Iraq News - Local News - Baghdadpost

Iraq's foreign debt exceeded $112 billion: MP

Massoud Haider

Member of the Finance Committee in the Iraqi parliament, Massoud Haider revealed on Friday that Iraq's foreign debt exceeded $112 billion during the current year.

Haider pointed out that about 42% of the country's foreign debt belongs to the Gulf countries, adding that another amount of the debt belongs to the Paris Club, which has already exempted Iraq from paying 80% of it.

He added that ISIS terrorist group affected the Iraqi economy, in addition to the destruction of the country's infrastructure.

Haider noted that the Iraqi cash reserves are amounted at 50 billion dollars, which is considered to be a positive and reassuring situation to cover the cash circulating in the domestic market.