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The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate


yota691
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Excellent articles yota, we have known for years now that the Paris club forgave almost all the debt iraq owed to them ( im sure there is a reason ) which is open for anyone's interpretation.. imo its was those in leadership that simply did not lead that has brought them down this road where they are today (pre abadi days), i remember when the usa or the (occupiers) as Sadr would describe US troops were forced / told to leave iraq, the top brass of the US military described the corruption in Iraq from literally top to bottom in all areas of authority and so the party for the corrupt was under way and it wrecked them, only now are we reading news of arrest being made years later , Selah in the above articles imo was one of the good guys that stood in maliki's way and was imprisoned to allow clear running of the money train for the thieves

the iqd is very much a currency of a country that has huge potential but with many challenges ahead, this is all about Iraq we are simply along for the ride and so we'll continue to watch the news to attempt to discern the facts .... all the best 

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(by samson)

http://annabaa.org/arabic/econ.....cles/12682

Financial sustainability in oil countries

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4th October, 2017 by Dr. Haidar Hussein Al-Tohma
 

Behind the collapse of crude oil prices is a marked increase in fiscal deficits and public government debt after the decline of oil resources from the rates of public spending on the oil economies, which generated a great interest in financial sustainability, which refers to the ability of the state to bear debt without the need for major changes in financial policies To strike a balance between revenues and overhead.

All countries seek financial sustainability by ensuring long-term fiscal and public spending policies without compromising financial solvency or exposure to bankruptcy risks or non-performance of future financial obligations. The loss of state financial sustainability or the decline of financial market confidence in its ability to meet its obligations to stop creditors from lending, raise interest rates on loans to high levels, and set strict controls and conditions.

The rate of increase in the ratio of public debt to GDP is one of the most important factors affecting the sustainability of the country's financial situation. There are many other factors affecting the sustainability of public finances, as the growth rates of government spending are higher than the growth of public revenues, In the future to the expectation of a rise in the ratio of public debt to GDP and the high possibility of losing the solvency of the country, which is achieved when the current discount rate of current and future spending is lower than the current discount rate of current and future income Yeh less public debt dues.

Oil and deteriorating financial situation

The sluggish path of oil prices is a serious challenge facing most oil countries for decades because economic development efforts are linked to oil resource flows, mainly linked to several external factors governing the direction of crude oil markets. Various economic policies have been adopted to deal with oil price shocks in these countries, but they have not come out of reaction rather than creating sustainable economic policies designed to prevent shocks and are designed primarily to anticipate crises. In this context, the chronic decline of oil prices to below the levels of the budgets of the oil states to restructure and design the public finances to isolate the fluctuations of oil prices from the financial and economic landscape in favor of harmony and harmony with national economic needs and development plans and economic stability.

In the Iraqi economy, and with the shock of crude oil prices in its third year, the accumulated fiscal deficits and the worsening of public debt to dangerous levels (about $ 110 billion, $ 68 billion in foreign debt and $ 43 billion in domestic debt) raise the question of the ability of the national economy to withstand and cope with the price of Low oil. Especially as it depends on the oil resource in the development of the economy and funding of the budget and the war against Dahed on the one hand, and weak expectations about the return of prices to previous levels on the other hand. Thus pushing financial sustainability to the forefront of the challenges to Iraq's economic prospects.

Requirements for financial sustainability

The world oil markets have imposed severe financial pressures on most of the oil-exporting economies. Despite the varied financial and economic impact, the new oil reality requires all oil countries, including Iraq, to follow a series of steps aimed at achieving financial sustainability and the disengagement between the elements of the budget and fluctuations in prices of crude oil.

The most prominent of these steps:

1. Targeting the initial non-oil deficit in the assessment of financial performance, as it isolates spending decisions from the continuous fluctuations of crude oil revenues, and thus ensure the compatibility of long-term financial sustainability with justice among generations in the utilization of oil wealth.

2. The fiscal policy framework must accommodate the economic characteristics of the country from the economic structure, oil reserves and exchange rate systems.

3 - The use of financial rules to achieve economic and financial stability in oil countries through the use of economic models developed specifically for this purpose towards the hypothesis of permanent income and the method of structural balance and the rule of general equilibrium random, which depend on the economic characteristics of each country.

4. The persistence of sharp fluctuations in crude oil prices is critical to the design of new financial frameworks that rely on financial fenders to absorb and mitigate sharp fluctuations and price volatility to maintain stable levels of government spending and to avoid a slide towards new economic and financial crises.

5. Enhancing the efficiency of public expenditure policies, activating tax reform programs and mobilizing domestic revenues is a necessary condition for achieving long-term fiscal sustainability in oil countries and achieving justice among generations in benefiting from depleted natural resources.

6 - Activate the role of financial markets as a prime minister to finance the needs of the emergency government and market public bond issues at the lowest possible cost for short and medium terms.

7. Financial sustainability in Iraq requires tight coordination between central bank policies (monetary instruments), government policies and the Ministry of Finance (financial instruments), given the interdependence and correlation between the fiscal deficits and foreign reserve rates of the Central Bank under the adoption of the managed exchange system

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2017/10/12 (00:01 PM) - Number of readings: 33 - Number (4039)
 
 
Opinion of the foreigner: the debt of Iraq .. A new dilemma facing the national economy

 Translation: Range 

Since 2003, successive governments in Iraq have not pursued a sound economic approach to rid the national economy of the structural imbalances it has suffered as a result of the reckless and foolish policies of the former regime that have brought disasters to the country. 
The international sanctions imposed on Iraq after the invasion of Kuwait in 1990 increased the problems of the Iraqi economy and deepened to a large extent. There was an opportunity after the fall of the dictatorial regime to overcome all these problems and overcome them and erase their effects. By pursuing a sound economic policy that would have put the Iraqi economy on track to embark on a prosperous and efficient economy. 

With the heavy legacy of the former regime in the economic field, which was characterized by economic sectors that are completely disabled, especially the agricultural and industrial sectors, and the damage to the oil installations, which are considered the nerve of the Iraqi economy and the decline in levels of production and export in the oil sector, the former regime left the Iraqi economy with debt over 100 billion Adding new burdens to Iraq's economic policymakers. 

But after long and arduous talks with the international financial institutions, Iraq succeeded in extinguishing most of those debts and the Iraqi economy on the threshold of a new start to erase the effects of the abhorrent past and begin to build the scientific foundations of a new national economy invests the great resources enjoyed by Iraq, and increased the importance of that opportunity Is the rise in global oil prices, which saved the treasury of the country huge financial resources due to the rise of those prices, which exceeded the threshold of $ 100 for the first time in history. 

It was possible to employ these financial resources properly to make a qualitative leap in the Iraqi economy and make it based on the right basis with the revitalization of productive sectors are disabled and leave dependence on oil as a single source of national income and allowed the private sector to take its role in economic development and address all imbalances and distortions in the structure of the economy Iraq. 

But what happened was the exact opposite, no one looked to address the problems of the Iraqi economy and the heavy legacy that was burdensome, but hired the huge financial revenues derived from high oil prices for purely political purposes, and was able to the financial and administrative corruption system to seize those resources through projects and phantom and troubled Which came to all the resources of the country and filled the pockets of corrupt money without any government measures to combat the scourge of corruption that spread in the country and deepened the crisis of the Iraqi economy and accumulated problems, and the adoption of the policy of expansion of government appointments significantly impacted the increase in Pressure on the financial resources of the state, and it was a kind of (social bribes) to silence people on the practices of government departments in the drain of the financial capacity of the country through the salaries of the imagination enjoyed by private office holders of the powerful political power and privileges enjoyed by relatives and friends Creating a new layer in the Iraqi society that knows nothing about the suffering of the people and cares only about the accumulation of wealth. 

But with the start of the battle to stamp out a hasty organization, the government became obliged to channel the bulk of the country's resources into the war effort. Unfortunately, this was accompanied by a sharp decline in world oil prices, which reduced the fiscal revenues of the Iraqi treasury. The state has to meet its financial obligations either on the military side or on the side of securing the salaries of state employees, as the treasury is almost empty, and the corrupt stole the money stolen from the country.

The government resorted to the international financial institutions to obtain financial loans to help them overcome the suffocating financial crisis. Which they are facing. 

The Iraqi government has only this solution. Retrieving looted and stolen money through the corruption system over the past years requires a long time and requires a courageous and strong political will to eradicate the symbols of corruption, which most of them hide in the centers of powerful political forces. 

Despite the lack of clarity on the size of the debt, whether internal or external, but the fact that the Iraqi economy is bound by a group of debt, this is a serious indication that the course of the Iraqi economy is not reassuring, and that there are new dilemmas will face in the near and distant future, and The decline in global demand for crude oil and low prices As Iraq continues to rely on oil as a sole supplier of national income, it is necessary to adopt a new economic policy that puts the first priority to combat corruption and follow up stolen and looted funds to return to the state treasury and maximize revenue The State will be able to work through the introduction of an effective tax and customs policy and stimulate the economic sectors that are suspended from work and allow the private sector to work and activate its role in the national economy by adopting a series of legislation to encourage investment. 

The structural imbalances of the Iraqi economy and the heavy legacy inherited from the former regime do not need a new kind of problems. These debts pose a new dilemma facing the Iraqi economy, which must be avoided before it is too late. 

 About: The New York Times

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  • yota691 changed the title to Iraq still under the category of bankrupt countries?

Iraq still under the category of bankrupt countries?

 

 From 2017-11-05 at 12:33 (Baghdad time)

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Special - Mawazine News

The official in charge of economic affairs, Dhargham Muhammad Ali, on Sunday, the budget of 2018 similar to the past years in terms of revenues, which are based mainly on oil revenues and deductions without any impact of development, noting that the size of debt is currently higher than the size of official state revenue which is within Iraq within Item "Bankrupt States".

 Ali said in an interview with "Mawazin News" that "the budget next year did not differ from its predecessors and relied almost entirely on Iraqi oil revenues estimated at a price is considered relatively balanced but will be subject to changes in the global oil market," pointing out that " Staff and rely on internal and external borrowing to fill the deficit. "

He added that "the budget reveals beyond doubt the inability of any realistic treatments to find development, even if it is a formality to open future prospects to reduce dependence on oil revenues and stop domestic and external borrowing, which has no horizon to stop it and the payment of accumulated it puts the Iraqi economy in the near future on the verge of bankruptcy.

He pointed out that "the lack of solutions may be due to two reasons: the first corruption and weak planning and the second dependency inherited oil revenues, which is accountable for the need to address the real development through joint solutions with the private sector, in addition to fighting corruption and reduce the privileges of the political class and its expenses, To develop a visionary policy to pay back Iraq's loans, which weighed heavily and brought it back to square one before the Paris Club. "

Ali said that "the size of debt is currently higher than the size of the State's official revenue, which is entering Iraq under the item bankrupt states."

The budget of 2018 included deductions from salaries of employees, which rose to 4.8%, while the rate of deduction in the budget of 2017 was 3.8% as a budget austerity.

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Iraqi currency
  

Economy News Baghdad:

A source in the Iraqi government said on Sunday that Iraq's internal debt is 46.8 trillion dinars.

The source, who preferred not to disclose his name for "economy News", "Iraq's internal debt amounted to 46.8 trillion dinars until the month of August last."

He pointed out that "the internal debt went to support the financial budget in order to fill the deficit in operating expenses."

 

 

 

Views 378   Date Added 11/05/2017

 
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  • yota691 changed the title to 46.8 trillion dinars the size of the internal debt of Iraq
  • yota691 changed the title to Government source: 8.2 trillion dinars will be paid by Iraq as loan receivables
 
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Economy News Baghdad:

Iraq will pay 8.2 trillion dinars to a number of countries and institutions from which it has borrowed over the past years as loan and interest benefits, a government source said Wednesday. 

The source, who preferred not to disclose his name to the "economy News", "The number of debts that Iraq obtained over the past years requires the government to pay its installments as well as benefits after the end of the grace period," noting that "Iraq will pay during the next year 8.2 trillion dinars Debt receivables from installments and benefits. "

He added that "Iraq allocated during the current year the amount of 6.1 trillion dinars to pay installments of debt and interest," noting that "debt dues will increase in the coming years because of the borrowing policy carried out by the government during the past two years."

 

 

Number of views 8   Date added 22/11/2017

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  • yota691 changed the title to Governor of the Central Bank reveals about Iraq's domestic debts
 
BAGHDAD (Reuters) - 
Central bank governor Ali al-Alak said on Saturday that Iraq's domestic debt would not be able to buy directly or lend to the government. 
"The total of the domestic debt of Iraq amounted to more than 40 trillion dinars," he said, noting that "the debt is not directly from the Central Bank, but we deduct the treasury transfers bought by government banks and then buy back."
He pointed out that "the central bank and under the law can not buy directly or lending to the government, but we buy Treasury transfers traded in the market to save and support liquidity in the markets," pointing out that "remittances have benefits and benefits, and the Ministry of Finance committed to pay at the present time."
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  • yota691 changed the title to "Governor of the Central Iraqi": Iraq's domestic debt exceeded 40 trillion dinars

"Governor of the Central Iraqi": Iraq's domestic debt exceeded 40 trillion dinars

"Governor of the Central Iraqi": Iraq's domestic debt exceeded 40 trillion dinars
The remittances have interest and benefits that Iraqi Finance is obliged to pay
 
 25 November 2017 01:46 PM

Direct : Governor of the Central Bank of Iraq said that the total domestic debt of Iraq amounted to more than 40 trillion dinars (33.62 billion US dollars), according to (Iraqi News Agency).

Ali Al-Alaq said on Saturday that the debts are not directly from the Iraqi Central Bank; but the treasury transfers purchased by the government banks are deducted, and then the Central Bank buys them.

He added that the Central Bank - under the law - can not buy directly or to lend to the government; but is buying Treasury transfers traded in the market; saving and support for liquidity.

He noted the governor of the Central Bank of Iraq, that the remittances have benefits and benefits, which is committed by the Iraqi Ministry of Finance to pay at the present time.

It is noteworthy that the Iraqi government in order to fight to terrorize gangs advocating the organization, borrowed $ 32 billion from the Central Bank of Iraq, to cover the military needs in the war .

The Iraqi government depends on the rise in international oil prices to pay the debt of the Central Bank of Iraq, as well as the non-oil revenues covered by the country's budget for 2018.

 

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  • yota691 changed the title to Allawi: Iraq's debt is 133 billion dollars

Allawi: Iraq's debt is 133 billion dollars

 

 Since 2017-12-14 at 13:06 (Baghdad time)

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Alnajf - Mawazine News

Vice President of the Republic Iyad Allawi, on Thursday, the debt of Iraq's debts amounted to 133 billion dollars, calling for an exception to steal state funds from the general amnesty.

Allawi said in a dialogue seminar in Najaf attended by correspondent / Mawazin News, "the debts of Iraq's debts amounted to 133 billion dollars."

"The battle will be long and will take another face by fighting dormant cells of terrorist gangs," he said, adding that he would "give his personal salary to the poor and the needy."

Allawi said that "it is necessary to exclude the thieves of state funds from the general amnesty."

The Vice President of the Republic Iyad Allawi arrived this morning, to the province of Najaf

 

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  • yota691 changed the title to Dr.. Saleh's appearance underestimates the weight of foreign loans for a low interest rate and long repayment period
2018/01/25 (00:01 PM)   -   Number of readings: 342   -   Number (4120)
 
 
Dr..  Saleh's appearance underestimates the weight of foreign loans for a low interest rate and long repayment period



 Baghdad / Zahraa al-Jassim 
 

Despite the denial of some of the assurances of the Parliamentary Finance Committee repeatedly that the volume of Iraq's internal and external debt has reached 111.725 billion dollars, the indebtedness burdens the burden of Iraq and preoccupied with many specialists in economic affairs, as it affects the lifeblood of the Iraqi individual as a result of the reduction of expenses and increase Taxes and deductions from salaries of employees, with their negative effects on the economic development of the country. 

See how much of the financial resources we need annually to get rid of it? How can we get out of the "B" area, which is rated by international credit agencies and which is economically inconvenient, into the safe area of A? (Range) addressed these questions to d. Appearance of Mohammed Saleh, financial adviser to Prime Minister Haider Abadi to answer. 
[Asharq Al-Awsat] How much is Iraq's debt now, including loans? How long can we get rid of the current debt?
For example, in the draft of the budget of 2018, more than 8 trillion dinars have been allocated to meet the internal and external debt service, and these services vary between the years according to the degree of maturity. Some debts pay the principal in installments, in addition to Interest is the same as that of Paris Club sovereign countries at present. Some debts pay only annual interest, but on maturity the debt principal is repaid once, such as the existing commercial debt as per the Paris Club agreement, which was paid for 80% 28, WA What is important is the availability of (fiscal space) in the budget to pay the annual dues with the ability to borrow when needed without increasing the accumulation of debt, which is called the financial enhancement. 
How much does this debt affect the economic development of the country and how much of the financial resources we need annually to get rid of it?
Which is good in the ability of Iraq to pay or meet the receivables of debt, and these optimistic indicators will lead to the improvement of the next credit rating provided that the approval of the budget of the House of Representatives in accordance with the requirements of the International Monetary Fund program in Iraq / credit readiness, which was launched in July 2016 for a period of three Years, under which Iraq will get a financial umbrella of $ 18 billion, when needed to meet any economic and financial emergency, including $ 5.3 billion, the International Monetary Fund itself, and $ 3 billion from the World Bank to support the budget, and $ 4.5 billion, Of the seven major industrialized countries, and Other countries supporting Iraq in the face of terrorism, as well as the financial difficulties faced by the country since 2014, and most of these loans will be soft and the grant element is high for low interest and throughout the repayment period.
* The international classification made Iraq in Area B ", which is an uncomfortable area of the Iraqi economic situation, according to some, when can we skip to the area" A "and how to access them? 
- Yes, indeed, Iraq is now recovering from the financial crisis imposed on it as the security crisis broke out, which ended with victory over the terrorist advocate, but we certainly look forward to the development of the levels of growth and stability of the country, in order to reach Area A in the future, Farat) in the London market, where the interest rate fell because of its high value to be today by about 5% instead of 6% in September.
Iraq has a B / B rating from Standard & Poor's and Fitch, and has $ 2.7 billion in international bonds, which is due in 2028 with a 5.8 percent coupon and a current yield of around 9 percent. In November 2016, the Iraqi government announced it would issue Billion dollar bonds on global markets to help reduce the 2017 budget deficit, indicating that the bonds will be sold on two equal tranches of one billion dollars and that the US government will guarantee one, which will reduce the cost of borrowing. 
The government is suffering almost entirely from oil revenues to finance its spending since crude prices fell in 2014, the same year that elements of an organization seized on a third of the country's territory.

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Lagarde calls on Arab countries to reduce public debt

   
 

 
 


30/1/2018 12:00 am 

 Marrakesh 
Lagarde, Director of the International Monetary Fund (IMF), said the current challenge for Arab countries is to reduce public debt. And demanded that it be reduced in a way that does not violate the criteria of balance 
 and justice. 

Countries in the region have the highest rates of debt in the world," Lagarde said in a press statement on the eve of the conference "Prosperity for all: Promotion of jobs and overall growth in the Arab world" organized by the fund in cooperation with the Moroccan government in Marrakesh  
 . 
"Governments have made efforts to reduce the deficit recently, but the legacy of high public spending and the mobilization of weak revenues have resulted in debt levels averaging 80 percent of GDP in Arab oil- importing  
countries," she said.
According to the Director of the International Monetary Fund (IMF), the public debt service "drains the resources that could have been channeled to fund vital social programs and infrastructure investments, hence the importance of 
debt reduction  ."  
The challenge now is to accomplish this task in a balanced 
 , "He said. 
Lagarde called for a model of economic reforms that would achieve "more inclusive growth," warning that "this requires tough trade-offs, but it is necessary to increase social spending and public resources  
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1 hour ago, italiancat said:

Why don't they simply revalue thier currency and stop asking to borrow money or to be given financial gifts???

 

Yea, what you said. They're free from regs & hindrance yet they continue to beg for $$$$ and refuse to cross the finish line. I just can't fit this level of Madness into my head for answers. :facepalm:

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  • yota691 changed the title to 16 trillion dinars will be borrowed by Iraq this year
 
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Currency
  
 money and business
Economy News Baghdad:

Iraq will borrow in this year about 16 trillion dinars to finance investment projects and fill the budget deficit of 19.4 trillion dinars.

These loans include the issuance of local and foreign bonds in addition to loans from foreign and Arab countries and some organizations such as the IMF and the World Bank.

In the draft budget this year, Iraq will issue national bonds worth 1.6 trillion dinars and will also receive a loan from the World Bank, banks and other international companies worth 2.1 trillion dinars and loan from the International Monetary Fund to support the budget of 1.8 trillion dinars.

A loan from the Japanese Development Cooperation Agency to support the budget of 236.4 billion dinars, a loan from the Saudi Fund for Development worth 35.4 billion dinars, the issuance of foreign bonds worth 1.8 trillion dinars and a loan from the European Union worth 118.2 billion dinars.

Iraq will also provide remittances through commercial banks worth 3 trillion dinars, a loan from the JBIC worth 94.5 billion dinars, a loan from the World Bank worth 296.9 billion dinars, and a US loan for the purpose of arming worth 834.9 billion dinars and a British loan worth 851 billion dinars.

Iraq will also receive loans guaranteed by international export guarantee institutions worth one trillion dinars, a German loan of 179.6 billion dinars, the Swedish loan of 141.8 billion dinars, the Italian loan of 92.9 billion dinars, JICA loans of 692.1 billion dinars and the German loan for Siemens projects the rest of 283.6 billion dinars.

 

Views 27   Date Added 02/11/2018
 

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Hhmm. . . at some point it will sink in that they are so deep in debt they'll have to reach up to touch bottom. . . then they'll whine & cry and shout Bankrupt ! At that point, they'll demand " another loan (s) to pay off that debt or some such excuse. Which by that time the tap will have already been turned off. 

 

From the beginning and as time went by, we saw that things weren't going well. Iraq should have been handled not with kid gloves, appeasement & a never ending river of $$$$$: an Iron Hand and a Steel Toed Boot for the occasional Butt Kicking when things got outta line was needed ( didn't happen ). 

 

The Bush Administration plugged Maliki in ( what thought process was involved in THAT selection ? ) and this ugly mess took off like a raging forest fire. It turned into a maelstrom of hate, out of control greed and death. Bush/Obama Administration gave all of this, rhetoric & unending lip service. 

 

Now here we are on the eve of the Donor Conference and the Shiite just keeps getting Deeper. The stone walling and refusal to do what needs to be done is just Jaw Dropping. An EPIC display of simple minded ignorance. 

 

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  • yota691 changed the title to Parliamentary Finance: 135 trillion dinars Iraq's internal and external debt until last December
  
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Information / Special ...

The financial committee of the parliamentary, on Tuesday, Iraq's internal and external debt until December 2017 to 114 billion dollars, equivalent to more than 135 trillion dinars.

"The Ministry of Finance has prepared a final report on Iraq's internal and external debt until December 2017," said Majda al-Tamimi, member of the committee.

It added that "the total external debt amounts to 70.3 billion dollars, equivalent to 82 trillion dinars, while domestic debt is 43.9 billion dollars, equivalent to 53 trillion dinars."

She pointed out that "the total amounts of Iraq's internal and external debt amounting to 114 billion dollars, equivalent to 135 trillion dinars."

The government announced early this month that Iraq received about 33 billion dollars of loans from the Kuwait Conference

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  • yota691 changed the title to Parliamentary Finance: Iraq's debt amounted to 116 billion dollars

  •  
  •  08 March 2018
  •  
  •  2:27 PM
  •  
1801111211148643_1598371600428772_298466


Baghdad - Asia News Channel

A member of the parliamentary finance committee Jabbar al-Abbadi said on Thursday that Iraq's total external and internal debt is $ 116 billion.

"The foreign debts of Iraq, amounting to 56 billion dollars, most of which are about 41 billion dollars, are outside the Paris Club, which is the debt of the Gulf during the Iran-Iraq war," Ebadi said in a press statement. "These debts, which are mostly to Saudi Arabia Has not been claimed so far, but also did not give up and remained frozen. "

He added that "the other section of the debt, amounting to about 50 billion dollars, is the internal debt borrowed by the government during the past three years to pay salaries and operating expenses."

He explained that "most of the internal debt within the government system and controlled," pointing out that "some points to high figures and calculated in another."

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Dollar-Auction-3
 

Finance Committee reveals Iraq's external and internal debt

 

 

A member of the parliamentary finance committee, Jabbar al-Abbadi, said on Thursday that Iraq's total external and internal debt of $ 116 billion.

Abadi said in a press statement today that "the external debt of Iraq to the extent of 56 billion dollars, mostly about 41 billion dollars is outside the Paris Club, the Gulf debt during the Iran-Iraq war."

"Most of the external debt is owed to Saudi Arabia and has not been claimed so far, but it has not waived it and remains frozen," he said.

"The other part of the debt, which is $ 50 billion, is the internal debt borrowed by the government during the past three years to pay salaries and operating expenses."

"Most of the internal debts within the government system are controlled," Abbadi said. "Some people refer to high figures and are calculated differently, and all those who criticize the debts should classify them according to the rating that I mentioned."

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  • 2 weeks later...

Iraq continues to borrow for years

Deputy Minister of Finance Maher Hamdan Johan said that the continuation of the policy of internal and external borrowing in the coming years is at the same pace or less, although the government is not with this policy and prefer to rely on the budget and strengthen resources for the treasury.

The budget revenues for this year were estimated at 91.6 trillion dinars ($ 76.3 billion), based on the price of a barrel of oil at $ 46 and export of 3.8 million barrels per day. While the allocation of 104 trillion dinars ($ 86.6 billion), government expenditure, including the premiums of internal and external debt of 8.5 trillion dinars ».

The budget deficit stood at 12.5 trillion dinars ($ 10.25 billion) and the adoption of 5 percent of the revenues of crude oil, as well as natural gas for the petrodollar project of the producing provinces.

$ 2.5 billion was allocated for the purchase of arms, ammunition and logistical support for the Ministries of Interior and Defense, the Popular Propaganda Authority and the Counter-Terrorism Bureau.

Deputy Minister of Finance Maher Hammad Johan said that "domestic loans amount to 50 trillion dinars (41.6 billion dollars), and those between 30 and 40 trillion dinars (25 to 33 billion dollars)." He pointed out that the loans received by Iraq as opportunities in the future in the budget this year, will spend five trillion of them on electricity projects and provide services to citizens ». He pointed out «Iraq received many offers of loans during the last Kuwait conference, but we are not with the policy of borrowing and will depend on the budget».

"The deficit is only $ 10 billion and last year was $ 20 billion. The deficit has not been less than half because oil prices have improved, so the deficit can be covered by improved oil prices," he said.

During the donor conference in Kuwait last month, Iraq received sovereign loans of $ 15.5 billion, non-sovereign loans, financing and project guarantees of $ 11.61 billion.

And warns economic experts, «dealing with the debt file so as not to reach Iraq to the stage of debtlessness».

The war in Iraq against the organization of «Dhaash» terrorist burden on the Iraqi budget, as documents revealed that the cost of war on the "dashing" exceeded $ 30 billion since 2014 until the Declaration of Liberation.

Observers of the general budget noted that the word borrowing had been received more than 24 times.

The economic expert Haider Daoud told «life», that most of the budget items «received the word borrowing, which means that the process of borrowing external and internal became part of the accounts of the government when the formulation of the laws of the annual budgets». "The government has allocated 24.6 trillion dinars ($ 20.5 billion) to the investment side, including four billion from foreign loans, while the projected deficit is $ 12.5 trillion ($ 10 billion). The gap will also be affected by the financial boom if the value of oil rises, As well as domestic borrowing through public debt securities ».

And included in the budget items that gave the Minister of Finance, according to David, the authority to borrow from abroad to finance development projects, after the approval of the Council of Ministers from the sources identified by the budget, and the continuation of loans approved in previous years.

If Iraq is to borrow from the countries that offered its consent during the Kuwait conference, Dawood said that "the sources are not announced by the participating countries, namely the Bank of Japan for International Cooperation in the amount of two billion dollars to finance energy projects, and the Islamic Bank of 800 million dollars for a number of ministries SOA ». He pointed out that «these amounts will not be withdrawn in full, but parts of them according to the nature of spending».

Iraq will also borrow from the German Development Bank for $ 0.5 billion to rebuild the liberated areas, € 260 million from Italy and the US Defense Security Cooperation Agency out of a $ 4.550 billion loan to finance Defense Ministry needs. $ 706 million will be funded for this year .

https://www.sotaliraq.com/2018/03/21/العراق-مستمر-في-الاقتراض-لسنوات/

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  • yota691 changed the title to Governor of the Central Bank: The size of Iraq’s debt is 71 billion dollars
 

The Iraqi central bank governor Ali Aliak said on Monday that the Iraqi debt reached 71 billion dollars, stressing that the subject of deleting zeros from the currency is ready but needs a suitable environment for its implementation.
“Iraq’s external debt is still within reasonable limits and has not reached the red zone,” al-Aalak said in a meeting with the editors of several Iraqi media outlets. “The current Iraqi debt is $ 71 billion divided into $ 42 billion in domestic debt and $ 29 billion External debt dollar “.
He added that “some specialists add to the total debt amount of more than 40 billion dollars, which is a Gulf debt since the time of the previous regime and is pending and did not claim these countries,” explaining that “the Gulf countries may extinguish their debts at any time.”
On the other hand, Al-Alaq said that “the subject of deleting zeros from the currency is ready but needs a suitable environment to be applied to prevent manipulation and fraud by the owners of vulnerable souls,” noting that “the Central Bank sent the salaries of employees of the Kurdistan region before solving the problem with the central government and deposited In the branch of Erbil. “

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  • yota691 changed the title to The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate
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