“Iraq towards bankruptcy” … Experts warn of a decline in reserves of cash

“Iraq towards bankruptcy” … Experts warn of a decline in reserves of cash

Posted, 10-27-2017

Iraq towards bankruptcy Experts warn of a decline in reserves of cashRoudao – Erbil

Warned the expert in the economic affairs, Mohammed Abdul Rahman, from the decline in Iraqi reserves while continuing to rely on the “unilateral economy”, which is the export of oil.

“The debt of Iraq has reached 120 billion dollars, and with the fluctuation of oil prices, the cash reserves may see a frightening decline,” the academic Abdul Rahman told the RODAO news channel.

He attributed the dependence of Iraq on the export of oil as a major source of income of the country to weaken the domestic process in front of the volume of foreign exchange and therefore the Iraqi cash reserves may see a decline.

He added that Iraq depends too much on the “unilateral economy” of the export of oil in the absence of development of other sectors, including agricultural and industrial, and all those reasons may push the reserve of cash to decline.

He also warned of entering Iraq in danger again, with the continued withdrawal of the Iraqi government from the reserves of the Central Bank to address the growing deficit in the budget, with the decline in oil prices globally and the country’s consumption about one third of the budget on monthly salaries.

“Iraq is on its way to bankruptcy and the Iraqi government will be unable within two months to secure the salaries of state employees by relying entirely on the Iraqi cash reserves, which are about to come into force,” the sources said.

He added that Iraq has been adopted since the era of former Prime Minister Nuri al-Maliki on the export of oil and the importance of reviving the rest of the country’s natural resources did not enter the country in the spiral of “bankruptcy.”