Finance Committee announces agreement to stop foreign loans in the budget of 2019

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Finance Committee announces agreement to stop foreign loans in the budget of 2019

Post  Admin on Mon Jan 14, 2019 11:32 am


Sunday, January 13,



Alsumaria News / Baghdad
A member of the Finance Committee parliamentary Hoshyar Abdullah, on Sunday, that one of the most important things agreed by the Committee in the budget of 2019 stop foreign borrowing and avoid dumping the Iraqi economy in the long and short term foreign debt.

"We have a vision in the Finance Committee that continued external borrowing in 2019 is a big mistake that will be paid for by future generations. There is no justification for borrowing about $ 5 billion while Iraq has a cash reserve," he said in a statement. And other mechanisms that can be used as an alternative to borrowing, such as voluntary savings and revitalization of government banks by raising interest rates for amounts deposited by individuals and companies, seeking to increase local production and restrictions on the importation of locally available products, Such circumstances T the same economy, similar to the Iraqi economy countries. "


Abdullah explained that "long and short term foreign loans have high benefits, and what was borrowed during the previous years is a serious strategic error," noting that "the suspension of external loans in 2019 is a national step requires the support and support of the House of Representatives."

The Council of Representatives completed its meeting on Thursday, 10 January 2019 discussion and report the federal budget for the current fiscal year.


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