Iraq plans a $2bn international sovereign bond issue in 2018, central bank governor ‘Ali al-‘Allaq says.

This would part-cover Iraq’s 2018 deficit: pegged at $19.3bn in the draft budget – based on a conservative $43.4/B oil price assumption this would shrink to just $2.8bn if prices for heavy Iraqi crude remain around the current $55/B (MEES, 17 November).

The budget factors in oil revenues of $61.8bn (85.6% of $72.2bn total revenue) and stipulates that in addition...