Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Delta 8 hemp flower
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeToday at 12:19 am by AmareCortez

» Hello all, I’m new
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeWed Jan 31, 2024 8:46 pm by Jonny_5

» The Renfrows: Prophets for Profits, Happy Anniversary!
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeWed Jan 31, 2024 6:46 pm by Mission1st

» What Happens when Cancer is treated with Cannabis? VIDEO
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeWed Jan 31, 2024 8:58 am by MadisonParrish

» An Awesome talk between Tucker and Russell Brand
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeWed Jan 31, 2024 12:16 am by kenlej

» Trafficking in children
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 29, 2024 7:43 pm by kenlej

» THE MUSINGS OF A MADMAN
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 29, 2024 6:19 pm by kenlej

» The second American Revolution has begun, God Bless Texas
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 29, 2024 6:13 pm by kenlej

» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeSun Jan 28, 2024 3:28 pm by Mission1st

» Did Okie Die?
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeSun Jan 28, 2024 3:26 pm by Mission1st

» Tucker talking Canada
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeWed Jan 24, 2024 6:50 pm by kenlej

» Almost to the end The goodguys are winning
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 22, 2024 9:03 pm by kenlej

» Dinar Daily Facebook Page
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 22, 2024 3:34 pm by Ponee

» The Fundamentals of Finance and Pimpy Live
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeThu Jan 18, 2024 7:17 am by Dinarhater

» Why Won't the Iraqi Dinar Scam Die?
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeWed Jan 17, 2024 5:19 pm by RamblerNash

» Frat President Charged With Stealing $267K to Buy Worthless Iraqi Dinars
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeWed Jan 17, 2024 5:05 pm by RamblerNash

» Fact Check: NO Record 'Quantum Financial System' Exists Beyond Claims In Videos, Online Articles
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 15, 2024 6:15 pm by RamblerNash

» Why Investing in the Iraqi Dinar Is a Bad Idea — What's Happening with IQD to USD
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 15, 2024 6:09 pm by RamblerNash

» IRAQ DOLLAR BAN: Three Currency Lessons
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 15, 2024 5:48 pm by RamblerNash

» Did Kyle Get The Gist Of The Dinarland Cult? THE FUNNIEST 15 COMMENTS FROM 2023: My Response ????????
Finance minister says Iraq’s leaders willing to make reforms I_icon_minitimeMon Jan 15, 2024 5:43 pm by RamblerNash

Finance minister says Iraq’s leaders willing to make reforms

Go down

Finance minister says Iraq’s leaders willing to make reforms Empty Finance minister says Iraq’s leaders willing to make reforms

Post by GirlBye Thu Oct 15, 2020 11:36 am

Finance minister says Iraq’s leaders willing to make reforms
Finance minister says Iraq’s leaders willing to make reforms 800
Ali Allawi, Iraq's finance minister speaks during an interview with The Associated Press in Baghdad, Iraq, Thursday, Oct. 15, 2020. Allawi said on Thursday there is growing political will to execute drastic reforms needed for the country to grapple with a daunting liquidity crisis, which has left Iraq teetering on the brink of collapse. (AP Photo/Khalid Mohammed)

BAGHDAD (AP) — Iraq’s finance minister said Thursday there is growing political will to undertake drastic reforms needed for the country to tackle a daunting liquidity crisis, which has pushed Iraq to the brink of collapse.
“There is more will now than there was five months ago,” Finance Minister Ali Allawi told The Associated Press. “Now, I think there is recognition that unless oil prices go up miraculously, this is something we have to cope with and manage.”


Low oil prices have slashed state coffers in the crude-exporting country by nearly half, and over-reliance on oil has limited the government’s ability to seek out other income. A widening month-to-month deficit has cast uncertainty over how future payments will be made for public wages, external debts and essential imports of food and medicine.
Iraq’s unsustainable economy, laid bare by fiscal pressures spurred by spiraling oil prices and the coronavirus pandemic, is a long-standing problem that has flummoxed reformists for over a decade.


This week, Prime Minister Mustafa al-Kadhimi’s government issued a much-anticipated 95-page “white paper” for economic reform that, if implemented, would prompt a drastic overhaul of the entire system within three to five years.
It is a paper designed to create a strategic and policy framework for a new Iraqi economy,” said Allawi. “In the end of this period of change and reform ... we are supposed to have a restructured and more dynamic economy, that is the point of it.”


The absence of support from major political elites has undermined similar efforts in the past. Al-Kadhimi’s government still depends on an endorsement by Parliament for the vision to gain steam. “There is less denial, before it was all denial,” said Allawi.


With oil prices not expected to rebound in the near-term, only reforms will see Iraq avoid an economic catastrophe, top officials in al-Kadhimi’s government, including Allawi, have repeatedly said. The future of the project faces a major test: Parliament endorsement in the form of a binding resolution or legislation.


Later, aspects of the plan outlined in the paper will be incorporated into the 2021 budget, said Allawi, something that will also require a parliament vote. Government subsidies in the electricity and oil sectors will face particular scrutiny.
In September, Iraq made $3.16 billion in oil exports, which accounts for 90% of state revenue — less than half of the $7 billion needed to pay for salaries, pensions, imports and debts. September salaries were delayed and the payment of October wages depends largely on the government borrowing internally. A previous bill allowing for $12 billion in internal borrowing has been used up; a new one, asking for $35 billion, faces a parliament vote.


“I hope parliament will approve it,” said Allawi of the bill. “If it doesn’t, we have potential for other alternatives, but it will be more difficult.” Iraq’s dollar reserves stand at $53 billion.



https://apnews.com/article/iraq-economy-567cd1056a3b5f967b8c7b59c9c9b69e
GirlBye
GirlBye
VIP NewsHound
VIP NewsHound

Posts : 1484
Join date : 2018-07-09
Location : So Cal

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum