Parliament warns against borrowing: Iraq has an abundance of funds

by **RamblerNash** Mon May 10, 2021 9:02 pm

Time: 05/09/2021 10:15:43

{Economic: Al Furat News} The Finance Committee in the House of Representatives has warned that borrowing other than important sectors such as electricity and health will shackle Iraq in the future, indicating that the high oil price has achieved Iraq a financial abundance that it can exploit without going to borrow from banks and international institutions with sovereign guarantees.

Committee member Muhammad al-Shabaki said in a press interview, that “after the rise in oil prices, Iraq will no longer need external loans because they will be tied to the national economy,” indicating that “electricity loans amounted to 8 trillion dinars in the 2021 budget.

He added, “The loans that relate to the Ministry of Electricity are not permanent loans but are related to production, distribution and transportation. Consequently, the Al-Fateh Alliance had a problem with those loans after the heads of the blocks met and identified them with two points, the first of which is the extent to which Iraq needs these loans and that they must be checked by the ministry or the sectoral entity and the Ministry. Financial. "

He pointed out that “the second point included a question about these loans, and whether they are for sober and global companies, and it turns out that they are given to sober companies such as (General Electric) and (Siemens)."

Hazem

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