Iraq has halted its plan to issue international bonds because the yield it would have to pay on the debt was too high, Deputy Finance Minister Fathil Nabi said on Sunday in a fresh blow to the country's efforts to finance itself.
Finance minister Hoshiyar Zebari "ordered that the bond be halted because the interest rate is high", Nabi told Reuters. He did not comment further and it was unclear when, if ever, the plan might be revived.
Iraq, which is battling an Islamist insurgency as well as shrinking oil revenues due to low crude prices, held a week of meetings with investors in Europe and the United States last month in an effort to attract interest in the planned issue.