The role of foreign loans in achieving sustainable development in Iraq for the period (2004-2022)

This study aims to analyze the impact of external loans on sustainable development in the Iraqi economy during the period 2004-2022. The study is based on the hypothesis that external loans did not have a positive role in achieving sustainable development in Iraq during the study period. The reality of economic life in Iraq witnessed a decline in the volume of its domestic savings, which led to high unemployment rates and fluctuating inflation rates, which made it depend on external Loans to meet the requirements of the development process so repaying these Loans became a burden on its economy. To achieve the study objectives and prove its hypothesis, the analytical method was relied upon to study the trends of variables and the relationships between them. The study reached several conclusions, The most important of which is the Iraqi economy relies heavily on external loans in the face of economic, political, or security crises, in addition to the failure to use these Loans properly as they were directed towards non-productive projects instead of peing directed towards productive projects with financial returns. The study concluded with a set of proposals, the most important of which is the need for the Iraqi government to evaluate the benefits derived from foreign loans, and develop future plans and programs to maximize benefits and minimize losses. In addition to the need to reduce Iraq's dependence on external Loans by diversifying sources of international financing and increasing domestic savings for the purpose of promoting sustainable development.