Iraqi Government borrowed $32 Billion from Iraqi Central Bank: Najiba Najib

A member of the Iraqi Parliamentary Economy & Investment Committee, Najiba Najib issued a statement on Thursday that Iraqi government borrowed 32 billion U.S dollars from Iraqi Central Bank in order to cover the military expenses in the war against terrorism and to eliminate Daesh. The statement also indicated that high oil prices and dependence on non-oil revenues will pay back debt of Iraqi government to the Central Bank of Iraq. Najib added in her statement that continuous financial crisis is stifling the country. It was mainly due to the downfall in the global oil prices and was against Daesh organization. It created more difficult situation for Iraqi government, so they borrowed from CBI. She pointed out that Iraqi government has collected 32 billion U.S dollars to manage State Treasury bonds.

Iraqi Government borrowed $32 Billion from Iraqi Central Bank: Najiba NajibThe statement further indicated that the Iraqi reserve funds were 77 billion U.S dollars, but after borrowing 32 billion U.S dollars, the total Iraqi reserve funds are now 45 billion U.S dollars. She pointed out that a significant amount of increase in the oil prices has offered to maintain oil price at 50 U.S dollars per barrel. The Iraqi government also reduced its expenditures and the implementation of monetary policy for raised revenue from non-oil products. The Iraqi reserve funds have been considered funds belonging to Iraqi people. The International Monetary Fund also mentioned in its report issued on Wednesday that Iraq is currently experiencing dual economic challenges in order to compensate for damages & destructions resulted from the war against Daesh and other terrorist groups, and a significant amount of downfall in oil prices, and a cut in its oil production.

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