Financial: Iraq killed himself in financial and economic risk

August 10, 2015 0

Abdelkader Mohamed, Member of the parliamentary Finance Committee that many of the foreign loans are detrimental to Iraq's economic future, especially with regard to loan higher profit, and that failure to pay these loans annually will double her upon Iraq, leading to a growing financial crisis in the country.

"Mohammed", the Committee rejected the requirement of foreign loans concerning high profit up to $ 11 million, the loan risk and harm to Iraq's economic future.

He noted that this type of loan Iraq economy absorbs upheavals caused it to be payment in advance in the annual profit and that non-payment of the annual profit doubled to Iraq leading a growing financial crisis in the country, and that such loans are not conducive to the development of Iraq's economy, and it's dangerous and there's no guarantees for payment in the future.

The Iraqi Government has resorted to external loans from the International Monetary Fund and the World Bank to plug budget deficit after falling oil prices and the impact on the economy of the country.