Rafidain Bank settles 87% of Iraq's external debt, boosting sovereign rating
In a statement received by the Iraqi News Agency (INA), the bank revealed substantial headway in settling international obligations through high-level financial and legal negotiations, resulting in a tangible reduction in the volume of external debt.
The statement emphasized Iraq's commitment to the Paris Club Agreement. With direct approval from the Council of Ministers, Rafidain Bank finalized major negotiated settlements with Dutch and French creditor companies. A key highlight was Council of Ministers Resolution No. 403 of 2025, which settled three lawsuits filed by Dutch companies with a concession rate exceeding 90% in favor of the bank.
Furthermore, Rafidain Bank has achieved notable legal successes abroad, particularly winning lawsuits in Turkey and Lebanon, which enabled it to recover over $2.8 million US Dollars. This reflects the efficiency of the bank's legal department and its capability to defend the state's rights before international courts.
The bank affirmed its ongoing efforts to conclude the remaining aspects of the file through final settlements. This comprehensive approach is expected to enhance Iraq's sovereign rating and solidify international confidence in its financial stability and commitment to sound financial governance.
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