The Ministry of Finance announced that there is not currently any law that allowed issuing Eurobonds. “This is the first year we are issuing Eurobonds without a decree and this cannot continue,” Minister of Finance Ali Hasan Khalil, said Monday. “Issuing a Eurobond law is the most serious matter facing the Ministry today,” he said.

As of end April 2014, total outstanding sovereign Eurobonds reached $23.25 billion.  Total foreign currency debt at that date reached $26.2 billion.

Khalil said the Treasury is doing good and did not need special involvement from outside sources “despite having to pay substantial payments on our debt in interests and for other maturing Eurobonds by end 2014.”

Lack of new Eurobonds will not have an effect on public sector employee wages, Khalil said: “Salaries are available and in good supply, but we will not spend from outside the budget.”

He said his recent budget proposal for 2014 partly tackles the Ministry’s decision to stop illegal expenditures from the Treasury to finance certain ministries or public offices.