The Iraqi government revealed that it succeeded in reducing external debt by more than 50 percent from the end of 2022 until 2024.

The spokesperson for the Iraqi government, Basem Al-Awadi, said that the external debt decreased to about $9 billion in 2024, compared to $19.72 billion in 2022, according to the Iraqi News Agency (INA).

Al-Awadi said in a statement that the government adopted several executive actions and approved a set of financial choices, resulting in a more than 50 percent reduction in the external debt, which dropped to about $8.9 billion in 2024.

The Iraqi official explained that the government took steps such as restructuring certain debts and directing them to be used for important initiatives, in addition to canceling loans that were unproductive.

Al-Awadi pointed out that the government provided sovereign guarantees to assure the completion of private sector initiatives carried out for the government’s benefit but only permitted financial cooperation with other countries in specific circumstances, such as direct productive borrowing.