Iraqi debts likely to pass $125 billion in 2017
PM:08:21:07/04/2017

aq’s national and foreign debts will most likely to have exceeded $125 billion before the end of this year despite growing oil production and revenues, according to the International Monetary Fund (IMF) which offers annual projections of financial conditions across the world. 


According to the predictions, the debts will land around $134 billion by the end of next year despite steady oil production which is expected to raise the current 4,5 million barrels per day ( bpd) by 10 percent to 5 billion. 

Iraq’s GDP (gross domestic production) was about $174 billion in 2016 which is viewed as relatively high, but the enormous government spending on salaries, nearly 80 percent of the budget, has done little to lower the debts. Around 65 percent of Iraqi debts are international loans, according to the parliament’s financial committee.  

Iraq produced 4.57 million bpd of oil in February and plans to increase output later in the year although Baghdad has reaffirmed its commitment to the OPEC decision to cut production to counter a global oil surplus.

The country plans to boost output to 5 million bpd by the end of 2017, Oil Minister Jabbar Al-Luaibi said Wednesday at a news conference in the southern city of Basra. 

 

Oil prices are the main source of revenues in Iraq constituting up to $90 percent of the country's incomes. 

Based on $42 a barrel, Iraq has estimated to receive around $56 billion in 2017 from oil sale, according to the country’s budget. The government has an $85 billion budget for the current year. 

Iraq’s budget in 2015 shrank to $105 Billion from $118 in 2013 as global prices of crude oil dropped to a record law. The country had no drafted budget in 2014 due to lingering disputes with the Kurdistan Regional Government (KRG) and the start of the ISIS war.

The deficit continued to hit the annual budget in 2016 as oil prices landed below $40, shrinking the budget to $88 billion with a $15 billion deficit. 


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