Iraq’s Economy on Edge Due to High Oil Income Dependence

Iraq is on the brink of an economic breakdown as OPEC’s second-largest producer continues to rely mostly on oil exports for federal government revenues, analysts warned on Monday after official data showed that oil represents a whopping 91% of all federal budget revenues. Iraq’s federal revenues topped $107 billion (140 trillion Iraqi dinars) last year, data from the Ministry of Finance showed this weekend. But oil accounted for more than 91% of all federal government revenues, according to the finance ministry. Iraq has long been one…