BAGHDAD — Iraq’s economic troubles continue as the country is ravaged by war with Islamic State and sustained low oil prices.
Since early 2014, Iraq has suffered a serious economic decline after the Shiite-led government in Baghdad started losing territory to the Sunni jihadists of the Islamic State group. Low oil prices exacerbated the decline, wreaking havoc on Iraq’s national budget, of which oil revenue makes up nearly 95 percent.
As of July, Iraq’s oil revenues stand at $31.5 billion, according to Oil Ministry figures, with an average daily export capacity less than a 3.3 million barrel quota set in this year’s budget. Iraq’s semi-autonomous Kurdish region now sells oil independently from the central government.
Iraq’s $102.5 billion budget now runs a deficit of about $21.4 billion. Some $27 billion is earmarked for defense, but more could be needed.
— AP
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