He stressed the parliamentary finance committee member Abdul Qader Mohammed, Monday, that a lot of foreign loans detrimental to the future of Iraq's economy, especially with regard to a loan of higher profit, among the non-payment of these loans annually will double to Iraq resulting in the growing financial crisis in the country.
He said Mohammed's / scales News /, "The committee rejected foreign loans which relates to higher profit of up to $ 11 million requirement," stressing that "this loan risk and harm the economic future of Iraq."
He added, "This kind of loan is absorbed Iraq attributing the cause to the economy, it has to be payment in advance in annual profit," noting that "non-payment of these profits will double annually on Iraq, which leads the growing financial crisis in the country."
He pointed out that "such loans are not conducive to the development of Iraq's economy," stressing that "this kind of risky loans and there is no guarantee to pay in the future."
It is said that "the government resorted to foreign loans from the International Monetary Fund and the World Bank to cover the deficit in the budget after the drop in oil prices and affected the country's economy."
He stressed that economic expert Abdul Hassan al-Shammari, said that "international loans would be a major burden on the future of Iraq and its budget as the fiscal deficit will continue in the next three years, while noting that oil prices will continue to fall during 2016". It ended 29 quarters e
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