is expected to decline in foreign reserves for Iraq to $ 31.5 billion in 2020 from 59 billion last year due to deficit financing."
    The document explained that "Iraq aims to pay all arrears due for international oil companies by the end of this year and is expected to include funding for 2016 deficit also bonds of one billion dollars US to ensure international bonds and a similar amount," noting that "gross domestic Iraqi shrank 2.4% in 2015 and is expected to grow 10.3% in 2016 ".
    The Information Office of the Prime Minister Haider al-Abadi denied (June 26, 2016), and traded news on removing part of the employees' salaries as a result of the memorandum signed by the Iraqi government with the International Monetary Fund, as pointed out that the memorandum will provide financial support for Iraq worth $ 5.4 billion over three years The interest rate does not exceed 1.5 percent. jh  

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    Rocky
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    • Post n°3

    Iraq to cut spending in 2016 and owes billions of dollars Empty IRAQ TO CUT 2016 SPENDING, TAKE ON BILLIONS IN FOREIGN DEBT

    Post by Rocky Sat 16 Jul 2016, 11:53 am

    IRAQ TO CUT 2016 SPENDING, TAKE ON BILLIONS IN FOREIGN DEBT
    Iraq, July 16, 2016 
    Iraq, pressured by lower-than-expected oil prices, will cut non-oil spending in its 2016 budget by 15 percent and take on several billion dollars in international debt, it said in a memo which the International Monetary Fund released on Thursday.

    Opec's second-largest producer, which relies on oil exports for nearly all its revenue, has sought donor support amid a collapse in global crude prices and a costly war against Islamic State militants that has displaced more than 3.4 million people.

    Iraq's parliament in December approved a 2016 budget of 105.8 trillion Iraqi dinars ($90 billion), with a deficit of 24 trillion dinars.

    The government now expects the deficit to narrow to $4.9 billion in 2016 and then to $13.2 billion during 2017-19, it said in a June letter to the IMF requesting a Standby Agreement (SBA).

    The IMF approved the SBA last week, granting access to an initial tranche of $1.9 billion in loans.

    Iraq said other financing sources for this year's deficit would include more than $2 billion in loans from the World Bank, partially guaranteed by France, the United Kingdom and Canada, and over $3 billion in loans from the United States and other lenders.

    The authorities will also rely on a $1 billion bond with full guarantee of the United States and $1 billion Eurobond issuance in the last quarter of 2016.

    Iraq last sold international debt in 2006, when it issued about $2.7 billion of bonds due in 2028 with a coupon of 5.8 percent.

    The government plans to draw down its foreign exchange reserves over the next few years to help supplement that financing. It projects they will bottom out at $31.5 billion in 2020 from $59 billion in October.

    Iraq also told the IMF it was committed to "a gradual elimination of the existing stock of outstanding arrears" to international oil companies by the end of 2016. Arrears were estimated last year at several billion dollars.

    The government said in the memo it would implement a public hiring freeze in most sectors, reform pensions and impose electricity tariffs in order to increase revenues.

    Iraq's economic activity had contracted by 2.4 per cent in 2015 but was expected to grow by 10.3 per cent this year, it added.

    (tradearabia)
     
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    jedi17
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    • Post n°4

    Iraq to cut spending in 2016 and owes billions of dollars Empty Re: Iraq to cut spending in 2016 and owes billions of dollars

    Post by jedi17 Sat 16 Jul 2016, 12:16 pm

    While the government has announced in the note that it will apply the policy of hiring freeze in most sectors and reform of pensions and charging for electricity in order to increase revenues

    Again mention of the reforms from the IMF, this is good news, thanks Rocky
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    • Post n°5

    Iraq to cut spending in 2016 and owes billions of dollars Empty Re: Iraq to cut spending in 2016 and owes billions of dollars

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