Is another Economic Crisis looming in Iraq?

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Is another economic crisis looming in Iraq, with dropping oil prices?

Political and security crises in Iraq have been escalating, and the coronavirus outbreak has recently been added to the list.

Meanwhile, news about the dropping oil prices has added fuel to the fire, and Iraqis are all at risk.

According to Mazhar Mohammad Saleh, economic affairs adviser to the Iraqi government, 93% of Iraq's budget relies on oil exports.

On March 14, Saleh said, "Iraq has lost half of its financial revenues, with oil prices dropping to $30 [per barrel]."

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