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Alarm bells ring as Iraq slowly faces up to the consequences of slumping oil revenues

After six months of haggling – which is far from a record – the Chamber of Representatives’ 6 May vote has endowed Iraq with a new government. Mustafa Al-Kadhimi’s administration would face daunting challenges even without the sharply deteriorating economic outlook, triggered by plunging oil revenues. Iraq is one of the biggest losers from the slump: based on an average $30 a barrel ($/bbl) Brent crude price, the International Energy Agency (IEA) has forecast a 70% drop in revenues, while Fitch Ratings expects GDP to contract by almost 10% this year.

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