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Internal debt rises to 79 trillion in 2024.. What is the relationship between spending and loans?
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Baghdad today - Baghdad
Economist Nabil Al-Marsoumi revealed today, Saturday (May 18, 2024), that the internal debt will rise to 79 trillion dinars in 2024 due to the expansion in spending.
Al-Marsoumi said in a blog post on social media platforms, followed by “Baghdad Today,” that “actual public spending in the first quarter of 2023 = 22.668 trillion dinars, while actual public spending in the first quarter of 2024 was = 25.770 trillion dinars.”
He added, "Advances increased from 367 billion dinars in the first quarter of 2023 to 1.844 trillion dinars in the second quarter of 2024," explaining, "Actual spending with advances increased during these two periods by more than 4.5 trillion dinars, while oil revenues decreased by 564 trillion dinars." One trillion dinars.
He stated, "This significant expansion in actual public spending is one of the important reasons for the rise in internal debt in Iraq to 79 trillion dinars in 2024."
Earlier, the Parliamentary Finance Committee confirmed that Iraq's external and internal debts do not pose any threat to the internal economic and financial situation.
Committee member Moin Al-Kazemi told “Baghdad Today” that “Iraq’s foreign and internal debts do not pose any threat to the internal economic and financial situation, as these debts are paid according to what is planned and agreed upon in every budget, and Iraq is committed to that, and there is no delay in payment.” "So that there will be consequences for this delay."
On the other hand, Iraq's internal debt, which is held exclusively by the government banking system, is estimated at about $55 billion if it is valued in foreign currency according to the new exchange rate, which means that no less than 63% of the internal public debt is in the possession of the Central Bank of Iraq, whether in the form of government bonds or transfers. Treasury, according to the government's economic advisor.
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