Iraqi Government should declare conditions on Foreign borrowing: Finance Committee

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The Iraqi Parliamentary Finance Committee issued a statement that Iraqi government should disclose the conditions applied on the international borrowing for the country including the elimination of subsidies on energy and a number of services.

A member of the Finance Committee Ahmed Al Hajj said that any country in the world that is in a financial limitations always experienced financial and economic problems which applied by the International Monetary Fund and others. They always impose a set of conditions as a commitment for the issuance of loans for economic reforms. He also added that these conditions may differ country to country according to the nature of the potential of the country.

Currently, the imposed conditions by the International Monetary Fund would not stuck Iraq because the IMF always impose condition for the elimination of subsidies on a number of services, so Iraq will not be able to improve support for most of its services. There might be some economic reforms or conditions which will push Iraq to suffer a number of problems after the issuance of loan. Al Hajj further said that we don’t have complete information regarding the conditions imposed by the International Monetary Fund. He stressed that a number of websites and social media networks have indicated for stopping new appointments until the year 2019 in the country due to the conditions imposed by the World Bank and IMF and the Iraqi government has accepted all their terms and conditions.

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