MOSUL TIME RADIO
Iraqi economic expert, Nabil Al-Marsoumi, confirmed that the drop in the price of a barrel of Iraqi oil to $70 will have major negative effects on the national economy and the disbursement of employee salaries.
Al-Marsoumi said that the decline in prices, with oil exports declining to 3.3 million barrels per day, will lead to a decline in monthly oil revenues to 9 trillion dinars.
He expected that taxes and fees would rise, debts would grow, and the foreign reserves of the Central Bank of Iraq would be under great pressure, in the absence of a sovereign fund in Iraq. The economic expert also explained that the Ministry of Finance may face difficulties in financing salaries during the next two months, which could lead to delays or reductions in salaries if the price of a barrel remains in the $70 range for six months.
