Economist: Iraq faces a severe financial crisis due to the drop in oil prices and may resort to selling land and reducing wages
Among the economic expert, Wissam Al-Tamimi, Tuesday, that Iraq faces a financial crisis due to the drop in oil prices, pointing out that reducing the salaries of employees is one of the options in addition to the possibility of selling state properties and lands and benefiting from them to supplement the budget.
Al-Tamimi said in a statement, “The Ministry of Finance has the authority to sell state property, as it is possible to use the large areas that it owns to offer for sale, provided that factories are established on them or residential investment projects.”
He added that "the decline in oil prices will create a crisis in Iraq, but there is a possibility to avoid this by not approving an investment budget and delaying that until oil prices recover or for the next year and continuing only with the operational budget." Difficult is to reduce the proportion of salaries, especially those for special grades or security services.
He stressed the necessity of "stopping the financial loans granted by government banks and asking other countries to pay their debts from Iraq to debts, as there is a possibility to benefit from the imports of border outlets and revive the industry in order to provide goods without importing them at a high price"
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