{"id":194837,"date":"2021-05-09T20:11:46","date_gmt":"2021-05-09T20:11:46","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=194837"},"modified":"2021-05-09T20:11:48","modified_gmt":"2021-05-09T20:11:48","slug":"iraq-debts","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/iraq-debts\/","title":{"rendered":"How long does Iraq need to repay its debts?"},"content":{"rendered":"\n<p>Iraq needs 27 years to repay its debts, according to Mazen Al-Faili, a member of the Economic and Investment Committee in the Iraqi Parliament.<\/p>\n\n\n\n<p>&#8220;There are accumulated internal and external debts, which expire in 2048, according to specialists,&#8221; Al-Faili said.<\/p>\n\n\n\n<p>&#8220;The Parliamentary Economic Committee objected to borrowing without there being alternatives to oil or reducing expenditures.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Iraq debts<\/strong><\/h2>\n\n\n\n<p>He added that &#8220;it is wrong for the government to resort to debt,\u201d noting that &#8220;there are no practical steps on the ground to maximize Iraq&#8217;s imports in the sectors of industry, agriculture and tourism.&#8221;<\/p>\n\n\n\n<p>This comes at a time when the Parliamentary Finance Committee confirmed, Iraq\u2019s need for internal and external loans within the 2021 budget.<\/p>\n\n\n\n<p>A member of the committee, Muhammad al-Shabaki, said that &#8220;the estimation of internal and external loans in the 2021 budget was carried out after studies were conducted by the Ministries of Planning and Finance.&#8221;<\/p>\n\n\n\n<p>Government officials had revealed earlier, that the internal and external debts on &nbsp;Iraq amount to about $73 billion, payable, as well as $40 billion outstanding for eight countries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Stifling financial crisis<\/strong><\/h2>\n\n\n\n<p>Iraq is going through a stifling financial crisis caused by the drop in global oil prices, since the beginning of the global outbreak of the Coronavirus pandemic.<\/p>\n\n\n\n<p>In addition, and the spread of corruption has caused the country to lose hundreds of billions of dollars since the U.S. occupation in 2003.<\/p>\n\n\n\n<p>The head of the Parliamentary Finance Committee, Haitham al-Jubouri, had revealed earlier that the ceiling of external borrowing in the budget for the current year 2021 exceeds two billion dollars.<\/p>\n\n\n\n<p>He also indicated that internal borrowing from the central bank is estimated at about 5 trillion dinars ($3.5 billion).<\/p>\n\n\n\n<p>The successive Iraqi governments are exposed to severe criticism about the continuation of the borrowing policy in the oil-rich country.<\/p>\n\n\n\n<p>An official at the <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwi0zbLss73wAhVdRBUIHfEBAWoQFjAAegQIAxAD&amp;url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FCommission_of_Integrity_(Iraq)&amp;usg=AOvVaw0DgtwdZDia0q5AcboULxbt\">Integrity Commission <\/a>said that \u201cThe accumulation of debts of this serious size is borne by all the governments that came to the country after 2003\u201d.<\/p>\n\n\n\n<p>The same official emphasized, \u201cmost of these governments formed a barrier to protect the corrupt from legal accountability and worked with them to achieve financial gains\u201d.<\/p>\n\n\n\n<p>\u201cTheir public policies also caused wasting state funds, through <a href=\"https:\/\/www.bnreport.com\/en\/iraqi-oil-gains\/\">decades-long corruption <\/a>in all the joints of the state,\u201d He added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Iraq needs 27 years to repay its debts, according to Mazen Al-Faili, a member of the Economic and Investment Committee in the Iraqi Parliament. &#8220;There are accumulated internal and external debts, which expire in 2048, according to specialists,&#8221; Al-Faili said. &#8220;The Parliamentary Economic Committee objected to borrowing without there being alternatives to oil or reducing [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":194840,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,586],"class_list":["post-194837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-iraq"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How long does Iraq need to repay its debts? 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