monetary expert Abdul Rahman Al-Mashhadani showed on that Iraq isn’t always going through the risk of financial disaster notwithstanding the recurring economic crises it has experienced, noting that the motive for this is its considerable herbal and human resources.
Al-Mashhadani stated in a declaration to dinaropinions.com, “Iraq has long gone via many crises over the a long time, maximum appreciably in 2015 and 2016, while ISIS took manipulate of some western provinces. The situation at the time became a 3-dimensional disaster (security, political, and economic). but, Iraq changed into able to triumph over those crises way to its very own talents and global assist.”
He added, “no matter the decline in oil charges, they’re nonetheless inside affordable stages. despite the fact that the overall budget was authorized based on $70 in keeping with barrel, this decline does now not pose a actual hazard as long as prices continue to be near this level, as Iraq can adapt to these situations.”
He mentioned that “the most important challenge at the prevailing time lies within the good sized enlargement in running spending,” stressing that “this spending may be managed and decreased as a part of a plan to triumph over the contemporary economic crisis, especially when you consider that oil fee fluctuations are normally transient, and prices normally go back to balance inside months.”
Al-Mashhadani endured, “Iraq has gone via 4 predominant oil crises over the last twenty years, starting in 2008 with the disintegrate in fees, followed via the 2015 crisis, then the 2020 crisis related to the Corona pandemic, and subsequently the modern-day disaster, looking forward to this crisis to maintain for several months before charges get better once more.”
He explained that “the actual disaster facing Iraq lies in mismanagement, which can be without problems corrected by taking effective reform measures.”
