Finance Committee announced total Iraqi Debts and Foreign Loans

Finance Committee announced total Iraqi Debts and Foreign Loans

The Finance Committee has announced in the House of Representatives that Iraq has to pay at least 20 billion U.S dollars as the external debt owed by the country. The head of the Finance Committee, Haitham Al-Jubouri issued a press statement and said the foreign debts still on Iraq are 27 billion U.S dollars. He added that 41 billion U.S dollars for Saudi Arabia are not recognized because they were debts given to the former Iraqi regime leader during the Iran-Iraq war. He also pointed out that the debts on Iraq were more than 50 billion U.S dollars and at least 20 billion dollars were paid during the last period.

Finance Committee announced total Iraqi Debts and Foreign Loans

MP Majda Al-Tamimi also announced the volume of foreign loans, borrowed from the World Bank and other external bodies to support investment and the budget deficit in the country. Al-Tamimi said, “There was a loan in 2015 worth one billion and 200 million U.S dollars, and in 2016 there was a loan of one billion and 443 million U.S dollars”. She explained that these loans in 2015 and 2016 are borrowed from the World Bank to support the budget deficit. There are other investment loans that were disbursed to some sectors, including health, education, roads, bridges, and ports. Some of them were used for the reconstruction of the liberated areas.

She pointed out that these loans aren’t from the World Bank, but are dependent on foreign bodies. The total loans to support the investment amounted to 7 billion and 183 million U.S dollars. She added there are also loans in the Japanese Yen and the Euro. The Yen loan amounted to 309 billion and 971 million yen, and the Euro amounted to 646 million Euros. It is noteworthy that Iraq raised investments in U.S Treasury bonds during October 2019 by 5.1% year on year with an increase of 1.6 billion U.S dollars. The monthly U.S Treasury data showed the value of Iraq’s investments amounted to 32.7 billion U.S dollars at the end of October 2019, compared to 31.1 billion U.S dollars in the same month in 2018.

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