(MENAFN) As the country's economy stands in dire need for cash, Iraqi government forecasts a budget deficit of about USD25 billion for this year, in a whole budget of USD100 billion, Reuters reported.
In remedy for the situation, Iraq now is targeting a USD5 billion bond issue, according to the country's finance minister, who added that the government has already appointed JP Morgan, Citibank and Deutsche Bank to arrange its first debt sale in nine years.
"We completed a very successful round of due diligence with the three banks and with the ratings agencies in Istanbul, and I think they are on board," the minister said in a statement.
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