An Iraqi Minister: The size of Iraq's foreign debt ranges between 60-70 billion dollars

Ali Abdul Amir Allawi , the Iraqi Minister of Finance, said today, Sunday, that the size of Iraq's foreign debt ranges between 60-70 billion dollars.

The Iraqi Finance Minister told the official Iraqi News Agency (INA) that "Iraq's foreign debt is estimated between 60 to 70 billion dollars."

Half of it is inherited and the other was added after 2003 for various purposes, including financing projects. "

He added that "the internal debt is also estimated at 60 trillion Iraqi dinars."

He stated that "the financial crisis that the country is going through is not a result of today, but rather it is the result of the decline in oil prices and the consequent reduction in production, which affected the revenues generated by Iraq in a large way due to the reduction of Iraq's share of exports and that the reduction in oil exports caused an increase in the dues of contracting and licensing companies." Oil. "

Allawi said that the Ministry of Finance was forced to "request the Iraqi parliament to issue an internal borrowing law with a ceiling of 41 trillion Iraqi dinars to fill the deficit in salaries and ruling expenses related to importing electricity, fuel, foreign debts, the ration card and supporting farmers."

"The new borrowing amount covers salaries and expenditures for the remainder of the current year and the first two months of next year," he said.

"The current government faced this crisis without financial liquidity, so there is no choice but to borrow internally in the short term," he said. "External borrowing, which amounted to $ 5 billion, cannot be used to fill the deficit, but is allocated to finance projects."

He warned that the monthly revenues generated from exporting oil with the funds in the Ministry of Finance are not sufficient to cover the salaries of all employees and without resolving the basic crisis will remain accumulated and the salary delay will continue.

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