Baghdad may seek local bank loans

Iraq is suffering from a severe financial crisis due to a decline in oil exports, especially with the closure of the Strait of Hormuz since the start of the war with Iran. This has led to a reduction in export rates from over 3.3 million barrels per day to around 3 million barrels, impacting its revenues, which are heavily dependent on oil, amounting to 90 percent. Iraq has been forced to print over $19 billion to address the financial shortfall, while officials warn of serious economic risks if the current situation persists, including declining foreign reserves and the threat of the government being unable to pay salaries and maintain economic stability.

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