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Stop borrowing from the World Bank


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Stop borrowing from the World Bank

 

141 2021-08-11

 

 

Dr. Nazim Al-Rubaie ||

Iraqi Finance Minister Ali Allawi is negotiating with the World Bank to lend Iraq a new loan amounting to between 3 and 4 billion dollars

In addition to the previous series of loans borrowed by Iraq, which led to an increase in the volume of external debt on Iraq to reach 85.3 billion dollars as external debt, in addition to 40 billion dollars as internal debt from Iraqi banks and banks.

The budget for the current year has allocated more than 20 billion dollars to pay the dues and interests of the public debt

This negotiation coincides with the rise in the price of a barrel of Iraqi oil in global markets, reaching more than $70 per barrel

While its price was set in the 2021 budget at a price of 45 dollars per barrel, in addition to raising the value of the dollar exchange rate in the local markets to more than 148000 thousand dinars per hundred dollars, which led to reducing the value of the Iraqi dinar against the dollar and indirectly reducing employee salaries and increasing the prices of goods and services necessary, and the poverty rate increased in Iraq

It is known that the World Bank imposes very difficult conditions on countries that borrow from it, such as lifting subsidies on the price of gasoline and oil derivatives sold to citizens and on goods and services, not releasing samples, and reducing the interest rate granted on bank accounts so that the economy will shrink and decline, and this is what actually happened. The Iraqi economy shrank by 11% In 2020, citizens' confidence in the economy and banks decreased, and this led to their failure to deposit their money with banks and government banks

This led to an increase in the amount of money outside government banks

Increasing the rate of tax evasion, economic crimes, money laundering and smuggling outside Iraq

Despite these harsh conditions, we see and hear the optimistic statements made by Prime Minister Mustafa Al-Kazemi about the recovery of the Iraqi economy.

The presence of a financial abundance estimated at more than 12 billion dollars, which is supposed to lead to a reduction in the proportion of the budget deficit for the current year and the recovery of the economy

What is the secret behind this dubious negotiation with the World Bank?

Is it the result of American and British pressures and those who stand behind them to destroy the Iraqi economy, disrupt its economic and productive capabilities, and loot its wealth and bounties?

Which is originally plundered by the political parties controlling the reins of power and losing the future of its children and the new generation so that its oil remains hostage to the World Bank after these loans evaporate through useless contracts or in suspicious deals that do not develop the Iraqi economy and will not occupy its production and industrial plants that have been suspended since a year 2003 until now

Is it not necessary to exploit this financial abundance after the recovery of oil prices to pay the value of old loans with interest to the World Bank and improve the Iraqi economy and untie it from the conditions of the World Bank?

A call to the House of Representatives to prevent this dubious deal and not to pass it and to the President of the Republic, the Prime Minister and the Minister of Finance to cancel these negotiations and to think of other ways and means that revive the Iraqi economy and its development and development instead of placing restrictions and imposing conditions on it by the World Bank

As it is well known that the World Bank does not give loans without interest and harsh conditions on borrowers, and there is no country in the world that has dealt with the World Bank and took loans from it and its economy recovered or developed 

An invitation to them, before holding the elections, to think carefully about finding quick Iraqi solutions, especially since Iraq is floating on a lake of oil and inexhaustible mineral wealth before it is too late, because history is ruthless.

 

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2 hours ago, yota691 said:

What is the secret behind this dubious negotiation with the World Bank?

Is it the result of American and British pressures and those who stand behind them to destroy the Iraqi economy, disrupt its economic and productive capabilities, and loot its wealth and bounties?

Good grief… 🙄

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Money Laundering 101. . . You don’t need to be a Rocket Surgeon to see just how many years the criminal officials of both the WB & Iraq have been working this very lucrative “ piece of the action “

 

.... and who says crime doesn’t pay 💰? Paydays are every day !!!

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