Shafaq News- Baghdad
Iraq will not resort to external borrowing to address current financial challenges, government spokesperson Haider Al-Aboudi said on Sunday, stressing that the country's fiscal situation would be resolved through alternative measures.
He told Shafaq News that the Oil Ministry is pursuing a strategy to diversify revenue sources, pointing to the launch of a new exploratory well in northern Iraq as a step toward increasing state income.
Iraq's economy depends on oil for between 90% and 95% of state revenues, making any disruption to exports a direct challenge to financing government spending, including salaries, pensions, and social welfare programs.
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The recent conflict involving the United States, Israel, and Iran disrupted shipping through the Strait of Hormuz, reducing Iraqi exports to less than 800,000 barrels per day and causing estimated losses of $128 million daily, according to Eco Iraq.
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