************** Economist: Arab League decisions ended abhorrent loans from Saudi Arabia and Kuwait

06/04/2019 10:16 AM

The decision of the Arab League to end Iraq's Arab debts by 75% will end the economic crisis in the country, said economic expert Basil al-Obeidi on Saturday, adding that the decision ended the abominable debt file by Saudi Arabia and Kuwait. "Saudi Arabia and Kuwait gave Saddam Hussein's regime during the Iran-Iraq war a great deal that exceeded 70 billion dollars and after the end of the war demanded it as debt," he said in a press statement.

He added that "Iraq and after the fall of the regime tyrant fired on those loans the term abhorrent debt because it does not have any legal substance but it is proven to Iraq by the International Monetary Fund," noting that "the Arab countries declined to reduce debt within the Paris Club for Iraq."

"Iraq is borrowing about 130 billion dollars at the present time and will be reduced to about 70 billion only in case of ending the abhorrent loan file from the Arab countries," he said, adding that "the reduction of debt to a large percentage will increase the chances of development Iraq and end the economic crisis in the country Fully and allows him to act freely towards future debt. "




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