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Government flops to manage surplus funds.. an economist indicates important observations
Tue, May 31, 2022 7:21 PM
National News Center / Special
The economic researcher, Nabil Jabbar Al-Ali, confirmed today, Tuesday, that there is a clear confusion in the way the government manages the surplus funds resulting from large oil sales at high prices.
Al-Ali said in a statement to the "National News Center", "One of the officials' initiatives to dispose of the surplus funds went towards paying the internal debt, which mostly belongs to government banks, the Central Bank and local contractors,
while the external debts, which amount to about $20 billion, are of limited interest. Scheduled periodically, Iraq pays up to 5 billion of them annually or less.
And he continued, “As for the possibility of the payment plan succeeding, it is based on the expectation of improving revenues and an increase in the financial surplus, and the end of the Kuwait compensation file and the obligations of the Iraqi state from it. Iraqi money to waste or corruption.”
The Iraqi government had approved a plan to pay off the internal debt of $50 billion within three years, after it had approved a strategy for this purpose, presented by the Public Debt Department in the Ministry of Finance that extends over the years 2022, 2023, and 2024, as part of the draft federal budget bill for the country for the year. Finance 2022 and the following years, as it aims to zero the Iraqi internal debt, which reached 70 trillion dinars (50 billion dollars), the majority of which is debt to the Central Bank of Iraq.
Government flops to manage surplus funds.. an economist indicates important observations
Tue, May 31, 2022 7:21 PM
National News Center / Special
The economic researcher, Nabil Jabbar Al-Ali, confirmed today, Tuesday, that there is a clear confusion in the way the government manages the surplus funds resulting from large oil sales at high prices.
Al-Ali said in a statement to the "National News Center", "One of the officials' initiatives to dispose of the surplus funds went towards paying the internal debt, which mostly belongs to government banks, the Central Bank and local contractors,
while the external debts, which amount to about $20 billion, are of limited interest. Scheduled periodically, Iraq pays up to 5 billion of them annually or less.
And he continued, “As for the possibility of the payment plan succeeding, it is based on the expectation of improving revenues and an increase in the financial surplus, and the end of the Kuwait compensation file and the obligations of the Iraqi state from it. Iraqi money to waste or corruption.”
The Iraqi government had approved a plan to pay off the internal debt of $50 billion within three years, after it had approved a strategy for this purpose, presented by the Public Debt Department in the Ministry of Finance that extends over the years 2022, 2023, and 2024, as part of the draft federal budget bill for the country for the year. Finance 2022 and the following years, as it aims to zero the Iraqi internal debt, which reached 70 trillion dinars (50 billion dollars), the majority of which is debt to the Central Bank of Iraq.
