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The National (3 June 2020)

Khaled Yacoub Oweis, Mina Aldroubi

The Iraqi government asked Parliament on Wednesday for authorisation to borrow from international markets and plug what is expected to be a steep budget deficit this year.

Iraq has occasionally resorted to international markets for borrowing since the US-led invasion toppled Saddam Hussein in 2003.

Official media said the legislature on Wednesday heard the first draft of a law to allow the Finance Minister, Ali Allawi, to borrow “from international financial institutions and foreign banks to finance public expenditures”.

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