Parliamentary Finance warns of the danger of continued external borrowing on the Iraqi economy

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Hdhiredo Finance Committee MP Masood Haider, on Tuesday, of the danger of external financial borrowing and its negative impact on the Iraqi economy, noting that Iraq has oil wealth considerable human and capabilities not exploited properly.

Iraq and got his first credit rating has sovereign versions on Friday, the seventh of September of this, where it was put Fitch rating B_ with a stable outlook for Iraq which is less than six degrees from the investment grade, which is sought by the planned issuance of international bonds worth five billion dollars, aims to ease the pressure drop in oil prices on public finances of the state.

He said Haider's (IMN) "The financial loans of great economic Tbaat because Alfoaidh carried by the donor countries and will have an impact on the Iraqi economy in the long run," stressing that "Iraq can manage the financial side is get it out of financial distress."

The member of the Finance Committee, "the Iraqi government to activate the non-oil revenues derived from taxes and customs," stressing that "So far, reports indicate a significant decline of revenue for Iraq from taxes and customs."

He also urged the government to develop the study of mechanisms for control of financial corruption in customs.

And it revealed the Ministry of Transport for about a week ahead of the airline on the loan of one billion US dollars to finance the purchase of modern aircraft enhance their ability to passenger transport.

Said Finance Minister Hoshyar Zebari said earlier this year that Iraq plans to sell international bonds for the first time in nine years. This could help get a credit rating to convince global investment funds and bank managers to buy bonds.

Iraq and organized a promotion to investors last week for a series of versions of sovereign dollar bonds, which hopes to be able to measure up to six billion dollars.