The Iraqi government decided to reduce the external borrowing to its lowest level, with the aim of reducing the burden in the future on the country's economy.
The Iraqi Minister of Planning, Khaled Battal Najm, explained that “external borrowing will be absolutely necessary in order to reduce debts to their lowest levels,” considering that “the borrowing will be in two cases, the first is the importance of the project to be financed, and the second is the lack of cash for its implementation,” stressing that “the ministry will not include any projects, unless they include all requirements, foremost of which is the feasibility study.
He explained that "the ministry's policies and government orientations are moving towards reducing the external borrowing to its lowest levels, with the aim of reducing the burden of loans on the national economy."
It is worth noting that Iraq's total internal and external debts amount to 113 billion dollars, of which 50 billion dollars are internal debts, and 40 billion dollars are outstanding debts in favor of 8 countries since the eighties and nineties of the last century. There is also $23 billion in foreign debts on Iraq, due to development projects provided by international funds, according to the financial advisor to the Iraqi Prime Minister, Mudher M. Salih, in previous statements.
Source (Anadolu Agency, Edited)
