The Contemporary Concept of Odious Debts: Iraq’s Debts as a Model

Abstract

Iraqi loans stood out because of their unique characteristics. The international blockade in 1991, the occupation in 2003, and the actions of puppet administrations were among the many events that contributed to this debt, with the first two being the most significant. and corruption with many faces. Due to these policies, Iraq is currently undergoing debt restructuring under the supervision and guidelines of the IMF. The goal of the research was to examine the causes of the increase in Iraqi debt following the invasion in 2003. The study discovered that even in the case of a revenue surplus, Iraqi governments continued to construct annual budgets with deficits that are financed by debt. It caused Iraq’s debts to grow and accumulate. Debt has grown to be a significant issue for the Iraqi economy and financial system. Iraqi debts are viewed negatively due to their impact on the welfare of the Iraqi people. According to the international doctrine of odious debts, Iraq has the right not to pay these payments.