International debt: Iraq's debt will rise to 132 billion dollars next year

International debt: Iraq's debt will rise to 132 billion dollars next year


 The range / Zahraa al-Jassim

A recent report by the International Monetary Fund (IMF) published on its website entitled Iraq: Selected Economic and Financial Indicators, from 2013 to 2022, discusses in some of its paragraphs the size of Iraq's indebtedness for previous years and the expectations of increasing it for subsequent years. The year 2018 summarizes some of the report, as he stressed that the debts of Iraq for 2013 was 73.1 billion dollars, while increased its debt in 2014 to 75.2 billion dollars, and in 2015 became debt $ 98.0 billion, while In 2016, to 114.6 billion dollars, rising in 2017 to 122.9, as predicted by the report The government's debt will rise to $ 132.4 billion next year, which shows that government debt is on the rise.


On the fears of high figures, Dr. The appearance of Mohammed Saleh financial adviser to Prime Minister Haider Abadi in an interview with (to the extent) "I did not see the report, but in any case there are two basic issues, the first: 68% of the debt number mentioned during the past three years are internal debt between institutions Government and exclusively the central bank of Iraq and the three main government banks, "noting that the external debt actually withdrawn from the pledged loans did not exceed 8 billion dollars during the past three years.
Saleh said: Yes, there are international pledges to provide loans to Iraq has really amounted to 16 billion dollars because of the security and financial crises that Iraq is facing in mid-2014, but in practice did not withdraw from them (until now) only half of those commitments of lending 16 billion There are additional pledges to provide loans to Iraq, including the British loan of $ 12 billion, which was mentioned as a pledge to grant loans to the disposal of infrastructure projects, most of them in the provinces Southern Iraq Water purposes and sanitation systems and energy, and practically not be disposed of by only elementary amounts related to feasibility studies which markers in the federal budget for the year 2017. Adding:
Saleh points out that 38% of Iraq's debts are from the era of the previous regime and are subject to the 2004 Paris Club Agreement, which is the stage of write-off by up to 100%. The financing of the Iraq-Iran war machine has been successful: (Obnoxious debts) because they remain in the accounts of creditor countries without settlement, they are taken as debt without treatment or write-off, expected to be written off 100% in the coming days.
The financial adviser to the Prime Minister said at the end of his speech: We must not forget that there are other debts belonging to the former regime arose during the period of economic embargo imposed by the Security Council resolutions on the former regime, steadily: In our opinion, the claim is a flagrant violation of the resolutions of the Security Council and Iraq in A legal solution because it was carrying out irregularities against the international community, in general, the reports of indebtedness of Iraq issued by the external parties come blind without sufficient economic and legal analysis of the Iraqi debt backgrounds and historical accumulations.
The Finance Committee in the Iraqi parliament confirmed in previous statements that the total amount of debt owed reached about 119 billion dollars, indicating that out of the total debt $ 80 billion external debt, and noted that "the total debt was $ 107 billion, but after the loan British estimated at $ 12 billion, rose to $ 119 billion. Iraq suffers from a severe crisis due to the drop in oil prices in world markets, as well as the expenses of the military operations carried out by the military security forces to organize the calling of the terrorist who took control of a number of the provinces of Iraq in 2014.
Experts on the economic issue repeatedly called for the government to disclose details The internal and external debts owed by Iraq, whether those dating back to the time of the previous regime or borrowed in recent years, and to indicate the trends and objectives of these debts.


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