Because Abadi: Iraq on the verge of begging and $ 70 billion in foreign loans!

Because Abadi: Iraq on the verge of begging and $ 70 billion in foreign loans!

January 07 2017 18:44

Ibrahim Obeidi

Magda Tamimi: Treasury empty and why corruption and the lack of will to resolve

Najiba Najib: We have a tremendous legacy of debt and lack of financial resources in

international banks refused to grant loans only after the intervention of the United States!

Can not to come to Iraq governor hates Iraq and the Iraqi people more than Haider al-Abadi!, He is patient failure is not known what security means and did not know the meaning of stability and development? And throughout the period of his presidency Abadi hard to say that any one successful or that it controlled?!

This comes as the loud cries of the government, the need for a different economic and development policy in the provinces of Iraq after the external debt amounted to about $ 70 billion and Iraq became a country on the verge of begging, after it refused to several countries and institutions that lend !!

They said that Iraq is a rich country and according to the latest global report is the ninth country in the world in terms of the abundance of natural resources, how up its case for bankruptcy and become at this level.

Organized looting

They stressed that the bridge Bir corruption sponsor that Iraq is back to its former strength within two years at most, but unfortunately Valebady followed by systematic looting and institutional corruption policy

The Iraqi government, has signed with its US counterpart Guarantee Agreement to borrow one billion dollars from foreign banks interest at a rate of 2%. In the meantime, the parliamentary Economic Committee confirmed that the foreign loans to Iraq crossed the 70 billion Dolar.mattabrh him a red line and a pointer that things slip through the hands Abadi.

The international banks have refused to grant loans to finance Iraq B2 billion dollars, through negotiations conducted by an Iraqi delegation headed by Finance Minister Hoshyar Zebari article in Washington.

Banks attributed their position to the bad credit situation in Iraq, the big problems affecting the local economy, and in turn, demanded the other banks, the credit portfolio is estimated at about $ 5 trillion, and the Iraqi government to pay annual interest of 11.5%. Baghdad and forced to negotiate with the IMF for the signing of lower interest rates from 11.5% to only 2% agreement.

For his part, Undersecretary of the Ministry of Finance Fadel Prophet, on the sidelines of the signing ceremony, said that "would ensure that the United States would reduce the interest rate on this loan of about 11 percent to about two percent."

While she said a member of the parliamentary finance committee, Majida al-Tamimi said that "the signing of the Iraqi government to secure a loan with the United States-billion-dollar agreement, does not mean anything, not worth the drumming?!

She added that "the conclusion reached Iraq from bad financial situation and the treasury empty and the balance mostly internal and external breaches, due to two main reasons, the first flaw in the management of funds, and the lack of a clear economic vision, and the other is the lack of real will to eradicate corruption."

Tamimi confirmed that it was "better for the government position to modify the wrong tracks that led to the collapse of the Iraqi economy, wasting billions of dollars solutions, especially that there are thousands of files that have been Tochireha by regulators and others without the real will to hold accountable the corrupt."

He said Najiba Najib, a member of the parliamentary Economic Committee, "the Iraqi foreign loans exceeded the barrier of $ 70 billion during the current period," asserting that "the country suffers from a scarcity of financial revenue," arguing that "the state now has the heavy legacy of debt and forced at a time current on the fiscal deficit in the fiscal budget to cover. "

Debt

She added that "the debt owed by Iraq, which Paris Club debt and debt outside the Paris Club and compensation for the Kuwait and international commitments of $ 55 billion," noting that "the financial agreements made by the current and previous government made foreign borrowing exceeds 70 billion dollars," noting that "Iraq has borrowed from the international Monetary Fund $ 5.4 billion, and the World Bank of $ 2 billion, and US $ 2.7 billion went to support the security forces, and Iraq billion dollars borrowed from Britain, as well as a German loan of 500 million euros. "

As confirmed official reports issued by the Iraqi state, the internal debt of Iraq since 2004 and until now has 45.4 trillion dinars, while the Economic Committee in the House of Representatives, announced that Iraq allocated $ 5.6 trillion dinars to pay off the internal and external benefits of debt. According to official reports published by the Central Bank site, which shared it with the "long", the internal debt of the country since 2004 until last November with a 45.4 trillion dinars, "asserting that" domestic debt in 2015 was of 32.1 trillion dinars, which means that The Iraqi government has borrowed during the current year 13.3 trillion dinars. "