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Government approval to reduce Iraq's external debt to $8.9 billion
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Economy News - Baghdad
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Added 04/02/2024 - 9:03 PM
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Economy News - Baghdad
On Tuesday, the Council of Ministers approved reducing the current external public debt, amounting to $10.5 billion, to $8.9 billion.
A statement by the Council’s media office, seen by Al-Iqtisad News, stated that “The Council of Ministers held its 14th session during the year 2024, and during the session the recommendation of the Ministerial Council for the Economy (24207) for the year 2024 was approved, which includes the approval of the Diwaniyah Order Committee’s recommendation 23942, related to foreign debts.” Pointing out that "the recommendation included a study by the Ministry of Planning of the projects canceled from loans, to examine the possibility of including them with funding sources from the federal general budget."
The statement added: “The Ministry of Finance will check the existence of any financial obligations that may result from canceling these projects with the loan donors when implementing the decision, in addition to canceling delayed loans, worth $1.05 billion, and completing important projects from government funding sources.”
The statement indicated, "Cancelling borrowing requests worth $5.8 billion for the Basra water desalination and sky train projects, financing the first project from the regional development budget, and financing the second project by offering it for investment, in addition to redirecting World Bank loans to lagging projects and other surpluses towards implementing the railway connection project." (Faw - Rabia - Fishkhabour) Bio.
According to the statement, the recommendation included “contracting with an international financial consultant to audit and manage foreign debts in the future.”
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Added 04/02/2024 - 9:03 PM
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