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Confidence in the government Mtmh..bgdad borrow $ 6 billion from the Iraqis this year
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Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
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Confidence in the government Mtmh..bgdad borrow $ 6 billion from the Iraqis this year
Iraqi Central Bank announced Monday the start of the sale of government bonds operations worth 7 trillion dinars (about US $ 6 billion) for Iraqi citizens, during the current year, in a move to reduce the fiscal deficit in the country's budget, due to low oil prices in global markets.
The governor of the bank on the Keywords, in a speech during the launch of the bank for year strategy (2016-2020), said that "the central bank to support the state treasury, after a drop in oil prices from the treasury transfers of more than $ 5.1 billion, and it began in accordance with the budget, the sale of local bonds.he added that the bank" authorized banks own, using 50 percent of their funds in has, for the purchase of government bonds by up to about $ 3.6 billion.
The central bank will issue treasury bonds worth 5 trillion dinars (4.2 billion dollars) and put it to the Iraqis. But observers rule out Iqbal Iraqis to buy bonds because of the lack of confidence in the Iraqi government. The Iraqis blame the political class in the destruction of the Iraqi economy and squandering hundreds of billions of dollars in recent years due to rampant corruption among politicians. The Iraq faces a major financial crisis because of falling crude oil prices by more than 70 percent since the middle of 2014. in the meantime, he stressed Iraq's parliament speaker Salim al-Jubouri, the need not to resort to pulling the financial reserves of the Central Bank, to cover the deficit in the general budget of the country during the current year.
he said in a speech on the sidelines of the launch of the Central Bank's strategy that "there is a need for not going to the drag of foreign currency reserves to cover the deficit in the project budget, because Iraq has the resources to allow for moving the economy." the Iraqi government plans to issue foreign bonds worth two billion dollars, the first of a total of five billion dollars as a stage included in the terms of the law the federal budget, which was approved by parliament at the end of last year. Iraq relies on oil revenues to fund 95 percent of the budget. It is currently exporting about 2.5 million barrels per day, with plans to increase exports to 4 million barrels a day. They count the country to sign more oil contracts with international companies to raise the country's production of crude to around 8 million barrels per day in the next few years. The insistence of Iraq not to draw on reserves, contrary to the revelations of the international Monetary Fund last month that the government informed him it plans to finance the budget deficit from reserves of the Central Bey.
the fund is likely to lead to resort to withdrawal of financial reserves to decline to $ 43 billion in the current year of about 59 billion at the end of last October. it is expected to double the budget deficit for the official figures, amounting to about $ 20 billion in the current year, because it is based on a price of $ 45 a barrel. it is likely to explode the budget deficit because most of the Iraqi raw materials prices are currently less than $ 30 a barrel, which it is close to oil production costs in the country because of contracts with oil companies contracts which aroused great scandals hovering around suspicions of corruption. the grant oil licenses contracts concluded by Hussein al-Shahristani, the former chairman of the energy Committee in the government of former Prime Minister Nuri al-Maliki, the foreign oil companies $ 21 vs. produce each barrel of oil, as well as to pay expenses of companies, without specifying a clear roof, which eats up almost all the revenues from oil exports. it seems that the oil revenues in the current oil prices will not bring any returns will be only a fraction of the operational budget covering, especially in the absence of delivery KRG any sales of oil to the central government. began confusion creep in the limbs of the Iraqi state after comments Finance Minister Hoshyar Zebari last month, indicated that the government might not be able to meet payrolls in the month of April.
the look of the Iraqi government to the brink of bankruptcy today, which can be outweigh the consequences of any bankruptcy case in history because of the paralysis of the total economy, which make the country relies entirely on oil revenues. Iraq's largest financial problems of today are the deep hole dug by al-Maliki to unleash the operating budget, to unprecedented levels in any country in the world, where the State today nearly 7 million salary for employees and retirees. the continuing protests in Iraq and calling for reforms and the prosecution of corrupt, but it also calls for the provision of jobs, after the state became the only source of jobs in the shadow economy is paralyzed.
He warns Iraqi parliamentarians from the continuation of the central bank to sell currency through daily auctions and in quantities higher than the country's oil revenues, despite the disclosure of corruption in those operations. Iraq and entered at the end of last year under the control of the international Monetary Fund program, after having been away for a long time for any monitor to record its economic performance. And it would have on the Iraqi government's commitment to the terms of the fund, which may be difficult to implement.
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Ponee- Admin
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Re: Confidence in the government Mtmh..bgdad borrow $ 6 billion from the Iraqis this year
But, but they are about to RV an become the richest country in the world. Ray said it so it must be true!
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Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
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