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 Iraq has spent more than $700 billion oil wealth since 2005

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PostSubject: Iraq has spent more than $700 billion oil wealth since 2005    Wed Aug 01, 2018 1:20 am



BAGHDAD: Iraq has raised more than $700 billion from oil since 2005, but almost the entire amount has been spent, the central bank announced Tuesday. 

"Between 2005 and 2017, the finance ministry has taken in $706.23 billion dollars in foreign exchange" from oil, it said in a statement. 

"A total of $703.11 billion, or 99.5 percent of the amount, has been spent," it said. 

Since Prime Minister Haider al-Abadi declared victory over the Islamic State group last December, marking an end to decades of conflict in Iraq, social grievances have boiled over in a series of protests. 

After erupting in the oil-rich southern province of Basra on July 8, unrest has quickly spread to several cities, as people have vented their anger over unemploy
ment, high prices, power cuts and a lack of usable water. 


Read more at:
//economictimes.indiatimes.com/articleshow/65216268.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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