Iraqi VP accuses Saudis of destroying Iraq's economy

Rasa - Iraqi Vice President, Nouri al-Maliki said that the new oil policy the Saudi government is following against Iran and Russia has ruined Iraqi economy as well.

News ID: 1899

Date: 27 December 2014 - 02:38

RNA - In an interview with a local TV channel, Iraq’s Vice President, Nouri al-Maliki said Saudi Arabia is following an oil policy against Iran and Russia to damage their economy but “it had a negative impact on the Iraqi economy as well.”

Nouri al-Maliki accused Saudi Arabia of destroying the Iraqi economy adding that the Saudi oil policy has led to a decrease in the price of a barrel of Iraqi oil to below 50 dollar.

The vice president also added, “Iraq now suffers a severe financial crisis that inflicted the financial budget a large deficit,” pointing out that the 2015 budget cannot even build one school.

Maliki warned that the new government headed by al-Abadi needs to remedy the crisis by re-investment and reliance on the law and the system of infrastructure, stressing that the parliament should quickly proceed with this law and approve it.

Al-Maliki added, “We have a reserve of dollar stock at the Central Bank of Iraq and the government has to resort to this stock to make up for the deficit in the budget,” noting that, “We can borrow from 60 to 70 billion dollars in the form of insurances from the Central Bank, like what is followed by most countries around the world.”

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