Iraq within the Arab countries on the future of bankruptcy in less than 5 years
October 28, 2015
Iraq, Saudi Arabia and Libya is one 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, it moved away from its dependence on oil to other resources after drop its price 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 and Yemen and that means that these countries did not work to diversify their sources of income or did not owe and therefore it will not have any money after less than five years. It previously mentioned countries Iran may be able to survive because of its heavy reliance on oil, unlike Libya, Yemen
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