Iraq postpones launch Eurobond two billion dollars until 2017
Iraq postpones launch Eurobond two billion dollars until 2017
Posted, 09/30/2016 22:16
[Oan- follow] an
economic adviser to Prime Minister Haider al – Abadi said on Thursday is likely that Iraq postpones bond sale two billion dollars in global markets until early 2017 , at least the hope that the result of high oil revenues and the victory over the organization Daesh to the public finances of the state improved.
Baghdad had said it would issue bonds that the US government guarantee half its value in the last quarter of 2016, but it seems that those plans are uncertain after the dismissal of Finance Minister Hoshyar Zebari last week because of corruption charges denied by the minister.
He said the appearance of Mohammed Saleh told Reuters in an interview , “I think we Snerjih [Release]. ” Adding that “we should see the situation in the oil market – if the improvement we can a little bit and that has seen oil market deteriorate further , we will have to borrow postponed.”
And issued Iraq ‘s international worth 2.7 billion dollar bonds due in 2028 with a 5.8 percent coupon and a revenue currently about nine percent.
Refuge Iraq to the international Monetary Fund to borrow in order to make up for what they lost from oil revenues , which would encourage other lenders to provide support.
In July the Fund approved a loan under the demand of a three – year , $ 5.34 billion in exchange for a package of economic reforms, and hopes Baghdad to provide additional aid worth more than $ 12 billion from sources such as the Group of seven major industrial countries.
Saleh said that Iraq last month agreed ” in principle” on a deferred loan for three years worth of three billion dollars from the World Bank to support Baghdad ‘s budget, this will be the loan first batch of additional funding required for the agreement with the IMF.
He added that the details of the conditions to support public financial institutions and pensions in Iraq are not yet clear , but the first tranche will be disbursed in December.
alliraqnews.com
