Iraq’s public debt continues to decline gradually, with the country remaining within safe debt limits at 31% of GDP, the Central Bank of Iraq announced on Monday.

Samir Fakhri, Director General of the Statistics and Research Department at the Central Bank, told the Iraqi News Agency (INA) that the country’s total external debt currently stands at about $54 billion. Of this, $40.5 billion dates back to pre-2003, classified as “suspended” debts on which the government bears no financial burden.

Fakhri added that the remaining portion of Iraq’s external debt relates to Paris Club loans, which initially totaled around $120 billion. About 80% of these debts were written off, reducing the balance to $24 billion, most of which has been repaid over the past years.