Iraq’s domestic debt rises by 5.4% in 2024, Ministry of Finance top debtor
Shafaq News/ Iraq's domestic debt increased by 5.4% in 2024, with theMinistry of Finance emerging as the largest debtor, according to a report bythe Central Bank of Iraq released Thursday.
The report revealed that Iraq’s internal debt stood at 73.3 trilliondinars (about 56 Billion USD) in the first quarter of 2024, up from 69.5trillion dinars about (53 Billion USD) in the same period last year.
The rise was primarily attributed to a 139.9% increase in bond-relateddebt, despite declines in most other debt categories. The debt was distributedamong loans to financial institutions, debts to state-owned banks, the Ministryof Finance, central bank-issued treasury bonds, and government securities.
The Ministry of Finance holds the largest share, with a debt of 41.393trillion dinars. However, the report noted a decline in the share of debtcategories, except for bonds, which is seen as a positive sign. This shiftindicates that the government has increasingly relied on public financing tocover its budget deficit, thereby positively affecting the circulation ofcurrency in the economy.
