From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
Decades of plundering: Where has Iraq’s oil wealth gone?
Ranked as the fourth-biggest oil producer in the world, many would assume that Iraq has the financial resources to weather the pandemic.
But that is not the case – its fragile economy is struggling to cope and it may turn to the International Monetary Fund for assistance.
It has already devalued its currency by almost a fifth, enabling it to eke out more dinars for dollars. Ahmed Tabaqchali, the chief investment officer of AFC Iraq Fund, helps explain where all of Iraq’s money goes:
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