Public loans and their development effects on investment spending in Iraq for the period 2004-2020)

Abstract

There is no doubt that decision makers have excessively obtained public loans in developing countries in particular, in order to get rid of many economic and social phenomena such as backwardness, unemployment, poverty and deprivation, in order to achieve high rates of economic growth and achieve economic development goals.
The major dilemma facing decision-makers is the ability to face the burden of these debts and bear their costly interest, and how to avoid falling into problems of external debt and deepening economic and political dependency in developing countries, including Iraq. Among the ways to get rid of these obstacles is to activate investment spending from In order to achieve development according to financial and monetary mechanisms and policies that are compatible with the requirements of economic institutions and to support the national economy through investment projects that achieve sustainable development goals, raise economic growth rates, and find alternative resources that contribute to supplementing the general budget with financial resources that support oil revenues and resources in a way that achieves comprehensive development.
Public loans have gone through multiple stages in Iraq during two successive periods of time, the first during the rule of the previous regime before 2003 and in the manner of central planning, and the other era after 2003 as Iraq turned towards a market economy and global openness after the occupation and international hegemony in governance, in addition to the failure of related economic policies. With development in previous decades, which made the issue of benefiting from public loans very complex after the spread of the phenomenon of administrative and financial corruption, not to mention the problems that accompany the decision to request public loans in terms of the size of the loan, its duration, the interest granted and how it is spent, which prompts the Iraqi planner to focus on The issue of choosing to activate and raise the growth rates of investment spending in Iraq.