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Following the "golden rule"... A government advisor explains how Iraq can liquidate its foreign debts
Time: 04/09/2024 13:31:32 Read: 3,458 times
{Economic: Al-Furat News} A government advisor explained how Iraq will liquidate and reduce its foreign loans and debts.
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, told Al-Furat News Agency,
“A positive indicator of the decline in external obligations, and
foreign loans in the future will be limited when needed to projects that generate income and employ work.” He stated,
"Many of the committed and undrawn external debts have been liquidated,
which means that Iraq follows the {golden rule} in borrowing, which stipulates that the returns from using external loans spent on productive projects exceed the cost of the loan itself, and
this is what is called {productive external loans}".
Government spokesman Bassem Al-Awadi announced yesterday that
“the government took a series of executive measures and adopted a package of financial decisions that resulted in reducing the external public debt by more than 50%,
bringing the debt down from $19.729 billion in late 2022, to $15.976 billion.” In 2023, reaching approximately $8.9 billion in the current year.” He stated,
“These financial steps, (which included stopping a number of borrowing operations due to their
delay and
lack of productivity,
organizing and managing debts and
auditing them, and
restructuring some debts and directing them to create strategic projects),
aim to prevent the Iraqi economy from mortgaging obligations that may affect, in the future, the
political decision.” Or in the
path of national development, which coincides with an
urban renaissance and
infrastructure reconstruction,
which opens the way to a promising future and a revitalized economy,
in which our current and future generations perform best and obtain the greatest opportunities.
[You must be registered and logged in to see this link.]
Time: 04/09/2024 13:31:32 Read: 3,458 times
{Economic: Al-Furat News} A government advisor explained how Iraq will liquidate and reduce its foreign loans and debts.
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, told Al-Furat News Agency,
“A positive indicator of the decline in external obligations, and
foreign loans in the future will be limited when needed to projects that generate income and employ work.” He stated,
"Many of the committed and undrawn external debts have been liquidated,
which means that Iraq follows the {golden rule} in borrowing, which stipulates that the returns from using external loans spent on productive projects exceed the cost of the loan itself, and
this is what is called {productive external loans}".
Government spokesman Bassem Al-Awadi announced yesterday that
“the government took a series of executive measures and adopted a package of financial decisions that resulted in reducing the external public debt by more than 50%,
bringing the debt down from $19.729 billion in late 2022, to $15.976 billion.” In 2023, reaching approximately $8.9 billion in the current year.” He stated,
“These financial steps, (which included stopping a number of borrowing operations due to their
delay and
lack of productivity,
organizing and managing debts and
auditing them, and
restructuring some debts and directing them to create strategic projects),
aim to prevent the Iraqi economy from mortgaging obligations that may affect, in the future, the
political decision.” Or in the
path of national development, which coincides with an
urban renaissance and
infrastructure reconstruction,
which opens the way to a promising future and a revitalized economy,
in which our current and future generations perform best and obtain the greatest opportunities.
[You must be registered and logged in to see this link.]
