Economic Warnings Regarding the Repercussions of the External Borrowing Draft Law

mesoiraq - A specialized economic observatory warned of the negative repercussions of the proposed external borrowing law, indicating that some of its clauses could open the door to corruption, harm non-oil revenues, and create an unfair competitive environment. The observatory explained that the proposed law grants broad authorities for borrowing billions of dollars and includes exempting lenders from taxes and customs duties related to their projects. It cautioned that these exemptions could be exploited to import materials outside the project scope, thereby weakening government revenues and granting privileges that harm local contractors and companies committed to paying taxes and fees.