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Expert: debt can constitute an obstacle to the growth of the national economy

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Join date : 2012-12-19

Expert: debt can constitute an obstacle to the growth of the national economy Empty Expert: debt can constitute an obstacle to the growth of the national economy

Post by Hkp1 on Sat 22 Dec 2012, 1:59 pm

Expert: debt can constitute an obstacle to the growth of the national economy

22/12/2012 12: 24 am
After the Bank pledged to lend Iraq $ 900 million

Baghdad-Haidar flaih Al-Rubaie
Iqbal Economist criticized Iraq on
increase foreign borrowing at a time during which rates of oil
production and export increase, pointing out that external debt could
shackle the economy and put it in front of many future obligations, at a
time when the World Bank announced its commitment to grant Iraq a
financial loan of $ 900 million next year, the World Centre for
development studies at the London-based step, pointing to soaring world
oil prices and increased production, singing on the resort to borrowing,
adding Although the recycled funds
prior years $ 50 billion to exploit these amounts have not been any
significant development activities ".

The World Bank pledged in a statement to lend Iraq $ 900 million over
the next 4 years, under the plan to help create jobs and build stronger
institutions, before criticizing the move by economists and global
development institutions, noting that the Iraqi experience in borrowing
billions of dollars over the past years has not been able to overcome
the economic crisis and the weak GDP growth.

Iraqi budgets usually start with a deficit of up to 12 percent, but the
economic expert Jamil Antoine assured (morning) that normally ends
deficit surplus with 12 percent, an indicator he shows flop in
entrepreneurship, especially that most of the budget surplus funds of
the venture, and is evidence of the reluctance in implementing the
strategic plans of projects by Antoine who asked: To Iraq when the fiscal surplus before so what is borrowing?.

The expert
warned that debt and borrowing could shackle the Iraqi economy in the
future, and to the significant financial commitments may add another
burden on him, especially that the country still suffers from some
financial debts resulting from international sanctions or other
borrowing accept Iraq since years.

warned of the possibility of increased borrowing and financial
commitments to increasing financial and administrative corruption,
especially if you do not find the real exchange ports, then the
country's financial losses will double between debt accumulation and not
achieve the objectives for which the borrowing, indicating the presence
of financial accumulation exceeds the amount the World Bank said its
lending to Iraq by dozens of times, and is the sum of the amounts
retained from the previous budgets of nearly 57 trillion Iraqi dinars,
the country used in establishing many development projects And
productivity that could double the country's financial revenue in the
future. be admitted to Iraq Antoine for a loan by the World Bank that is
overkill for private sector support, and provide more financial loans
in order to activate certain aspects of productivity, particularly in
the industrial and agricultural aspects, seeking to maximize the
financial resources of the country by increasing the size of the gross
domestic product and diversify sources of income, as well as solve many
economic problems are installed, such as the operation of the private
sector, and the exploitation of the workforce unemployed, and increased
Iraqi exports.

World Bank considers that the public sector still dominates the Iraqi
economy as a result of the Central legacy, and that "good management of
large oil wealth and human resources in Iraq, in addition to effective
investment climate will be key to growth and job creation".

to the obligations to provide more financial support to Iraq and
indicated that this amount falls within the framework of economic
strategy, discussed by the Board of Directors on the Bank's lending.
global expressed cycle development studies astonished of how to
distribute the loan due to Iraq, saying that "Observer of the loan
details surprised by how these amounts are distributed over four years
to create jobs and build the Iraqi institutions failed to budget for the
year 2012 and amounting to nearly $ 100 billion", referring to "Although
money Rotator prior years $ 50 billion that Iraq has not been able to
exploit these amounts in any significant development activities".

The Centre's
statement said that "the Iraqi economy features looks troubled and often
distorted, and that" Iraq crisis today is not the poor infrastructure
and poverty but also reflected in poor distribution of resources, weak
skills and overseeing economic plans for the Iraqi State, "he said,
adding that" at a time when Iraq balancing affinity for next year 2013 $
119 billion dollars, the country is still under a centralized State

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