Iraq's debts exceed $ 68 billion in 2020, report says

Shafaq News / The "Global Finance" magazine revealed that Iraq's debts amounted to more than 68 billion dollars in 2020.

According to statistics published by the magazine, Iraq's external debt increased to 68 billion and 265 million dollars during 2020 compared to the previous year, in which the debts reached 46 billion and 885 million dollars.

In the Arab world, Sudan ranked first in the world’s most indebted countries during the year 2020 (259 billion and 385 million dollars), followed by Eritrea with 185 billion and 890 million dollars, and then Lebanon with 171 billion and 666 million dollars.

The magazine noted that the world's debt has increased dramatically after the outbreak of the COVID-19 pandemic, as it has threatened the lives and livelihoods of millions. So governments have to borrow.

"Some economists believe that the negative effects on economic growth begin as soon as the national debt reaches about 60% of GDP in developing and emerging economies, and about 80% in developed countries".

The International Monetary Fund said in its report issued by the Financial Monitor, last September, that COVID-19 financial loss amounted to 11.7 trillion dollars worldwide.