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[size=36]A parliamentary bloc rejects foreign loans in the budget[/size]
Political| 12:31 - 20/03/2021
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BAGHDAD - Mawazine News
, the Parliamentary Approach Bloc announced, on Saturday, that it rejected foreign loans in the budget.
The head of the National Approach bloc, Ammar Tohme, said in a press conference held in the House of Representatives, that "his bloc rejects the new foreign loans included in the 2021 budget bill amounting to more than (8.5) billion dollars," calling on "Parliament not to approve them."
Tohme warned "of the foreign borrowing policy and its burdensome sovereign and economic effects," noting that "many of the proposed projects within these loans do not represent a priority in the government investment approach."
He pointed out that "allocations of local investment projects amount to (24) trillion dinars, which are sufficient amounts to cover development and productive investment projects if there is an efficient and sound vision, planning and management," indicating that "what has been allocated in the 2021 budget to repay the debt in installments and benefits exceeds (9) trillion. Dinars, which constitutes 10% of the estimates of total operational expenditures.
He stressed that "the continuation of external borrowing will annually double the amounts paid to pay the installments and interest in a cumulative and unjustified manner."
He added that "the National Approach bloc refuses to authorize the Minister of Finance to issue sovereign payment guarantees to investors in electric energy in the budget law for the same harmful reasons and consequences mentioned, and calls on Parliament to cancel them." Ended 29 / A 43
, the Parliamentary Approach Bloc announced, on Saturday, that it rejected foreign loans in the budget.
The head of the National Approach bloc, Ammar Tohme, said in a press conference held in the House of Representatives, that "his bloc rejects the new foreign loans included in the 2021 budget bill amounting to more than (8.5) billion dollars," calling on "Parliament not to approve them."
Tohme warned "of the foreign borrowing policy and its burdensome sovereign and economic effects," noting that "many of the proposed projects within these loans do not represent a priority in the government investment approach."
He pointed out that "allocations of local investment projects amount to (24) trillion dinars, which are sufficient amounts to cover development and productive investment projects if there is an efficient and sound vision, planning and management," indicating that "what has been allocated in the 2021 budget to repay the debt in installments and benefits exceeds (9) trillion. Dinars, which constitutes 10% of the estimates of total operational expenditures.
He stressed that "the continuation of external borrowing will annually double the amounts paid to pay the installments and interest in a cumulative and unjustified manner."
He added that "the National Approach bloc refuses to authorize the Minister of Finance to issue sovereign payment guarantees to investors in electric energy in the budget law for the same harmful reasons and consequences mentioned, and calls on Parliament to cancel them." Ended 29 / A 43
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