ا.م.د محمود حميد خليل الجبوري الدين العام الداخلي و دوره في تمويل الاستثمار العام في العراق للمدة (2009-2019)

Abstract

This study focused on clarifying the absence of specific criteria to guide the fiscal policy in Iraq with regard to the optimal size of the internal debt and public borrowing, and determining the field of public debt use and how to spend it in a way that achieves financial sustainability. By directing and investing it in the optimal way, all this contributed to the accumulation of debts, as it led to an increase in the burdens, paying those costs to serve and extinguish the public debt, which had negative effects on the gross domestic product, as it showed the existence of a negative relationship between public debt and gross domestic product and public investment in Iraq as the government's policy of spending and financial borrowing is unsuccessful, with the absence of a clear strategy to deal with the nature of the size of those debts and their spending channels, and that this will negatively affect economic activity. It was hoped that these effects would be positively reflected on economic growth, especially GDP, during the period of study 2009-2019. In order to reach the goal of the study the study found, through graphic analysis, the existence of an inverse relationship that is short-term between (internal public debt) on the one hand and (public investment) on the other hand, as it was found that there is no long-term relationship between internal public debt from one hand, and public investment on the other hand, the internal debt must be directed to effective investments in order to bring revenues to the federal budget and fill the deficit. The existence of the fact that the fiscal policy in Iraq depends in its budget on oil revenue, and this revenue is subject to several challenges, including low oil prices without directing Internal debts to effective investments, all of which contributed to the accumulation of internal debts, which greatly affected the federal public budget due to the payment of the interests of those debt