[size=36]Iraq is moving to stop paying its foreign debt[/size]
16/04/2020
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BAGHDAD - Mawazine News,
The government is moving to stop the collection of external debts incurred by Iraq in light of the country's declining revenues due to the drop in oil prices.
The economic and financial advisor to Prime Minister Mazhar Muhammad Salih said that "Iraq's consultations with the IMF continue to stop foreign debt deductions," praising "the witnessed positions of the IMF in extinguishing Iraq’s debts at the Paris Club in 2004."
He added, "Iraq, due to the Coruna virus and the drop in oil prices, entered into what is called force majeure, something that afflicted all countries of the world. Therefore, Iraq seeks to stop the payment of its debts."
For his part, the official spokesman for the government information and communication office in the General Secretariat of the Council of Ministers, Alaa Globe Al-Fahd, said, "There are overtures between the government and the International Monetary Fund to stop collecting the debts incurred by Iraq and awaiting a response", noting that "there is no response at the present time, as There are no claims for payment. "
Al-Fahd explained that "the government and every year when it has a deficit of the World Bank's appeals to lend to in order to finance the budget, and this year there are many things that will be taken into consideration, as the United States has proposed stopping the debt repayment at this stage which is a good thing, especially since Iraq's debts to be paid to the IMF this year are estimated at more than $ 10 billion,
and if there is an agreement, this will benefit Iraq with the economic and political situation it is living in at this stage. "
He pointed out that "the economy of Iraq is unstable, because it depends on oil by 95 percent and the remaining 5 cannot be collected now, because of the lack of
taxes, fees, etc., noting that the move does not include international cash only, but to stop deducting the debts of Kuwait and the accruals of the Arab League, the amount of Arab 139 billion dollars. Completed 29 / p
The government is moving to stop the collection of external debts incurred by Iraq in light of the country's declining revenues due to the drop in oil prices.
The economic and financial advisor to Prime Minister Mazhar Muhammad Salih said that "Iraq's consultations with the IMF continue to stop foreign debt deductions," praising "the witnessed positions of the IMF in extinguishing Iraq’s debts at the Paris Club in 2004."
He added, "Iraq, due to the Coruna virus and the drop in oil prices, entered into what is called force majeure, something that afflicted all countries of the world. Therefore, Iraq seeks to stop the payment of its debts."
For his part, the official spokesman for the government information and communication office in the General Secretariat of the Council of Ministers, Alaa Globe Al-Fahd, said, "There are overtures between the government and the International Monetary Fund to stop collecting the debts incurred by Iraq and awaiting a response", noting that "there is no response at the present time, as There are no claims for payment. "
Al-Fahd explained that "the government and every year when it has a deficit of the World Bank's appeals to lend to in order to finance the budget, and this year there are many things that will be taken into consideration, as the United States has proposed stopping the debt repayment at this stage which is a good thing, especially since Iraq's debts to be paid to the IMF this year are estimated at more than $ 10 billion,
and if there is an agreement, this will benefit Iraq with the economic and political situation it is living in at this stage. "
He pointed out that "the economy of Iraq is unstable, because it depends on oil by 95 percent and the remaining 5 cannot be collected now, because of the lack of
taxes, fees, etc., noting that the move does not include international cash only, but to stop deducting the debts of Kuwait and the accruals of the Arab League, the amount of Arab 139 billion dollars. Completed 29 / p
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Last edited by rocky on Thu 16 Apr 2020, 1:56 am; edited 1 time in total
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