According to Quicken Loans, since 2013, there’s been a sharp uptick in the trend of couples buying houses before getting married. While getting an early jump on building equity can be a proactive step toward financial freedom, the strategy has several downsides that can’t be ignored.

“Buying a home with someone before marriage presents unique challenges from a legal and financial perspective,” said Marty Burbank, an elder law and estate planning attorney and the founder of OC Elder Law in Orange County, California.

Here’s a look at the potential downsides.

Unmarried Couples Lack Important Legal Protections

If you’re planning on getting married, you’re probably not planning on breaking up — but you might. And if you don’t wind up walking down the aisle, a shared property can become a legal minefield.

I’m an Attorney: Why You Should Think Twice About Buying a Home With Someone Before You’re Married

Andrew Lisa Fri, May 3, 2024

Here’s a look at the potential downsides.

Unmarried Couples Lack Important Legal Protections

“The laws that require an equitable division of assets during a divorce are practically nonexistent for unmarried couples who break up,” according to Quicken Loans.

That can make for an ugly and financially disastrous parting of ways.

“I’ve seen many clients struggle with the absence of legal protections typically afforded to married couples,” Burbank said. “This makes essential legal instruments like cohabitation agreements or property agreements vital to clearly define ownership rights and responsibilities. Without these, each party might face significant legal battles or losses if the relationship dissolves.”

Mismatched Credit and Debt Can Make Borrowing a Challenge

Unmarried buyers can secure a mortgage through either a single or joint application. The latter gives more buying power to couples with two incomes — but only if they have comparable credit histories.

“When it comes to obtaining a loan, mixed credit profiles can lead to complications,” Burbank said. “In my experience, one partner’s poor credit score can adversely affect the couple’s loan terms, increasing interest rates or resulting in loan rejection.”

According to Quicken Loans, lenders approve joint borrowers based on the lower of the pair’s credit scores. That means it could make sense for the better-qualified partner to apply as an individual to secure a better rate — but that diminishes purchasing power and puts all the responsibility on one party while taking property rights away from the other.

“It’s crucial for couples to evaluate their financial standings individually and consider consulting with a financial advisor to understand the best path forward, whether that means improving credit scores before applying, or possibly having one partner apply individually,” Burbank said.

Dividing Equity After a Sale Can Be Challenging

Depending on whether one or both parties secure the loan, unmarried couples can structure ownership rights through sole ownership, joint tenancy or tenancy in common — all of which can spell trouble for one or both people when it comes time to cash out.

“Regarding equity division, my experience has taught me that without marriage, complexities in asset division can escalate quickly when a relationship ends or when deciding to sell the property,” Burbank said. “Drafting a clear, legally enforceable document that outlines each person’s contributions and how proceeds will be divided upon sale can prevent many legal conflicts. This should be done with the assistance of a legal professional to ensure that all parties’ interests are protected.”

Taxes Can Get Complicated and Costly

Dinar Recaps 20 5/5/24 Dinar Recaps 20 5/5/24

News, Rumors and Opinions Sunday 5-5-2024

KTFA:

Margarita: Is Iraq still on point to enter the WTO on May 9th?

Young_SC: ABU DHABI, 27th February, 2024 (WAM) -- Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.Feb 27, 2024.

There is an accession ceremony happening on May 9th for 9 countries, Iraq being one of them per article that came out a month and a half ago. Maybe Clare could repost it again.

Margarita: Frank said tonight on his quack quack youtube at 31-50 seconds and onward...that he thinks iraq will be in wto around may 7th to the 9th so for the doubters...you can look it up for yourself.

FRANK26…..5-4-24……QUACKS !!! https://www.youtube.com/watch?v=Lm7ToBv1QD4

KTFA:

Margarita: Is Iraq still on point to enter the WTO on May 9th?

Young_SC: ABU DHABI, 27th February, 2024 (WAM) -- Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.Feb 27, 2024.

There is an accession ceremony happening on May 9th for 9 countries, Iraq being one of them per article that came out a month and a half ago. Maybe Clare could repost it again.

Margarita: Frank said tonight on his quack quack youtube at 31-50 seconds and onward...that he thinks iraq will be in wto around may 7th to the 9th so for the doubters...you can look it up for yourself.

FRANK26…..5-4-24……QUACKS !!! https://www.youtube.com/watch?v=Lm7ToBv1QD4

Clare: Parliamentary Finance for Al-Furat News: The budget schedules will reach Parliament within 72 hours

5/4/2024

Vice Chairman of the Proportional Finance Committee, Ahmed Mazhar al-Jubouri, suggested sending the 2024 budget tables to the House of Representatives within the next 72 hours.

Al-Jubouri said {to Al-Furat News} that: “The budget schedules for the year 2024 have not been sent from the government yet, and the committee is fully prepared regarding them.”

He added, “The committee will not take more than 20 days to resolve the discussion of these schedules, but so far they are the corridors of the government.”

Al-Jubouri added, "We believe that the budget schedules will be sent within the next 72 hours, according to communications with the government."

From: Raghad Dahham LINK

DeepWoodz: Well well here we go. Since it feels to all that we are down to the wire. This is one of the latest benchmarks.

Some feel there has been a delay sending these amendments/schedules due to a new rate being involved with them. Since parliament is not in the loop, nor is it friendly to the citizens. They should be the last to know prior to release to the public.

The next benchmark circulates around the events of the 9th.

We shall soon see.

*************

Frank26: "BECAUSE... THE NEW LOWER NOTES ARE READY TO MARCH!!!".......F26

Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar

5/1/2024 Baghdad,

Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar.

Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.”

He added, "Iraq currently embraces more than 600 investment projects, including the Baghdad Metro."

He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."

He pointed out that "there should be rationalization and advice in local financial consumption." LINK

************

Courtesy of Dinar Guru: https://www.dinarguru.com/

Frank26 1 to 1 is not even worth talking about anymore. It may come at $1.30 to 1 or $1.50 to 1. I believe the cap of the REER may be around $4.25. Let's see what happens to my opinion.

Mnt Goat I feel we have been in a critical period of the currency reform program since January of last year 2023. Now we are in a “vital” period. Like a game of chess, we are now in a waiting mode for the Central Bank to make their next move and rollout the second-rate change in-country to just over a dollar, that we were told is coming. Since they told us they now control the parallel “black” market, and that negotiations were successful in lifting sanctions on many Iraqi banks.

World bank report on Iraq

Nader: 5-5-2024

https://www.youtube.com/watch?v=jAma566EGNY

Post-NESARA: Those with Debt and Those without Debt Part 2

Dr. Scott Young: 5-4-2024

What will it feel like being out of debt? What will it mean to be in a budget daily? Why would I need a budget?

Won't I have unlimited funds such as the Bond Trusts to draw upon? Will there be bank loans? Will they have compound interest? What is the Rule of 78? How will banks interact with us once the QFS comes online?

https://www.youtube.com/watch?v=Wln0Mm2LeJ0

Dinar Recaps 20 5/5/24 Dinar Recaps 20 5/5/24

MilitiaMan: Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules - Salary Pay - In Days

Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules - Salary Pay - In Days

MilitiaMan and Crew: 5-4-2024

The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules - Salary Pay - In Days

MilitiaMan and Crew: 5-4-2024

The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=TzdxjPbRe5c

Dinar Recaps 20 5/5/24 Dinar Recaps 20 5/5/24

KTFA Sat. Night CC: “FRANK26…..5-4-24……QUACKS !!!”

KTFA

Late Saturday Night Conference Call

FRANK26…..5-4-24……QUACKS !!!

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163 PIN: 156996#

KTFA

Late Saturday Night Conference Call

FRANK26…..5-4-24……QUACKS !!!

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163 PIN: 156996#

https://www.youtube.com/watch?v=Lm7ToBv1QD4

DINARRECAPS8 5/4/24 DINARRECAPS8 5/4/24

Currency Insider Iraqi Dinar – Dong Saturday Evening 5-4-24

Iraqi Dinar big statement about Iraqi dinar finish line – 2:23

Vietnam Dong Big Rate Drop On forex against USD - :59

Iraqi dinar Big floating rate alert – 2:25

Iraqi dinar finally delete three zeros – 2:38

Currency Insider Iraqi Dinar – Dong Saturday Evening 5-4-24

Iraqi Dinar big statement about Iraqi dinar finish line – 2:23

Vietnam Dong Big Rate Drop On forex against USD - :59

Iraqi dinar Big floating rate alert – 2:25

Iraqi dinar finally delete three zeros – 2:38

Iraqi Dinar big statement about Iraqi dinar finish line – 2:23

https://www.youtube.com/watch?v=K1NtvWal97c

Vietnam Dong Big Rate Drop On forex against USD - :59

https://www.youtube.com/watch?v=YvtZix-TfEE

Iraqi dinar Big floating rate alert – 2:25

https://www.youtube.com/watch?v=Tr6vinPMlq4

Iraqi dinar finally delete three zeros – 2:38

https://www.youtube.com/watch?v=34mBV8unb8U

DINARRECAPS8 5/4/24 DINARRECAPS8 5/4/24

Iraqi Dinar Video Update Saturday Evening 5-4-24

National Bank Of Iraq Announced IQD New Update – 3:29

Iraqi Dinar Rv Processing Happening - 4:56

WOW It's Massive US Treasury Set IQD New Rate – 3:38

Citibank Announced RV Happens This Monday – 3:26

Iraqi Dinar Video Update Saturday Evening 5-4-24

National Bank Of Iraq Announced IQD New Update – 3:29

Iraqi Dinar Rv Processing Happening - 4:56

WOW It's Massive US Treasury Set IQD New Rate – 3:38

Citibank Announced RV Happens This Monday – 3:26

National Bank Of Iraq Announced IQD New Update – 3:29

https://www.youtube.com/watch?v=BQhRmuz8P1Q

Iraqi Dinar Rv Processing Happening – 4:56

https://www.youtube.com/watch?v=HXhbZFlZe1s

WOW It's Massive US Treasury Set IQD New Rate – 3:38

https://www.youtube.com/watch?v=aypeuisBiSo

Citibank Announced RV Happens This Monday – 3:26

https://www.youtube.com/watch?v=Pz1tUvNOeTM

DINARRECAPS8 5/4/24 DINARRECAPS8 5/4/24

Goldilocks' Comments and Global Economic News Saturday Evening 5-4-24

Goldilocks' Comments and Global Economic News Saturday Evening 5-4-24 Good Evening Dinar Recaps,

"The International Organization of Securities Commissions has also laid out its 18 recommendations for global rules on managing crypto and digital assets.

The World Economic Forum’s Pathways to the Regulation of Crypto-Assets details key regulatory developments over the past few years.

The Forum is actively working on the Digital Assets Regulatory (DAR) initiative, which analyzes outcomes of different national approaches to digital asset regulation." Let's take this one step at a time my friends.

I know so many have been hyped up by leaders pushing agendas that do not exist. When we look at the reality of what is taking place and slow down, we realize that nothing can stop what's happening because movement backward at this point is no longer an option.

Once our cryptocurrencies are fully regulated and become law, we still have Credit Valuation Adjustments that have to take place on the markets. You cannot pull these CVAs out of thin air.

Goldilocks' Comments and Global Economic News Saturday Evening 5-4-24

Good Evening Dinar Recaps,

"The International Organization of Securities Commissions has also laid out its 18 recommendations for global rules on managing crypto and digital assets.

The World Economic Forum’s Pathways to the Regulation of Crypto-Assets details key regulatory developments over the past few years.

The Forum is actively working on the Digital Assets Regulatory (DAR) initiative, which analyzes outcomes of different national approaches to digital asset regulation."

Let's take this one step at a time my friends. I know so many have been hyped up by leaders pushing agendas that do not exist. When we look at the reality of what is taking place and slow down, we realize that nothing can stop what's happening because movement backward at this point is no longer an option.

Once our cryptocurrencies are fully regulated and become law, we still have Credit Valuation Adjustments that have to take place on the markets. You cannot pull these CVAs out of thin air.

These numbers come from live experiences formulating new correlations on the market based upon real demands and real supply numbers that have actual predetermined and defined actions that can be moved on the QFS.

Real World Assets based on real values in the new digital economy that are placed on Banking and Market protocols will give us standardized procedures giving us the same result Time after Time after Time.

This will eliminate room for error that has often been the place where currency manipulations have been abused. When the QFS is finished, those games are over.

Remember, the adoption of the new digital economy and their new pricing mechanisms will emerge first, I will try to update you as much as I can on these new shifts in our economy, but I am telling you they are coming fast.

We will go over the basics and overall picture in this room without going into details that oftentimes confuse many people. Let's leave the details to the technicians, and let us pray a word of gratitude for the work they are doing to change our world.

From what I can see, it is a change for the better in so many ways. We are living through a world in transition, and you may find yourself changing with it in ways you do not always notice.

If you are living in this day and age, you were meant to do so. Please take the time to understand the world you are living in going forward. It will keep you from being lost in a world that was meant and designed to provide you with a huge blessing.

Please be open to change, and even, changing your own preconceived ideas based upon previous knowledge that has either been changed or designed to misinform you. European Sting

(https://www.weforum.org/publications/pathways-to-crypto-asset-regulation-a-global-approach/)

Just know, that the road ahead was never promised to be an easy one, but it was meant to be worth it.

© Goldilocks

~~~~~~~~~

URGENT NEWS Old News Yet Urgent CBI Meeting | Youtube

~~~~~~~~~

Iraqi Ministry of Oil exports first shipment of Propane gas - Shafaq News

~~~~~~~~~

Central Banks Buy Record Gold Bullion Tonnage Q1 2024 | Youtube

~~~~~~~~~

Which Industries Lost Jobs, Which Gained Jobs: Longer-Term Employment Trends in Charts | Wolf Street

~~~~~~~~~

The Institutions Are Coming: The Dawn Of A New Era At This Year’s MicroStrategy World — Bitcoin For Corporations Conference - Bitcoin Magazine

~~~~~~~~~

A floating rate is determined by the open market through supply and demand on global currency markets.

"Leveling the playing field" in all currencies does not mean they will all be the same price.

Therefore, if the demand for the currency is high, the value will increase. If demand is low, this will drive that currency price lower. Investopedia

~~~~~~~~~

Top 5 Precious Metals Companies of 2024 | GoldiraHoldings
~~~~~~~~~

TONIGHT on Saturday Night Live Call, Freedom Fighter and Jester will break down Goldilocks Posts from this past week.

9 pm EDT / 8 pm CDT / 6 pm PDT

JOIN the call HERE

Ask Questions to be answered on the call HERE starting at 8 pm ET.

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Dinar Recaps 20 5/4/24 Dinar Recaps 20 5/4/24

Saturday Night “Humor While We Wait” By TNT Members

TNT:

Rem6330: Church Ladies With Typewriters They're Back!

Those wonderful Church Bulletins! Thank God for the church ladies with typewriters. These sentences actually appeared in church bulletins or were announced at church services:

--------------------------

The Fasting & Prayer Conference includes meals.

--------------------------

Scoutsare saving aluminum cans, bottles and other items to be recycled Proceeds will be used to cripple children.

--------------------------

The sermon this morning: 'Jesus Walks on the Water. 'The sermon tonight: 'Searching for Jesus.'

TNT:

Rem6330: Church Ladies With Typewriters

They're Back! Those wonderful Church Bulletins! Thank God for the church ladies with typewriters. These sentences actually appeared in church bulletins or were announced at church services:
--------------------------

The Fasting & Prayer Conference includes meals.
--------------------------

Scoutsare saving aluminum cans, bottles and other items to be recycled Proceeds will be used to cripple children.
--------------------------

The sermon this morning: 'Jesus Walks on the Water. 'The sermon tonight: 'Searching for Jesus.'
--------------------------

Ladies, don't forget the rummage sale. It's a chance to get rid of those things not worth keeping around the house. Bring your husbands.
--------------------------

Don't let worry kill you off - let the Church help.
--------------------------

Miss Charlene Mason sang 'I will not pass this way again,' giving obvious pleasure to the congregation.
--------------------------

For those of you who have children and don't know it, we have a nursery downstairs.
--------------------------

Next Thursday there will be try-outs for the choir. They need all the help they can get.
--------------------------

Irving Benson and Jessie Carter were married on October 24 in the church. So ends a friendship that began in their school days.
--------------------------

A bean supper will be held on Tuesday evening in the church hall. Music will follow.
--------------------------

At the evening service tonight, the sermon topic will be 'What Is Hell?' Come early and listen to our choir practice.
--------------------------

Eight new choir robes are currently needed due to the addition of several new members and to the deterioration of some older ones.
--------------------------

Please place your donation in the envelope along with the deceased person you want remembered.
--------------------------

The church will host an evening of fine dining, super entertainment and gracious hostility.
--------------------------

Pot-luck supper Sunday at 5:00 PM - prayer and medication to follow.
--------------------------

The ladies of the Church have cast off clothing of every kind. They may be seen in the basement on Friday afternoon.
--------------------------

This evening at 7 PM there will be a hymn singing in the park across from the Church. Bring a blanket and come prepared to sin.
--------------------------

The pastor would appreciate it if the ladies of the Congregation would lend him their electric girdles for the pancake breakfast next Sunday.
--------------------------

Low Self Esteem Support Group will meet Thursday at 7 PM. Please use the back door.
--------------------------

The eighth-graders will be presenting Shakespeare's Hamlet in the Church basement Friday at 7 PM. The congregation is invited to attend this tragedy.
--------------------------

Weight Watchers will meet at 7 PM at the First Presbyterian Church. Please use large double door at the side entrance.
--------------------------
And this one just about sums them all up

The Associate Minister unveiled the church's new campaign slogan last Sunday: 'I Upped My Pledge - Up Yours.'

*********

Mot: .. Please!!!! - Please Nelson!! -- Let Us Know and Soooooon!!

Mot: Excellent Motivation....... Women will love To exercise forever......

https://www.youtube.com/watch?v=cO7iCbtlcIc

Mot: Nitro boat vs whiney girlfriend..................

https://www.youtube.com/watch?v=NgFhJN4H0T0

Dinar Recaps 20 5/4/24 Dinar Recaps 20 5/4/24

Economist’s “News and Views” Saturday 5-4-2024

“Extreme” Times Right Now, Worse than 1970s, Dollar Collapse is Next

ITM Trading: 5-4-2024

John Rubino, former Wall Street financial analyst, author, and founder of DollarCollapse.com, sounds a stark warning: 'People who are hurt by the inevitable results of this process are the ones who trust the government.'

In his sobering analysis, he outlines a bleak future for the U.S. economy, where mounting debt and escalating interest costs cripple the government's ability to provide for its citizens.

The repercussions? A widespread suffering for those dependent on government aid.

Rubino points to Japan's struggle with a plummeting yen and soaring interest rates as a cautionary tale of the perils of unchecked debt.

“Extreme” Times Right Now, Worse than 1970s, Dollar Collapse is Next

ITM Trading: 5-4-2024

John Rubino, former Wall Street financial analyst, author, and founder of DollarCollapse.com, sounds a stark warning: 'People who are hurt by the inevitable results of this process are the ones who trust the government.'

In his sobering analysis, he outlines a bleak future for the U.S. economy, where mounting debt and escalating interest costs cripple the government's ability to provide for its citizens.

The repercussions? A widespread suffering for those dependent on government aid.

Rubino points to Japan's struggle with a plummeting yen and soaring interest rates as a cautionary tale of the perils of unchecked debt.

In the face of such financial uncertainty, he urges individuals to safeguard their assets by investing in gold and silver.

CHAPTERS:

00:00 Dollar collapse

4:00 U.S. dollar reserve currency

6:22 Economic repercussions

9:59 Gold reserves

13:54 China gold purchase

15:44 Japan’s trouble

18:04 Consequences of trusting the government

21:31 Gold 27:18 Housing purchasing

29:09 Concluding words

https://www.youtube.com/watch?v=xBw0H4Vmfrg

Banking Crisis: Is Your Money Really Safe? What No One Tells You About U.S. Banks

Kitco News: 5-4-2024

Is your money really safe in the U.S. bank? Andrew Henderson, founder of Nomad Capitalist, tells Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, that U.S. banks are not in the top 10 or even the top 40 list of the world’s safest banks.

Henderson explains why and provides a list of the safest banks in the world.

He also dives into the Nomad Capitalist philosophy and the best ways to diversify with a global citizen portfolio.

https://www.youtube.com/watch?v=nZAR5iQ4DBM

The Next Great Financial Crisis Is About To BEGIN (Just Like In 2008

Lynette Zang: 5-4-2024

Here is a breakdown of the Debt bubble disaster. Is this similar to 2008? Maybe it is and maybe it's much worse....

https://www.youtube.com/watch?v=-ikOEE_EsBU

DINARRECAPS8 5/4/24 DINARRECAPS8 5/4/24

Iraqi News Highlights and Points to Ponder Saturday AM 5-4-24

Economic: The Fixed Dollar Exchange Rate Depletes Iraq's Foreign Currency Reserves

Manar Al-Obaidi Money and business Economist Manar Al-Obaidi confirmed that the fixed dollar exchange rate adopted by Iraq depletes the country's foreign currency reserves.

Al-Obaidi said, “The only thing that is completely under the control of the Iraqi state is the exchange rate, which forcefully drains all foreign reserves to maintain an imaginary fixed price that traders benefit from to increase their profit margin.”

He added, "I never called for following a free-float policy. Rather, I called for a start to follow a compensation policy managed with a small volatility factor and gradually work to increase it until complete liberalization is reached."

He continued, “The alternative to maintaining the fixed exchange rate is to continue depleting the reserves until they run out and the oil market is exposed to very expected future fluctuations. Then, will we be forced, not given the choice, to an absolute floatation of the currency or a shocking reduction in the exchange rate, as happened in 2020, and then the risks will be greater and greater?”

Iraqi News Highlights and Points to Ponder Saturday AM 5-4-24

Economic: The Fixed Dollar Exchange Rate Depletes Iraq's Foreign Currency Reserves

Manar Al-Obaidi Money and business Economist Manar Al-Obaidi confirmed that the fixed dollar exchange rate adopted by Iraq depletes the country's foreign currency reserves.

Views 26 05/03/2024 https://hathalyoum.net/

World Bank: Dependence On Oil Will Expose Iraq To Macroeconomic Fluctuations

Economy 2024-05-04 Today's News – Baghdad The Iraqi economy is expected to return to growth in 2024 at a rate of 1.4%, compared to a contraction of 2.2% during the year 2023, with the growth rate next year jumping to 5.3%, according to data from the latest IMF report on global economic prospects issued this month. .

The contraction in Iraq's GDP last year comes despite a strong return to growth in the non-oil sector, recording 6%, with inflation receding, according to Fund estimates.

According to the statement of the IMF mission to conduct Article IV consultations, last March, the Fund expects that overall growth will rise again in 2024, with the momentum of non-oil growth continuing during the year, while risks tend towards an increase amid increasing uncertainty.

This comes while the Fund expects, in the medium term, that non-oil growth will stabilize at around 2.5% due to the obstacles that limit the development of the private sector.

Iraq is one of the countries most dependent on oil in the world, and oil revenues accounted for more than 99% of its exports, 85% of its government budget, and 42% of its gross domestic product over the past decade, according to World Bank data.

The World Bank believes that this excessive dependence on oil exposes the country to macroeconomic fluctuations, while budgetary rigidities restrict the available spending space in public finances and limit any opportunity to develop policies to counter cyclical fluctuations.

The public finance balance shifted from a surplus of 10.8% of GDP in 2022, to a deficit of 1.3% in 2023.

This is due to a decrease in oil revenues and an increase in spending by 8% of GDP, to which contractual salaries and pensions contributed. By 5%, according to the IMF.

The Fund expects the public finance deficit to reach 7.6% of GDP in 2024, in the absence of new policy measures, and to expand further after that with the expected gradual decline in oil prices in the medium term.

The increase in the public finance deficit will result in a nearly doubling of public debt from 44% of GDP in 2023 to 86% of GDP by 2029, according to Fund estimates.

Expectations that the current account will turn into a deficit.

The IMF estimates the current account surplus at 2.6% of GDP at the end of last year, expecting it to turn into a deficit by 3.6% during 2024, and for this deficit to expand to 5.1%.

Indicators have improved:

Overall inflation declined from the level of 7.5% in January 2023, to 4% by the end of last year, according to IMF estimates, which reflected the decline in food and energy prices at the international level, and the impact that the process of revaluing the price of the Iraqi currency had on February 2023.

The International Monetary Fund expects the inflation rate to stabilize at 4%, whether as an average for the year or as a level by the end of the year during the years 2024 and 2025.

The Fund also estimates that international reserves will rise to 112 billion US dollars by the end of 2023, compared to about 97 billion dollars at the end of 2022.

The Iraqi government reduced external debt from $19.729 billion in 2022 to $15.976 billion in 2023, according to what the official Iraqi News Agency reported from Iraqi government spokesman Bassem Al-Awadi, this April.

Al-Awadi said that the government took a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, bringing the debt down from $19.729 billion at the end of 2022, to $15.976 billion in 2023, reaching approximately $8.9 billion this year.

Other steps for a greater role for the non-oil sector.

The IMF believes that reducing the level of dependence on oil, and ensuring financial sustainability, while at the same time working to protect the very important social and investment spending, will require a major adjustment to public financial conditions, centered on controlling the sector’s wage bill. Overall, increasing non-oil revenues.

In parallel, the situation will require high economic growth to accommodate the rapidly growing workforce, boost non-oil exports, and expand the tax base.

The IMF believes that there is a need to implement an ambitious adjustment to public financial conditions, to help stabilize debt in the medium term, and rebuild protective safety margins for public finances, while maintaining necessary capital spending.

Most aspects of consolidating public finances come from reducing current spending, especially controlling the wage bill by reducing mandatory appointments, and from working to gradually implement the rule of natural attrition for workers in the public sector.

The Fund indicated the need to increase non-oil revenues by expanding the income tax base on individuals, making it more progressive, reviewing the customs tariff structure, and considering imposing new taxes on luxury items.

The Fund also believes that there is a need to undertake broad structural reforms to enhance private sector development and economic diversification.

He explained that Iraq needs to raise growth rates in the non-oil sector in a sustainable manner to accommodate the rapidly increasing workforce, and to increase non-oil exports and government revenues, in addition to reducing the economy’s exposure to oil price shocks.

The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, said last January that his country had set a goal in a three-year budget to reduce dependence on oil revenues from 95% to 80%, in a discussion session at the World Economic Forum in Davos. https://today-agency.net/Details/9445#hathalyoum

Expert Al-Tamimi: Preparing And Amending The Tripartite Budget Must Be Done With The Approval Of The House Of Representatives

May 4, 2024 Baghdad/Al-Masala Al-Hadath: Legal expert Ali Al-Tamimi explained on Saturday that preparing a medium-term budget for a period of 3 years is presented once and with the approval of the House of Representatives.

Al-Tamimi said: The annual budget begins on 1/1 and ends on 12/31 of the same year, and the Federal Ministry of Finance has the right to prepare a medium-term budget for a period of three years that is presented once and legislated, and the first year is obligatory, and the Council of Ministers has the right, based on a proposal from the Ministries of Planning and Finance, to amend it. For the second and third years, with the approval of the House of Representatives.” https://almasalah.com/archives/90236

Al-Sudani: Iraq Is Moving Today To The Stage Of Revitalizing The Economy And Consolidating Sovereignty

Policy 2024-05-03 Today's News – Baghdad Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Friday, that Iraq is moving today to the stage of production, moving the economy, creating job opportunities, facing challenges, and consolidating sovereignty, indicating that everyone bears the task of enforcing the law and building the edifice of justice, equality, and institutional stability.

Al-Sudani's office stated in a statement received by Al-Youm Al-Akhbariya, that "Prime Minister Muhammad Shia' Al-Sudani attended, this Friday morning, the celebration held in the capital, Baghdad, on the occasion of the anniversary of the founding of the Asaib Ahl al-Haq movement."

In a speech he delivered during the ceremony, Al-Sudani praised the anniversary of the founding of the movement, its path in national jihad work, and the constellation it presented of the struggling group of martyrs who valiantly fought terrorism.

Al-Sudani said, "The Asa'ib movement is contributing today to supporting the state's path after it confronted the terrorist ISIS gangs yesterday," stressing that "the entire world has witnessed the Iraqis' sacrifices of their armed forces in all their names, including the Popular Mobilization Forces and their mujahideen."

He added: "The government, supported by broad parliamentary and popular will, is moving towards achieving sustainable development."

He continued: “Our country is moving today to the stage of production, building infrastructure, stimulating the economy, creating job opportunities, confronting challenges, and consolidating sovereignty,” adding: “We all bear the task of enforcing the law, and building the edifice of justice, equality, and institutional stability.”

He pointed out that "there is no alternative to upholding the state's word and protecting the constitution, and our success is best in fulfillment of the blood of the martyrs," stressing that "those who have tasted the scourge of persecution and suffered from the fire of dictatorship are more deserving of national action to consolidate sovereignty and preserve their constitutional governmental institutions." https://today-agency.net/Details/9323#hathalyoum

Provoking Thoughts and Points to Ponder on Wealth

He that maketh haste to be rich shall not be innocent. - Bible

I glory more in the coming purchase of my wealth than in the glad possession.- Ben Jonson

I'll fares the land, to hastening ills of prey Where wealth accumulates, and men decay. - Oliver Goldsmith

It is the wretchedness of being rich that you have to live with rich people. - Logan Pearsall Smith

One cannot both feast and become rich. - Ashanti proverb

Poor men seek meat for their stomach, rich men stomach for their meat. - Old saying

Riches serve a wise man but command a fool. - Old saying

The first wealth is health. - Ralph Waldo Emerson

The smell of profit is clean and sweet, whatever the source. - Juvenal

There are few sorrows, however poignant, in which a good income is of no avail. - Logan Pearsall Smith

The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity. - Alan Gregg

Riches enlarge, rather than satisfy appetites.- Thomas Fuller

http://famousquotesandauthors.com/topics/wealth_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html