Public Debt to Jump to 66% of GDP

By John Lee.

According to a report from the International Monetary Fund (IMF), the fall in oil prices is causing a sharp deterioration of Iraq’s fiscal position.

The analysis finds that the budget deficit increased from 6 percent of GDP in 2014 to 15 percent of GDP in 2015 and a projected 10 percent of GDP in 2016 (provided certain measures are taken).

Total public debt increases from 39 percent of GDP in 2014 to 62 percent of GDP in 2015 and 66 percent of GDP in 2016 as result of a sharp increase of mostly domestic borrowing to finance the deficit.

The full report can be viewed here.

(Source: IMF)

(Budget image via Shutterstock)

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