Iraq's Domestic Debt "at Record $79bn" Amid Hormuz Crisis

By Nadim Kawach, for Arabian Gulf Business Insight (AGBI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iraq's Debt Hits Record High as Hormuz Crisis Drains Revenues

Iraq's borrowing accelerated in the first five months of the year as the government fought to plug widening budget gaps caused by disruption to oil exports.

Official data showed Iraq was borrowing from local banks to fund ballooning deficits caused by the near-closure of the Strait of Hormuz.

Iraqi domestic debt hit an all-time high of ID103 trillion ($79 billion) at the end of May, the Central Bank of Iraq said in a report on Monday.

Click here to read the full article. (Registration needed)

Related posts:

Will Parliamentary Revolt End Deadlock over Govt Formation? Iran "Charging" for Safe Passage through Hormuz Erbil "One of the Best Places to go in Asia" Kurdistan Region Investment Projects Top $80bn