News ID: 281203
Published: 0459 GMT February 28, 2021

Iraq to pay arrears as part of contract with Iran

Iraq to pay arrears as part of contract with Iran

Iran’s Energy Minister Reza Ardakanian said on Sunday that Baghdad is to release Tehran’s financial resources in line with an agreement earlier reached between the two countries.

There is no reason to worry about payments related to Iran’s electricity exports to Iraq, Ardakanian said adding, that will happen within the framework of a previous agreement made between the two capitals, IRNA reported.

There are no problems for Iran concerning the implementation of the electricity export contract to Iraq as well as other states when it is about energy exchanges, he further noted. 

Iran needs to repatriate foreign assets to meet the expensive cost of the campaign against the deadly COVID-19 pandemic and demanded the government of Iraq and South Korea to pay their arrears to the country.

Governor of the Central Bank of Iran Abdolnaser Hemmati and Chairman of the state-run Trade Bank of Iraq (TBI) Salem Chalabi discussed ways of using banking resources in a meeting in late February.

Chalabi said that the process of using banking resources will be accelerated hereafter while efforts are being made via channels and methods approved by the Iranian side to use these resources.

Iran and Iraq have several times discussed the issue of releasing Iran’s financial resources in Iraq over the past months, based on which Iran was supposed to have access to its funds which are related to gas exports to Iraq.

In mid-January, Ardakanian, also head of the Iran-Iraq Joint Economic Committee, said that the two countries’ annual trade will be increased to $20 billion.

Ardakanian made the remarks at the opening ceremony of the two countries’ fourth Joint Economic Committee meeting in Tehran, which he co-chaired with the Iraqi Trade Minister Alla Ahmed Al-Jubouri.

Resource: IRNA
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