A deputy in the Iraqi Parliament and member of the Iraqi Economic and Investment Commission Al Mamori issued a statement that Iraqi government will face critical financial crisis in February and March 2016.
One of the most important issues is considered shortage of amount for the payment of staff salaries on its specific period of time. A continuous decline in the global oil prices is also considered a major factor for generating a disastrous economic situation in the country. He further added that current government is still unable to find solutions for the current economic and financial crisis. He added that there is a lack of confidence between government of Iraq and most of the international banks.
Al Mamori further added that most of the Iraqi neighboring countries and also thinking that Iraqi government would not be able to pay its debts in the near future. The Iraqi government has some alternates of oil revenues and these alternates can also generate more productivity, such as industry, tourism and agriculture sector in the country. The Iraqi economic condition also affected badly by the poor security situation in the country, due to heavy expenses in the war against terrorism and against Daash and other militant groups. It is important that last week global oil prices showed a unbelievable downfall and it was recorded the very lowest level since last 12 years, when it was recorded the lowest level at 25 U.S dollars per barrel.