| 2007: Currency reserve: $21 billion |
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6/1/2007 Minister of Finance, Bayan Jabr Al-Zubaidi, revealed that 45 countries wrote off Iraqi debt at rates ranging from 80 to 100%, for a total of $140 billion. He considered that this "breakthrough comes in the framework of the agreement signed between the Iraqi government and the International Monetary Fund," praising the role of Saudi Arabia which promised to write off 80% of its claims on Iraq, as well as of China, which declared its commitment to the rules of the Paris Club. Al-Zubaidi stressed that the 2007 budget, "differs from last year's budget." He pointed out that "the proportion of the budget implementation by some ministries was good while others were unable to do so," emphasizing that the funds "will be removed from the ministries that have been unable to implement the budget and give them to other ministries." He pointed out that this year "has been relatively stable in inflation which ranged between 40 and 45%," pointing out the success of the Iraqi Central Bank in the collection of hard currency reserves, which reached $21 billion, a good amount that can provide reassurance of stability. Source: Iraq direcotry |