By John Lee.

The Iraqi parliament has reportedly authorised borrowing of up to $5 billion (Dh18bn) from abroad after the fall in oil prices caused a financial crunch.

According to The National, the vote came a few days rating agency Fitch forecast the economy to shrink 9 per cent this year and debt to skyrocket.

More here.

(Source: The National)

Economist: Iraq will inflict major damage if external borrowing continued Iraq: Banking expert formerly head of the Association of private banks Abdul Aziz Hassoun said that the treasury will inflict significant damage to Iraq if the financial external borrowing continued.…

Abadi: external borrowing burden the state imposes political commitments Jabbar al-Abadi: Said in a parliamentary finance committee member, he said “the government resorting to external borrowing and financial burden on the state’s obligations may even be political.” And between Jabbar…