An Official Statement Regarding Iraqi Debts, Loans and Repayment Methods

A member of the Iraqi Parliamentary Finance Committee Najiba Najib issued a statement about increasing debt and loans of Iraq reaching at 120 billion U.S dollars. She also confirmed that the debt of Kurdistan is not included in the mentioned figures. On Monday, 11th September, it was confirmed by a member of the Iraqi Parliamentary Economic & Investment Committee Najiba Najib that the loans received by the Iraqi government and it was used in a non-transparent way. She further added that the Iraqi parliament didn’t respond the requests submitted by the MPs to analyze the details regarding the issuance of those loans. Najib informed Mawazine News that the loans were amounted at 120 billion U.S dollars and it will be paid back in the form of payments by the Iraqi government. She also added that there is previous debt of at least 50 billion U.S dollars and it will also be paid by the Iraqi government.

An Official Statement Regarding Iraqi Debts, Loans and Repayment MethodsNajib further indicated that at least 40 billion U.S dollars domestic loans received from the Iraqi Central Bank. She added that debts of more than 30 billion U.S dollars are from businessmen, treasury and bonds. She also said that these loans will payback in installments within 30 years from the receiving date of loans. Najib said that the British loan and debt of Paris Club group will be paid-back within 10 years in installments, including the loan if the IMF (International Monetary Fund). She pointed out that loans received by the Kurdistan region aren’t included in the all above mentioned loans. She confirmed that most loans were received without specifying their purpose of borrowing and essential needs. The Paris Club is a breezy group of lender countries looking to find applicable solutions to the issues experienced by borrower countries regarding payment of their debts. The lender countries have signed at least 430 agreements related to 90 countries with a total debt of 583 billion U.S dollars.

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