By Farhad Alaaldin, Kenneth M. Pollack A new Iraq crisis is the last thing that U.S. President-elect Joe Biden needs. Unfortunately, it may be the first foreign-policy problem he has to face. Iraq is headed for a financial collapse, and in its current fragile state, fiscal ruin is likely to bring down its rickety political system, which could then ignite yet another round
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CALL FOR PROPOSALS The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a federal enterprise with worldwide operations. GIZ supports the German Government in the field of international cooperation for sustainable development. GIZ is also engaged in international education activities around the globe. Through our work we assist people and societies i
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Iraq devalued its currency by almost 20% against the dollar, the most on record, as the cash-strapped government faces an economic crisis brought about by low crude prices and oil-production cuts. The central bank on Saturday reduced the official rate to 1,450 dinar per dollar, the first devaluation since 2003. That’s from about 1,190 previously. Dollars will be resold to loca
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Iraq is poised to sign a multibillion-dollar contract with China ZhenHua Oil Co., a bailout from Beijing for the cash-strapped government which will receive money upfront in exchange for long-term oil supplies. The deal is the latest example of China, via state-controlled trading companies and banks, lending to struggling oil producers such as Angola, Venezuela and Ecuador,
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End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approv
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