Iraq extinguish a large proportion of its foreign debt

March 20, 2014


Iraq paid more than $ 40 billion of total debt adjusted to the Paris Club, which was up to 51.6 billion dollars in 2004.

And classified Iraq's foreign debt on the four categories include both the Paris Club debt, the debt of non-member states of the Paris Club and commercial creditors debt (foreign private sector), and the debt of the GCC countries in addition to decades of accounting and legal advisors.

In this regard, said the academic economic Dr Majid Baidhani that the country strides in stages pay its debts earlier leaving only a fraction of them having fulfilled its obligations to creditors where the total debt that has been settled for countries outside the Paris Club exceeded 16 billion dollars after it was up to 18.33 billion U.S. dollars in 2004. He pointed out that the total commercial debt that was processed amounted to more than 16 billion dollars at a time when 19 billion dollars in 2004.

The government had contracted with four financial institutions and global banks as external advisors who provide advice, support and consulting all matters relating to the settlement of Iraq's foreign debts.


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