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The Independent: The harm of the oil drop will be more severe for Iraq than ISIS and Coruna
10:20 - 09/05/2020
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The information / translation ...
A report of the British newspaper, The Independent, stated that [You must be registered and logged in to see this link.] could be harmed more by falling oil prices than by [You must be registered and logged in to see this link.] or Corona virus.
The report, which was translated by the information agency, stated that “This focus on the threat of [You must be registered and logged in to see this link.] Corona virus divert attention from a greater danger facing the country and, as the oil exporters do in the Middle East, the threat in [You must be registered and logged in to see this link.] is most severe because 38 million people in the country are just emerging from 40 years of crises and wars.
He added, "It may seem that the problem seems simple to Iraq, but it is not solvable. It consists in running out of money with the decline in the country's oil revenues towards the edge of the abyss. After the disastrous oil prices collapsed due to the Corona virus at a time when 90 percent of its budget depends on oil revenues, The country was only able to earn 1.4 billion dollars last April, while it needs about 5 billion dollars to cover salaries, pensions and government spending. ”
He added that " [You must be registered and logged in to see this link.] cannot currently pay the salaries of 4.5 million employees on government payrolls and 4 million others receive pensions, which may prove instability that is more profound than the escalation of [You must be registered and logged in to see this link.] operations or the possible ruin caused by the Corona virus."
"The government has not paid pensions yet this month, although it continues to pledge that it will do so within two days," said Kamran Karadaghi, the Iraqi commentator and former chief of staff, "They have no money," as rumors spread in Baghdad that state salaries would be cut. At 20 or 30 percent, immediate disasters can be tackled by borrowing and withdrawing reserves, but is there a limit to the length of time that lost oil revenue can be replaced?
The report indicated that “ [You must be registered and logged in to see this link.] and other oil exporters in the Middle East will not get much sympathy internationally in a world suffering from unprecedented closures and economic turmoil, and the future may be particularly bleak in [You must be registered and logged in to see this link.]But the other oil producing countries are under similar pressures. Indeed, the era of rich oil producers that started with the great oil prices in the first half of the seventies may be coming to an end.
The report pointed out that “the problem is that dependence on oil exports replaces most other forms of economic activity. Everyone wants to work for the government because this is the place where the best jobs are found. As for private business, it is parasitic on a corrupt country where everything is imported and nothing is produced. Anything locally, the corrupt elite has a monopoly on wealth and power. ”
The report pointed out that “ [You must be registered and logged in to see this link.] is not a threat that some imagine and young people may not be vulnerable to infection with the Corona virus, but the negative impact of the prolonged decline in oil prices caused by the epidemic will significantly destabilize the Middle East as a whole.” Ended / 25 z
A report of the British newspaper, The Independent, stated that [You must be registered and logged in to see this link.] could be harmed more by falling oil prices than by [You must be registered and logged in to see this link.] or Corona virus.
The report, which was translated by the information agency, stated that “This focus on the threat of [You must be registered and logged in to see this link.] Corona virus divert attention from a greater danger facing the country and, as the oil exporters do in the Middle East, the threat in [You must be registered and logged in to see this link.] is most severe because 38 million people in the country are just emerging from 40 years of crises and wars.
He added, "It may seem that the problem seems simple to Iraq, but it is not solvable. It consists in running out of money with the decline in the country's oil revenues towards the edge of the abyss. After the disastrous oil prices collapsed due to the Corona virus at a time when 90 percent of its budget depends on oil revenues, The country was only able to earn 1.4 billion dollars last April, while it needs about 5 billion dollars to cover salaries, pensions and government spending. ”
He added that " [You must be registered and logged in to see this link.] cannot currently pay the salaries of 4.5 million employees on government payrolls and 4 million others receive pensions, which may prove instability that is more profound than the escalation of [You must be registered and logged in to see this link.] operations or the possible ruin caused by the Corona virus."
"The government has not paid pensions yet this month, although it continues to pledge that it will do so within two days," said Kamran Karadaghi, the Iraqi commentator and former chief of staff, "They have no money," as rumors spread in Baghdad that state salaries would be cut. At 20 or 30 percent, immediate disasters can be tackled by borrowing and withdrawing reserves, but is there a limit to the length of time that lost oil revenue can be replaced?
The report indicated that “ [You must be registered and logged in to see this link.] and other oil exporters in the Middle East will not get much sympathy internationally in a world suffering from unprecedented closures and economic turmoil, and the future may be particularly bleak in [You must be registered and logged in to see this link.]But the other oil producing countries are under similar pressures. Indeed, the era of rich oil producers that started with the great oil prices in the first half of the seventies may be coming to an end.
The report pointed out that “the problem is that dependence on oil exports replaces most other forms of economic activity. Everyone wants to work for the government because this is the place where the best jobs are found. As for private business, it is parasitic on a corrupt country where everything is imported and nothing is produced. Anything locally, the corrupt elite has a monopoly on wealth and power. ”
The report pointed out that “ [You must be registered and logged in to see this link.] is not a threat that some imagine and young people may not be vulnerable to infection with the Corona virus, but the negative impact of the prolonged decline in oil prices caused by the epidemic will significantly destabilize the Middle East as a whole.” Ended / 25 z
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