Iraqi efforts to postpone the repayment of outstanding debts until 2019 to the Paris Club

by **Ponee** Sun Jul 03, 2016 12:43 pm

The CBI said that Iraq would seek to postpone the repayment of debts owed to the Paris Club of creditor nations confronted with a liquidity crisis caused by the weakness of oil prices in addition to the cost of the war against the organization of the Islamic state.

It said the central bank said in a statement that Iraq will be asked to postpone payment until 2019 , while expected to receive financial support from the International Monetary Fund over the next three years.

Most of Iraq 's sovereign debt was agreed upon during the rule of Saddam Hussein , who was overthrown by US - led invasion in 2003.

According to the appearance of the benefit of the financial advisor to the Prime Minister, the Iraq's debt owed to foreign governments $ 15 billion, including nine billion to Paris Club members.

Saleh said that Iraq's annual payments to the Paris Club of around $ 800 million. Iraq also issued sovereign bonds worth $ 2.7 billion worth in 2028.

And he gave the International Monetary Fund in May, preliminary approval to provide $ 5.4 billion over three years to help Iraq -aledo Organization Aopk- to bridge the budget deficit.
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