Iraq's economy on the brink as Covid-19 and dwindling oil revenue bite

Iraq's economy is on the brink of collapse as the Covid-19 pandemic and dwindling oil revenue bite, necessitating the implementation of critical reforms, analysts say. Opec’s second-largest producer could see its economy shrink 12.1 per cent this year, the third-steepest contraction in the Arab world after Lebanon and Libya, according to the International Monetary Fund. The country depends on oil revenue to meet 90 per cent of government expenditure, including $5 billion spent on monthly salaries for public servants. That leaves the government with difficult decisions that could raise the prospect of further civil strife. A white paper on economic reform submitted to parliament by Mustafa Al...