Parliamentary Finance: 160 trillion dinars, the size of Iraq's debt
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Economy News - Baghdad
The Parliamentary Finance Committee announced that the size of Iraq's debts reached 160 trillion dinars.
Iraq is facing successive financial obstacles caused by the war on "ISIS" and the drop in oil prices, the latest of which is the outbreak of the Coronavirus.
Committee member Muhammad Al-Darraji said, in televised statements followed by "Al-Eqtisad News," that the government resorted to internal and external borrowing because the federal budget law was not approved, pointing out that Iraq's economic situation does not allow for more borrowing.
He pointed out that the public debt in Iraq amounted to 160 trillion dinars, according to the Ministry of Finance data, indicating that Iraq's debts are very large compared to the country's gross domestic product.
Regarding the reason for the high debts of Iraq, Al-Darraji stressed that "the war on ISIS has exacerbated the debts."