rafidainscope - The "Eco Iraq" economic observatory has issued serious warnings regarding the proposed External Borrowing Law, indicating that certain clauses may pave the way for corruption and negatively impact the growth of the country's non-oil revenues. The observatory explained
that the proposal grants the Council of Ministers the authority to secure external loans up to $5 billion per instance, and the Minister of Finance up to $2 billion, without parliamentary approval unless these limits are exceeded. The observatory criticized
the law for providing broad tax and customs exemptions to lenders and their projects, warning that these exemptions could be exploited to import unapproved materials. Furthermore, it creates an unfair competitive environment, harming local companies and contractors who fully comply
with their tax obligations.
