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Parliamentary warnings of flooding the country's debt
BAGHDAD - The Journal News
Committee on Economy and Investment announced that the parliamentary amounts borrowed by Iraq from the International Monetary Fund and the World Bank and some donor countries went mostly to pay off the debts owed by Iraq from the direction of other countries and to support the war on terrorism.
A member of the Committee, Abdul Salam al-Maliki, for "Journal News" on Thursday, said that the size of the debt owed by Iraq's neighboring countries, including the Kuwaiti side of about $ 119 billion. "
He added that "the amounts received by Iraq from both the Paris Club or the World Bank or loans or donations came through countries, including Germany and the British and Japanese loans and the rest of the world reached $ 10 billion."
He noted "the existence of financial constraints suffered by Iraq and can not rise debt more than this level because the country will plunge into debt difficult to repay and there will be a financial crisis and sharp economic."
He explained that "despite the rise in Iraqi oil exports, but prices are still low compared to previous years, so these funds most of them have not acted in investment projects because the latter does not need loans, but funded by investors, both in the field of electric power, roads, bridges, hotels, markets, and the rest of the fields of infrastructure. "
He stressed that. "Cost of the war on the US and Daesh sorties that cost Iraq a lot of huge amounts of money, and the operating budget is estimated at $ 15 billion for the salaries of employees and the size of the general budget of 72 billion dollars."
He said that "the state has supported the completed projects by 90 percent, so the amounts go mostly to pay off the internal and external debt, and that there are layers of society, including the government demanding entitlement contractors, investors and farmers."
He also called al-Maliki government "not to rely on the amounts earned from the oil as it has to be that there will be a development movement through customs, taxes and fees to create new resources without relying on a single supplier."
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BAGHDAD - The Journal News
Committee on Economy and Investment announced that the parliamentary amounts borrowed by Iraq from the International Monetary Fund and the World Bank and some donor countries went mostly to pay off the debts owed by Iraq from the direction of other countries and to support the war on terrorism.
A member of the Committee, Abdul Salam al-Maliki, for "Journal News" on Thursday, said that the size of the debt owed by Iraq's neighboring countries, including the Kuwaiti side of about $ 119 billion. "
He added that "the amounts received by Iraq from both the Paris Club or the World Bank or loans or donations came through countries, including Germany and the British and Japanese loans and the rest of the world reached $ 10 billion."
He noted "the existence of financial constraints suffered by Iraq and can not rise debt more than this level because the country will plunge into debt difficult to repay and there will be a financial crisis and sharp economic."
He explained that "despite the rise in Iraqi oil exports, but prices are still low compared to previous years, so these funds most of them have not acted in investment projects because the latter does not need loans, but funded by investors, both in the field of electric power, roads, bridges, hotels, markets, and the rest of the fields of infrastructure. "
He stressed that. "Cost of the war on the US and Daesh sorties that cost Iraq a lot of huge amounts of money, and the operating budget is estimated at $ 15 billion for the salaries of employees and the size of the general budget of 72 billion dollars."
He said that "the state has supported the completed projects by 90 percent, so the amounts go mostly to pay off the internal and external debt, and that there are layers of society, including the government demanding entitlement contractors, investors and farmers."
He also called al-Maliki government "not to rely on the amounts earned from the oil as it has to be that there will be a development movement through customs, taxes and fees to create new resources without relying on a single supplier."
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