Iraq Faces Crisis and Hope

Iraq is facing an unprecedented financial crisis due to a sharp decline in oil revenues. The country's exports in May dropped to only 3 million barrels, generating revenues of $300 million, compared to $6.5 billion in January. This situation has forced the Central Bank to print 25 trillion dinars ($19 billion), and the government has relied on reserves and external borrowing, including the possibility of turning to the International Monetary Fund. Nonetheless, Iraq still possesses financial tools that enable it to overcome the crisis, and it will continue paying salaries in the coming months. There are expectations that the economy will contract between 7.5% and 8% as a result of the decline in oil activity, which accounts for more than 60% of the gross domestic product.

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