Iraq Eyes $2b Bond in 2018

Iraq plans a $2bn international sovereign bond issue in 2018, central bank governor ‘Ali al-‘Allaq says.

This would part-cover Iraq’s 2018 deficit: pegged at $19.3bn in the draft budget – based on a conservative $43.4/B oil price assumption this would shrink to just $2.8bn if prices for heavy Iraqi crude remain around the current $55/B ( MEES, 17 November ).

The budget factors in oil revenues of $61.8bn (85.6% of $72.2bn total revenue) and stipulates that in addition to a $2bn international bond deficit financing will come from $1.856bn in international loans, $3.886bn in credit from domestic banks, $1.6bn in IMF budget support, $314mn from the World Bank, and $656mn project loans from Japan’s JICA among others.


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