Iraq’s Oil Price Economic Collapse of 2020, Explained



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With oil prices collapsing, Iraq is feeling the heat. The country is running out of cash to pay for everything from government employee salaries and basic operational expenses. Here is exactly what’s going on and the government’s plan to persevere.

 

Sources:
Bloomberg:

Iraq Devalues Its Currency as Economy Unravels
https://www.bloomberg.com/news/articles/2020-12-19/iraq-devalues-currency-by-record-against-dollar-as-economy-wilts

Iraq’s Prime Minister Bets Big on Economic Reforms
https://www.bloomberg.com/opinion/articles/2020-10-26/iraq-s-prime-minister-kadhimi-bets-big-on-economic-reforms

Cash-Strapped Iraq Seeks $2 Billion Upfront Payment for Oil
https://www.bloomberg.com/news/articles/2020-11-23/cash-strapped-iraq-seeks-2-billion-upfront-payment-for-crude

China Set to Bail Out Iraq With Multibillion-Dollar Oil Deal
https://www.bloomberg.com/news/articles/2020-12-08/iraq-picks-china-s-zhenhua-for-pre-payment-oil-supply-deal

Iraq’s Currency Devaluation May Not Be Enough to Salvage Sinking Economy
https://www.bloomberg.com/news/articles/2020-12-24/iraq-s-devaluation-may-not-be-enough-to-salvage-sinking-economy

 

Export Data:
https://oec.world/en/profile/country/irq

Iraq Government Revenue:
https://tradingeconomics.com/iraq/government-revenues#:~:text=Government%20Revenues%20in%20Iraq%20averaged,Million%20in%20January%20of%202004.&text=Iraq%20Government%20Revenues%20%2D%20values%2C%20historical,updated%20on%20December%20of%202020

Iraq Government Spending:
https://www.theglobaleconomy.com/Iraq/government_spending_dollars/

Iraqi government submits 2020 budget to parliament, nine months late
https://www.rudaw.net/english/middleeast/iraq/140920201

Reuters:

Iraq’s cabinet approves 2021 draft budget of $103 billion
https://www.reuters.com/article/iraq-budget-int/iraqs-cabinet-approves-2021-draft-budget-of-103-billion-idUSKBN28V2G8

Foreign Policy:

Iraq’s Economic Collapse Could Be Biden’s First Foreign-Policy Headache
https://foreignpolicy.com/2020/12/14/iraqs-economic-collapse-could-be-bidens-first-foreign-policy-headache/


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