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[size=35][size=35]"It is not true." An economic vision about the World Bank's figures on Iraq's public debt[/size]
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2023-08-21 | 02:19
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Alsumaria News - Economy
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Al-Marsoumi said in a post, followed by Al-Sumaria News, that "the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url]'s figures on public debt in [You must be registered and logged in to see this link.] are incorrect, which is that the public debt for the year 2023 amounts to 152 billion dollars, and the external debt amounts to 50 billion dollars, and the internal debt is 102 billion dollars. As for the ratio of public debt to The gross domestic product is equal to 58.3%.
He added, "These figures assume that the 2023 budget will be fully implemented, which will result in adding about $31 billion to the total public debt. It is expected that this budget will not be fully implemented, especially after its implementation was delayed until the current month of August, which casts doubts about the credibility of these numbers".
Al-Marsoumi indicated that, "[You must be registered and logged in to see this link.]'s external debt, along with the frozen Gulf debt, amounts to $61 billion, not $50 billion, and after the budget is fully implemented, it will become about $70 billion."
He continued, "The internal debt amounts to 70 trillion dinars, and upon implementation of the budget, it will become 100 trillion dinars, or about 77 billion dollars, not 102 billion dollars."
The legal expert explained that "the total public debt will be in the case of fully implementing the budget 138 billion dollars, not 152 billion dollars, as the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] says."
Earlier, the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] stated in the report issued on the economy in [You must be registered and logged in to see this link.] and its debts, under the title: (Renewed pressures: [You must be registered and logged in to see this link.]'s recovery is in danger) that "the Iraqi economy suffers from stagnation in non-oil gross domestic product, industries, and agricultural activities, which was accompanied by high rates of Inflation, as [You must be registered and logged in to see this link.], under its current government, lacks large-scale structural reforms that would strengthen its economy away from oil.
And he indicated that "the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over the previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars." - Which represents 14.3% of the volume of public imports, i.e. more than half of the recent record reserves that were accumulated in the wake of the boom in oil prices.
And regarding the policies of the (central bank) in devaluing the local currency, the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] stated that "the devaluation of the Iraqi dinar led to an increase in aggregate and basic inflation, due to the heavy dependence on import operations in light of the weak local production that is not supported by government authorities, which exposed the country's fragile economy." ".
The [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] report added that "the standards of transactions adopted by the (Central Bank) through auctions for the sale of currency; caused the redirection of hard currency to the parallel market, which caused a decrease in the value of the dinar against the dollar."
According to the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url], "[You must be registered and logged in to see this link.]'s lack of diversification of income sources due to the chaotic policies of successive governments led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3%, after it was 53.8% in the previous year, which will reach 152 billion." dollars, an increase of $10 billion, while the total external debt amounted to $50 billion, and the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the total debt.
According to the bank, “the prospects for the economic future in [You must be registered and logged in to see this link.] are still exposed to great risks, due to excessive dependence on oil, which makes it vulnerable to shocks in oil markets and global demand, as evidenced by the recent decline in oil prices, in addition to the drivers of fragility that pose fundamental challenges.” economy, such as rampant corruption, poor service provision, infrastructure development, and security risks.
The [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] added that "the continuation of the government authorities in pursuing these policies will make the country's budget in favor of the political parties that have delayed the wheel of development and made it suffer from major imbalances despite the passage of two decades of allegations of the end of the war."
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Economy
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2023-08-21 | 02:19
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969 views
Alsumaria News - Economy
The economist, Nabil Al-Marsoumi, presented an economic vision on the Central Bank's figures regarding the volume of public debt in Iraq, while explaining the impact of the budget law on the volume of debt.
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Al-Marsoumi said in a post, followed by Al-Sumaria News, that "the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url]'s figures on public debt in [You must be registered and logged in to see this link.] are incorrect, which is that the public debt for the year 2023 amounts to 152 billion dollars, and the external debt amounts to 50 billion dollars, and the internal debt is 102 billion dollars. As for the ratio of public debt to The gross domestic product is equal to 58.3%.
He added, "These figures assume that the 2023 budget will be fully implemented, which will result in adding about $31 billion to the total public debt. It is expected that this budget will not be fully implemented, especially after its implementation was delayed until the current month of August, which casts doubts about the credibility of these numbers".
Al-Marsoumi indicated that, "[You must be registered and logged in to see this link.]'s external debt, along with the frozen Gulf debt, amounts to $61 billion, not $50 billion, and after the budget is fully implemented, it will become about $70 billion."
He continued, "The internal debt amounts to 70 trillion dinars, and upon implementation of the budget, it will become 100 trillion dinars, or about 77 billion dollars, not 102 billion dollars."
The legal expert explained that "the total public debt will be in the case of fully implementing the budget 138 billion dollars, not 152 billion dollars, as the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] says."
Earlier, the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] stated in the report issued on the economy in [You must be registered and logged in to see this link.] and its debts, under the title: (Renewed pressures: [You must be registered and logged in to see this link.]'s recovery is in danger) that "the Iraqi economy suffers from stagnation in non-oil gross domestic product, industries, and agricultural activities, which was accompanied by high rates of Inflation, as [You must be registered and logged in to see this link.], under its current government, lacks large-scale structural reforms that would strengthen its economy away from oil.
And he indicated that "the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over the previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars." - Which represents 14.3% of the volume of public imports, i.e. more than half of the recent record reserves that were accumulated in the wake of the boom in oil prices.
And regarding the policies of the (central bank) in devaluing the local currency, the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] stated that "the devaluation of the Iraqi dinar led to an increase in aggregate and basic inflation, due to the heavy dependence on import operations in light of the weak local production that is not supported by government authorities, which exposed the country's fragile economy." ".
The [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] report added that "the standards of transactions adopted by the (Central Bank) through auctions for the sale of currency; caused the redirection of hard currency to the parallel market, which caused a decrease in the value of the dinar against the dollar."
According to the [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url], "[You must be registered and logged in to see this link.]'s lack of diversification of income sources due to the chaotic policies of successive governments led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3%, after it was 53.8% in the previous year, which will reach 152 billion." dollars, an increase of $10 billion, while the total external debt amounted to $50 billion, and the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the total debt.
According to the bank, “the prospects for the economic future in [You must be registered and logged in to see this link.] are still exposed to great risks, due to excessive dependence on oil, which makes it vulnerable to shocks in oil markets and global demand, as evidenced by the recent decline in oil prices, in addition to the drivers of fragility that pose fundamental challenges.” economy, such as rampant corruption, poor service provision, infrastructure development, and security risks.
The [url=https://www.alsumaria.tv/Entity/44808/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]World Bank[/url] added that "the continuation of the government authorities in pursuing these policies will make the country's budget in favor of the political parties that have delayed the wheel of development and made it suffer from major imbalances despite the passage of two decades of allegations of the end of the war."
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