Maliki warns that Iraq's economy is at risk of collapse

Iraq’s Prime Minister Nouri Al-Maliki has warned that Iraq is going through a financial crisis that seriously threatens both the economy and financial system, according to a statement published by the Patriotic Union of Kurdistan (PUK).

Iraq’s Alsumaria news agency reported on Thursday news of the statement, which claims that Al-Maliki met on Wednesday with PUK leader Faryad Roandzi to discuss several important issues.

The statement quoted Al-Maliki as saying that: “Iraq as a whole is going through a financial crisis. The Iraqi economy and financial system will collapse if the country’s budget is not ratified soon.”

He added that, “We need to find radical solutions to increasing public expenditures, which exceed the national revenue,” pointing out that the budget deficit is currently more than $35 billion.