Sanaa:Member of the Parliamentary Finance Committee, Youssef al-Kilabi, highlighted that the Iraqi government is grappling with a difficult financial situation due to escalating debts and declining oil revenues.

According to the Iraqi News Agency, al-Kilabi stated that despite the increased dollar exchange rate and its accompanying problems burdening citizens, the al-Kadhimi government handed over a cash surplus of IQD 70 trillion to the al-Sudani government.

However, the al-Sudani government has now passed on nearly IQD 210 trillion in outstanding debts to the current administration. This financial challenge is compounded by the suspension of oil sales for more than six months due to events in the Strait of Hormuz, creating significant financial hurdles that demand urgent action.

Al-Kilabi explained that the current government is managing a financial system with significant issues while Iraq’s economy remains heavily dependent on oil revenues to fund the state budget and pay salaries. He warned that the ongoing disruption of oil revenues could jeopardize the government’s ability to fulfill its financial commitments.

He emphasized the importance of identifying those responsible for the state’s debt burden, waste of public funds, and inflated project costs. Al-Kilabi called for decisive measures against individuals involved in corruption and the mismanagement of public resources.