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Iraq Still Owes Kuwait 24 Bn

Iraq still owes about 24 billion dollars in war reparations for the 1990 occupation of oil-rich Kuwait, a Kuwaiti lawmaker was quoted as saying on Tuesday. Adnan Abdulsamad, head of parliament’s...

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The Largest Private Equity MENA Deal of the Year to Close in Iraq

With its latest deal, MerchantBridge, a direct investment and private equity company focused on Middle East investments, has now invested and managed in excess of US$1.5 billion in debt and equity in...

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Finance Minister Urges Italians to Tackle Debt Issue

Finance Minister Baqer al-Zubaidi urged the Iraqi ambassador on Monday to tackle the debts issue with Italy and to encourage companies there to invest in Iraq, according to a statement of the finance...

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Iraq Forgives Madagascar’s Debt

(Sources: Aswat Al Iraq, Reuters) Aswat al Iraq reports that the Iraqi Council of Ministers has decided to approve an agreement that settles Madagascar’s debt to Iraq. Iraq lent the money to Madagascar...

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Call to Reschedule Iraq’s Debt

Following Iraq’s exit last week from the UN’s Chapter VII restrictions, an Iraqi economist has called for a rescheduling of the country’s debt repayments. “Iraq’s financial funds are under UN...

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Egypt Opens Consulate in Erbil, Discusses $2bn Debt

Egypt’s Foreign Minister, Ahmed Abul Gheit, officially opened his country’s consulate in Erbil on Sunday; this is the first Arab consulate to be opened in the Kurdish region, according to a report from...

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How Risky Is Iraq?

Let’s start with a little test: Can you rank the following economies in order of the expected risk of their defaulting on their sovereign debt – Ireland, Argentina, Dubai, Greece, Iraq? The correct...

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IMF Approves $471 Million Payment to Iraq

The Executive Board of the International Monetary Fund (IMF) completed the second review of Iraq’s economic performance under a program supported by a Stand-By Arrangement (SBA) on Friday. Completion...

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Iraq to Repay $408 million Egyptian Debt

Iraq has agreed to pay $408 million in cash to Egypt to settle old debts owed by Baghdad from more than two decades ago, a government spokesman said. Reuters reports that the debts date back to a...

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Investors Consider Iraqi Debt

According to a report in the Financial Times, investors are turning their attention to Iraq’s debt. In 2004, after the US invasion of Iraq, the ‘Paris Club‘ of 19 western creditors agreed to forgive...

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Iraq Seeks Arab Debt Forgiveness

Iraq has asked its Arab neighbours to forgive its pre-invasion debts, urging them to follow the United Arab Emirates and Algeria which have already written off what they were owed, according to...

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Iraq to Pay 1980s Wheat Debt over 17 Years

Payment for wheat exports to Iraq in the late 1980s will finally be distributed to growers in Australia, according to a report from Weekly Times Now. Grain growers will share in about $48m in repayment...

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Dana Gas Restructures $1bn Bond to Avert Asset Seizure

By John Lee. Dana Gas, the Middle East’s first and largest regional private sector natural gas company, has announced that it has reached an in-principle agreement on the restructuring terms of the...

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Gulf Keystone to Raise $250m Debt

Gulf Keystone has announced that it has mandated Deutsche Bank and Pareto Securities to arrange a series of fixed income investor meetings in the US, Europe and Asia commencing 20 March 2014. A debt...

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Citi to Advise on $2bn Loan for Boeing Jets

By John Lee. The Deputy Transport Minister, Bangen Rekani, has told Bloomberg that Iraq will seek $2 billion in financing to cover part of the cost of the 40 jets it has on order from Boeing. Iraq...

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GKP Arranges $250m Debt Financing

By John Lee. Gulf Keystone Petroleum (GKP) announced today that it has priced a debt offering of US$250 million. The privately placed debt securities, offered in accordance with Reg S/144A to...

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Zambia Still Owes Iraq

By John Lee. The Zambian Secretary to the Treasury, Fredson Yamba (pictured), says Government has not serviced the US$296 million debt owed to Brazil, China and Iraq as at December 2012. According to...

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Egypt Forgives Iraqi Debt in Exchange for Oil

By Ayah Aman for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. Iraqi Prime Minister Haider al-Abadi’s visit to Cairo on...

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KRG to Enter Bond Market

By Simon Kent. After months of talks, the Kurdish Regional Government says it has authorisation from Baghdad to issue bonds, in a move aimed at easing growing financial pains in the semi autonomous...

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Iraq Plans New Bond Issuance

By Simon Kent. Iraqi Central Bank Governor Ali Al-Alak has said that Iraq is issuing bonds to the value of around $2 billion in the next few months, following last year’s aborted issuance after...

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Bondholders Take Control of GKP in $500m Restructuring

By John Lee. Gulf Keystone Petroleum (GKP) announced this morning that $500 million worth of company bonds are to be converted into equity, diluting current shareholders to a stake of just 5 percent of...

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Iraq plans New Bond Issue in 2018

By John Lee. Following Iraq’s successful return to the bond markets earlier this year, it is now reportedly planning a $2 billion sovereign bond issue in 2018. The Governor of the Central Bank of Iraq...

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Understanding Iraq’s Debt

By John Lee. The Al-Bayan Center for Planning and Studies has just published a new report from our Expert Blogger Ahmed Tabaqchali. Entitled “Understanding Iraq’s debt: An overview of its status,...

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Iraq Negotiates Debt Exemption

The Iraqi Foreign Ministry has signed a Memorandum of Understanding with the General Secretariat of the League of Arab States, which includes exempting Iraq from 75% of its debts within the support...

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Household Debt in Iraq: Borrowing in a Time of Crisis

1. EXECUTIVE SUMMARY This study seeks to better evidence and understand the scale, terms, sources, uses, and social dimensions of household debt within conflict-affected communities in northern Iraq,...

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Tracing Iraqi Sovereign Debt

By John Lee. Simon Hinrichsen, a PhD student at the London School of Economics (LSE), has published an analysis of Iraq’s sovereign debt over the years. The full 51-page report can be downloaded here....

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Covid-19: Iraq asks IMF for Debt Deferment

From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq asks IMF for debt...

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DNO Completes $400m Bond Placement

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 7.875 percent. The placement met strong...

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