Central Bank: The debt accumulation was halted in 2017 and international bonds came to prove our ability

Central Bank: The debt accumulation was halted in 2017 and international bonds came to prove our ability

2017-12-10

Central Bank - The debt accumulation was halted in 2017 and international bonds came to prove our abilityThe head of the financial operations and debt management of the Central Bank Mahmoud Dagher, said on Sunday that the process of accumulation of debt was stopped during 2017, indicating that the issuance of international bonds came to prove Iraq’s ability to deal with the international financial community.

“2015 is the year to stop the collapse of fiscal policy, and in 2016 is to find the means to resist it,” Dagher said at a seminar. “2017 is the year to stop the process of debt accumulation.”

Dagher added that “the two billion received by the Ministry of Finance from the issuance of international bonds was only to prove the ability of Iraq to deal with the international financial community more than the need of Iraq in the sense that the account of the Ministry of Finance dollars contain a balance much higher.”

On February 19, 2017, the Central Bank of Iraq announced its ability to cover Iraq’s international obligations as well as the financing of foreign trade, while confirming that the country’s foreign currency reserves are within international standards.

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