Al-Kadhimi Advisor: $5 billion in Iraq's debt to the World Bank and IMF

Economy

22-12-2021, 12:09

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Baghdad-INA

Prime Minister's economic adviser Mazher Mohammed Saleh outlined on Wednesday Iraq’s debt to the World Bank and the International Monetary Fund.

"There is no precise figure for the amount of debt owed by Iraq to the World Bank and the International Monetary Fund because the balance is decreasing with the repayment of the debt package plus annual interest, but it does not exceed $5-6 billion," Saleh told The Iraqi News Agency (INA).

"World Bank loans in particular are long-term, have grace periods of about 6 years and often extend for about 14 years and have moderate interest rates, as they are similar to the interest of the London markets on dollar lending transactions plus a small additional percentage representing the bank commission," he said.