Iraq on the brink of an ambitious program looming Alavlass..oaovernmh
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    Iraq on the brink of an ambitious program looming Alavlass..oaovernmh

    Iraq on the brink of an ambitious program looming Alavlass..oaovernmh

    economy Since 03.25.2017 at 11:36 (Baghdad time)

    Baghdad balances News
    Experts and specialists warned in the economic affairs of Iraq's declaration of bankruptcy in the next ten years if the survival of its dependence on external borrowing in bridging the internal deficit spending, stressing that the government's continued borrowing policy without resorting to solutions do the productive sectors will push the country into the abyss.

    And rely Iraqi budget by about 93% on the income earned from crude oil and its derivatives, while sales in the form of taxes and other sectors only 7% of the sources of financing the budget.

    The experience of world oil prices and instability below the level of ambition despite the positive results of the OPEC agreement, which led to making the economies of oil-dependent countries, including Iraq, is not stable.

    Says economist Adel Mandalawi, the external borrowing policy will push the country into the abyss.

    Mandalawi stressed that the government continues this policy without the presence of viable solutions through which to maximize the resources of the state, it will announce bankruptcy over the next ten years and future generations will pay the price of confusion happening in the economic policy of the country.

    Finance Committee member Rustam Massoud, said his part that Iraq has oil reserves and considerable human capabilities not utilized properly.

    Haider said in a press statement that the financial loans significant economic Tbaat because of the benefits incurred by the donor countries, and will have a negative impact on the Iraqi economy in the long term, stressing that Iraq is able to manage the financial side is directed from financial distress.

    The Finance Committee member Ahmed Haji, has warned of the possibility of the inability of the Iraqi government to repay the debt Bzmtha of international organizations and the countries that borrowed Iraq in the coming years. (Saleh & Najiba Najib both stated is recent articles that they would start repaying loans this year. Guess he didn't attend the meetings & can't read! - LOOP)

    The head of the IMF mission to Iraq Christiaan nut, revealed earlier about Iraq's debt rising by 64% during 2014 to 2016, while the loans described government banks as "troubled."

    The Parliamentary Finance Committee member Sarhan Ohamd, revealed the withdrawal of the government about $ 40 billion of Iraqi cash reserves. (Wrong the IMF places the figure at 47 to 50 billion US dollars in cash reserves - LOOP)

    Saying that cash reserves of hard currency fell to half.

    The International Monetary Fund has warned of the continuing decrease in the size of the cash reserves of hard currency at the Central Bank of Iraq because it will affect the Iraqi economy in general and in particular the dinar. (Alak recently has said that they will not need to dip into the reserves anymore and that they will start adding to them! - LOOP)

    The cash reserve for any Bld, safety valve, which provides state-of hard currency for trading and import, as well as to provide financial cover in the event of state revenues did not meet in the cover Ahtaajatha, usually revenues derived from oil and natural resources, industrial or agricultural or Altjara, and other revenue production availability of funds for financial balance Alsnoah, and manipulation of this cash reserve or drag it may lead to a significant risk that can not be processed.

    But the government's opinion of another spokesman for Prime Minister Saad al-Hadithi office, said that it has confirmed four years or the next five will see the advancement of the Iraqi economy by adopting a rational economic policy in the pressure of expenditure and the trend towards diversification of diversified sources of income through the preparation of "ambitious program", stressing in the same time that the loans obtained by Iraq will not shackle the country's debt and will not jeopardize the economy being very soft benefits and repayment periods Taiwilh.anthy 29 / d 24

    Last edited by Loopback; 03-25-2017 at 11:46 AM.

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