$ 112 billion .. Newspaper: Iraq’s debt will cover its oil to creditors

$ 112 billion .. Newspaper: Iraq’s debt will cover its oil to creditors

2017/08/18 10:07

112 billion - Newspaper - Iraqs debt will cover its oil to creditorsBaghdad today – follow-up

Al-Arabi newspaper reported a report on the “risks” of Iraq’s foreign debts, which amounted to more than 112 billion dollars, while noting that Iraq will have difficulty in repaying, confirmed that the Iraqi oil resources will be subject to creditors, and for many years.

The newspaper quoted a member of the Finance Committee parliamentary Rahim Darraji said in a statement broadcast by local television, that since 2003 and so far Iraq has resulted in many debts amounted to 112 billion and 900 million dollars, due to the wrong policies of successive governments.

And between in this regard, that ” the governments that received the helm of government do not have knowledge of the financial and monetary policy of the country management and previous budgets for Iraq budgets inflated and lacks the measure was not on the basis of the study and planning, but was based on the so – called fill in the blanks.”

He pointed out that “future generations will bear the burden of the current debt and the problem of Iraq is that he did not elect a government conscious and able to manage the country, but elected governments capable of manufacturing parties,” he said.

The Iraqi government has so far refused to disclose the size of the debts formally and rejects figures issued by international organizations or members of parliament and considers them inaccurate or that part of them were deported from the era of the former Iraqi regime before the occupation. According to the newspaper.

The newspaper says that “67% of the total Iraqi debt, external debt and up to $ 68 billion and 33% of the internal debt distributed among investment companies operating in Iraq The top US, France and Britain, the list of the highest countries that condemn Iraq, and then comes after these countries, International Monetary Fund and Global Banks “.

According to International Monetary Fund statistics, Iraq’s domestic revenue is $ 174 billion and Iraq’s debt is 61% of its domestic revenues. The IMF also expected Iraq’s debts to reach $ 120 billion by the end of the year and exceed $ 130 billion in 2018. Iraq has over the past two years raised international bonds worth more than $ 2 billion and a 6.7% interest rate.

Iraq has recorded a consecutive fiscal deficit in the past four years, the highest this year by 21 billion dollars after the global decline in oil prices, which coincided with the invasion of the “Da’sh” cities of northern and western Iraq and the start of the war, which consumed most of the country’s financial resources, 30% of his annual budgets to buy weapons and pay the wages of fighters.

For her part, said the member of the Economic Committee in the Iraqi parliament, Nora al-Bajari, “The debts that weighed the causes of Iraq’s rampant corruption in the country and the entry of Iraq war against the organization calling for the terrorist addition to the officials and their parties to take over projects in the deals of corruption.”