‘There is no money’: Is Iraq entering a phase of lean years?

Iraq Faces Unprecedented Financial Crisis as Salaries and Basic Obligations Hang in the Balance. Iraq's government is grappling with a severe financial crisis, with a staggering monthly deficit of approximately $8.24 billion. This crippling shortage has left officials scrambling to find a solution, as the country struggles to meet its most basic obligations, including paying state salaries to millions of public sector workers. The crisis has been exacerbated by a decline in oil prices, which has severely impacted Iraq's economy, as the country relies heavily on oil exports for revenue. With the situation reaching a boiling point, the Iraqi government is under pressure to find a sustainable solution to its financial woes before it's too late.

Iraqi government needs approximately $8.24bn a month to pay state salaries and cover basic obligations.