- PUBLISHED ON MARCH 14, 2020
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Saturday, that Iraq had negotiations with OPEC countries, to find solutions for the return of oil prices to what they were, stressing that Iraq is losing $ 30 per barrel of oil.
According to a statement reported by the semi-official newspaper Al-Sabah, "Iraq's oil exports constitute 98% of foreign currency flows to the country, while oil constitutes 45% of gross domestic product and 93% of public budget revenues, making it the main resource for the Iraqi economy."
He added, "The government has taken a number of measures to address the crisis in relation to public expenditures and the main obligations to face the shortage of resources." He pointed out that "the instructions and opinions stated in the statement of the Parliamentary Economic and Investment Committee represent important solutions aimed at developing exceptional policies to confront the crisis."
He continued, "The price of a barrel of Iraqi oil fell to less than $ 30 after it was close to $ 60, which reveals a loss of half of our oil revenues compared to their previous rates, which constitutes a major shock in revenue and resources and needs a serious stand and wisdom in managing resources, as you need To great censorship. ”
Saleh pointed out that “the Cabinet is studying the situation of treatments and many precautionary alternatives to face the crisis, mitigate its effects, protect public resources and revitalize the economy’s movement in light of great challenges facing the global economy in deflation of oil prices and the health aspect in the face of the spread of Corona virus, especially since the government is striving to absorb The repercussions of the oil and health crisis.
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