Official: Iraq needs to IMF loans, despite the huge budget
Official: Iraq needs to IMF loans, despite the huge budget
17/04/2013 12:00 AM
Baghdad – Mostafa Hashemi
said the economist in the Ministry of Finance Hilal Taan: that Iraq needs IMF loans for the implementation of development projects in various provinces for the development of industrial and agricultural sectors and other sectors, as well as water desalination projects in the southern provinces.
said Taan told (morning) The IMF loans and the World Bank are not loans sense prevails because it is soft loans and deadlines long terms grant the borrower a period of grace for 10 years and the period of repayment duration of 30 years.
, and pointed out that those who do not understand the science of economics does not understand the nature of these loans, Iraq is a member of the Both the World Bank and the International Monetary Fund and has special drawing rights and could withdraw $ 5 billion, pointing out that the right of Iraq as a member of the two financial crises to withdraw such amounts, denying at the same time that shackle these loans Iraq’s debt also promotes some because the interest rate where less than 1 percent of the member states in these organizations is no longer benefits but a provision administrative.
between Taan the feasibility of these loans in light of Iraq’s budget, which amounted to $ 113 billion this year, lies in the practice, as soft are not considered loans as it was in the former regime, as was imposed on them the benefits of 9 percent and sometimes 15 percent for some loans, pointing out that the theory may seem to the average citizen that Iraq does not need such loans, and therefore, Iraq used these loans to run the agricultural and industrial sectors and desalination projects
and drew that Iraq has yet to withdraw billion and $ 800 million, and if it exceeds the withdrawal of Iraq’s $ 5 billion, in that time only considered debts benefits high.
said that this is not the first loan, but were obtained on 3 loans prior to 536 million and $ 144 million and $ 744 million.
alsabahh
