Iraq Borrowed from Various Foreign Banks Worldwide in 2015

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On Monday, an authentic and reliable source from the Iraqi Finance Ministry has informed that Iraq has borrowed from a number of foreign banks from different countries in order to cover the budget deficit for the year 2015.

The source further added in his statement that Iraq has borrowed from American, British, Canadian, Japanese, German, Chinese and Italian banks. This amount is more than 2 billion U.S dollars to manage the shortage in the budget 2015. He also added that borrowing will be continued in 2016 to stabilize the economy and to overcome the 2016 budget deficit issue. The Iraqi government also focusing to boost up Iraqi economy in collaboration with the private sector also to manage next year 2016 budget.

The source also said that the public debt department in the Finance Ministry was capable to count at least 2 billion U.S dollars from these borrowing. The total benefits are estimated between 5 to 20 percent. He also indicated that the overall benefits is also estimated at least 16 percent and more than 2.2 million U.S dollars and this amount is payable by the end of 2018. Another borrowing from the World Bank is estimated at more than 1.2 billion U.S dollars with the interest rate of 10 percent. It is said that borrowing from the International Monetary Fund is estimated at 2.2 billion U.S dollars with the interest rate of 7 percent.

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