Iraq would require 27 years to pay off its debts, a member of the Iraqi parliament’s Economy and Investment Committee recently stated. The parliamentarian criticized the government for continuing to take loans in order to cover the state’s debts, without formulating a plan to increase the country’s revenues. The committee further stressed its objection to additional loans and argued that developing the oil industry, as well as decreasing government expenses, should be the main focus of the government. Earlier, official sources stated that Iraq’s domestic and international debts are worth approximately $73 billion, in addition to another $40 billion that was waived by 8 states. Source: Doron Paskin, Institute for Middle East Economic Research; Photo: Walla! News