Approximately $60 billion is invested in Iraq, according to a government advisor

Baghdad - INA

The technical advisor to the Prime Minister, Mohammed Sahib Al-Daraji, confirmed today, Thursday, that the volume of investments in Iraq reaches about $60 billion, while revealing a decrease in the external debt to $9.8 billion.

Al-Daraji said in a statement to the Iraqi News Agency (INA): "Iraq's gross domestic product exceeded $260 billion, which makes the ratio of external debt compared to the domestic product at a very low level, which opens the door to a new phase of external financing, but with well-studied conditions," noting that "Iraq's external public debt witnessed a significant decrease, as it decreased from $20.9 billion to $9.8 billion."

He stressed, "The importance of financing being directed towards productive projects capable of paying their debts on their own, instead of focusing on consumer or ill-studied projects."

Regarding current investments, Al-Daraji pointed out that "the volume of local and foreign investments in Iraq amounts to about 60 billion dollars, most of which are in the real estate and housing sector, which is a good thing," stressing the "need to strengthen the role of the Iraqi investor and support him to diversify investments." He pointed out that "there is a large cash mass among citizens outside the banking system, which makes it economically useless if it remains stored in homes," calling for "transferring this money to investment projects that contribute to transforming it into assets that support the national economy and enhance sustainable development."