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The Government adopts initiative for Iraq's debt moratorium until 2019.

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The Government adopts initiative for Iraq's debt moratorium until 2019.

31/07/2016 10:50

Financial adviser to the Prime Minister said Haidar Abadi on Government initiative to Iraq's debt repayment of some States members of the Paris Club to offset the country's leverage with face liquidity crisis weak oil prices plus the cost of war against "Islamic State", while the current Iraq debt 60 percent of GDP and is within normal proportions.

Financial advisor to the Prime Minister in a newspaper interview appearance (morning): "to maximize the leverage of Iraq Government seeks to postpone repayment of their debt owed to Paris Club Member States until 2019," saying "no response from those countries, including Canada, which declared its willingness to postpone installments and interest on its debt beyond 2019.

Saleh said "Paris Club debt both sovereign and non-sovereign had been reduced for more than 80 percent," adding that

"Iraq currently receives financial support from the International Monetary Fund over the next three years because of the liquidity crisis caused by weak global oil prices and the cost of war on behalf of the world against terrorism," Saba said, adding that

"Iraq's debt currently represent 60% of GDP is considered in natural proportions".

Saleh said "some of those debts or unresolved claims to date back to the period before 2003 on the financing of military operations called odious debts.-unresolved and still pending or called ¬ęsuspicious debts and negotiations were continuing.

And on the budget deficit for the current year, said a financial adviser to the Prime Minister "to increase the budget deficit in the year 2016 at 34 trillion dinars instead of 23 trillion federal budget approved in dinars for the year depending on the sale price of 45 dollars a barrel," Noting that

"oil price volatility early this year born worth 11 trillion deficit extra dinars what led the Government to reduce and shrink tunnels.

"The initiative of recognized Iraqi Government consultation with the Secretariat of the Paris Club to postpone repaying debt to Member States after the conclusion of the agreement and program with the International Monetary Fund in the year 2019", noting that

"Iraq's debt owed to foreign Governments amounting to 17 billion dollars and 500 million dollars, including nine billion to Paris Club members," continued "to Iraq to the Paris Club annual payments of about $800 million, saying" Iraq sovereign bonds issued by commercial value of 2.7 billion maturing in 2028."

The IMF last may gave preliminary approval to provide 5.4 billion dollars over three years to help Iraq-OPEC member-to bridge the budget deficit.

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