Iraq's net debt amounts to nearly 139 trillion dinars

Shafaq News/ Iraq's net debt amounts to nearly 139 trillion dinar, Minister of Finance Ali Abdul-Amir Allawi revealed on Wednesday.

"The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%. The third is at an interest rate of 2.149%, which is guaranteed by the US government. All the other debts are on very concessional terms,” the Minister said.

"The external debt does not include the debts of the former regime, which amount to 57.8 trillion dinars, or the equivalent of 39.9 billion dollars," he continued, "it has been frozen since 2003 without interest or repayment as part of the Ministry of Finance's efforts to reduce debt."

"The ministry has reconfigured all local debts as follows: the balance of all local debts has become medium or long-termed after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury (bonds) into loans for 10 years and 20 years with of installments' payment starting from March 2021 at an interest rate reduced to 2%."

"The net external and internal debts amount to more than 99 trillion dinars," he said.