The Sudanese advisor reveals to “Al-Ma’louma” the size of Iraq’s internal debt, 28 JAN

 The Sudanese advisor reveals to “Al-Ma’louma” the size of Iraq’s internal debt

Information/private..
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the size of the Iraqi government’s internal debt, while indicating the reasons for the accumulation of this debt.

Saleh said, in an interview with the Maalouma Agency, that “Iraq and during the previous years extending between 2014 and 2021, its economy was exposed to two major shocks,” indicating that “the first shock was financial and security, as a result of the country’s exposure to the threat of ISIS terrorist gangs, in addition to the war that “Iraq won over terrorism.”

He added, “The second shock was financial-health, as a result of the Corona pandemic and the decline in oil price revenues at the same time; due to the sharp cycle of oil assets and the loss of a barrel of oil in both shocks of approximately 40% of its estimated revenues as revenues for the general budget.”

The Sudanese financial advisor explained that “the internal public debt in Iraq as a result of these two shocks amounted to approximately 73 trillion dinars,” pointing out that “these reasons prompted the financial authority to borrow from the government banking market, mostly by issuing treasury bonds or annual treasury transfers carrying an average Interest of about 3%.

The issue of the size of the Iraqi government’s foreign debt raises many questions about the reason for its non-payment, even though the government has a comfortable financial surplus and a large reserve of hard currency.

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