Iraq crackdown on corruption helps to boost forex reserves to $60bn says PM

Iraq relies on oil to fund 97 percent of its state budget. (Shutterstock)

• Last month Iraq approved a 2021 budget of 130 trillion Iraqi dinars ($89.65 billion) as the country battles against the impact of low crude oil prices

RIYADH: Iraq’s foreign exchange reserves have risen to more than $60 billion helped by government reforms to stamp out corruption, said Prime Minister Mustafa Al-Kadhimi.
He made the remarks during a ceremony to mark the start of construction on a new fuel sector project in Basra, Iraqi News Agency reported.
The increase came as a result of the reform measures taken by the government after much betting on its failure and lack of continuity,” he said. “We have succeeded in stopping waste and great corruption in the notorious Central Bank auction and are continuing with our measures and we will not stop.”
Last month Iraq approved a 2021 budget of 130 trillion Iraqi dinars ($89.65 billion) as the country battles against the impact of low crude oil prices.
The budget deficit was estimated at 28.7 trillion Iraqi dinars.
Iraq relies on oil to fund 97 percent of its state budget.