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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Iraq needs 27 years to pay off its accumulated debts ... and parliamentarians criticize the continue

    Rocky
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    • Post n°1

    Iraq needs 27 years to pay off its accumulated debts ... and parliamentarians criticize the continue Empty Iraq needs 27 years to pay off its accumulated debts ... and parliamentarians criticize the continue

    Post by Rocky Sat 08 May 2021, 7:46 am


    [size=47]Iraq needs 27 years to pay off its accumulated debts ... and parliamentarians criticize the continued borrowing[/size]



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    Baghdad
    Aktham Saifuddin
    May 08, 2021
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    The country faces great financial difficulties despite the oil wealth (France Press)
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    A member of the Economy and Investment Committee in the Iraqi Parliament, Mazen Al-Faily, said that [You must be registered and logged in to see this link.] needs 27 years to be able to pay off its accumulated debts, criticizing the government's resort to borrowing again without setting plans to [You must be registered and logged in to see this link.] .
    Al-Faili added, "There are internal and external debts and loans, which will expire in 2048, according to the confirmation of specialists," indicating in a statement to the Iraqi News Agency (INA), on Friday evening, that "the Parliamentary Economic Committee objected to borrowing without there being alternatives to Oil or reduce expenditures. "

    He continued, "It is a mistake for the government to resort to debt," noting that "there are no practical steps on the ground to maximize Iraq's imports in the sectors of industry, agriculture and tourism."
    This comes at a time when the Parliamentary Finance Committee confirmed, Iraq’s need for internal and external loans within the 2021 budget. A member of the committee, Muhammad al-Shabaki, said in a press statement, that “the estimation of internal and external loans in the 2021 budget was done after studies were conducted by the Ministries of Planning and Finance. ".
    And government officials had revealed earlier, that the internal and external debts owed by Iraq amounted to about $ 73 billion, payable, as well as 40 billion outstanding for eight countries.
    Iraq is going through a stifling financial crisis caused by the drop in global oil prices, since the beginning of the global outbreak of the Corona epidemic, and the spread of corruption that has caused the country to lose hundreds of billions of dollars since the US occupation in 2003.
    The head of the Parliamentary Finance Committee, Haitham al-Jubouri, had revealed earlier that the ceiling of external borrowing in the budget for the current year 2021 exceeds two billion dollars, while internal borrowing from the central bank is estimated at about 5 trillion dinars (3.5 billion dollars).
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    Arab economy

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    And the successive Iraqi governments are exposed to severe criticism about the continuation of borrowing policy in the oil-rich country. An official at the Integrity Commission (a watchdog institution) said, "The accumulation of debts of this serious size is borne by all governments that came to the country after 2003."
    The same official confirmed, in a special statement to Al-Arabi Al-Jadeed, that “most of these governments formed a barrier to protect the corrupt from legal accountability and worked with them to achieve financial gains. Armament, trade contracts, agriculture, industry, etc., as well as the sharing of state resources and the control of parties and militias over them. "
    He added, "Today, no government can control the rampant corruption in the country, which is run by bodies stronger than governments." Billions of dollars are wasted annually in Iraq under various names, including "compensation for political victims", including "compensation for political prisoners", "compensation for those affected by terrorism", and many other names, for which there is no specific statistic about the size of what you get from the budget The state.
    According to analysts, Prime Minister Mustafa Al-Kazemi was unable to prevent this great financial waste, as he was finally forced to backtrack on a previous decision, which he took to cut the salaries and privileges of the so-called "uprising revolutionaries' rights," and he also retreated from cutting the salaries of the "Rafha detainees" Or the so-called “opponents of the former regime,” who have received more than $ 38 billion annually in official salaries for 14 years, with the exception of other privileges that are estimated at billions of dollars.
    The government was also unable to control the border crossings, as there are six outlets outside the control of the government, through which the government receives only about two billion dollars annually, while its imports, according to the accounts of the Finance Committee in Parliament, are not less than 12 billion dollars annually.
    In addition, the government gets less than one billion dollars from taxes, while its imports exceed 12 billion dollars annually.
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