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On Tuesday (August 31, 2021), a member of the Parliamentary Finance Committee, Jamal Cougar, revealed the size of Iraq's internal and external debt, which amounted to approximately $72 billion, stressing that external borrowing was stopped in the 2019 budget law.
Cougar said, in a statement to IQ News , that "the Iraqi external debt amounted to approximately 22 billion dollars, while the internal debt from the central bank and government banks amounted to nearly 50 billion dollars."
Cougar added that "the government resorted to borrowing in 2014 as a result of the drop in international oil prices that devastated the country's economy, as well as to pay the salaries of employees and the cost of the war against the terrorist organization ISIS."
And Cougar indicated that "the government cannot go to external borrowing because this was stopped in the 2019 budget law," explaining that "these loans have significant effects on the draft federal budgets law, if part of those budgets is allocated to pay the interests of those loans that end in 2050." .