The Iraqi government reiterated on Friday that it owes $20 billion in foreign debts and $48 billion in internal debts, Jordanian news agency Petra reported.
Mazhar Mohammed Saleh, advisor for financial affairs to the Iraqi prime minister, said that 67 per cent of the internal debts ($48 billion) is currently deposited in the Central Bank, pointing out a plan to repay the debts in three years.
Iraq relies on oil to fund 95 per cent of its 2021 national budget and plans to increase oil exports to 3.4 million barrels per day in the first quarter of 2022.
Saleh also indicated that the current oil prices, hiked following the Russian war in Ukraine, would help repay the internal and external debts.
READ: Iraq’s debts hit $113bn