The Iraqi government has refuted circulating reports regarding plans to borrow 16 trillion dinars from five foreign countries to finance its budget deficit, affirming that oil revenues are sufficient to cover public spending.
The Iraqi government officially denied circulating reports regarding its intention to borrow 16 trillion dinars from five foreign nations to cover the fiscal budget deficit. It emphasized that the current state of public revenues and the growth of oil exports eliminate the need for the country to resort to any foreign loans.
The Reality Behind Iraq’s Alleged Borrowing from 5 Foreign Countries
Government spokesperson Haider al-Aboudi confirmed that claims regarding Iraq seeking loans from Saudi Arabia,Kuwait, China, Germany, and France are inaccurate and groundless.
Al-Aboudi explained that the positive financial indicators achieved through Iraqi oil sales and exports render credit lines and new loans unnecessary for plugging the fiscal deficit.
Revenue Management Strategy and Public Spending Support
The spokesperson outlined the key pillars of the economic policy currently pursued by the government, which are based on:
Precise Resource Allocation: Maximizing available financial resources and channeling them to support operational and capital investment allocations.
Meeting Financial Requirements: Ensuring all the state's financial and service commitments are fulfilled through domestic national revenues.
Capitalizing on Surging Oil Exports: Leveraging increased crude export ceilings to bolster the public treasury,thereby ensuring the flexibility and sustainability of the government's fiscal policy.
