IMF: Iraq will go bankrupt in less than 5 years
27/10/2015 13:23

Is Iraq and Saudi Arabia and Libya some Middle East countries which would go bankrupt after less than 5 years because of low oil prices, according to the International Monetary Fund. Some Middle Eastern States such as Kuwait, Qatar and the U.A.E. it away from oil dependency towards other resources after the price has fallen by half in less than a year.
However, substantial deficit appeared in the budgets of the States as Iraq, Iran, Oman, Algeria and Saudi Arabia, Bahrain and Libya and Yemen, and this means that these States were working to diversify or not borrow so it won't have any money after less than five years. And the aforementioned States Iran might be able to hang on because no heavy reliance on oil, unlike Libya, and Yemen.
International Monetary Fund classifies Iraq and Libya and Yemen as fragile States because of territorial disputes. This has resulted in a decline in total domestic output and rising inflation. The Fund also warned that all oil exporting countries to cope with the low oil prices.