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British loan raises concerns about the reconstruction of Iraq into a quagmire of foreign debt
BAGHDAD / Mohammad Sabah
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British loan raises concerns about the reconstruction of Iraq into a quagmire of foreign debt
BAGHDAD / Mohammad Sabah
MPs express fears of external borrowing policy adopted by the Iraqi government , which raised the size of the internal and external debt to $ 110 billion, the latest being a British loan estimated at $ 12 billion.
The origin of fear, he is talking about the House of Representatives, the large size of the debt, which is a large part of which goes to pay staff salaries and expenses of the war on terror.
It demands of Representatives bring this debt to parliament for ratification, Aazin so that it "sovereign loans" includes conditions on the government in the implementation and payment. But a senior government adviser reduced the size of the fears, stressing that debt long repayment period and the benefits of modest, pointing out that the budget bill passed by Parliament to grant the government the right to search for ways to bridge the Alahz, and a foreign debt of these methods.
The government is trying to address its financial problems Abadi through recourse to external debt. The government recently signed an agreement with the British government for unconditional implemented by British companies over the ten - year loan will focus on electricity, water and sewer projects.
The government withdrew during the year 2016 amounts up to 5 billion dollars to bridge the deficit of public budgets, which Othagltha war against Daesh expenses and accounted for 40% of the size of the federal budget.
The Ministry of Planning has recently revealed that the war on Daesh drains 40 percent of Iraq 's budget, stressing that these loans will contribute to the age of the affected areas that have undergone to control organizations Daesh them.
MPs on the Finance Committee revealed that 70% of Iraq 's debt Indoor, pointing to the existence of a foreign debt estimated at forty external billion dollars , including 16 billion to Paris Club members, he pointed out that there are long - term loans repayment period of up to forty years the Japanese Kalkarz and the benefits of simple does not exceed one percent.
And confirms the House of Representatives, who spoke for (range) on condition of anonymity, that "all of Iraq 's external and internal debt to exceed 110 billion dollars , " noting that the members of the Paris Club debt parked at the present time , the government will hold an international mobility to be reduced.
The head of the economic committee MP Ahmad Kanani, in an interview for the "long", that " the British loan , which is estimated at 12 billion dollars would be simple benefits does not exceed 1.5%," stressing that " the most important in this loan lies in the mechanism to deal with these large and huge money spent on service projects. "
The Iraqi government has resorted during the past two years to the internal and external borrowing to address its financial crisis and to provide the war on Daesh accessories, as well as trying to pay off the salaries of state employees at the end of each month.
The volume of World Bank loans to Iraq through 2015 to $ 1.9 billion added to the Japanese loan worth $ 735 million, which was allocated to projects the age of electricity and sanitation projects.
The former finance minister , Hoshyar Zebari, announced in May 2016, to reach an agreement with the World Bank Fund for a loan worth $ 5.4 billion, and as pointed out that the loan will allow securing additional financial assistance to reach about $ 15 billion over the next three years. Iraq had announced, in January 2016, the approval of the International Monetary Fund to finance the budget deficit through clouds of hard currency reserves.
He said the appearance of Mohammed Saleh, Minister for Economic Affairs Adviser, in an earlier statement the "long", that " the IMF loan will be on the 13 batch, devoted first to cover the deficit in the exchange gates of the federal budget , " adding that " the priority in the loan will be for the doors social exchange, or relating to the affairs of displaced persons and social welfare and the ration card, for any shortfalls in it . "
And show the head of the parliamentary Economic Committee feared the possibility of the amounts of such loan disbursement by the government for the salaries of state employees and not on service projects and ages, calling on the government to "deal with these funds carefully and directed for ages infrastructure."
Parliamentary Economic Committee and tend to request consultation of the Legal Committee on the need for the loan to the British House of Representatives authentication due to the need for international agreements to be approved by the legislature.
It is expected MP Ahmad Kanani send this agreement by the Cabinet to the parliament next week for approval, expressing fears of a repeat of what happened to the World Bank loan, $ 800 million, after exaggeration salaries for civil servants exchange.
Confirms Kanani that "Iraq 's debt , the size of each of these loans worsened and reached nearly $ 23 billion , " pointing to the existence of other debts added to the amounts which the previous regime 's debt, as well as Paris Club debt, estimated at $ 40 billion.
On the other hand the Parliamentary Finance Committee confirms that "all foreign loans are displayed in the Council because it is a sovereign loans are approved by the House of Representatives and then be executed."
He says a member of the Parliamentary Finance Committee MP Abdul Qader Mohammed "long" that "all international loans set conditions for the implementation of and to regulate the loan disbursement process and push it, " adding that it "needs to authenticate the House of Representatives , " stressing " the need to allocate such large loans for large projects, according to the need for each province and territory. "
He said Abdul Qader Mohammed , said , "Most of the amounts of these loans will go to the areas affected by the military operations."
However , the government adviser appearance of Mohammed Saleh stressed that " the federal budget , which the House of Representatives honest Act authorizes the Minister of Finance and external borrowing to finance projects brown greeting without reference to the House of Representatives."
Explains Saleh, in an interview for the "long", that " the article a second paragraph (c) of the Federal Budget Law states that authorize the Minister of Finance to negotiate and borrow from the British Export Bank on the financing of infrastructure for water, sewage and water desalination infrastructure projects."
And the voice of the Iraqi Council of Representatives, in the month of January, the draft budget bill for fiscal year 2017, which amounted to about 100 trillion dinars and a deficit of 21 trillion dinars.
Economic adviser, says that " a hundred million dollars from the British loan will be allocated in 2017 for desalination projects in Basra , " pointing out that "this loan is required to implement these projects British companies subject to the approval of the Iraqi government."
The attention to the appearance of the "British loan is one of the long - term loans at an interest rate not to exceed a few one - half percent , " stressing that " the entry into force of the loan mortgaging our sponsorship for projects concerning water, sewage and desalination may also include electric projects." And it asserts that " the government began to withdraw money from these loans in 2016, which amounted to less than $ 5 billion , including the IMF and the Japanese loan, and the benefits of simple."
In the same vein, he called the parliamentary virtue block, on Friday, to review the external borrowing policy of dependence on oil prices beginning in 2017, expressing its objection to borrowing regarded as a major source to fill the current budget deficit, as the government demanded that the "lack of urgency to borrow for future plans."
A statement from the Office of the Prime bloc MP Ammar Tohme, received (range) a copy of it, " We reiterate our opposition to continued external borrowing as the main source to cover the deficit in the 2017 budget , especially since oil prices rose markedly from what it was the time of the preparation of the general budget than necessary appearance of this fruit the increase in reducing external debt and increasing internal and central bank reserves , "noting that" the experiences of the past years have proven that the actual expenditures by less significant than expected spending estimates. "
Tohme said that " the object increases when the amounts of borrowing are very large , as is the case in the British loan that exceeds $ 12 billion, which has been lacking the actual need to borrow most of the amount that the premium mentioned to finance projects in this year does not exceed $ 500 million."
The Chairman of Virtue bloc that " the rest of the loan scheme to benefit from it in the long future years , an issue linked to and influenced by oil prices and the ability to develop other non - oil and pressure and rationalization of expenditures budget resources on priority bases and the essential need and taking into account the sum of these factors may no longer needed or greatly reduced external borrowing. "
Ammar Tohme and called for " a review of external borrowing policy and not rush to borrow for future plans, not actual needs of real - time lobbyist."
The origin of fear, he is talking about the House of Representatives, the large size of the debt, which is a large part of which goes to pay staff salaries and expenses of the war on terror.
It demands of Representatives bring this debt to parliament for ratification, Aazin so that it "sovereign loans" includes conditions on the government in the implementation and payment. But a senior government adviser reduced the size of the fears, stressing that debt long repayment period and the benefits of modest, pointing out that the budget bill passed by Parliament to grant the government the right to search for ways to bridge the Alahz, and a foreign debt of these methods.
The government is trying to address its financial problems Abadi through recourse to external debt. The government recently signed an agreement with the British government for unconditional implemented by British companies over the ten - year loan will focus on electricity, water and sewer projects.
The government withdrew during the year 2016 amounts up to 5 billion dollars to bridge the deficit of public budgets, which Othagltha war against Daesh expenses and accounted for 40% of the size of the federal budget.
The Ministry of Planning has recently revealed that the war on Daesh drains 40 percent of Iraq 's budget, stressing that these loans will contribute to the age of the affected areas that have undergone to control organizations Daesh them.
MPs on the Finance Committee revealed that 70% of Iraq 's debt Indoor, pointing to the existence of a foreign debt estimated at forty external billion dollars , including 16 billion to Paris Club members, he pointed out that there are long - term loans repayment period of up to forty years the Japanese Kalkarz and the benefits of simple does not exceed one percent.
And confirms the House of Representatives, who spoke for (range) on condition of anonymity, that "all of Iraq 's external and internal debt to exceed 110 billion dollars , " noting that the members of the Paris Club debt parked at the present time , the government will hold an international mobility to be reduced.
The head of the economic committee MP Ahmad Kanani, in an interview for the "long", that " the British loan , which is estimated at 12 billion dollars would be simple benefits does not exceed 1.5%," stressing that " the most important in this loan lies in the mechanism to deal with these large and huge money spent on service projects. "
The Iraqi government has resorted during the past two years to the internal and external borrowing to address its financial crisis and to provide the war on Daesh accessories, as well as trying to pay off the salaries of state employees at the end of each month.
The volume of World Bank loans to Iraq through 2015 to $ 1.9 billion added to the Japanese loan worth $ 735 million, which was allocated to projects the age of electricity and sanitation projects.
The former finance minister , Hoshyar Zebari, announced in May 2016, to reach an agreement with the World Bank Fund for a loan worth $ 5.4 billion, and as pointed out that the loan will allow securing additional financial assistance to reach about $ 15 billion over the next three years. Iraq had announced, in January 2016, the approval of the International Monetary Fund to finance the budget deficit through clouds of hard currency reserves.
He said the appearance of Mohammed Saleh, Minister for Economic Affairs Adviser, in an earlier statement the "long", that " the IMF loan will be on the 13 batch, devoted first to cover the deficit in the exchange gates of the federal budget , " adding that " the priority in the loan will be for the doors social exchange, or relating to the affairs of displaced persons and social welfare and the ration card, for any shortfalls in it . "
And show the head of the parliamentary Economic Committee feared the possibility of the amounts of such loan disbursement by the government for the salaries of state employees and not on service projects and ages, calling on the government to "deal with these funds carefully and directed for ages infrastructure."
Parliamentary Economic Committee and tend to request consultation of the Legal Committee on the need for the loan to the British House of Representatives authentication due to the need for international agreements to be approved by the legislature.
It is expected MP Ahmad Kanani send this agreement by the Cabinet to the parliament next week for approval, expressing fears of a repeat of what happened to the World Bank loan, $ 800 million, after exaggeration salaries for civil servants exchange.
Confirms Kanani that "Iraq 's debt , the size of each of these loans worsened and reached nearly $ 23 billion , " pointing to the existence of other debts added to the amounts which the previous regime 's debt, as well as Paris Club debt, estimated at $ 40 billion.
On the other hand the Parliamentary Finance Committee confirms that "all foreign loans are displayed in the Council because it is a sovereign loans are approved by the House of Representatives and then be executed."
He says a member of the Parliamentary Finance Committee MP Abdul Qader Mohammed "long" that "all international loans set conditions for the implementation of and to regulate the loan disbursement process and push it, " adding that it "needs to authenticate the House of Representatives , " stressing " the need to allocate such large loans for large projects, according to the need for each province and territory. "
He said Abdul Qader Mohammed , said , "Most of the amounts of these loans will go to the areas affected by the military operations."
However , the government adviser appearance of Mohammed Saleh stressed that " the federal budget , which the House of Representatives honest Act authorizes the Minister of Finance and external borrowing to finance projects brown greeting without reference to the House of Representatives."
Explains Saleh, in an interview for the "long", that " the article a second paragraph (c) of the Federal Budget Law states that authorize the Minister of Finance to negotiate and borrow from the British Export Bank on the financing of infrastructure for water, sewage and water desalination infrastructure projects."
And the voice of the Iraqi Council of Representatives, in the month of January, the draft budget bill for fiscal year 2017, which amounted to about 100 trillion dinars and a deficit of 21 trillion dinars.
Economic adviser, says that " a hundred million dollars from the British loan will be allocated in 2017 for desalination projects in Basra , " pointing out that "this loan is required to implement these projects British companies subject to the approval of the Iraqi government."
The attention to the appearance of the "British loan is one of the long - term loans at an interest rate not to exceed a few one - half percent , " stressing that " the entry into force of the loan mortgaging our sponsorship for projects concerning water, sewage and desalination may also include electric projects." And it asserts that " the government began to withdraw money from these loans in 2016, which amounted to less than $ 5 billion , including the IMF and the Japanese loan, and the benefits of simple."
In the same vein, he called the parliamentary virtue block, on Friday, to review the external borrowing policy of dependence on oil prices beginning in 2017, expressing its objection to borrowing regarded as a major source to fill the current budget deficit, as the government demanded that the "lack of urgency to borrow for future plans."
A statement from the Office of the Prime bloc MP Ammar Tohme, received (range) a copy of it, " We reiterate our opposition to continued external borrowing as the main source to cover the deficit in the 2017 budget , especially since oil prices rose markedly from what it was the time of the preparation of the general budget than necessary appearance of this fruit the increase in reducing external debt and increasing internal and central bank reserves , "noting that" the experiences of the past years have proven that the actual expenditures by less significant than expected spending estimates. "
Tohme said that " the object increases when the amounts of borrowing are very large , as is the case in the British loan that exceeds $ 12 billion, which has been lacking the actual need to borrow most of the amount that the premium mentioned to finance projects in this year does not exceed $ 500 million."
The Chairman of Virtue bloc that " the rest of the loan scheme to benefit from it in the long future years , an issue linked to and influenced by oil prices and the ability to develop other non - oil and pressure and rationalization of expenditures budget resources on priority bases and the essential need and taking into account the sum of these factors may no longer needed or greatly reduced external borrowing. "
Ammar Tohme and called for " a review of external borrowing policy and not rush to borrow for future plans, not actual needs of real - time lobbyist."
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