Iraq: Iraq Has $70bn in Reserves to Keep Economy Afloat for 6 Months to a Year: MP

Mar 28, 2020 | Zhelwan Z. Wali, Rudaw
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Baghdad can weather the economic impact of coronavirus and the collapse of world oil prices for six months to a year by dipping into foreign reserves worth $70 billion, a member of the Iraqi parliament’s finance committee told Rudaw. Even if the ongoing political deadlock in Baghdad is resolved and MPs pass the delayed 2020 budget, Iraq’s coffers are steadily being emptied by the coronavirus lockdown and a plunge in the price of oil – the government’s primary source of income.