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Shafaq News / A source in the Iraqi cabinet revealed on Thursday that the government resorted to borrowing from three government banks to secure employee salaries for the months of May and June next.
The source, who asked not to be named, told Shafaq News that "the Ministry of Finance went to internal loans from government banks to secure the salaries of employees for the May and June poetry."
The source pointed out that "the Ministry of Finance took the financial loans from the Rafidain, Rashid and Real Estate banks after the approval of the Council of Ministers on the government's resort to borrowing to secure the operational budget."
Iraq suffers from a financial crisis caused by the collapse in oil prices and the loss of more than 50 percent of its value due to the Corona pandemic, which has paralyzed the global economy.
Iraq relies on the proceeds of the sale of oil to finance about 95 percent of the country's expenditures.
Proceeds from the sale of oil gradually decreased in recent months to 1.5 billion dollars last April, compared with about 3 billion in March and about 5 billion in February.
- GURU HUNTER
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Join date : 2015-02-19
this just shows how stupid the gov of Iraq is. all they have to do is just raise there currency and they will get all the loans and help needed to grow but they lack the balls to do it
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