Financial: Iraq on bankruptcy and economic abyss
August 27, 2015

Member of the parliamentary Finance Committee said Sarhan Ahmed, Iraq on Tuesday, a large economic abyss.

Ahmed told reporters that "Iraq on bankruptcy and economic abyss," Noting that "oil revenues which prevented the collapse of Iraq's economy to the level that leads to bankruptcy."

"Iraqi leaders must realize this topic in all its aspects, if you did not catch the spoilers and entrap them in prisons, eradicate corruption and recover stolen money that Iraq cannot recover from the economic crisis."

Ahmed noted that "the crisis will continue and the situation will continue in the collapse of the economy to enable the State to perform payroll and distribution only, if Iraq is not a serious strategy economic strides and far-reaching, is kissed on the economic collapse and bankruptcy unless corrupt search and return Iraqi money that fled abroad".

He pointed out that "borrowing by ways of addressing the shortfall in the budget which under budget law which gave power to the Minister of finance in borrowing, but what are the States that agree to borrow must find friendly countries trust the Iraqi economy to be able to borrow".

"So far Iraq has not borrowed for the lack of confidence between borrowers and the economy", adding that "borrowing Decree and planned but how are States that are borrowing and interest rate", indicating that "some companies agreed to lending but by more than 12% supported the collapse of the economy."

He stressed that "the benefits of borrowing less damage on the Iraqi economy, if more benefits which would benefit Iraqis, will collapse."

He was a member of the parliamentary Finance Committee Sarhan Ahmed, warned last month the country's vulnerability to disaster and economic collapse, as a result of lower oil prices and war on dash.