Iraqi Parliamentary Commission Concludes Iraq Needs US$70 Billion to Reconstruct Liberated Areas

On the other side, it disclosed that the Iraqi debts during Premier Haidar al-Ibadi's rule reached to 35 billion dollars.

Baghdad/ Iraq TradeLink: The Iraqi Parliamentary Financial Commission estimated the losses and  reconstructing the liberated areas from Da'ish (ISIS) control will reach to 70 billion dollars.

On the other side, it disclosed that the Iraqi debts during Premier Haidar al-Ibadi's rule reached to 35 billion dollars.

It  charged the previous governments of using the reserves of the Central Bank of Iraq to finance governmental projects and covering the previous deficits.

Iraqi MPs warned against getting foreign loans and called for reviewing this policy which was approved in 2017 national budget.

According to this year's budget, the Iraqi government decided to get loans with the amount of 16.5 billion dollars from local and international sources to cover the deficit that reached to 18.2 billion dollars, as well as providing guarantees with 12 billion dollars to cover the loans of the oil companies working in the country.

Official reports said that the internal debts since 2004 till November, 2016 reached to 45.4 trillion Iraqi dinars.

Parliamentary sources reported that the costs of the war against Da'ish organization reached to more than 35 billion dollars.

The Central Bank of Iraq announced that its foreign currency reserves were declined to 49 billion dollars.

Estimates were reported that the foreign currency in Iraq reached to 80 billion dollars in 2013, then to be decreased to 66 billion dollars in 2014 and to 53 billion dollars in 2016.

The current Iraqi government is trying to solve its financial problems by resorting to foreign debts, where it signed, lately, an agreement with the British Government to get a loan of 12 billion dollars, but to be implemented by British companies for the coming ten years for projects connected with electricity, water and sewerage.

Iraqi Planning ministry disclosed that the war against Da'ish organization coasted 40% of the national budget.

On the other hand, Iraqi Integrity Commission disclosed estimates that 310 billion dollars were smuggled out of the country since 2003.
Source: Iraq TradeLink 


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