Warnings against the mortgage of Iraqi oil against the payment of debts
Warnings against the mortgage of Iraqi oil against the payment of debts
8-22-2017
An economic expert warned Antoine on Tuesday of allowing loan donors to control Iraq’s oil by pledging it until the debt is repaid, amid the need to diversify revenues and change the dependence on oil alone.
Antoine said that “98 percent of the foreign currency obtained by Iraq comes through oil, as well as 93 percent of the federal budget of the Iraqi government depends on oil as well,” noting that “this extraordinary dependence on oil alone, caused many economic problems.”
Antoine added that “allowing the mortgage of Iraqi oil to the lenders will lead to the tightening of the economy of the country,” stressing the importance of “the trend to diversify Iraqi revenues from non-oil products and sources.”
The International Monetary Fund warned in its latest report on Iraq, from the high debt to 130 billion dollars, because of the amounts borrowed by Iraq as a result of lower oil prices.
waradana.net
