Iraqi Dinar 123 News:– On Monday, the Iraqi Parliamentary Finance Committee has confirmed that Iraqi financial and economic condition is currently experiencing very critical situation. It is also said that Iraqi government should stop external borrowing and check its alternative options such as sell its “oil for food”, as getting oil for money. A member of the Parliamentary Finance Committee Ahmed Sarhan issued a press statement that Iraq is currently moving towards bankruptcy and collapse in its economy due to the administrative and financial corruption that grabbed a large amount of public money. He also pointed out that Iraqi government should focus on targeted fight against corruption in order to recover its economy, because corruption is considered one of the major problems degrading Iraqi economic situation.
Ahmed Sarhan further added that the salaries of employees should be managed using external borrowing to avoid economic failure. The Iraqi government should focus on the anti-corruption methods in order to stop money laundering and smuggling abroad. He further explained that Iraq is looking to borrow from some countries against its oil to manage the current situation. The Iraqi Finance Minister Hoshyar Zebari also said on Monday that we will be unable to pay the staff salaries for the month of April 2016 in continuous downfall in the global oil prices. He said that Iraq is experiencing the most critical situation due to continuous downfall in the global oil prices and a large amount of expenses in the war against terrorism and Daash organization.