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Iraq to borrow to secure its commitments

Category: Economy

Date: 2020-08-24T14:57:25+0000
Iraq to borrow to secure its commitments

Shafaq News / A member of the Parliamentary Finance Committee, Faisal Al-Issawi, revealed today, Monday, that Iraq will borrow as a result of its commitment to the oil reduction.

Al-Issawi said in an interview with Shafaq News agency that "Iraq committed to OPEC+  to reduce oil production which is in favor of producing countries, because it has stabilized oil prices."

He added that the disappearance of the effects of Covid-19 and the opening of global markets encouraged international companies to restart their activities and thus increased demand for oil again, noting that "early next year, production will return to normal."

Al-Issawi indicated that the reduction pledged by Iraq forced it to resort to internal and external borrowing again, and this is one of the solutions to the economic crisis.

Iraq pledged to OPEC+ to reduce its oil production during the month of August and September to 1 million and 250 thousand barrels per day, while 90% of the budget depends on the oil revenues.

Also, The Iraqi government is struggling to secure employee salaries and other expenses due to the collapse in oil prices and Covid-19 pandemic.

The government had submitted the Budget, which includes external borrowing of $ 5 billion, and internal borrowing of $ 15 trillion Dinar.

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