Deputy: large uncertainty surrounding economic crisis in Iraq

December 8, 2015

Member of the parliamentary Finance Committee mp Ahmad Sarhan Sarhan, Tuesday, that lower oil prices will enter Iraq with a deepening economic crisis, emphasized the need to stay away from foreign borrowing.

Sarhan said that "Iraq is experiencing an economic crisis as a result of the deterioration of oil prices", stating that "the drop in oil prices would lead to great uncertainty surrounding economic crisis in the country."

He added that "there is a deal for the budget deficit which outlines drawn by the budget law for the Minister of finance to borrow," Hoshyar Zebari, stressing that "the benefits of external borrowing will cost the State large sums of money."

He noted that "higher oil prices will lead to the recovery of the Iraqi economy", stressing the need to "fight against corruption and corrupt people to supplement the budget with substantial financial resources".