Iraq declares bankruptcy over the next 10 years

Iraq declares bankruptcy over the next 10 years

19/03/2017



BAGHDAD / JD / .. warned a number of experts and specialists in the economic affairs of the declaration of the country went bankrupt in the next ten years if the survival of its dependence on external borrowing to bridge the domestic spending deficit, stressing that the government continues to borrow a policy without resorting to solutions that do the productive sectors will push the country to " the abyss."

And rely Iraqi budget by about 93% on the income earned from crude oil and its derivatives , while sales in the form of taxes and other sectors only 7% of the sources of financing the budget.

And see world oil prices unstable and without the level of ambition in spite of the positive results of the OPEC agreement, which led to making the economics of oil - dependent countries, including Iraq 's shaky.

He says economist Adel Mandalawi, that "external borrowing policy will push the country into the abyss , " pointing out that " the government has put plans to borrow and will not think about how to repay."

He told Mandalawi / KD / that " the government continues this policy without the presence of viable solutions that could help expand the resources of the state , it will announce the bankruptcy over the next ten years and will pay the price for generations to come flopping happening in the economic policy of the country."

For his part, Hdhiredo Finance Committee MP Masood Haider, the risk of external financial borrowing and its negative impact on the Iraqi economy, adding that "Iraq has oil wealth and considerable human capabilities not utilized properly."

He said Haider told / JD /, that " the financial loans of great economic Tbaat because of the benefits incurred by the donor countries, and will have a negative effect on the Iraqi economy in the long term , " stressing that "Iraq can manage the financial side is get it out of financial distress."

The member of the Finance Committee, the government to activate the non - oil revenues derived from taxes and customs, which reports indicate a significant decline of revenue for Iraq them.

The Finance Committee member Ahmed Haji, has warned of the possibility of the inability of the Iraqi government to repay the debt Bzmtha of international organizations and the countries that borrowed Iraq in the coming years.

He said Haji told / KD / that "in the event of increasing the size of the debt on Iraq, the international organizations and international banks will not be able to lend to Iraq and this is what will make the country at a critical over the coming years , " calling on the government to implement development projects that support the productive sectors to support the national economy. "

The head of the IMF Mission for Iraq 's Christian coconut, revealed earlier in the height of Iraq 's debt by 64% during 2014 to 2016, in what was described loans at state banks with troubled .anthy / 8 /

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