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[size=41]Corona may revitalize the Iraqi economy .. Baghdad is on the cusp of exemptions from foreign debt payments
2020-03-24
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Yassin Iraq: Baghdad
World Bank Group President David Malpas said on Monday that the bank may harness up to $ 150 billion in resources over the next 15 months to help developing countries fight and recover from the Corona virus pandemic, while calling on G20 leaders to allow the poorest to suspend all debt payments .
In a statement to the finance ministers and central bankers of the Group of Twenty countries issued by the World Bank, Malpas called the creditor countries in the group to allow the poorest countries to suspend all bilateral debt payments while fighting the virus.
He said the poorest countries should be allowed to focus their resources on health measures in the face of the crisis.
"I call on the leaders of the Group of Twenty to allow the poorest countries to suspend all official bilateral debt payments, until the World Bank and the International Monetary Fund have completed a comprehensive assessment of their needs for reconstruction and financing," he said in the statement.
Malbas said that the bank is currently preparing projects in 49 countries to help fight the virus under a new fast-track credit facility, and decisions are expected this week on up to 16 projects.
He explained that the bank is consulting with China and other major countries to obtain assistance for the rapid industrialization and delivery of many of the medical supplies that countries need.
Iraq debt
A parliamentary committee in the Iraqi parliament revealed, at the end of last year, the foreign debts of Iraq, noting that it had reached the stage of the threat to the economic future.Member of the Parliamentary Finance Committee, Ahmad al-Jubouri, told the official Al-Sabah newspaper that “the committee had previously suspended debt, especially foreign, in the 2019 budget, at a time when there is an obligation to continue debt as it was present during the war against ISIS gangs in the governorates of Nineveh, Anbar and Salah al-Din.”
He pointed out that "debts, especially foreign affairs, amounted to 125 billion dollars."
He warned that "its survival portends a danger to the economic future of Iraq," noting that "there are 20 paragraphs of debt that will be in the 2020 budget."
The International Monetary Fund said, last year, that Iraq’s debts worsened during the past years, where they were 6 years ago 73.1 billion dollars, and rose in 2014 to 75.2 billion dollars, and in 2015 they became 98.0 billion dollars, while two years ago it was 114.6 billion dollars, to rise In the year 2017 to $ 122.9 billion.
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