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Tuesday, September 22, 2015

DINAR IRAQ & DONG VIETNAM UPDATE, 22 SEPT

Dinar Iraq and Dong Vietnam :“Moody’s” credit rating agency predicted rise in Iraq’s oil production by 10% per year for up to about 5 million barrels a day by 2019, with non-oil growth from 2016 recovery and beyond and this will help to raise real GDP growth rate to about 8 % per year between 2016 and 2019.
Moody’s in a statement on official web site said that the Iraqi economy suffers lack of diversification and oil accounts for 50% of GDP, almost 100% of exports, as well as the public sector dominated the non-oil sector, the form of manufacturing and construction only 10% of GDP in 2014.
Moody’s expects that the decline in government revenues in Iraq for 2015 by 35%, compared to 2014, the budget deficit rises to 18% of GDP, despite the growth of oil exports in Iraq, probably in 2016, the fiscal deficit will remain at about 15% of GDP.
The financing of the deficit will raise the government’s debt to about 79% of GDP by the end of 2016, but Moody’s predicted decline to less than 70% of GDP in 2019, with high oil prices and production, but government revenues will remain vulnerable to fluctuations Oil.
Moody’s said, they have temporary rated government bonds to be issued in dollars at Caa1, meaning a high degree of risk, but gave a stable outlook.
Where Iraq is planning an international bond issue worth $6 billion, for the first time in 9 years, to finance the budget deficit, and declines in oil prices, as well as its war against Daash.
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Information / BAGHDAD / ..
Prime Minister Haider al-Abadi, Monday assured that he will not back down on the reforms, even cost him his life, stressing the need to work to achieve justice.
Abadi said in a speech during his attendance to honor the completion of transactions ceremony retirement martyrs’ families in their homes and followed / information /, “We are working to achieve fairness and justice and will not retract from the reforms even if it cost me my life.”
He added that “the fight against political quota system, an essential part of the fight against corruption, because the personal loyalty or party leads to provide close at the expense of professionals and this injustice destroys society will not allow it.”
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