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[size=36]Iraq plans to stop international borrowing during the current year[/size]
Economy | 10:08 - 01/15/2024
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Mawazine News - Baghdad,
Advisor to the Prime Minister for Technical Affairs, Engineer Muhammad Al-Daraji, Chairman of the Committee for Reviewing Iraq’s Foreign Loans, revealed that the government seeks to stop loans that do not benefit the country.
Al-Daraji said, in a statement to (Al-Sabah) newspaper, followed by Mawazine News: “After 2003, Iraq entered a new wave of external loans and debts due to the decline in oil prices and the insufficient budget in most cases.”
He added, "There was clear confusion and differences in estimating the size of Iraq's new foreign debts due to the presence of other debts before 2003," noting that "the new debts must have a clear picture of them in order for appropriate measures to be taken in dealing with them in order to preserve the country's economy and its credit rating." "Globally."
Al-Daraji explained, “The loans are distributed among ministries and governorates in exchange for projects, and the task of the committee that was formed is to inventory the loans and find out which projects, ministries, or governorates have benefited from them and what their condition is,” indicating that “the debts entail interest that burdens Iraq and must be liquidated and final results must be reached in Knowing the size of the debt, how to repay it, and its value to the economy.”
The Prime Minister’s advisor for technical affairs said, “These debts may have been taken for certain reasons, but they do not contain any added value to the Iraqi economy, which makes us study the debts again and proceed with implementing the projects for which the debt was borrowed. If they are useless, they must be stopped.” And return the debts to improve Iraq’s financial position internationally.”
It is noteworthy that foreign loans to Iraq are estimated at 25 billion dollars, so the formation of this committee comes after these loans burdened the country during the past twenty years.
Advisor to the Prime Minister for Technical Affairs, Engineer Muhammad Al-Daraji, Chairman of the Committee for Reviewing Iraq’s Foreign Loans, revealed that the government seeks to stop loans that do not benefit the country.
Al-Daraji said, in a statement to (Al-Sabah) newspaper, followed by Mawazine News: “After 2003, Iraq entered a new wave of external loans and debts due to the decline in oil prices and the insufficient budget in most cases.”
He added, "There was clear confusion and differences in estimating the size of Iraq's new foreign debts due to the presence of other debts before 2003," noting that "the new debts must have a clear picture of them in order for appropriate measures to be taken in dealing with them in order to preserve the country's economy and its credit rating." "Globally."
Al-Daraji explained, “The loans are distributed among ministries and governorates in exchange for projects, and the task of the committee that was formed is to inventory the loans and find out which projects, ministries, or governorates have benefited from them and what their condition is,” indicating that “the debts entail interest that burdens Iraq and must be liquidated and final results must be reached in Knowing the size of the debt, how to repay it, and its value to the economy.”
The Prime Minister’s advisor for technical affairs said, “These debts may have been taken for certain reasons, but they do not contain any added value to the Iraqi economy, which makes us study the debts again and proceed with implementing the projects for which the debt was borrowed. If they are useless, they must be stopped.” And return the debts to improve Iraq’s financial position internationally.”
It is noteworthy that foreign loans to Iraq are estimated at 25 billion dollars, so the formation of this committee comes after these loans burdened the country during the past twenty years.
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