Report: Falling Iraqi revenues raise fears of an economic crisis

The information / translation ...
A report of the Associated Press confirmed that the decline in oil revenue revenues in [You must be registered and logged in to see this link.] raises fears of an economic collapse in the country due to the large budget deficit.
The report , which translated / information / that "according to the Iraqi Ministry of Oil revenues declined [You must be registered and logged in to see this link.] 's oil in the month of April the past because of the collapse of the historical oil prices has raised concerns about how they will treat the country with a severe fiscal deficit , while struggling to contain the pandemic virus Corona".
He added that, according to the data, [You must be registered and logged in to see this link.] achieved only 1.4 billion dollars in oil revenues for the month of April, at an average price of 13.8 dollars per barrel, as oil was traded between 20 and 30 dollars in April, but [You must be registered and logged in to see this link.] selling its crude at a reduced price.
He continued, "These figures provide the first tangible indication of the desperate conditions faced by [You must be registered and logged in to see this link.] as officials struggle to determine how to implement austerity measures that are expected to be unpopular on a large scale while working with diminishing revenues, while a void is looming in the political leadership where The Designated Iraqi Prime Minister faces opposition to forming a government and the current leadership is stalled due to the limits of its temporary status.
He continued, “Iraqi officials are discussing reducing social benefits payments to public sector employees as a way to cut spending, but no decision has been made on the amount to be reduced and from which of the categories. Inflated public sector compensation and pension for the country have historically been a drain on the state budget, reaching nearly From $ 45 billion in annual spending, while officials said, “spending on payments can be reduced by 30% to 50%.”
And in another measure to save costs, the federal government recently decided to cut $ 383 million in budget allocations for the semi-autonomous Kurdish region, which has an independent oil policy, citing its violation of the 2019 budget law by which the region is obliged to provide a share of its oil to the federal government. In exchange for state funding to pay salaries. ”
The report pointed out that "none of these measures will be sufficient to bridge the deficit, as [You must be registered and logged in to see this link.] agreed to comply with OPEC's measures to reduce production by 23% in May and June, which is just over a million barrels per day for Iraq, which will increase state spending."
For its part, the Iraqi Oil Ministry said that "while the oil fields run by the Iraqi state have usually borne cuts in the past, these fields operated by international oil companies must participate this time, which requires difficult negotiations on the terms of the new contract." Ended / 25 z