Has borrowing become an easy way to steal money? Political consensus behind the disappearance of the financial abundance of the sale of oil
Last updated 7:52 am
The Iraqi Observer - Mushtaq Al Hasnawi
The budget of 2019 goes in the wrong direction and dictates external dependence on external borrowing to fill the budget deficit, which exceeded twenty billion dollars, which gives an indication that the budget makers do not have an economic vision of what will happen things after dumping Iraq debt and the resulting result in the near future is the inability to pay the benefits Loans only, which will exceed 20 billion dollars annually by 2021.
What is happening now is a process of dependence on the political decision, which is negatively affected by the loans obtained by Iraq and no one knows where it went?
Parliamentarians have confirmed that the borrowing in the budget of 2019 will be from 21 foreign parties without domestic borrowing,
and the Ministry of Electricity alone will borrow from 15 parties, and this is the most serious in the process of borrowing, everyone knows that this ministry alone consume large amounts of money without any significant achievements, Successive governments exceeded the competence of a minister.
Borrowing is the easiest way for Iraqi governments to reduce the importance of corruption that permeates the government and cover it and the disappearance of hundreds of billions of dollars over many years.
The loans obtained by Iraq did not contribute to the closure of the file of dilapidated services in the provinces, but the political decision behind the disappearance of more than 25 billion dollars of financial abundance and according to the opinions of economists, and did not contribute to reduce the budget deficit or 2019 to benefit from the reconstruction of destroyed cities, including Basra.
According to experts, the budget of Iraq must be drawn for the coming years according to the production and export of oil and the money obtained from the activation of the various economic sectors, and not external borrowing, which binds the national economy on difficult conditions affecting the sovereignty of the country.
According to economist Fares Zuwain in contact with the (Iraqi observer): Every economy is a country that distinguishes it from the other and boasts of it and be the title of its state,
except in Iraq,
its economy is characterized by chaos and lack of scientific study depends on the crystallization of anarchism and corruption characterized by the budget of 2019 and the alleged deficit Which exceeds the $20 billion, are rhetoric that has no basis in the Iraqi economy, the site of the Ministry of Finance confirmed on more than one occasion not to spend the budget budget drawn for all reasons, and there is a financial abundance achieved last year disappeared and effectively did not address them political blocs, Indicating a consensus The disappearance.
"The budget of 2019 did not sponsor the interests of the provinces, but the high rates of government spending, which consumed large funds from the budget, budget budget takes into account external borrowing, which has affected the foreign policy of Iraq and make it dependent on the directions of the countries lending to Iraq, financial corruption and personal benefits behind the disappearance of loan funds.
For his part, says economic expert Latif al-Ukaili in contact with the (Iraqi observer): has not been activated other productive sectors that can generate funds to offset the deficit in the budget of 2019,
Iraq is rich in its potential, but not invested properly,
Which can be invested to provide huge money as well as the tourism sector, both religious and archaeological, etc., but it seems that borrowing is the easiest way to get money that quickly disappear and no one knows that acted.
He continued: Iraq's experience with borrowing is bitter in all its aspects,
it did not contribute to the return of the machinery of industry or increase electricity production, which has become a deliberate dilemma of governments, so borrowing policy is detrimental to the national economy and increase the volume of corruption and will not contribute to the development of the file services.