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Internal debt increased by 11%... Iraq borrows 10 trillion dinars
August 13, 2024
Baghdad / Iraq Observer
The head of the “Future Iraq” Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed that the Iraqi government borrowed 10 trillion dinars during the past 6 months, which led to an increase in internal debt by 11%.
Al-Obaidi said in a blog post on Facebook followed by Iraq Observer,
“In just 6 months, the government borrowed 10 trillion dinars, and the following came:
3 trillion dinars from government banks,
4 trillion dinars from commercial banks, and
3 trillion dinars from selling bonds,”
pointing out that this Borrowing increased the internal debt by 11% within six months.” He added,
“The total borrowing from these parties amounted to 21 trillion dinars, representing
17% of the volume of commercial and government bank deposits and representing
10% of the banks’ assets, in addition to the obligations of the Ministry of Finance to the Central Bank, amounting to 41 trillion dinars, representing
21% of the assets of the Central Bank.”
“In other words, approximately 15% of the financial sector’s funds exist as debts with the central government.”
It would have been better to invest this money in an investment fund that would provide revenues for the state that would increase the volume of non-oil revenues and would be a guarantee for the future of generations, according to Al-Obaidi.
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August 13, 2024
Baghdad / Iraq Observer
The head of the “Future Iraq” Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed that the Iraqi government borrowed 10 trillion dinars during the past 6 months, which led to an increase in internal debt by 11%.
Al-Obaidi said in a blog post on Facebook followed by Iraq Observer,
“In just 6 months, the government borrowed 10 trillion dinars, and the following came:
3 trillion dinars from government banks,
4 trillion dinars from commercial banks, and
3 trillion dinars from selling bonds,”
pointing out that this Borrowing increased the internal debt by 11% within six months.” He added,
“The total borrowing from these parties amounted to 21 trillion dinars, representing
17% of the volume of commercial and government bank deposits and representing
10% of the banks’ assets, in addition to the obligations of the Ministry of Finance to the Central Bank, amounting to 41 trillion dinars, representing
21% of the assets of the Central Bank.”
“In other words, approximately 15% of the financial sector’s funds exist as debts with the central government.”
It would have been better to invest this money in an investment fund that would provide revenues for the state that would increase the volume of non-oil revenues and would be a guarantee for the future of generations, according to Al-Obaidi.
[You must be registered and logged in to see this link.]
