Iraq pays back more than $20bn in foreign debt

Iraq has paid back more than $20 billion in foreign debt, the head of the parliamentary finance committee Haitham Al-Jubouri said on Monday.

“Iraq’s foreign debt amounted to more than $50 billion. More than $20 billion was paid back over the last period,” Al-Jubouri told the Iraqi news agency.

According to the official, Iraq still owes $27 billion to foreign countries, in addition to $41 billion to Saudi Arabia given as a grant to the late Iraqi President Saddam Hussein.

Iraqi lawmaker Majida Al-Tamimi confirmed that Iraq borrowed $1.2 billion in 2005 and $1.4 billion in 2006 from the World Bank and external parties to support investment and bridge the budget deficit.

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