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It constitutes 15% of the financial sector.. An economist reveals the size of government borrowing over 6 months
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Baghdad Today - Baghdad
Economic expert, Manar Al-Abidi, revealed today, Tuesday (August 13, 2024), the size of government borrowing over 6 months, while indicating that its percentage constitutes 15% of the financial sector.
Al-Obaidi said in a clarification, followed by "Baghdad Today", that "the government borrowed 10 trillion dinars in only 6 months, distributed: 3 trillion dinars from government banks, 4 trillion dinars from commercial banks, and 3 trillion dinars from selling bonds."
He added that "this borrowing increased the domestic debt by 11% within 6 months," indicating that "the total borrowing from these parties amounted to 21 trillion dinars, representing 17% of the volume of deposits in commercial and government banks and representing 10% of the banks' assets."
Al-Obaidi continued: "In addition to the Ministry of Finance's obligations to the Central Bank, amounting to 41 trillion dinars, representing 21% of the Central Bank's assets," explaining that "in other words, approximately 15% of the financial sector's funds are in the form of debts to the central government."
He believed that "it would have been more appropriate to invest this money in an investment fund that would provide revenues for the state, increase the volume of non-oil revenues, and be a guarantee for future generations."
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