Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
yota691

The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate

Recommended Posts

1 hour ago, gregp said:

Thanks, Yota!!

Synopsis, thanks for your wisdom!

:bump:

 

38 minutes ago, ChuckFinley said:

Great job Synopsis. Trying to translate this stuff is brutal.  :lol:

 

22 minutes ago, gregp said:

 

Gives me a headache just trying. 

 

Thank You, Gentlemen!

 

Yeah, I'm about all spent reading through this stuff and trying to make the best use of what ever I have left of connect-the-dots. I could use a vacation or something with a brand spankin' new RV!!!

 

OH, YEAH, BABY!!!

 

Go, Go, Go Moola Nova!

:twothumbs:   :twothumbs:   :twothumbs:

  • Upvote 11

Share this post


Link to post
Share on other sites

The worsening economic crisis Iraq war and hinder the repayment of its debts

 

 

25k5.jpg

 

 

BAGHDAD - Anatolia: The Government of Iraq hopes to pay off the country 's internal and external debt, according to a policy seen by economists as unrealistic and hindered most notably high debt compared to the decline in world oil prices, and the cost of continuation of the war on the organization «Islamic State» terrorist. 

Iraq relies on financial revenues on the export of crude oil by 97 percent, while the government is currently working on activating industry, agriculture and trade sectors to provide additional revenue. 

And occupies Iraq 's oil reserves , advanced rank among the producing countries. It comes in ninth place among the world 's rich natural gas, after Russia, Iran, Qatar, Saudi Arabia, UAE, America, Nigeria and Venezuela. 

The proven reserves of w

 

  • Upvote 1

Share this post


Link to post
Share on other sites
 
 
14260.jpg
   

Economy News Baghdad :

Denied the source of government Iraqis are reported in the agency Anatolia of Turkey concerning the  achievement of Iraqi debt 162 billion . 

Said the source , who preferred not to disclose for his name,   for "economy News",  that " the publication of the figures are misleading on addressing the issues of indebtedness of government which came figures exaggerated where and confused at the time himself stated that the views of non - specialized affairs in the financial ."

 

The report published in the agency Anatolian Turkish, spoke about reaching the debt of Iraq 162 billion dollars , including 120 billion dollars debt internal .

 
Views 540   Date Added 26/05/2017 - 14:09   Last updated 05/27/2017 - 12:37   No. Content 7630
  • Upvote 2

Share this post


Link to post
Share on other sites
 
Wednesday July 5, 2017 10:14

 

Search Bigger
 

Alsumaria News / Baghdad
, said a member of the Finance Committee in Parliament MP Magda Tamimi , Wednesday, total debt of Iraq until the end of 2016, indicating that these debts amounting to 111.725 billion dollars. 

Tamimi said in a statement received Alsumaria News, a copy of the "total external debt of Iraq until the date of the 31st of December 2016, is 68.220 billion dollars, equivalent to 80,636,347 trillion dinars," indicating that "total internal debt up to date the same amounted to 43.505 billion dollars, equivalent to 51,422,496 trillion dinars for a total public debt 111.725 billion dollars. "

  •  

He said al - Tamimi said , "Don include Club Paris and outside the Paris Club and commercial creditors, the Arab Monetary new borrowing fund debt , untreated, compensation of Kuwait and the arrears of international oil companies and arrears of energy imports, in addition to remittances auctions and loans self - financing companies and remittances deficit financing, projects and loans and the Ministry of Electricity." 

Revealed Prime Minister Haider al - Abadi , on May 16 , 2017 that most of the debt incurred by Iraq 's internal and not external, stressing that his government began to turn off some of the debt despite the decline in oil prices.
  • Upvote 2

Share this post


Link to post
Share on other sites

Deputy: 111.725 billion dollars, the total debt of Iraq until the end of 2016

7/5/2017 1:54:00 AM 55 Number of readings
 

10572017_122442017_sada.jpg

 

 

 

Khandan -

Revealed MP Magda Tamimi , a member of the parliamentary finance committee, for Iraq 's total debt until the end of the year 2016, while those showed that the total debt amounted to $ 111.725 billion. 

The MP Magda Tamimi said in a statement, " The total external debt of Iraq until the date of 12.31.2016 is 68.220 billion dollars, equivalent to 80,636,347 trillion dinars." 

While total domestic debt until the same date amounted to 43.505 billion dollars, equivalent to 51,422,496 trillion dinars, to be the total public debt to $ 111.725 billion, according to Tamimi. 

She said a member of the parliamentary finance committee, said that these debts include (Paris Club debt and outside the Paris Club and commercial creditors), and ( the Arab Monetary Fund and the new borrowing and debt , untreated), and (compensation of Kuwait and the arrears of international oil companies and arrears of energy imports). 

It also includes (remittances auctions and loans self - financing companies and remittances deficit financing, projects and loans and the Ministry of Electricity).

  • Upvote 2

Share this post


Link to post
Share on other sites

Finance Committee: Iraq's total debt until the end of 2016 amounted to "111.725" billion !!

July 5, 2017

image.php?token=cf04da5a25f6d1a87416ea74982d1f8f&size=

Revealed MP Magda Tamimi , a member of the Finance Committee of Parliament, for Iraq 's total debt until the end of the year 2016, while those showed that the total debt amounted to $ 111.725 billion.
 
It said MP Magda Tamimi said in a statement, that 'total external debt of Iraq until the date of 12.31.2016 is 68.220 billion dollars, equivalent to 80,636,347 trillion dinars.'
 
While total domestic debt until the same date amounted to 43.505 billion dollars, equivalent to 51,422,493 trillion dinars, to be the total public debt to $ 111.725 billion, according to Tamimi.
 
The statement said that these debts include (Paris Club debt and outside the Paris Club and commercial creditors), and ( the Arab Monetary Fund and the new borrowing and debt , untreated), and (compensation of Kuwait and the arrears of international oil companies and arrears of energy imports).
  • Upvote 2

Share this post


Link to post
Share on other sites
By
 rami
 -
July 8, 2017
4
0
 
 
4-4.jpg?fit=800%2C535
 

Denied the adviser to the Prime Minister for Finance, the appearance of Mohammed Saleh, what is traded on the arrival of Iraq’s debt to 111.725 billion dollars, stressing that this figure “very exaggerated,” as he put it.
Mohammed Saleh said in a press statement on Saturday that “the news that has been circulated recently about the rise of international debt on Iraq to the number of 111.725 billion dollars is incorrect,” calling on all those who authorize to resort to analyze the composition of these debts before the launch, Nina news agency.
“From an analytical point of view, 42 billion dollars, or 38 percent of Iraq’s foreign debt, is a question mark, which is an odious debt that has no legal documents but only international allegations,” he said, adding that all debts due to the period of the economic embargo on Iraq may Written off in accordance with the Paris Club Agreement signed on 21.11.2004 and not recognized internationally.
He also pointed out that there are “48 billion dollars of debt due to the Iran-Iraq war is not borne by the Iraqi people,” noting that the Paris Club agreement written off more than 80% of Iraq’s sovereign debt and many others, but the other 20%, which represents processing Iraq with weapons of destruction The mass has not been written off and paid by Iraq.
He went on to say that Iraq resorted to foreign loans after 2014 due to the decline in oil prices and because of the war against the urge to run the economy, stressing that Iraq needs to address debt and reliance on economic resources other than oil.
The member of the Finance Committee parliamentary MP Magda Tamimi, announced last week that the total debt of Iraq by the end of 2016, reached 111.725 billion dollars.

  • Upvote 3

Share this post


Link to post
Share on other sites

CNN. Broadcasting From Parliament While Placing A Lien On The Presidential Camel Motorcade !

 

 

LINK

Parliamentary Finance": 85% of Iraq's debt caused by Saddam's regime

10848059_868059566608890_2199664909932370288_n-570x330.jpg 

8th July, 2017

 

Confirmed "Parliamentary Finance Committee" on Saturday, said 85% of Iraq's debt back to the legacy of former President Saddam Hussein's policies, noting that "$ 41 billion, of which the Gulf states."

The committee member said Masood Haider's «News Journal» that "85% of the registered debt on Iraq dating back to the former regime."

"The Gulf states on Iraq, $ 41 billion for the Gulf States," noting that the Gulf did not ask us to do and called "frozen debt."

"When the country is exposed to war and terrorism and the economic situation is unstable, one of the ways in which fills the shortfall is Aljawoualy debt, whether internal or external."

He said the Finance Committee member, said "most of Iraq's debt is internal and can be addressed."

Haider said that "Iraq needs to activate the private sector and increasing non-oil revenues to provide employment opportunities for energy."

He explained, "the supplementary budget reached the Iraqi parliament and learned it was 9 articles in which determine the price of a barrel to 44 dollars and 40 cents oil exports 3.75 million barrels per day."

He explained that he "has increased investment expenditure in order to have been allocated to the liberated areas and reconstruction and re-strategic infrastructure," noting that "would be the IMF's strong support for Iraq's reconstruction."

Revealed the Finance Committee member Magda Tamimi earlier about Iraq's debt rising to more than $ 111 billion.

 

  • Upvote 4

Share this post


Link to post
Share on other sites

I think it is a bit of a stretch ,too blame the dead guy , after malarkey and his bunch raided the coffers ... sure  maddas  did start the damage , and it has frozen accounts , but who stepped in and made off with the billions in the last 10 years , not abidi  ... and not sabibi

  • Like 1
  • Upvote 2

Share this post


Link to post
Share on other sites

and that is  true statement....all in all now that you say that Maliki prob did steal just as much if not more...

 

I still want to know who has the gold that was there before Saddam was in power

Edited by SnowGlobe7
  • Upvote 3
  • Downvote 1

Share this post


Link to post
Share on other sites
848.jpg
Central Bank Governor Ali Keywords statement during a seminar center
 
 

Economy News Baghdad:

Revealed the governor of the Central Bank of Iraq on the Keywords, on Sunday, rising domestic debt to 48 trillion dinars, adding that monetary policy faces many challenges, including the inability of the Maronites and the balance of payments deficit.  

Keywords and said during a seminar hosted by Bayan Center for Studies and Planning and attended by "Economy News", "internal debt currently stands at 48 trillion dinars," noting that "the central bank would continue its initiative in supporting the real sector growth through agricultural and industrial lending and housing initiatives."

He stressed that "monetary policy in Iraq is facing a number of challenges, including the non-oil deficit and the budget deficit and the balance of payments deficit," noting that "in order to achieve financial and monetary stability requires a reduction of non-oil deficit by maximizing local revenue and control local expenditures and setting limits for operating expenses" .

He noted that "the decline in oil sales revenues of 92 trillion dinars in 2015 to 42 trillion dinars in 2016 led to a rise in the budget deficit," adding that "should build the budget to stabilize the price of a barrel of oil to $ 40 for the next five years to reduce the shortfall. "

Keywords noted that "the process of selling the currency needs a deep understanding in light of the big accusations against the bank without evidence proving the existence of suspicions of corruption or money laundering operation or smuggling of currency."

 

 

Views 290   Date Added 09/07/2017

  • Upvote 1

Share this post


Link to post
Share on other sites

Member Balgnapeh: Iraq's external debt exceeded the 111th billion last year

Member Balgnapeh: Iraq's external debt exceeded the 111th billion last year
Parliamentary Finance Committee at a previous meeting
 
 July 18, 2017 12:23

Direct: said a member of the Parliamentary Finance Committee, said that the total foreign debt exceeded $ 111 billion last year, according to the Iraqi News Agency.

She explained Magda Tamimi, that these debts include 41 billion on the previous regime for the Gulf States.

Tamimi confirmed, according to the agency, that Iraq does not need any external loans to pay off the budget deficit for the current year in the event of termination of the administrative and financial corruption.

She Tamimi: "We must pull the large whales, which controls on imports of customs and smuggling of oil, taxes and other government revenues as well as financial waste in the hands of the budget," according to the agency.

She drew Tamimi, the government borrowed this year, about $ 1.6 billion from the International Monetary Fund, and wait for about another 4 billion in the case of fulfillment of the conditions for loans.

  • Upvote 2

Share this post


Link to post
Share on other sites
1487.jpg
Logo of the International Monetary Fund
 

Economy News Baghdad: 

The International Monetary Fund (IMF) announced on Wednesday that the Iraqi debt during the current year is 122.9 billion dollars, expected to rise next year to 132.6 billion dollars. 

The International Monetary Fund said in a press statement read by the "Economy News" after the conclusion of the second review of the performance of the Iraqi economy under the credit agreement and Article IV consultations for 2017, "The Iraqi debt during the year 2017 amounted to 122.9 billion dollars and will rise in the next year to 132.6 billion dollars "He said. 

He added that "external government debt is currently 67.5 billion dollars and will be next year 73.7 billion dollars," pointing out that "government debt constitutes 63.8% of gross domestic product."

 

 

Views 989   Date Added 02/08/2017

  • Upvote 3

Share this post


Link to post
Share on other sites
The International Monetary Fund expects Iraq's debt to reach $ 120 billion by the end of the year and exceed $ 130 billion in 2018
The International Monetary Fund expects Iraq's debt to reach $ 120 billion by the end of the year and exceed $ 130 billion in 2018

RUDAOUDI - Sulaymaniyah 

After the war on an organized organization, Iraq seeks to rebuild the devastated areas so that hundreds of thousands of displaced people can return to their homes and properties, but the economy of Iraq is exhausted and has a large debt. The decision of the Finance Committee in the Iraqi parliament, Ahmad Haji Rashid, "Iraq is currently owed 120 billion dollars." 


"I am currently engaged in a thorough study of Iraq's debts and the fate of Iraq is at risk because of the magnitude of its debts," Ahmed Haji Rashid told the RODAO news network. 

"The debt of Iraq has so far reached 111 billion and 725 million dollars, but the problem is that Iraq is still seeking to borrow more money to cover the costs of war and the payment of salaries of employees." 

The Kurdish official in the Iraqi government, that " 

Officials in Baghdad are still waiting for the World Bank to get another chance to borrow more money, and Iraqi officials are waiting for Japan to obtain a debt of $ 150 million to start a water and electricity project. " The decision of the Finance Committee in the Iraqi parliament that" before the fall of the former regime Iraq was debtors to the Gulf States about 41 billion dollars "He 

pointed out that" the debts of Iraq worsened after 2014, knowing that Baghdad had cut the budget of the Kurdistan region at the time. " 

Haji Rashid added that" Iraq borrowed $ 51 billion from France as well, But Baghdad has fulfilled a large part of this Debt, leaving only 5 billion and 500 million dollars. " 

Iraq has been a country rich in oil and a lot of other natural resources, but since its establishment, Iraq has seen stability only rarely, so he spent most of his imports on the purchase of weapons and explosives and military equipment, and Iraq was constantly beginning to reconstruct the devastation that was caused by these wars and crises, Although Iraqi officials were preaching the reconstruction of Iraq after the fall of Saddam Hussein's regime, a US researcher in the reconstruction of Iraq confirmed that "$ 6.6 billion was wasted during the reign of former Iraqi Prime Minister Nuri al-Maliki, and Iraq has never benefited from Sun Development Bank to strengthen its economic infrastructure ". 

For his part, a member of the Iraqi parliament, Ardalan Noureddine, that "there is a positive aspect to cut Baghdad budget of the Kurdistan Region, because the region would have been paid to pay billions of dollars owed by Baghdad." 

Noureddine added that " 

The money that Baghdad borrowed until before 2014, the Kurdistan Region to participate in the delivery even if declared independence, because the region was getting 17% of the budget of Iraq until that date. " Iraq is known as one of the most corrupt countries in the world, where Is ranked 161 out of 168 countries in the classification of corruption, and the high rate of corruption in Iraq has become a reason to waste Iraqi resources and wealth and not to benefit from and investment 

According to the International Monetary Fund, the local revenues of Iraq to $ 174 billion, and Iraq's debt is 61 % of local revenues. He 

also predicted Sanad And the international money, that Iraq's debt by the end of this year to 120 billion dollars, and to exceed 130 billion dollars in 2018. 

A member of the Finance Committee in the Iraqi parliament, Haitham Jubouri, the network Roudao media, said that " 

67% of Iraq's debt is external debt, while 33% are internal debt. " Ahmed Haji Rashid, stressed that" Iraq's debt exceeded $ 111 billion, including $ 68 billion foreign debt, and $ 43 billion debts of local banks, where The government was forced to borrow from them. " 

But the question is: if the Iraqi economic situation in this way, why do other countries insist on doubling the debt on Iraq? 

Ahmed Haji Rashid reason that" these countries are seeking through this to buy oil at a lower price, As well as the contribution of their companies in the reconstruction of the devastated areas of Iraq. "And 

because of the budget of the Kurdistan Region between the year In 2003 and 2014, the region is required to pay 40 billion dollars of Iraq's debt, but Ardalan Noureddine says that "the Kurdistan Region does not have to pay one dinar of Iraq's debt that came after 2014."

  • Upvote 3

Share this post


Link to post
Share on other sites
26/08/2017 (21:01 pm)   -   Number of readings: 734   -   Issue (4006)
 
 
International debt: Iraq's debt will rise to 132 billion dollars next year



 The range / Zahraa al-Jassim 
 

A recent report by the International Monetary Fund (IMF), published in Iraq under the title Iraq: Selected Economic and Financial Indicators from 2013 to 2022, discusses in some paragraphs the size of Iraq's indebtedness for previous years and the expectations for its increase in subsequent years. The year 2018 summarizes some of the report, as he stressed that the debts of Iraq for 2013 was 73.1 billion dollars, while increased its debt in 2014 to 75.2 billion dollars, and in 2015 became debt $ 98.0 billion, while In 2016, to 114.6 billion dollars, rising in 2017 to 122.9, as predicted by the report The government's debt next year is expected to rise to $ 132.4 billion, confirming that government debt is on the rise.


On the fears of high figures, Dr. The appearance of Mohammed Saleh financial adviser to Prime Minister Haider Abadi in an interview with (to the extent) "I did not read the report, but in any case there are two basic issues, the first: 68% of the debt number mentioned during the past three years are internal debt between institutions Government, exclusively the central bank of Iraq and the three main government banks, "noting that the external debt actually withdrawn from the pledged loans did not exceed 8 billion dollars during the past three years.
Saleh said: Yes, there are international pledges to provide loans to Iraq has really amounted to 16 billion dollars because of the security and financial crises to which Iraq is exposed in mid-2014, but in practice did not withdraw from them (until now) only half of those pledges of 16 billion There are additional commitments to provide loans to Iraq, including the British loan of $ 12 billion, which came as mentioned in the pledge to grant loans for disposal of infrastructure projects, most of them in the provinces Southern Iraq Water purposes and sanitation systems and energy, and practically not be disposed of by only elementary amounts related to feasibility studies which markers in the federal budget for the year 2017. Adding:
Saleh points out that 38% of Iraq's debts are from the era of the former regime and are subject to the 2004 Paris Club agreement, which is the phase of write-off by up to 100%. The financing of the Iraq-Iran war machine has been successful: (Obnoxious debts) because they remain in the books of accounts of creditor countries without settlement, they take as debt without treatment or write off, expected to be written off 100% in the coming days.
The financial adviser to the Prime Minister said at the end of his speech: We must not forget that there are other debts belonging to the former regime arose during the period of economic embargo imposed by the Security Council resolutions on the former regime, steadily: In our opinion, the claim is a flagrant violation of the resolutions of the Security Council and Iraq in A legal solution because it was carrying irregularities against the international community, in general, the reports of indebtedness of Iraq issued by external parties come blind without sufficient economic and legal analysis of the background of Iraqi debt and historical accumulations.
The Finance Committee in the Iraqi parliament confirmed in previous statements that the total amount of debt owed reached about 119 billion dollars, indicating that of the total debt $ 80 billion external debt, noting that "the total debt was $ 107 billion, but after the loan Estimated at $ 12 billion, rose to $ 119 billion. Iraq suffers from a severe crisis as a result of the decline in oil prices in the global markets, as well as the expenses of military operations carried out by the military security forces to organize the preacher of the terrorist who took control of a number of the provinces of Iraq in 2014. 
Experts on the economic issue repeatedly called for the government to disclose details The internal and external debts incurred by Iraq, whether those dating back to the time of the previous regime or borrowed in recent years and a statement of the trends and objectives of those debts.

  • Upvote 3

Share this post


Link to post
Share on other sites
 
2225.jpg
 
 
 
 

Economy News _ Baghdad

A member of the parliamentary finance committee Jabbar al-Abadi said on Friday that Iraq will witness a significant economic improvement in the coming years.

"The economic situation in Iraq will not witness a major improvement or a qualitative leap due to the global economic data and the oil market on which Iraq depends mainly," Abadi said in an interview with the news agency "Economic News" that "the volume of Iraqi debt exceeded 112 billion "This is a disaster by economic standards."

He added that "Iraq earned huge fortunes in previous years when the oil barrel exceeded the barrier of $ 100, but wasted it in the projects of fictitious and acquired by the corrupt party of politicians and beneficiaries," noting that "this opportunity will not be repeated to Iraq in the coming years to continue indicators of low oil prices and can not Raising production of more than five million barrels per day during the next two decades. "

He said that "oil licensing rounds have harmed the Iraqi economy a lot despite the raising of the level of production, but doubled the cost, especially the fourth round of these licenses."

 
Views 9   Date Added 08/09/2017
  • Upvote 2

Share this post


Link to post
Share on other sites
 
887.png
Appearance of Mohammed Saleh
 

Economy News Baghdad: 

The financial adviser to the Prime Minister, the appearance of Mohammed Saleh, that 99% of the internal debt of Iraq back to the government banks and the central bank.

"The internal debt of Iraq rose from 15 trillion dinars in the year 2015 to become currently 48 trillion dinars," Saleh said in an interview seen by "Economy News", noting that "99% of the internal debt goes back to the government banks and the central bank."

He stressed that "21 trillion dinars of internal debt belongs to the Central Bank," calling on the Central Bank to "make these amounts after the acquisition of the Ministry of Finance in a fund and lending part of it to the market in order to stimulate the economy."

 

 

Views 520   Date Added 08/09/2017

  • Upvote 2

Share this post


Link to post
Share on other sites
09/09/2017 (00:01 pm)   -   Number of readings: 163   -   Issue (4012)
 
 
money and business




 

خبير Oil expert: Iran produces oil within the territory of Iraq 
The international oil expert, Hussein al-Rubaie, that all Iraqi oil fields were given to foreign companies in 2009 through the oil licensing services, noting that Iran is currently drilling within the Iraqi border oil wells. 
"Since 1930, Iraq has drilled 1,500 oil wells, most of them in Basra, while the Sultanate of Oman has dug 2,600 wells in six years," Rubaie said during a session of the oil industry in Iraq set up by the Human Dialogue Foundation in London. "Between 1990 and 2005, Iraq has drilled nearly 250 wells, while Saudi Aramco is drilling 500-600 wells per year."
He pointed out that "when drilling three oil wells inside Iraq, including two oil, while in the world every ten wells dig in which one contains oil," asserting that "Iran is currently drilling within the Iraqi territory up to 3 km and is producing oil while international law confirms that the fields "If the proportion of Iraq 90% of the oil field joint, Iran should give 90% of its production to Iraq, as well as Iraq to give Iran 10% of its production,
" noting that "Iraq's reserves of oil is 242 billion barrels "He said. 
 The oil expert pointed out that "Iraq will not be able to sell more 5 million barrels per day during the next 20 years because it will affect the global market and lead to a fall in prices 


الكهرباء Electricity opens a generating unit at a station in Basra after being rehabilitated by a Japanese company
The Electricity Committee of the Basra Provincial Council announced the launch of the fourth generation unit at the Haritha thermal station after being rehabilitated by a Japanese company financed by a Japanese loan, while confirming the imminent commencement of the rehabilitation of another unit in the same station.
The head of the committee, Majeeb al-Hassani, said in a press statement that "the Ministry of Electricity today inaugurated the fourth generation unit at the thermal station after the completion of the rehabilitation work, which lasted ten months, and was implemented by the company (Mitsubishi) Japanese funded by the Japanese loan facilitator of Iraq, Noting that "the unit was its production capacity before the rehabilitation does not exceed 120 megawatts, and currently has a production of 200 megawatts." Al-Hassani pointed out that "the operation of the unit and its connection to the national network helped stabilize the (voltages) and increase the hours of processing areas north of the province with electric power," noting that "the first obstetric unit in the same station is scheduled to see the beginning of next year 2018 direct rehabilitation, Electricity with the Japanese side held a contract in this regard. " The Chairman of the Electricity Committee in the provincial council that "
It is noteworthy that Basra has several power plants, the most old stations, and the new stations operate under design capacity due to lack of fuel, and allowance to address these problems and the construction of new stations The government over the past years spend hundreds of billions of dinars on the purchase of electricity from the private sector , A file hovering around the suspicions of corruption and large and many, and the repercussions of the resignation of former governor Majid Nasrawi, and the detention of the President of the provincial council Sabah al-Bezouni. 


الع Links: Iraq is not threatened with bankruptcy
The governor of the Central Bank, Ali Ismail al-Alaq, that Iraq is not threatened to bankrupt the high volume of debt compared to its domestic, pointing out that the size of debt in the international standard is relative to the ratio of gross domestic product and this ratio according to the capabilities of countries may reach 100 percent in some developed countries. He added: In Iraq and according to the international standard, the proportion so far within 60 percent of gross domestic product, adding: When analyzing the debt of Iraq, we find that 45 billion dollars of them back to pre-2003 and most of the Gulf countries, especially Saudi Arabia and these countries gave signals in On several occasions that it did not demand Iraq to pay until now, while some of these countries have indicated their consent to settle, so when talking about public debt we must put about 45 billion in isolation because the debt in the worst case will be settled at the Paris Club and pay 10 percent Of the amounts, or perhaps their liquidation. Al-Alaq said in a press statement that the pessimistic analysis did not distinguish between the so-called abhorrent debts of the pre-2003 period, which should be subject to certain adjustments that have not been made so far. When we exclude these debts, we will see that we are still within the acceptable limits of international debt General, pointing out that the Central Bank has debts on the state up to 16 trillion dinars and the bulk of the domestic debt is under control and does not consume Iraq's budget or lead to bankruptcy, indicating the calculation of the ability of the country to bear debt through the annual installment required of it and not the total size Basis The volume may be fuzzy But it is required for a short period and may be large but for long periods and for us the benefits of external debt up to one billion dollars a year and this is affordable and the premiums of the entire domestic debt per year up to 5 trillion dinars and the repayment of external loan installments 400 million dollars a year rising in the coming years Abhorrent to the pre-2003, which must be subject to certain adjustments have not been made so far and when the exclusion of these debts we will see that we are still within the limits acceptable by international standards on the size of public debt, pointing out that the central bank has debts to the state by 16 trillion And the bulk of the debt is local and is under control and does not consume Iraq's budget or lead to bankruptcy, indicating that the country's ability to bear debt is calculated by the required annual installment and not the total size on a basic basis may be a small size but is required for a short period may be large size, For long periods for us fu The external debt is estimated at one billion dollars a year, which is enough for it and the average annual debt of the entire country is about 5 trillion dinars and the repayment of foreign loan installments is 400 million dollars a year that will rise in the coming years Abhorrent to the pre-2003, which must be subject to certain adjustments have not been made so far and when the exclusion of these debts we will see that we are still within the limits acceptable by international standards on the size of public debt, pointing out that the central bank has debts to the state by 16 trillion And the bulk of the debt is local and is under control and does not consume Iraq's budget or lead to bankruptcy, indicating that the country's ability to bear debt is calculated by the required annual installment and not the total size on a basic basis may be a small size but is required for a short period may be large size, For long periods for us fu The external debt is estimated at one billion dollars a year, which is enough for it and the average annual debt of the entire country is about 5 trillion dinars and the repayment of foreign loan installments is 400 million dollars a year that will rise in the coming years The debts will see that we are still within acceptable limits according to international standards on the size of public debt, pointing out that the Central Bank has debts on the state up to 16 trillion dinars and the bulk of the domestic debt is under control and does not consume Iraq's budget or lead to bankruptcy, The country may be able to bear the debt through the required annual installment and not the total volume. The volume may be small, but it is required for a short period. The volume may be large but for long periods. For us, the external debt is about one billion dollars a year. Trilly Nat dinars and pay premiums external loans $ 400 million annually rise in the coming years The debts will see that we are still within acceptable limits according to international standards on the size of public debt, pointing out that the Central Bank has debts on the state up to 16 trillion dinars and the bulk of the domestic debt is under control and does not consume Iraq's budget or lead to bankruptcy, The country may be able to bear the debt through the required annual installment and not the total volume. The volume may be small, but it is required for a short period. The volume may be large but for long periods. For us, the external debt is about one billion dollars a year. Trilly Nat dinars and pay premiums external loans $ 400 million annually rise in the coming years

  • Upvote 1

Share this post


Link to post
Share on other sites

same article from above different translation app...

money and business
money and business




 

خبير Oil expert: Iran produces oil inside the territory of Iraq 
The international oil expert, Hussein al-Rubaie, that all Iraqi oil fields were given to foreign companies in 2009 through the oil licensing services, noting that Iran is currently drilling within the Iraqi border oil wells. 
"Since 1930, Iraq has drilled 1,500 oil wells, most of them in Basra, while the Sultanate of Oman has dug 2,600 wells in six years," Rubaie said during a session of the oil industry in Iraq set up by the Human Dialogue Foundation in London. "Between 1990 and 2005, Iraq has drilled nearly 250 wells, while Saudi Aramco is drilling 500-600 wells per year." 
He pointed out that "when drilling three oil wells inside Iraq, including two oil, while in the world every ten wells dig in which one contains oil," asserting that "Iran is currently drilling within the Iraqi territory up to 3 km and is producing oil while international law confirms that the fields "If the proportion of Iraq 90% of the oil field joint, Iran should give 90% of its production to Iraq, as well as Iraq to give Iran 10% of its production," noting that "Iraq's reserves of oil is 242 billion barrels "He said. 
The oil expert that "Iraq will not be able to sell more 5 million barrels per day during the next 20 years because it will affect the global market and lead to falling prices 


الكهرباء Electricity opens a power plant at a station in Basra after being rehabilitated by a Japanese company 
The Electricity Committee of the Basra Provincial Council announced the launch of the fourth generation unit at the Haritha thermal station after being rehabilitated by a Japanese company financed by a Japanese loan, while confirming the imminent commencement of the rehabilitation of another unit in the same station. 
The head of the committee, Majeeb al-Hassani, said in a press statement that "the Ministry of Electricity today inaugurated the fourth generation unit at the thermal station after the completion of the rehabilitation work, which lasted ten months, and was implemented by the company (Mitsubishi) Japanese funded by the Japanese loan facilitator of Iraq, Noting that "the unit was its production capacity before the rehabilitation does not exceed 120 megawatts, and currently has a production of 200 megawatts." Al-Hassani pointed out that "the operation of the unit and its connection to the national network helped stabilize the (voltages) and increase the hours of processing areas north of the province with electric power," noting that "the first obstetric unit in the same station is scheduled to see early 2018 direct rehabilitation, Electricity with the Japanese side held a contract in this regard. " The head of the electricity committee in the provincial council that "the thermal Hertha plant currently has a capacity of 320 MW, consisting of four generating units, including two units have been idle since 1991 as a result of the exposure of the plant to the bombing." 
It is noteworthy that Basra has several power plants, the most old stations, and the new stations operate under design capacity because of the lack of fuel, and allowance to address these problems and build new stations The government in the past years spend hundreds of billions of dinars on the purchase of electricity from the private sector , A file hovering around the suspicions of corruption and large and many, and the repercussions of the resignation of former governor Majid Nasrawi, and the detention of the President of the provincial council Sabah al-Bezouni. 


الع Links: Iraq is not threatened with bankruptcy 
The governor of the Central Bank, Ali Ismail al-Alaq, that Iraq is not threatened to bankrupt the high volume of debt compared to its domestic, pointing out that the size of debt in the international standard is relative to the ratio of gross domestic product and this ratio according to the capabilities of countries may reach 100 percent in some developed countries. He added: In Iraq and according to the international standard, the proportion so far within 60 percent of gross domestic product, adding: When analyzing the debt of Iraq, we find that 45 billion dollars of them back to pre-2003 and most of the Gulf countries, especially Saudi Arabia and these countries gave signals in On several occasions that it did not demand Iraq to pay until now, while some of these countries have noted their consent to settle, so when talking about public debt we must put about 45 billion in isolation because the debt in the worst case will be settled at the Paris Club and pay 10 percent Of the amounts, or perhaps their liquidation. Al-Alaq said in a press statement that the pessimistic analysis did not distinguish between the so-called abhorrent debts of pre-2003 that should be subject to certain adjustments that have not been made so far and when excluding these debts we will see that we are still within the limits acceptable by international standards on the size of debt General, pointing out that the Central Bank has debts on the state up to 16 trillion dinars and the bulk of the domestic debt is under control and does not consume Iraq's budget or lead to bankruptcy, indicating the calculation of the ability of the country to bear debt through the annual installment required of it and not the total size Basis The volume may be fuzzy But it is required for a short period and may be large but for long periods and for us the benefits of external debt up to one billion dollars a year and this is affordable and the premiums of the entire domestic debt per year up to 5 trillion dinars and the repayment of external loan installments 400 million dollars a year rising in the coming years 

  • Upvote 2

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

  • Recently Browsing   0 members

    No registered users viewing this page.



  • Similar Content

    • By Butifldrm
      02/20/2020 09:08 Views 91 Section: Iraq   Government official: Iraq still owes Kuwait seven billion dollars
      Baghdad / Obelisk: The financial advisor to the Prime Minister, Mohammed Mazhar Saleh, announced on Tuesday 4 February 2020 that Iraq is still in debt to Kuwait with an amount of seven billion dollars, after he paid 52 billion as a result of the invasion of the previous regime to Kuwait in the nineties of the last century, while he indicated that the agreement with China was launched from The principle of building bridges and reviving the Silk Road.
      Saleh said in a press statement, that China is one of the developed countries in infrastructure, and that the real development in any country can only be achieved with a solid infrastructure.
      He added, that the 100,000 agreed barrels should enter the Development Fund, and then deduct from it the compensation for the Kuwait war, which remains approximately 7 billion dollars, after Iraq paid about 52 billion dollars.
      He pointed out that this agreement was based on the principle of building bridges and reviving the Silk Road, which China seeks to restore in order to bring peace and increase economic development in the world, especially since the countries that lie on the belt line constitute 65 percent of the world's population.
      Follow the obelisk
      http://almasalah.com/ar/news/187312/مسؤول-حكومي-العراق-مازال-مدينا-للكويت-بسبعة-مليارات-دولار
    • By TrinityeXchange
      hello again my friends.  its your bud here with another   worth of a take on what i see happening within the borders called iraq.  and it is really good news from my vantage point!  the topic of this opinion piece is the '6 major factors that influence an exchange rate'.  i will cover each factor briefly in reference to iraq and hope to derive whether or not those invested are either in a good or bad position. 
       
      as many know, the importance of an exchange rate revolves around one country's trading relationships with other nations.  trade relationships is the sole purpose of an exchange rate.  where there is no international trade, an exchange rate tied to a currency has no domestic significance.  with this in mind lets peer into the 6 factors of exchange rate influence between iraq and its trading partners.
       
      1) Inflation - iraq has done a fantastic job steering its inflation rate.  the latest report (aug 2015) has inflation at 2.2%.  some economists would mark this as the ideal inflation rate.  this places iraq is a great position with trading partners for determining a strong exchange rate to the iqd.
       
      2) Interest Rates - iraq has maintained a steady interest rate of 6% over the last 5 years.  compared to other nations, it is a phenomenal rate.  the importance here is the attractiveness it has to foreign investors.  should iraq sure up the security situation with daesh and clean up political corruption, foreign investors might feel confident enough to pour funds into iraq at these rates.
       
      3) Current-Account - iraq has done quite well between trading partners and has held a positive current account balance (exports vs imports) over the previous 9 years except for 2010.  oil is its primary export and it has been strong enough a commodity to keep iraq experiencing gains in its current accounts.  as iraq build its non-oil sector through the plan for increased industry and agriculture, exports should increase and it will be reflected in the current account.  
       
      4) Public Debt - this is where the hidden gem is revealed and the reason for the title of my opinion piece.  everything in the papers speak to iraq's "deficit financing".  however for some reason it appears to be seen in a negative light.  my opinion is much different.  not all debt is good but in this instant i definitely believe it is.  when most developing nations look to expand its economic markets as iraq is doing, there will be an inevitable deficit to fiscal policy (the budget).  in the short term, this is a very very good thing!  where most under developed nations utilize deficit financing for payment of domestic and foreign loans, this does not hold true for iraq.  iraq is using this tool as developed nations would, for capital formation for economic growth and boosting the private sector.  this type of debt is the best stimulate for the economy in the short term.  (here is a good slide-show presentation explaining deficit financing.)
       
      5)  Terms of Trade - balance of trade for iraq is simply outstanding and last reported at approximately $40B usd ($44B previous year).  compared to turkey (-$6B usd), japan (-$268B yen), germany $24B eur.  i would say that iraq comparatively has a case for a strong dinar.  its current accounts and balance of trades are unbeatable (maybe a little exaggeration there).
       
      6) Political Stability & Economic Performance - well, you can't shine everywhere  .  unfortunately this important piece is dragging iraq down.....and i mean wayyyyyyyy down.  nobody in their right mind want to stick hundreds of millions in an environment like this.  this area alone is holding iraq back the most.  all things considered, if this one area is corrected there is no reason why foreign investment wont flood the country and the domestic currency surge in demand.  
       
      there you have it gang.  hopefully this piece wasn't too long.  this should give us all a solid overview of the factors that influence the dinars TRUE exchange rate the most.  from it we should be able to make a sound judgement on where the currency is headed and whether or not we want to remain involved. 
       
      be blessed!  
    • By Jim1cor13
      Posted on May 16, 2015by Martin Armstrong  
       
      This Sovereign Debt Crisis is the nature of the beast we face. Understanding that crisis is half the battle for after the business cycle turns, there will be a lot of finger-pointing but you can bet it will never be pointing at government. It does not matter what country we are from, the people are the same. The audience last night in Warsaw was articulate, understood, and the audience made it known that they too distrust government. It really matters not our nationality. People never start wars, only governments which are not the people.
       

       
      It is also never private debt that causes the end of a nation, it is the debt of government. When people default, their assets are seized and they were often thrown in debtors prison. When government defaults, you get revolution. Adam Smith called this the highest impertinence of kings to pretend to watch over the debts of the people and not their own. This cycle of political change is about 309.6 years. The last wave began in the 1600s and culminated in the late 1700s, The wave before that is where capitalism began during the 14th century with the reintroduction of wages and taxes following the Black Death of 1346-1353.
       
       

       
      The American people were not in support of the revolution until the very end like a Phase Transition. Those who wanted to leave Britain were only about 33%. Then a writer issued a pamphlet by the name of Thomas Paine entitled Common Sense. Paine explained that the nation or society is only the people and that government views itself as the nation yet is entirely different right from its origin. He further explained that “Society is produced by our wants, and government by our wickedness; the former promotes our POSITIVELY by uniting our affections, the latter  NEGATIVELY by restraining our vices. The one encourages intercourse (cooperation of people creating an economy) the other creates distinctions. The first a patron, the last a punisher.”
       
       

       
       
      We can see that despite the American and French Revolutions, government reverts always back to the dominant punisher assuming the very same power against which the people revolted to begin with. We can see Thomas Paine’s words are applicable today. The US government called Snowden a traitor for telling the people the government was illegally searching and seizing everything. It was irrelevant that he informed the people about the illegal acts of government. It was treason by their definition because he revealed what they were doing illegally to the people. That reflect what Paine said – they see themselves as the nation not the people who they exploit for their own survival.
       
      Understanding who is the enemy is the very first step in the reform process. About every 309 years we reach a crisis in government. This has been resolved unfortunately with violence for whoever is in power never goes quietly into the light. The late 1700s was of course the American and French Revolutions and today the people of both nations have less rights than existed when they rose up in their respective revolutions. Both were sparked by a debt crisis.
       
      In Britain, George III needed money so badly, he was taking Spanish coins and counterstamping his own image and making them English. The Assignates were paper money issued by the French that was back by confiscating the property of the Catholic Church. The Crown had bailed out the debt of the Mississippi Bubble of 1720 and that imposed harsh taxes upon the French people. We are in the very same position of a Sovereign Debt Crisis once again that is turning to confiscating everything we have as well as government is always driven by debt.
       
      Thomas Jefferson was highly practical. He wanted the Constitution to automatically expire every 19 years and he was against any government debt. Why? A national debt to Jefferson was taxing the next generation without representation. Indeed, we are being heavily taxed to support the continued rollover of debt.
       
      Without question, this is where we are once again. Jefferson understood looking at history that it repeats because human nature never changes. He saw war was caused by standing armies and once government is paying to maintain such a force, it is like have a car you never drive.
       
      If we look back 309 years from the 1700s, we come to the 14th-15th centuries. In Florence it began with a revolution where they too ran out and hanged bankers. The great series of tax revolts began on that cycle in England and France that finally culminated following the Black Death (1346–53) where capitalism really began with the reintroduction of wages given the shortage of labor.
       
      Perhaps this time we can put pressure for political change in eliminating debts and this viscous cycle of Sovereign Debt Defaults that destroy society. We can prepare for our individual survival by comprehending the nature of the beast. As was discussed in the session in Warsaw, it is true gold is no longer the savior since we cannot hop on a plane with a briefcase full of gold and seek a new start. Gold’s role may be local and in an underground economy, but make no mistake about that, government is well aware of that role as well.
       
      Governments are robbing anything travelers might have these days. There were even signs in Poland warning if you have more than €10,000 in cash or “assets” when traveling it was illegal. They will look for jewelry, stocks, gold, or diamonds. Anything they deem of value they can confiscate.
       
      This is a new age of authoritarianism and is not ending nicely. The idea of crypto-currencies is also rather foolish for nothing can compete against a government that is ruthless and broke. They have the guns and then tanks and will use them against the people. Our hope is to identify the problem and spread the word. Yeltsin stood on the tanks in Russia and asked the troops not to fire on their own people. If the pawns of government refuse to massacre their own people, then we can win. It is critical to understand that police and military will become the tool for both sides.
       
      This is why Brussels is now calling for a European Army. That will be their power and sending Greek troops into Germany will prevent the troops from siding with the people. This is also why there is a mad rush to create robots for war. They have no emotions and cannot be turned. Government understands their weak-link for throughout history it has always been the loyalty of the troops.
       
      That is what we must understand and we must understand that private assets are the means to survive – not pensions or government bonds. Eliminating cash is their way to force people into banks and prevent a bank-run. That will end in the total authoritarian government for you will not be allowed to buy or sell except without the grace of government.
    • By Sgwmax
      I am trying to understand what the community is referring too when the topic of taxes are raised as it relates to the impending CE.  I asked my tax advisor, and he explained to me that because the Currency being exchanged is in fact a debt note, and NOT a SECURITY, there are no taxes to be paid on any gains realized when the exchange is completed... so, please help me with understanding what I'm missing... Thanks everyone~!
    • By UNEEK
      Confessions of an Over-Saver: Why I Hate Spending Money
      Karen Mazzola, as told to Alden Wicker    Posted on May 31, 2013

      Everyone is talking about the crisis among twentysomethings. We don’t save enough. We’re behind on retirement. Our loans are untenable. We have high credit card debt.

      Not me.

      I’m a 27-year-old legal consultant in New York City. I don’t make six figures, but I make a comfortable income. And I like saving. A lot. Maybe a little too much.

      I max out my 401(k), have a robust savings account and no credit card debt, and I paid off $34,000 in student loans in less than a year. Even my parents think I’m an over-saver, and they save a lot.
       

        The author, Karen Mazzola at her mother’s wedding, where she wore a dress from Filene’s Basement and made her own bouquet. What Made Me This Way

      I was raised on Staten Island, New York in a middle class family. My dad was a teacher, and my mom worked for the government. We were generally financially secure, though somewhere below what would be termed “comfortable.” But for some reason, I got it into my head at a young age that we were poorer than we were.

      It probably had something to do with the fact that both my parents came from poor families. My dad’s parents were both factory workers who lived in Brooklyn in an apartment with no heat. When the factories would close down for a month in the summer, they went on temporary welfare.

      My mother grew up the oldest girl of seven kids in a two-bedroom house in Queens. She went to Queens College even though she was valedictorian of her class, because it was all her family could afford. I think she’s always regretted that she didn’t go somewhere fancier, so she’s made it her goal to give me and my brother as much as she could.

      For this reason, she tended to spoil us. I had several dozen Barbies, the Barbie dream house, the Barbie limo, the Barbie yacht (that thing had a working blender on it) and nice clothes.

      Of course, my mom bought everything on sale whenever she could, because that’s just how we roll in our family. And the rest of her money she saved and put in savings bonds … so she could give it to me and my brother later.

      (She gave my brother the down payment for his first condo and money for his next home with his wife, the result of saving a little bit of each paycheck since the day he was born.)

          I walk to work—it takes a half hour each way—rather than spend $2.50 each way on subway fare. That also saved me from getting a gym membership.

      I saw my parents fight about money a couple of times, and they were separated by the time I was eight. Though I later found out that their divorce was for very different reasons, I think that in my head I at least partly attributed their separation to money, which made me think that more money equaled less discord.

      How I Got Four Degrees and Owed Just $34,000

      My mom had saved money for college, but she thought it made more sense to go to undergrad for free and then go to a good graduate school. I applied to nine schools, got into all nine and I got four merit-based full-ride scholarships. Out of those four, I chose my favorite, the University of Delaware.

      College was basically free. My full ride came with housing and meals. I usually had some money left over from my book stipend, and I would live on that. I rarely ate outside of my meal plan. I didn’t drink until I was 21. There wasn’t much to do in my college town, and campus events were free or very cheap. I didn’t have a car, so I went to the mall maybe twice.

      The only thing I paid for was study abroad in Australia (and I went back for free as a teaching assistant the next year) and some summer classes, since I was getting two degrees, in civil engineering and English.

      After I graduated, I went straight to law school at Cornell. I used all the money my mom had saved for college, and during the summers I worked at a law firm. The rest of my degree I financed with the maximum amount of federal subsidized student loans.

      My second and third years in law school, I was a residential adviser. I loved being an R.A., but saving $10,000 a year on housing was definitely the impetus. I cooked most of my own food. My budget for going out and eating and drinking was probably less than $50 a month. I still had no car.

      When I did one more year at NYU to get my master’s in tax law, I lived with my dad in his studio in the city, even though all my friends lived in a dorm by the school. By the time I graduated, I had four degrees and only $34,000 in student loans.

      The day I graduated from law school in 2011, my mom found out she had breast cancer. I moved back home to live with her on Long Island, and used that time to apply for jobs. I got a job offer in the late fall, right around the time my mom finished with her surgeries and my student loans kicked in. My dad moved to Florida, so I moved back into his apartment in the city.

      Transitioning to Adulthood—and Saving Even More

      As soon as I started my job, I maxed out my 401(k) by putting in 21% of every paycheck. I put at least $1,600 (half of my take-home pay) toward my student loans each month – more than four times the minimum payment. My mom put $600 toward paying them off as well.

      The rest of my paycheck went toward roughly $700 for maintenance on my dad’s apartment, $100 for cable, $50 for utilities, $100 for groceries (vegetarianism and home cooking for the win!), $100 to charity, and a little bit to occasionally go out. I also tried to put money in my savings account, but inevitably took it out to put toward my loans anyway.

      While it might not be everyone’s idea of fun, I was obsessed with budgeting. Every dollar I spent on things other than loans had a 6.55% surcharge in my mind, because that was the percent I was being charged on my loans.

      I was really into online calculators and I maintained a massive spreadsheet detailing the principal, daily interest I was paying, and how much I would save overall if I paid off my loans faster.

      I was spending $5 a day in interest in the beginning, so I balanced this by walking to work—it takes a half hour each way—rather than spend $2.50 each way on subway fare.

      That also saved me from getting a gym membership and being crushed in rush hour subway traffic. I didn’t go out to eat often, if at all. I never got takeout.

      When I went drinking with my friends, I only paid in cash because then you can’t get a crazy bill, and you won’t forget your credit card somewhere. When the introductory price ran out on my cable, I cancelled it and switched to a digital antenna and a streaming video subscription.

      I will not pay retail on clothing—the most I’ve spent on a single piece of clothing this year was $100 on a deeply-discounted coat.

      I feel like there are two types of shoppers: hunter/gatherers like me, and farmers. The latter like everything in rows, organized by color and size, and they pay full price for the convenience. But I like to hunt for the one perfect piece and I will not spend more than 50% of the original price.

      My goal is to get 80% to 90% off. To do this, I go to stores like Marshalls and Century 21 (and then head straight to the sale section) or browse eBay and the local thrift stores.

      I have not taken a single day off work since I started 15 months ago. I reasoned that if I quit or got fired (not likely, but you never know), I would get paid for those vacation days. Each one is worth around $300, so I would think to myself, “Do I want this day off or do I want the $300?”

      I’m not sure if my bosses have noticed I’ve never taken a vacation day, but they definitely know I’m a saver. At work we generally congregate in the conference room for lunch after everyone gets takeout from various restaurants, but I always bring my lunch.

      I can’t fathom spending $15 for the convenience of having someone else make a salad for me when I don’t even spend $15 on my whole week of lunches—and they’re healthy (and delicious) lunches with lots of fresh veggies.

      So yeah, I’m vocal about it.

      My friends make fun of me sometimes, but in a good-natured way. Many are also recent law school grads, and they have incredible student loans, so they understand. We’ll get dollar pizza and Trader Joe’s wine and play video games at my apartment or go to dive bars.

      Sometimes they’ll comment on the fact that I’m more frugal than they are even though I no longer have loans and don’t pay full rent, but not in a negative way. I think anyone who would seriously criticize you for not spending as much them is a jerk, and I probably wouldn’t want to be friends with them anyway.

      Oh, and I never use my credit card. I probably have a terrible credit score, but I won’t need to take out any new loans any time soon. I just really hate paying interest.

      Bye-Bye, Student Loans

      I paid off my loans in September, less than a year after they kicked in, saving myself over $11,000 in interest. I switched from playing with loan calculators to retirement calculators (I love online calculators), and maxed out my IRA.

      I check my net worth every day and examine my spending using an online budgeting tool, like the LearnVest Money Center.

      In the past, I’ve never had more than $2,000 or $3,000 in the bank because I immediately put it toward my loans. Now I have real money, and I don’t know what to do with it! I’ll probably invest in the stock market or redo the bathroom in my apartment.

      I do spend a little more than I used to, and I don’t feel as guilty. If I see a piece of clothing I like, I’ll give myself a pep talk. “It’s $30, you like it, and you can afford it.” I still only buy items when they’re on sale, though.

      I feel like my life is pretty full, though I’m terrible at dating. I like to pay for my own food and drinks on a date, and I’ll think, do I like this guy enough to swipe my Metro Card to get there, pay $20 for food, $10 for drinks, and Metro Card it home? The answer is often no. But for my friends? I’ll pay that much to see them. It’s all about knowing what’s worth it to you.

      I know what you’re thinking, and it’s true: I’m pretty responsible, but I couldn’t have gotten here without my parents’ help and guidance. I’m incredibly grateful, especially to my mom.

      You know what my ultimate financial goal is? I hope to someday be rich enough that my mom never has to worry about money again. It’s probably impossible given her nature, but it’s my hope nonetheless.

      Love reading other people’s financial tales? Check out more great LearnVest-exclusive personal stories.
       
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.