The surplus oil encourages the launch of practical steps to zero the debts

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[size=52]The surplus oil encourages the launch of practical steps to zero the debts[/size]

[size=45]Baghdad/ Firas Adnan[/size]
[size=45]The government is seeking to implement a strategy to pay off Iraq’s external and internal debts, amounting to about $68 billion, to strengthen the state’s financial system. This comes at a time when experts called for diversifying sources of payment and not relying on high oil only, estimating the central bank’s reserves at the present time at about $70 billion.[/size]
[size=45]The financial advisor in the Council of Ministers, Mazhar Muhammad Salih, said, "The correct and important strategy in dealing with the debt file in Iraq is to pay the internal debts, which amount to about 48 billion dollars."[/size]
[size=45]Saleh added, "These debts are within the government financial system, that is, between the official financial parties and not outside them, and there is no foreign party in them."[/size]
[size=45]He pointed out, "there is a strategy to settle it within three years to be liquidated and get rid of most of it," noting that "most of the internal debts are in the possession of the Central Bank of Iraq, and about 67% of them and the rest are with large government banks such as Al-Rafidain and Al-Rasheed."[/size]
[size=45]Saleh stressed, "Resorting to repaying these debts would strengthen the Iraqi financial system and give it more confidence, especially since 85% of the banking system is in the hands of the government, and the government sector in Iraq is still the strongest."[/size]
[size=45]He noted, "The government seeks to strengthen its financial system, assets, policies, profits, efficiency and position."[/size]
[size=45]Saleh continues, that with "oil revenues in this form and at stable prices, we will succeed in extinguishing the internal debt in the manner planned, especially since its amount has become greater than the external debt, which is less than 20 billion dollars."[/size]
[size=45]And he spoke about "claims and numbers that appear worthless, but this number that we talked about is the one that must be paid and officially confirmed."[/size]
[size=45]Saleh went on to say that "the payment of the external debt is in accordance with a strategy that Iraq has developed with the relevant authorities, such as the Paris Club and the subsequent agreements."[/size]
[size=45]The Cabinet had voted on a strategy to pay off external and internal debts for the years 2022-2024 as a result of the rise in oil prices.[/size]
[size=45]For his part, economic expert Safwan Qusay said, "The government invested in the increase in oil prices in the process of zeroing internal debts."[/size]
[size=45]Qusay agrees with Saleh, that "Iraq's internal debts amount to about 70 trillion dinars internally, which constitutes 48 billion dollars, and it will be repaid over three years."[/size]
[size=45]He pointed out, "The payment will be based on oil imports," noting that "the government financial center enables it to pay those debts not only through oil revenues, but by returning ownership percentages to these percentages to the Ministry of Finance in public companies, real estate and outlets that help to File resolution.[/size]
[size=45]And Qusay, that "the Ministry of Finance has stakes in oil and transportation companies, and these are profitable companies, so reducing the ministry's ownership in exchange for transferring debts to these companies will contribute to opening a new window away from oil revenues."[/size]
[size=45]And he believed, "The government is able to pay the internal debts within a strategic period and comfortably, but we prefer that the payment take place from outside oil revenues, and thus we achieve zeroing in an immediate manner."[/size]
[size=45]Qusay explained, "Kuwait's debts have been completely liquidated, and this has saved us $6 billion at the current price of oil, which has been added to Iraq's revenues and can be used to pay off internal debts."[/size]
[size=45]And he added, "Resorting to paying debts would raise confidence in the Iraqi economy, and then move the investment process," explaining that "the money that will be paid to banks and funds that bought earlier bonds to help the government in its financial crisis, will be re-employed in strategic projects." “.[/size]
[size=45]Qusay concluded, "The Central Bank's reserves have currently reached more than 70 billion dollars, and this amount helps us in dealing with any economic problem resulting from the drop in oil prices."[/size]
[size=45]Experts have confirmed that oil prices will maintain their stability during the current year at more than $100 per barrel, calling for benefiting from the surplus in repaying debts, carrying out important projects and establishing sovereign funds for future generations.[/size]
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