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With the 50%-plus fall in oil prices over the past year coming on top of the prospect of prolonged, bloody and expensive war against IS, the IMF expects Iraq’s economy to remain on life support for years to come.
In its latest report on Iraq issued 18 August, the International Monetary fund (IMF) says that the country faces an “existential threat” from the “double-edged crisis” of the collapse in oil prices and the ongoing war against jihadists of the so-called Islamic State (IS).
The fall in prices has led to a collapse in Iraq’s oil export revenues despite a rise in volumes to record levels. (CONTINUED - 678 WORDS)