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IRAQ SIGNS A LOAN OF ($897 MILLION) WITH JAPAN
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IRAQ SIGNS A LOAN OF ($897 MILLION) WITH JAPAN
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[You must be registered and logged in to see this link.]3 hours ago19The Ministry of Finance signed a loan of ($897 million) from the Japan International Cooperation Agency (JICA) on December 28, 2022.
According to Finance Minister Taif Sami, the loan represents the fourth tranche of low-interest financing represented by the Japan Development Agency.
The loan provides financing for the $4 billion development of the Basra Oil Refinery, for which Japan's JGC is the lead engineering, procurement and construction contractor.
The third installment of 32.7 billion yen ($300 million) was signed in 2021.
Sami says that another fifth batch will be included in the upcoming 2023 budget for signature this year.
Despite the availability of sufficient oil funds, Baghdad is preparing for the 2023 budget, which may be dominated by expanded salary scales, leaving less to spend on infrastructure projects.
Given Iraq's relatively modest external debt, the government may choose to increase borrowing from international markets in the future.
[You must be registered and logged in to see this link.]
According to Finance Minister Taif Sami, the loan represents the fourth tranche of low-interest financing represented by the Japan Development Agency.
The loan provides financing for the $4 billion development of the Basra Oil Refinery, for which Japan's JGC is the lead engineering, procurement and construction contractor.
The third installment of 32.7 billion yen ($300 million) was signed in 2021.
Sami says that another fifth batch will be included in the upcoming 2023 budget for signature this year.
Despite the availability of sufficient oil funds, Baghdad is preparing for the 2023 budget, which may be dominated by expanded salary scales, leaving less to spend on infrastructure projects.
Given Iraq's relatively modest external debt, the government may choose to increase borrowing from international markets in the future.
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