PEC: Iraqi debts will be paid until 2048

politics/Economy

7-05-2021, 18:49

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Baghdad - INA

The Parliamentary Economic and Investment Committee confirmed, today, Friday, that there is no accurate figure for the size of the debts owed by Iraq, and as it has set a date for the end of its payment.
A member of the committee, Mazen Al-Faily, said in a statement to the Iraqi News Agency (INA), that "the size of the debts on Iraq have not been precisely determined," stressing that "there are internal and external debts and loans, which will expire in 2048, according to the experts' confirmation."
Al-Faili added, "The Economic Committee objected to borrowing without there being alternatives to oil or reducing expenditures," warning that "it is wrong to resort to debt."
He stressed the need to find plans to strengthen the sources for debt repayment, not just collecting loans.

Noting that "there are no practical steps on the ground to maximize the sectors of industry, agriculture and tourism."