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[rockhound60]

Iraq Government allocates 700 billion Dinars to reduce poverty in Iraq

Wednesday, October 19, 2011 12:32 GMT Iraqi Ministry of Planning and Development Cooperation declared, on Monday, that the government dedicated more than 700 billion Dinars to support poverty reduction strategy in the country. This strategy aims to reduce poverty from 23% to 16% by 2014, Iraqi government pointed up.

“Iraqi government allocated 717 billion Dinars to support poverty reduction strategy in Iraq,” Ministry’s spokesman Abdul Zahra Al Hindawi told Alsumarianews. “This sum is earmarked to support projects like small loans’ fund, eliminate Iraqi mud schools, build low cost residential compounds and enhance primary health care services,” Al Hindawi stressed.

“The government allocated 125 billion Dinars of these funds to five provinces in support of the construction of rural women development centers and other related activities,” Al Hindawi added. “The 125 billion Dinars came in addition to the sum already reserved to major development projects including projects to support the agricultural sector, build up schools in rural villages and enhance primary health care services all of which require recruiting poor people in poor areas,” he carried on.

“This strategy aims in general to reduce poverty from 23% to 16% throughout the year 2014 by ensuring poor people higher incomes from their work, upgrading their health status, enhancing their education, providing them better living environment and reducing differences between men and women,” he continued.

“The strategy is expected to decrease national poverty by 30% which means dropping from 7 million poor citizen to 5 million ,” Al Hindawi pointed up. “It is also expected to reduce poor’s illiteracy percentage by half from 28% presently to 14% as well as increase poor women contribution to the economy from 13% currently to 19%,” he added. “We also expect to reduce the number of people included in the ratio card system and restrict it to the ones below the poverty line, Al Hindawi concluded.

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[zigmeister]

Another detail in chapter 7 they must address, it appears they are.

[robboys33]

imho if they are going to allocate 700 billion dinars to the poor. that means iqd rate of exchange has to be way more than 1170 because if it stays they would not make it through one fical year. 700 billion dinar couldnt build a hospital, staff it ,maintain it...etc imho rate has to be 2.25 to 4.12 in order to support the iraq people. If there are 32 million people in iraq .I assume atleast 20 million are poor. If not there ratio of rich is better than any nation on the plant.

[Aqua Dude]

is it just me or does anyone else think that 700,000,000 / 1170 = 598,290,598.29 is not enough to reduce poverty for an entire nation

600 mill is not enough when it comes to a nation.......now at RV of 1:1 would make that 700bil dinar worth 700 bil USD.....now that sounds more reasonable

[FreckledFuzz]

is it just me or does anyone else think that 700,000,000 / 1170 = 598,290,598.29 is not enough to reduce poverty for an entire nation

600 mill is not enough when it comes to a nation.......now at RV of 1:1 would make that 700bil dinar worth 700 bil USD.....now that sounds more reasonable

Great post Aqua-- but your math is off....

Here's the shocking number

700,000,000/1170=

$USD

598,290.59

[RealisticInvestor]

imho if they are going to allocate 700 billion dinars to the poor. that means iqd rate of exchange has to be way more than 1170 because if it stays they would not make it through one fical year. 700 billion dinar couldnt build a hospital, staff it ,maintain it...etc imho rate has to be 2.25 to 4.12 in order to support the iraq people. If there are 32 million people in iraq .I assume atleast 20 million are poor. If not there ratio of rich is better than any nation on the plant.

Take your dinar goggles off!! Y'all sound too funny all the time. They're taking steps to reduce poverty. That's great. Not about the RV

[robboys33]

well this money is going some where...how much next year 1 trillon dinar ?

[Darin]

Great post Aqua-- but your math is off....

Here's the shocking number

700,000,000/1170=

$USD

598,290.59

I hate to the bearer of bad news.. But you just divided 700 Million by the 1170, we need to divid 700 Billion by the 1170.. You got the equation right, but your missing 3 zeros.

700,000,000,000 / 1170 =

$598,290,598.29

Now lets divide that by 31 Million (Population)

$19.29 per person to fix poverty, poor, etc.

But, we know that won't go directly to the people... It will likely be just that it goes towards food & other Govt services to help the poverty get by.

[Sanssouci]

Take your dinar goggles off!! Y'all sound too funny all the time. They're taking steps to reduce poverty. That's great. Not about the RV

Yeah, and at the present exchange rate, 700 billion dinar isn't much. That was the point.

[RealisticInvestor]

Yeah, and at the present exchange rate, 700 billion dinar isn't much. That was the point.

It may not be much but it's more than before and 100% of Iraq won't receive that money bc not everybody is in poverty. One thing investors need to understand is that an RV would increase the liabilities of a country not the assets. The assets is the oil in the ground. China has always kept their currency LOW. Why? Yes their rate is low but a redenomination with a small RV would probably help Iraq the most.

[eyeownu]

It may not be much but it's more than before and 100% of Iraq won't receive that money bc not everybody is in poverty. One thing investors need to understand is that an RV would increase the liabilities of a country not the assets. The assets is the oil in the ground. China has always kept their currency LOW. Why? Yes their rate is low but a redenomination with a small RV would probably help Iraq the most.

China's asset is its work force. low currency = cheap labor = increased demand for slave labor = Chinese policy. Whereas Iraq's asset are in the ground. How would a low currency benefit a county with vast minerals?