Iraqi Foreign Minister Warns of Financial Crisis if War Continues

Iraq is facing a severe financial crisis due to the stoppage of main oil exports via the Strait of Hormuz, which has led to the resorting to printing 25 trillion dinars (approximately $19 billion) to fund its expenses, especially wages in the public sector. Experts and the Ministry of Finance predict that the country could face an economic catastrophe if the war continues and the strait remains closed, with oil production declining from about 4 million barrels per day to less than 1.5 million. Currently, discussions are underway to prepare the 2027 budget amid conflicting statements regarding financial policies by official authorities, increasing uncertainty about Iraq's economic situation.

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