BAGHDAD / Obelisk: The Iraq and Saudi Arabia and Libya, some of the countries of the Middle East that will go bankrupt after less than five years because of falling oil prices, according to what was said by the International Monetary Fund. As some of the other Middle Eastern countries such as Kuwait, Qatar and the United Arab Emirates, she moved away from its dependence on oil to other resources after the price has fallen by half in less than a year.
However, the large deficit appeared in the budgets of countries such as Iraq, Iran, Oman, Algeria, Saudi Arabia, Bahrain, Libya, Yemen, and this means that these countries did not work to diversify their sources of income or did not owe and therefore will not have any money after less than 5 years. It previously mentioned countries Iran may be able to survive because of its heavy reliance on oil, unlike Libya and Yemen.
It classifies the International Monetary Fund for Iraq, Libya and Yemen as fragile states because of territorial disputes. This has led to a decline in gross domestic our per- and high inflation rate. The Fund also warned that all oil-exporting countries to cope with low oil prices.
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