Parliamentary economy: Government and private banks struggling to recover loans

20/05/2017 at 12:14 | Hits: 146


The Parliamentary Commission on the economy and investment the Government and private banks struggling to recover loans to citizens and investors, as upheld by the World Bank report about Iraq's debts rise by 64%.

Committee member Nora Salem albegari in an interview for "direction," said the IMF report is true because the Government and private banks of difficulty in recovering loans, whether citizens or investors, stating that government debt recently increased due to ongoing battles against ISIS and there's fear of Iraq's inability to meet its obligations to pay that debt because of lower oil prices.

She added: the Government's policy lacks the advantage of loans granted in the activation of projects development and attention to youth energies and eliminate unemployment.

The International Monetary Fund announced that Iraq's debts rise from 32% to 64% of GDP in 2014-2016, pointing to a slowdown in credit growth and rising non-performing loans at State banks in 2016.