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Iraq’s external debt halves as projects start to pay off

By Pramod Kumar
An oilfield in Kirkuk. The volume of local and foreign investments in Iraq has reached $60 billion Reuters/Alaa Al-Marjani
An oilfield in Kirkuk. The volume of local and foreign investments in Iraq has reached $60 billion

Iraq’s external debt has more than halved, driven by revenue-generating projects that help repay loans, according to a news report.

External debt has declined to $9.8 billion from $20.9 billion, state-run Iraq News Agency reported, quoting technical advisor to the prime minister Mohammed Sahib Al-Daraji.

He said the government is focussing on investing in productive projects capable of repaying their debts rather than engaging in poorly-planned projects.

The country’s gross domestic product (GDP) exceeded $260 billion, keeping the external debt-GDP ratio very low.

The volume of local and foreign investments in Iraq reached $60 billion, with the majority in the real estate and housing sectors.

The official urged the masses to deposit the cash stashed at homes into the banking system, allowing investments in projects to drive economic development.

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