Iraq – The economy of Iraqi and alternative ways to support the budget

Baghdad – Iraq 16/10/2020

Iraq is facing a major economic crisis due to the deficit in the country’s financial imports. The Iraqi economy depends mainly on oil, as its revenues constitute about 95% of the annual government spending value and reach about $45 billion in the current year’s budget. The Iraqi government has taken since Last March a series of austerity measures aimed at reducing expenditures in line with declining revenues, with wide adjustments made in the management of financial revenues, most notably the border outlets, to end corruption and supply the state treasury with funds.