Al-Hakim calls for transparency with the public “without fear or panic”: Iraq is experiencing a liquidity crisis with no resources.
Al-Hakim calls for transparency with the public “without fear or panic”: Iraq is experiencing a liquidity crisis with no resources.
2026-09-22
Shafaq News – Babylon
The head of the National State Forces Alliance, Ammar al-Hakim, confirmed on Tuesday that Iraq is experiencing a liquidity crisis due to the decline in oil production and export rates, on which the country depends by 94% to secure its budget, calling for expanding foreign investments and diversifying revenues to overcome this stage.
Al-Hakim said during a press conference he held after his meeting with the local government in Babil Governorate, which was attended by a correspondent from Shafaq News Agency, that “Iraq has been affected by regional developments and events, which has led to a decline in oil production and exports,” calling for “lowering expectations and ambitions at the present time, and clarifying the nature of the exceptional stage to the public without arousing fear and panic, while emphasizing that the crisis is a liquidity crisis and not a crisis of capabilities and wealth.”
He pointed to the government’s plans to increase oil production capacity, stressing “the importance of understanding Iraq’s need for foreign investments, and adopting strategic partnerships that serve the national interest first and foremost, and contribute to maximizing revenues and initiating reconstruction and development processes.”
Al-Hakim also called on local governments to “diversify their revenue sources to bring about a development revolution in the provinces,” noting “the importance of investing in the archaeological and cultural areas in Babylon to revitalize the tourism sector, in conjunction with the government’s focus on specific provinces to create a development boom before moving to the rest of the provinces.”
shafaq.com
