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Taha Younis Hummadi | ||
| مجلة دراسات إقلیمیة | ||
| Article 3, Volume 7, Issue 19, 2010, Pages 69-93 PDF (0 K) | ||
| DOI: 10.33899/regs.2010.32490 | ||
| Author | ||
| Taha Younis Hummadi | ||
| Abstract | ||
| ambitious plans and developing programs. They resorted to international financial markets to borrow because of rarity of local financial resources for most of these countries. The theoretical justification was that external borrowing enhanced local saving. Until earlier of 1970s, the external debts of developing countries especially some Arab ones were few or relatively few. The debts were primarily (a formal phenomenon) and most debtors were foreign governments and international financial institutions such as the International Monetary Fund. The World Bank and regional developing banks. Most loans were granted as privilege (low interest), then they expanded to include many aspects. The intermediated and capital goods imports increased as well. That is why, the external indebtedness size during the above period was distinguished by the increase of developing countries needs especially some Arab countries to capitals for achieving developing projects which required a great deal of investment. That increased borrowing inquiries and resulted in the prominence of external indebtedness as well as increasing financial incidence to serve those debts remarkably. The size increase of external indebtedness accompanied by increase in these debts payments service exhausted a big ratio of local resources and consequently lead to weakening required aims fulfillment and vanishing a great deal of its exports earnings to serve its external debts then to the decline of its ability to import the requirements needed for the continuation of economic development process, and that lead to more inquiries of back payment. That resulted in the increase of external indebtedness size, so indebtedness problem became more dangerous and complicated and negative effects increased and lead to stop efforts of social and economic development. Then it deepened its dependence to debiting sides and exposed these countries to severe pressure targeted their political and economic abilities and severe monitoring and interference in internal affairs under the influence of their indebtedness increase. External indebtedness problem increase formed dangers that did not stop at social and economic limitations but they even exceeded that. That lead to exposing political decision making to more foreign pressure and interference, because the granting parties, whether from Paris or London club with International Monetary Fund and World Bank, will impose policies and programmes that the dependence of indebted countries to developed ones. The research aims at analyzing external indebtedness size to some Arab countries like Jordan, Syria and Lebanon during 1985-2005 and to state indebtedness influence extent on political decision making in these countries. It sets out from a hypothesis stating that external indebtedness size and direction in the Arab countries under discussion is increasing continuously and that lets it open to foreign interference in their internal affairs and then expose them to more political pressure that influence in one way or another the political decision making freedom. | ||
| Keywords | ||
| Arab foreign indebtedness; Arab political decision; Making; External Debt | ||
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