Parliamentary Finance warns of an economic collapse if the loans continue

08/18/2020

Economy News _ Baghdad

The Finance Committee in the House of Representatives expected, on Tuesday, that the volume of external borrowing of Iraq will reach about 2 billion dollars, warning of an economic and financial collapse in the event of continuing borrowing.

Committee member Abdul Hadi Al-Saadawi said in a statement reported by the official Al-Sabah newspaper and seen by Al-Eqtisad News, that "the committee has set a higher ceiling that cannot be exceeded for external borrowing in the law of $ 5 billion," indicating that "the volume of foreign loans will range from 1.5 billion." $ 2 billion after many countries showed willingness to lend.

Al-Saadawi promised that “external borrowing is the worst for long periods until now,” noting that “the Finance Committee was able to stop borrowing in the 2019 budget.”

A member of the Parliamentary Finance Committee warned of "an economic and financial collapse if borrowing continues."

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