Parliamentary economy warns of a financial burden on Iraq because of loans

Parliamentary economy warns of a financial burden on Iraq because of loans

 Since 12/21/2016 12:22 am (Baghdad time)
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Special - balances News
Stressed the economic and investment commission in parliament member Mohammed Abbas, Wednesday, that the foreign loans obtained by Iraq weigh his shoulders, indicating that these loans where the terms and benefits must be adhered to.
Abbas said for / balances News /, "The loans obtained by Iraq from the World Bank or the International Monetary Fund and the conditions and obligations and benefits to be paid and commitment," pointing out that "the increase in foreign loans or interior will overburden the state budget as well as revenue entering the country ".
He added that "there is supposed to be the accounts for these loans to see how to take advantage of them," adding that "the continuation of Iraq in the future on this case Sathaglh loans and arrange the other things Kalfoaid and periodic repayments."
He pointed out that "these loans are used to cover the deficit in the public budget," explaining that "Iraq's budget deficit up to 21 trillion dinars, and this big figure sums need to reduce this deficit."
The World Bank approved a new loan of 1.485 billion dollars to help Iraq to alleviate the weak economy on oil prices and bear the cost of the war against Daesh terrorist gangs.
The Bank approved two loans worth $ 1.2 billion and $ 350 million to support Iraq in 2015.
In July, the IMF approved a new loan agreement conditional on a three-year, $ 5.34 billion to support the efforts of Baghdad to overcome the weakness in oil prices and to ensure its ability to meet its debt burden.
 
The supreme religious authority has warned Iraq's burdens Emiri loans Alforeigh.anthy 29 n / 10




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[ltr]Economist warns of financial spiral: Iraq borrow to pay off debt[/ltr]
[ltr]12/21/16[/ltr]
[ltr]BAGHDAD Journal News 
He warned an economic researcher, that the continuation of foreign loans, lead Iraq into a downward spiral, making it borrows to pay off previous loans, noting that the reforms pursued by Iraq as part of its agreements with the World Bank, is temporary compelling measures, will be gone with the rise in oil prices, which will bring the country to expand in spending and wasting money.[/ltr]
[ltr]While the World Bank Group approved new financing package worth 1.485 billion dollars, and she, to support the reforms undertaken by Iraq to improve the delivery of public services, enhance transparency, and to stimulate private sector growth, and to support job creation, noting that Iraq still faces a major humanitarian crisis , in the presence of about 10 million people, or more than a quarter of the country's population in need of assistance, including 3.4 million internally displaced people, as well as 240 thousand refugees.[/ltr]
[ltr]He noted economic analyst, to the resort of Iraq, to ​​the internal and external borrowing policy is a realistic policy, in light of the liquidity crisis faced by the country due to lower oil prices, and the presence of a great governor expenses are staff salaries and expenses of war.[/ltr]
[ltr]A professor of management and economics at the University of Mustansiriya Maytham and coffee, for (Journal News), said that "the continuation of a mile fiscal policy to borrow, especially external borrowing, lead Iraq into a downward spiral, making it borrows to pay off previous loans," adding that "the reforms pursued by Iraq within its agreements with the World Bank, temporary measures are compelling, will disappear with the rise in oil prices, which will bring the country to the expansion of spending and wasting money. "[/ltr]
[ltr]He added that "borrowing the decision should be seen as borrowing ratio to GDP, and be within an integrated scenario paints the Iraqi economy, otherwise we, if we look at the fiscal year expenses in 2017, we will notice, including the amount of the premium domestic debt and external of five trillion six hundred and eight billion dinars.[/ltr]
[ltr]Pedroh said economic analyst Salim Shami, said that "asylum Iraq, to ​​the internal and external borrowing policy is a realistic policy, in light of the liquidity crisis faced by the country due to lower oil prices, and the presence of a great governor expenses are staff salaries and expenses of war."[/ltr]
[ltr]He said Shami, said that "most of the World Bank conditions for lending in the interest of the Iraqi economy, because it means reducing expenses and streamlining, because the World Bank conditioned on Iraq not to waste natural gas in order to agree to lend," noting that "the government has pledged to the bank its commitment to the strategy of energy through which stop wasting natural gas completely accompanying 2030, the existence of projects to benefit from it. "[/ltr]
[ltr]He added, "The World Bank has also stipulated that the activation state-owned enterprises, which works by the cabinet four months ago where the sincerity of the program to activate a number of industrial and oil service companies," adding that "Iraq is thus have implemented the conditions requested by the World Bank." .[/ltr]
[ltr]Shami said that "the World Bank loan, which is estimated at one billion and 200 million dollars, will go primarily the basis for investment projects for electric power, also will be assigned part of the purpose of producing that occupy the hands of the worker, not for salaries or wages," stressing the importance of "the loan because it can Iraq from borrowing global capital markets guaranteed by the World Bank. "[/ltr]
[ltr]The World Bank said in a press release, he agreed to a new loan of 1.485 billion dollars to help Iraq to alleviate the weak economy on oil prices and bear the cost of the war against the organization of the Islamic state.[/ltr]
[ltr]He added that the new loan brings the total financial assistance from the World Bank for Iraq to about $ 3.4 billion.[/ltr]
[ltr]The Bank approved two loans worth $ 1.2 billion and $ 350 million to support Iraq in 2015 after a year of control of militants Islamic state on about a third of the territory Albulad.anthy[/ltr]


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