Economist: Iraq Needs About 90 Billion Dollars To Complete More Than 6000 Thousand Lagging Projects

Baghdad The specialist in managing economic crises, Ali Jabbar Al-Fairiji, confirmed that Iraq needs about 90 billion dollars to complete more than 6000 thousand lagging state projects.

Al-Fairiji said in a statement to the National Iraqi News Agency / NINA /: “Prime Minister Mustafa Al-Kadhimi asked the World Bank to disburse more than one billion dollars to support the government as additional loans,” noting: “Indebting and requesting loans has become the easiest way to pump cash into the government system.”

He added, “The tendency to complete and implement projects can be considered a positive step, but not by relying on loans to complete lagging projects as a result of the theft of their allocations for years ago,” noting: “Borrowing without protection, control, and sound economic management, is about flooding Iraq with debt chaos, not to mention the failure to limit the interventions of the corruption and theft mafias that control the capabilities of the ministries that undertake projects that are essentially reluctant.

The economic specialist explained: “Iraq needs about 90 billion dollars to complete more than 6000 thousand lagging state projects. And these projects are from the theft of public money and smuggling of its allocations in previous years.”

He indicated that “the public (operational / negative) spending rates are still more than the volume of public revenues, and this is considered an economic imbalance, and governments are still adopting an economically inadequate method in managing the economic and service construction.”

 

Source: National Iraqi News Agency