The College of Administration and Economics at the University of Baghdad discussed, a PhD dissertation in field of Economic by the student (Noor Abdul-Razzaq ) and tagged with (Debt Refinancing Mechanisms And Their Role In Directing The General Budget In Iraq) , Under supervision of (Assist. Prof. Dr. Azhar Hassan Ali Abu Naila )
Public debt is an important financial tool used by the state to direct economic activity and to ensure its stability and increase its growth rates, but the increase in the volume of that debt in any economy is a major reason for the state to resort to taking appropriate measures to limit its effects through the use of debt refinancing mechanisms, which It is based on changing the structure of the public debt through either changing the size of the debt by replacement or scheduling, or by changing the creditor through the use of securitization and investment. As the use of these mechanisms has a major role in guiding the general budget. The research concluded that there is a co-integration relationship between debt refinancing mechanisms as independent variables and directing the public budget as a dependent variable in Iraq, as well as the existence of a short-term equilibrium relationship between some independent variables (debt scheduling and public debt sustainability index) and the dependent variable (guidance). Public budget). While the researcher suggested the need to work with the public debt scheduling mechanism as a whole and not be limited to a part of its structure in order to reduce public debt with the possibility of amortizing it and benefit from the time granted by scheduling in initiating an investment approach in projects that contribute to increasing public revenues and through which it can be paid That debt and achieving financial sustainability, as well as the need to adhere to the financial rules that achieve financial discipline and reduce the government budget deficit and then the decline in the volume of public debt, which reduces the monetary effects of that debt. With the need to apply the scenario presented in this research, even if partially, to reduce the public debt and move towards achieving the directive of the general budget to achieve development goals.