Ibrahim Jasim Jabbar Alyaseri, Salam Saadoon AWTHAEFA
Since developing countries gained their political independence until today, they have been characterized by the inadequacy of fiscal and monetary policies in directing real resources to finance the investment required due to the volatile political and economic conditions. Perhaps the spread of the illusion of development and the exaggeration of the role of investment by linking the development movement in it with external financing that prevailed in the seventies of the last century, led most developing countries to resort to foreign savings to supplement the shortage in domestic savings, due to the insufficiency of the local funding sources needed to finance the investment programs required for Achieving high growth rates for national income, and soon the United States of America emerged more as a significant source of loans through international financial institutions, but the goals envisaged by resorting to foreign debt may not be achieved in not a few cases because of the possibilities of using them in inefficient investment fields or squandering them In marginal areas that do not generate income through which they can pay their service burdens, and the aggravation of the severity of external debts often leads to the need to reschedule them with governments and international organizations within certain conditions.