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Baghdad - INA - Nassar Al-Hajj
, the adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained about the decrease in the country's external public debt to $20 billion.
Saleh said in a statement to the Iraqi News Agency (INA), today, Tuesday, that "what was referred to as the decrease in the external public debt to 20 billion dollars is the debts payable, and does not include the internal public debt or any related external debts that have not been settled under The Paris Club Agreement, which is still included in the public debt and dates back to before 1990, and is routinely included in the known details of the debt.
Earlier, the Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced that the country's external public debt had decreased to $20 billion, while stressing that the year 2022 would be free of financial hardships and financing restrictions.
Saleh said, to the Iraqi News Agency (INA): "Iraq's external public debt is in a waiver, which is around $20 billion, and the public budget bears the debt-amortization services according to set timings," noting that "the internal debt is still the largest at the present time, It exceeds the external debt three times, but remains confined to the framework of the government financial system exclusively, and is not related to the public.
He added, "Iraq is in recovery and will inevitably live in the next 2022 without financial hardships or financing restrictions, caused by a lack of revenues, due to the recovery of the energy market and the boom in demand for oil, as well as the increase in the proceeds of Iraq's oil production by 400 thousand barrels per day," noting that "This addition to the current total oil production, and by itself alone, will generate an additional annual revenue estimated at about 17 trillion Iraqi dinars if the average price of a barrel of oil reaches 75 dollars."
He pointed out that "the issue depends on the total expenditure ceilings in the budget, and if it is assumed that the expenditure ceiling in the 2022 budget is the same in 2021, and that the average price of a barrel of oil achieved throughout the year is not less than $75, then the oil revenues will alone cover the total expenditures." in the budget and achieve some surplus from the availability of other non-oil revenues.”
He added, "This means that, for the first time, there will be a budget that achieves a financial surplus without the need to borrow, and if borrowing is achieved, it does not exceed 3% of the gross domestic product, which is stipulated in the financial management law in force due to ongoing construction projects linked to its financing with international loans," he added. By saying: "In my estimation, it does not exceed $3 billion per year, in addition to the construction loan whose bonds are offered for circulation to the public at a trillion dinars."
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Baghdad - INA - Nassar Al-Hajj
, the adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained about the decrease in the country's external public debt to $20 billion.
Saleh said in a statement to the Iraqi News Agency (INA), today, Tuesday, that "what was referred to as the decrease in the external public debt to 20 billion dollars is the debts payable, and does not include the internal public debt or any related external debts that have not been settled under The Paris Club Agreement, which is still included in the public debt and dates back to before 1990, and is routinely included in the known details of the debt.
Earlier, the Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced that the country's external public debt had decreased to $20 billion, while stressing that the year 2022 would be free of financial hardships and financing restrictions.
Saleh said, to the Iraqi News Agency (INA): "Iraq's external public debt is in a waiver, which is around $20 billion, and the public budget bears the debt-amortization services according to set timings," noting that "the internal debt is still the largest at the present time, It exceeds the external debt three times, but remains confined to the framework of the government financial system exclusively, and is not related to the public.
He added, "Iraq is in recovery and will inevitably live in the next 2022 without financial hardships or financing restrictions, caused by a lack of revenues, due to the recovery of the energy market and the boom in demand for oil, as well as the increase in the proceeds of Iraq's oil production by 400 thousand barrels per day," noting that "This addition to the current total oil production, and by itself alone, will generate an additional annual revenue estimated at about 17 trillion Iraqi dinars if the average price of a barrel of oil reaches 75 dollars."
He pointed out that "the issue depends on the total expenditure ceilings in the budget, and if it is assumed that the expenditure ceiling in the 2022 budget is the same in 2021, and that the average price of a barrel of oil achieved throughout the year is not less than $75, then the oil revenues will alone cover the total expenditures." in the budget and achieve some surplus from the availability of other non-oil revenues.”
He added, "This means that, for the first time, there will be a budget that achieves a financial surplus without the need to borrow, and if borrowing is achieved, it does not exceed 3% of the gross domestic product, which is stipulated in the financial management law in force due to ongoing construction projects linked to its financing with international loans," he added. By saying: "In my estimation, it does not exceed $3 billion per year, in addition to the construction loan whose bonds are offered for circulation to the public at a trillion dinars."
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