PM’s Advisor: The Rise In Oil Prices Will End The Borrowing For The Current Fiscal Year

Baghdad Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed: “In this fiscal year, Iraq does not need to borrow to finance the deficit, if oil prices continue until the end of the year, approaching 70 dollars per barrel.”

Muhammad Salih said in a statement to the National Iraqi News Agency (NINA): “Iraq will only need to withdraw old loans related to projects that are currently being implemented within international financing programs, especially with the World Bank, the European Union, Japan and others.”

He added, “The amounts of these annual loans are limited in the budget, and do not exceed 15% of the total investment allocations in the 2021 federal general budget, which all amount to approximately 29 trillion dinars.”

The price of Basra oil recorded a noticeable increase in the recent period, exceeding $70 per barrel.

Source: National Iraqi News Agency