News ID: 322345
Published: 0305 GMT June 17, 2022

Iraq debt payment a ray of hope for Iran’s economy

Iraq debt payment a ray of hope for Iran’s economy

Mahmoud Abbaszadeh Meshkini Spokesman for the Iranian Parliament’s National Security and Foreign Policy Committee

Iran’s Oil Minister Javad Owji has announced that Iran has received from Iraq a sum of $1.6 billion in arrears the Arab country owed for imports of natural gas.

In the current situation, it is indeed a success to have this debt settled and, subsequently, redirected toward Iran’s economy, and it seems to be achieved through active diplomacy in the fields of energy and politics. Iran is owed large sums of money by other countries but has encountered various obstacles in collecting the debts due to foreign pressures and sanctions imposed by the US.

The recent experience of collecting its debt from Iraq, which also reflects the cordial relationship between Tehran and Baghdad, indicates that productive, successful negotiations were conducted between the Iraqi side and the various parts of the Iranian administration, ranging from the president to the foreign and oil ministries. Conducting negotiations is essentially a great capacity for managing the financial resources of the country overseas. As previously announced, Britain cleared its 390-million-pound debt to the Central Bank of Iran (CBI). Over 40 years of negotiations and efforts to collect Iran’s debt had been fruitless until the incumbent administration diligently sought this money and reclaimed the rights of Iranians.

As a result of the same pursuit and discussions, both oil and non-oil exports of Iran have grown significantly over the past few months and attracted foreign currency inflows.

Negotiations are underway to release more of Iran’s frozen assets in foreign countries through the productive diplomacy of the incumbent administration, we hope. Under the current circumstances and given the economic problems that afflict the country, the arrival of these resources would be beneficial to managing Iran’s market and economy and essentially act as a ray of hope for the economy. The injection of such funds into Iran’s economy can also be beneficial to the national morale as it offsets the smear campaigns of dissenters in the media and brings peace and stability to domestic markets, on one hand, and builds up Iranian’s trust in the abilities of their officials in solving problems, on the other.

The Iranian Parliament has always worked hand in hand with the administration to prepare the ground to see the release of resources.

Collecting the debt from Iraq was a pleasurable experience for Iran which raises hopes for the release of Iran’s frozen assets in other countries. Even though it will not be easily realized, the efforts must be intensified to obtain the rights of Iranians.



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