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Economist warns of the consequences of continuing to borrow Iraq without payment
09:19 - 30/08/2017
The economic expert Basil al-Obeidi warned on Wednesday of an economic disaster in the event of continued non-payment of Iraq's indebtedness of the amounts owed by his debt, calling on the government to speed up the adoption of urgent reform measures to the economy.
"The Iraqi economy is burdened with foreign and domestic debts of about 120 billion dollars and the government has been unable to pay the amounts, which means accumulating amounts with annual benefits," he said in a statement.
"The continued borrowing of the government to fill the budget deficit without the repayment of loans and reduce it will lead to economic disaster and the bankruptcy of Iraq through the entry into force of the central bank's cash faster than expected."
"The government has not been able to take effective reform measures in diversifying sources of foreign currency and it must rely on foreign companies to protect the country from financial bankruptcy." End 25 d
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09:19 - 30/08/2017
The economic expert Basil al-Obeidi warned on Wednesday of an economic disaster in the event of continued non-payment of Iraq's indebtedness of the amounts owed by his debt, calling on the government to speed up the adoption of urgent reform measures to the economy.
"The Iraqi economy is burdened with foreign and domestic debts of about 120 billion dollars and the government has been unable to pay the amounts, which means accumulating amounts with annual benefits," he said in a statement.
"The continued borrowing of the government to fill the budget deficit without the repayment of loans and reduce it will lead to economic disaster and the bankruptcy of Iraq through the entry into force of the central bank's cash faster than expected."
"The government has not been able to take effective reform measures in diversifying sources of foreign currency and it must rely on foreign companies to protect the country from financial bankruptcy." End 25 d
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