Saleh announces Iraq’s exit from the list of the most indebted to the “International Monetary Agency”
Saleh announces Iraq’s exit from the list of the most indebted to the “International Monetary Agency”
4-16-2023
Information / Baghdad..
The Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, considered that Iraq’s exit from the list of countries most indebted to the “International Monetary Fund” is an attractive element for investment, as it greatly raises the creditworthiness of Iraq, while experts considered that leaving Iraq carries great positive economic repercussions that must be invested. professionally.
Salih said in a statement reported by “Al-Sabah” newspaper, seen by Al-Maaloumah, that “Iraq’s exit from the list of countries most indebted to the (International Monetary Fund) greatly raises the creditworthiness of Iraq in the list of the most worthy countries,” and he explained that “this is an attractive element for investment.” On the one hand, and on the other hand, all international contracting that takes place in Iraq reduces the risks of affecting project costs, in addition to positive repercussions on all external business costs associated with the Iraqi economy.
He noted that “Iraq, since the (Paris Club) agreement signed on 11/21/2004 by former Finance Minister Adel Abdul-Mahdi at the time, got rid of 100 billion dollars of its debt, i.e. 80% was reduced, and the volume of debt was about 130 billion dollars, A deduction from it, according to the agreement, as I mentioned above, is 100 billion dollars, and the rest has been scheduled for 20 years, with a grace period of six years.
The advisor to the Prime Minister for Financial Affairs confirmed that “Iraq is committed to fulfilling its debts, whether to companies or creditor countries, and there is great cooperation between the Ministry of Finance and the Central Bank of Iraq in paying installments with their benefits and on time, and since 2009 Iraq began paying interest, and in 2011 it began paying installments with their benefits.” .
With regard to the internal objections that affect the two institutions (the Bank and the International Monetary Fund), Saleh indicated that “the reason for the great objections is that the dealings of these two institutions are completely in accordance with the Western system.” From 2003 until now, Iraq has entered into six agreements with (the fund) and has not suffered any harm, and has facilitated many things for Iraq, especially the simple agreement that was for a period of months as an emergency agreement, which helped drop 80% of Iraq’s debts.
A report issued by the International Monetary Fund last week indicated that there are 19 countries with debts exceeding one billion US dollars (not including Iraq), out of the total number of creditor countries from the United Nations Economic Foundation, which is 94 countries.
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