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An economist talks about real bankruptcy, shows the amount of public debt and highlights the conditions for external borrowing

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An economist talks about real bankruptcy, shows the amount of public debt and highlights the conditions for external borrowing

540 economies     2020/10/14 19:58    Baghdad Today - Follow-up

The economic expert, Tariq Al-Sheikh Ali, spoke of a "real bankruptcy" that is not the money the Iraqi state is witnessing, and among the most prominent terms of external borrowing, he revealed the amount of financial debts owed by Iraq.

Tariq Al-Sheikh Ali said, in a televised interview that she followed (Baghdad Today), that "the economy is how money is managed, secured, and how it is distributed, and the Iraqi economy has fallen into the soft region, with clear big shocks in government performance, overlapping powers and the loss of financial watchdogs."

Sheikh Ali added, "The Iraqi government should have instituted economic reforms at least a year ago to avoid the current salary crisis, and the government's tendency to borrow, especially internally, which exacerbated the financial problems in light of the increase in debt."

He continued that "Iraq exports about 4 million barrels of oil daily, and with the rate of stability of the barrel price of 40 dollars, this means that Iraq achieves about 49 billion dollars annually, in addition to about 9 billion dinars from the revenues of border crossings, with improving tax performance, Iraq has 66." One billion Iraqi budget revenues."

The economic expert noted, "Iraq is witnessing financial bankruptcy at this time, but it is not real bankruptcy.

Rather, real bankruptcy occurs in the process of managing the country's economic system, which ranks fourth in oil, and the second in oil reserves."

He pointed out that "going towards external borrowing from the International Monetary Fund, requires the existence of sovereign guarantees on oil, and other measures," indicating that

"the external debt owed by Iraq has reached more than 80 billion dollars."

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