Iraqi legislature wans of 'looming' economic crisis

[28-08-2022 10:20 AM]

Ammon News - The Speaker of the Iraqi Parliament, Muhammad Halbousi, warned on Saturday that Iraq could suffer from an economic crisis due to political rivalry.

Halbousi said during a session called by Prime Minister Mustafa Kadhimi to resolve the stifling political crisis that there is a surplus of $50 billion over oil export revenues for 2022.

He said in case the 2023 budget was not approved due to political rivalry, the current financial law would not allow the authorities to spend money, making the country vulnerable in the face of economic crises.

He noted that Iraq would face "looming" crises if the political stalemate persisted.

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