The economic fallout from the new coronavirus coupled with a sudden drop in oil prices threatens to catapult Iraq into an unprecedented crisis. The crude-exporting country is struggling to finance measures to contain the pandemic.
In this Tuesday, March 10, 2020 photo, people shop in the main Shurja market, in central Baghdad, Iraq. The economic fallout from the new coronavirus coupled with a sudden drop in oil prices threatens to catapult Iraq into an unprecedented crisis. The crude-exporting country is struggling to finance measures to contain the COVID-19 pandemic amid a leadership void in the federal government.
Gone are the dozens of buses primarily from neighboring Iran, the Gulf and Europe carrying visitors to the Imam Hussein shrine and filling up Karbala’s hotels and restaurants. “It is necessary to legislate an emergency budget in the short term that provides financial sustainability at this stage to meet the necessary needs,” he added.
Other officials expressed optimism that oil prices would bounce back in a matter of months and that Iraq could rely on central bank reserves in the meantime. Based on assessments from the bank and the Finance Ministry these reserves stand between $45-60 billion. Oil currently trades at around $26 per barrel, the lowest in 18 years and about half of what Iraq has projected to fund the state budget for this year. If prolonged, Baghdad will be unable to pay public sector employees and deliver basic services. Iraq’s deficit, which is estimated at $40 billion, would also double, Iraqi officials said.
Transport, trade, tourism and commerce are among the sectors hardest hit by the pandemic, according to senior Iraqi officials, experts and businessmen.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Trump nixed military response to Iraq attacks because of coronavirusPresident Trump told top national security advisers that because of the coronavirus pandemic he didn’t think an aggressive response to attacks on U.S. troops in Iraq by Iranian-backed militias was the right move, officials say.
Baca lebih lajut »
New Iraq group claiming attacks on U.S. troops says it can strike IsraelIraqi militia Usbat al-Thayireen warned President Donald and U.S. forces 'to leave vertically before we force them to leave horizontally.'
Baca lebih lajut »
Epicenter of Coronavirus in China Down to 1 New Case a Day as Virus Spreads WorldwideAfter enforcing strict quarantine measures, China’s Hubei province has announced just one new case of the virus for the last two days
Baca lebih lajut »
Coronavirus paid sick leave bill 'does not go far enough' and leaves many workers unprotected, economists warnOne economist said a loophole allowing small businesses to avoid paid leave provisions could threaten those same firms if the virus continued to spread as a result.
Baca lebih lajut »
Young Americans Are Being Hospitalized From The Coronavirus, TooNew data from the CDC shows that nearly 40 percent of sick patients with coronavirus who were hospitalized in the United States were aged 20 to 54
Baca lebih lajut »
Oil halts three-day slump but virus outbreak, oversupply still weighOil prices rose nearly 10% on Thursday after a three-day selloff drove them to t...
Baca lebih lajut »