Iraqi revenues declined by 70%, spokesman

[The Englishman]

FRIDAY, MARCH 24, 2017

Iraqi revenues declined by 70%, spokesman

 

4:20 AM  ADMIN  

 

Baghdad/ Iraq TradeLink: Iraqi Premier's spokesman Saad al-Hadithi confirmed that Iraqi revenues

were declined by 70% or more in comparison to the period before the current government.

 

 

He  pointed that the policy of loans was resorted to due to the decline in the revenues, stressing that the Iraqi oil was sold for 30 dollars per barrel, while the costs of the producing companies reached to 10 dollars per barrel.

 

"Iraq got loans from the International Monetary Fund and the World Bank with interests not exceeding 1.5%, which is the lowest percentage of loans got by the country", he elaborated.

 

"These loans had no preconditions or external economic pressures because they will be paid for a longer period of time with less interests", he confirmed.

 

 

Al-Hadithi expected that the recovery of the Iraqi economy will be achieved within 4-5 years, because the government has an ambitious plans to diversify the economy and minimizing expenditures, as well as finding new resources to replace oil production.

 

 

Posted in: Baghdad,Economy

[limopeter]

If this is true and Iraqi revenues have declined by 70% then the quicker the RV the better surely for all concerned for the people and country of Iraq. Revaluing their currency will bring in other countries to invest and in turn wipe out their loans much faster.  

Al-Hadithi is expecting the recovery of Iraq to take up to 5 years, why? just RV the currency other wish we will all be here still in 5 years time and no RV......

Edited March 24, 2017 by limopeter

[jeepguy]

noooo !  I  think what these  guys are doing is trying too sell , { either the idea Iraq is totally broke , and  will not be able too regain it`s  once powerful place in the world economics ,   and  all  world investors need too rush into Iraq and buy a piece of the pie ...  or  could be a lot of  smoke ,   get  the people of Iraq too get rid of all dinar , it is  really in bad shape ... }  it was  Monday I think , that  the central bank put out a piece about the reserves being I believe 45 percent down  ? .... now  it is  70 %    some one left the bank vault doors open and  money is just walking out the door , even with  all the  international bean counters on the floor ... (  I think not )    ------>  most likely will see an article tomorrow , or next Monday ,  telling us "  it is  going very well  mosul and  is victorious  in the battle " , and  communities are coming together ... < ----- or close too this ,   if this  comes out  , banking is better than  what this article is saying ,    { but will  the central bankers be wise enough too let  the dinar values rise , or will they be too worried about the foreign money shipping out because the value has risen ?   pinching that  dollar till  water runs out of it   }

Edited March 24, 2017 by jeepguy

[pricestar8]

They devalued the dinar to make it easier and cheaper to rebuild the country.