Economist: Iraq on the verge of a major economic crisis

Economist: Iraq on the verge of a major economic crisis

Wednesday 16 October 2019 at 10:55

Economist - Iraq on the verge of a major economic crisisBAGHDAD / The economic expert Osama al-Tamimi, said Wednesday that the government will face a severe financial crisis in light of the economic changes taking place in the world at a time when the government launched thousands of jobs for the unemployed and graduates.

Al-Tamimi said in a press statement that “the government needs to study the financial and economic future of Iraq before making urgent decisions may clarify its disadvantages in the future.”

He added that “Iraq is on the verge of a major economic crisis during which the government could not provide the salaries of employees, at a time launched thousands of degrees and functional measures taken to strain the budget of the country.”

He explained that “oil prices do not bode well, at a time when Iraq’s budget depends on oil revenues, which requires maximizing non-oil revenues depending on agriculture, industry, border ports, taxes, fines and other revenues, in addition to reducing the salaries of officials and retirement of former deputies in order to find financial cover for the budget Iraq”.

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