2015/09/23 (00:23 pm)

Economic: borrowing from abroad is an essential step but not only with the approval of the Parliament

Baghdad/range press

Commission on the economy and investment, on Tuesday that the Government would not be able to borrow from abroad without the approval of Parliament, while I returned that was "an essential step" devoted to the implementation of infrastructure projects and services through the payment term should be taking into account that Iraq is not "bankrupt" and continue the revitalization of the agricultural and industrial sectors and the restructuring of industrial companies. Committee member, said najiba Najib, told the (term), "borrowing from abroad constitute an essential step, although negative condition under normal circumstances," Noting that "Iraq is passing through exceptional circumstances, crucial war against terrorism and the decline in world oil prices and is the sole supplier for its economy, leading to the suspension of the projects and the financial crisis". Najib said that there is a "plan for borrowing with the Bank tab", stating that "external borrowing will push long-term projects such as infrastructure and services, but most future loans amounting to six billion dollars, going through Treasury bonds, but not only with the consent of the Parliament." Committee member, explained the parliamentary Economic Committee, will examine the topic and to indicate its observations thereon ", calling for" taking into account that Iraq is not bankrupt, and the Government started paying attention to industry and agriculture by allocating five trillion dinar loans to small and medium-sized enterprises, restructuring some companies of the Ministry of industry and minerals. Najib said that there is "45 winner, 135 losers being rehabilitated to promote their reality." He was Adviser to the Council of Ministers of Economic Affairs, the appearance of Mohammed Saleh, warned, (23 August 2015), excessive borrowing because of the liquidity shortage, and while that would be a "heavy burden" to future generations, called investing borrowed money in investment projects generate income directly.