Economic collapse vs. constitutional rights: Iraq's oil revenue dilemma
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A growing demand for direct pay-outs from Iraq’s oil revenues has sparked lawsuits and warnings from economists, with one expert cautioning that such a move could push the country to the brink of bankruptcy within a year.
Economic expert Nabil Al-Marsoumi estimated Iraq’s 2024 oil revenues at $90 billion, while non-oil revenues stand at just $13 billion, barely enough to cover government spending on electricity, gas, and food rations.
He warned that using oil revenues for direct cash payments would deplete central bank reserves, forcing the government to borrow or print money to cover salaries and social benefits, which cost $70 billion annually.
