Deputy Governor of the Central Bank of Iraq Ammar Khalaf revealed that foreign exchange reserves have risen to $ 113 billion, benefiting from the improvement in the price of oil, which constitutes 96 percent of the total national product. On the other hand, the volume of internal debt rose to 70 trillion Iraqi dinars (about 47 billion dollars).
The government of Mohammed Shia al-Sudani seeks to introduce other sectors besides oil to maximize resources, but the government has burdened the public budget with hundreds of thousands of new jobs that have made the country subject to oil prices, and paid billions of dollars to the salaries of employees, retirees and those covered by the social welfare law.
Khalaf explained, "There are many opportunities for the Iraqi economy, including the growth of GDP and the achievement of a surplus in the general budget law affected by international oil prices, and the increase in the volume of deposits and credit in general, as well as the rise in foreign reserves to $ 113 billion."
Source (Al-Araby Al-Jadeed Newspaper, Edited)
