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Mazhar Muhammad Salih: Iraq without external debt after 8 years
Economical 2023/02/27
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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, stated that Iraq's foreign debts will be paid during the next seven or eight years, which are around $20 billion. It differs between 128 to 148 billion dollars, which are preliminary numbers and exaggerations for some countries that added delayed benefits, which do not exist.
He continued, "The Paris Club has deducted these sovereign and commercial debts by 80% or more, according to an agreement with Iraq in November 2004, and the cancellation of some countries reached 100%, including the United States, Algeria, Cyprus, Malta and Slovenia."
He added, "The remaining 20% has been scheduled for a period of 20 years and is scheduled to expire in 2028, and the remaining about 5 billion dollars, including commercial debts that were issued in the form of bonds in the name of Iraq."
He pointed out that "Iraq also borrowed again during the days of the war against ISIS from the World Bank and the International Monetary Fund with the issuance of two new bonds in the amount of two billion dollars, one known as (Tigris) and the other (Euphrates), and therefore, according to my estimation, the total debts that will be paid from now within The next seven or eight years are about $20 billion, which is Iraq's total foreign debt."
Iraq is seeking to cancel its debts incurred during the rule of the former regime amounting to more than 140 billion dollars, some of which represent compensation due to the wars waged against its neighbors and the other as commercial debts.
And Iraq had managed to write off 100 billion dollars from the Paris Club debts amounting to 140 billion dollars after Iraq unilaterally signed with these countries an agreement to reduce debts towards Iraq, reducing 80% of it, while some countries from the Paris Club signed an agreement with Iraq on Write off 100% of its debts to Iraq.
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