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Samson » November 23rd, 2021

Mazhar Saleh: The Iraqi debt map is very large and needs adjustments

22nd November, 2021

The financial advisor to the Prime Minister Mazhar Muhammad Salih revealed, on Monday, November 22, 2021, the size of Iraq’s internal and external debts.

Saleh told Al-Masala, “The Iraqi debt map is very large and heterogeneous and needs settlements, and there are debts pending on agreements that must be written off 80% or more because these debts are added to an annual percentage that must be written off or canceled,” noting that “The internal debt is between the state’s financial departments and institutions.”

He added, “The Iraqi external debts that must be paid amount to 20 billion dollars, while the internal debts amount to 60 billion dollars,” noting that “there are internal and external debts that have not been settled so far.”

Earlier, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed that the country’s external public debt had decreased to $20 billion, and that the 2022 fiscal budget would be characterized by greater revenues and less deficit.

Saleh told Al-Masala that “the year 2022 will be free of financial hardships and financing restrictions.” Saleh suggested that “Iraq is in recovery and will definitely 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.”

The economic expert revealed that Iraq’s external public debt has fallen to the limits of 20 billion dollars, and the public budget bears the debt extinguishing services.

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.”

Saleh expected that the draft federal general budget for the year 2022 will differ in its spending ceilings slightly from the budget for the current year 2021, and this is related to the nature of oil revenues, as the price of a barrel of oil and the exported quantities must be adjusted in light of the positive indicators in the energy market and the entry of the global economy into a stage (post-pandemic). Corona), especially the high degrees of international economic openness, the flourishing of trade and investment exchange between the countries of the world, and the high overall growth rates in the global economy. LINK

Source: Dinar Recaps

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