Al-Kazemi’s advisor: The foreign debt is almost dead..and reveals its size

Time: 06/20/2021 20:09:41
 
{Economist: Al-Furat News} Mazhar Muhammad Salih, financial advisor to Prime Minister Mustafa Al-Kazemi, confirmed today, Sunday, that Iraq's foreign debt has become "almost dead with the passage of time."

Saleh said, in a press statement: "Iraq's foreign debts are to 8 countries, four Gulf Arab countries, namely the UAE, Qatar, Saudi Arabia and Kuwait, in addition to Egypt, Turkey and two foreign countries, and matters to my knowledge have been suspended since 2004, the date of the signing of the Paris Club Agreement."

And he indicated, "The tendency is towards writing them off 100 percent, and they are almost dead with the passage of time, especially since some of them are incorrect and completely unknown."

He added, "In all cases, these debts are hateful debts, as they financed wars and bloody conflicts during the eighties war and did not serve development and progress in Iraq."

He added that the debts of the UAE, Qatar, Saudi Arabia and Kuwait amount to 27 billion dollars, while the other countries amount to 14 billion dollars.

Saleh had confirmed in previous statements to him that Iraq succeeded in 2004 in writing off about 100 billion US dollars of its debts against the background of signing the Paris Club agreement, describing the agreement as "standard" to resolve the sovereign debts owed by Iraq to 65 countries, including 19 countries within the Paris Club. and 46 countries outside it.

The Paris Club is an informal institution that represents the gathering of creditors from the rich countries in the world. It was established in 1956 as a result of the talks that took place in Paris between the Argentine government and its creditors. The club undertakes the task of restructuring the sovereign debts of countries, easing the burdens of some debts, or even canceling some of them.

Ammar Al Masoudi

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