A culture of borrowing
Monday, 12-14-2020, AM 11:27 Tayseer Al-Asadi 178
It is a new and dangerous consumer economic culture that is urgent on the Iraqi economic-sociological scene, whether at the level of the state’s tendency to borrow to fill the deficit in the financial budget for salaries and others, or at the level of individuals towards borrowing and for simple, unnecessary or urgent purposes, so whoever wants to open a specific project and it is
He suffers from financial hardship, he will go to the stock market - in the worst case - and he owes dollars according to his ability to pay and what suits his project..
As there are many temptations, the borrower is quickly bound with supporting documents and legal bills that guarantee the recovery of money with his profits to the beneficiary, which is the party that is definitely in debt.
It is also striking that many employees (and others) make up a large percentage in the stock market activity locally.
In a poll of a group of workers in the stock market, they confirmed that many of their customers are male and female employees who think that their salaries may not satisfy their appetite for shopping or having needs
Even if they do not need it urgently, as for the other reasons that prompted them to borrow from the stock exchange, it is either because of their financial hardship for the purpose of performing surgery, it may be cosmetic operations, or for tourism and travel, or to buy gold
But on top of the most important of these reasons is that some employees and even businessmen tend to buy dollars for the purpose of covering the expenses of private education for their children, and in general, many of these reasons may be unconvincing or useless.
It is also regrettable for him that the Iraqi economic engineers resort to the process of external or internal borrowing to fill the deficit in the public financial budget, which has witnessed a trillion deficit due to the fluctuation of oil prices and to continue to limit the rest of the other economic resources and not involve them in covering the budget doors with oil, so the deficit was inevitable,
and whether If the process of borrowing from the inside or from the outside, it is a negative and uncomfortable phenomenon indicating that the Iraqi economy has begun to suffer from a set of difficult structural imbalances that must be avoided in the future,
either by establishing a sovereign oil fund or by maximizing other economic resources,
or by both and avoiding borrowing in all its forms because it threatens Later generations.