The Iraqi government: We will reduce external borrowing to its lowest levels

The Iraqi government: We will reduce external borrowing to its lowest levels

Wednesday 15 September 2021 | 02:27 PM

The Iraqi government - We will reduce external borrowing to its lowest levelsThe Minister of Planning, Khaled Batal Al-Najm, said today, Wednesday, that the ministry’s policies and the government’s directions are moving towards reducing external borrowing to its lowest levels, with the aim of reducing the burden of loans on the national economy .

This came while presiding over an expanded meeting, which included representatives of the ministries of finance, electricity, construction, housing, municipalities, transport, water resources, agriculture, the Baghdad Municipality and the Reconstruction Fund for liberated areas, with the representative of the World Bank in Iraq, Ramzi Numan, according to a statement issued by the Ministry of Planning .

During the meeting, the minister said that external borrowing will be absolutely necessary, and in only two cases, the first is the great importance of the project, and the second is the lack of cash to implement this project .

He stressed that the ministry will not include or approve any project, unless it meets all the requirements, foremost of which is the feasibility study, calling on the relevant ministries that have projects funded by the World Bank loan, to expedite the completion of these projects, and to benefit from the loan funds currently available. .

During the meeting, they discussed the problems and obstacles facing the implementation of projects financed by the World Bank, focusing on projects with low rates of implementation, and the reasons for delaying their completion .

The minister directed the formation of a joint committee comprising representatives of the Ministry of Planning, the World Bank and relevant authorities, to follow up on the implementation of these projects, and to develop mechanisms and proposals that contribute to the speed of completion.