Iraq’s President Fuad Masum said on Monday that the two threats facing his country are Daesh and the difficult economic situation as a result of falling oil prices.
“Iraq is threatened by Daesh and the dangerous economic situation and we have no choice but to be united,” Masum said during the opening of a factory in Diwaniyah province, noting that Iraq’s sources of income have fallen to their lowest level due to lower oil prices.
“Austerity is necessary as a first step to confront the falling oil prices,” the president stressed.
Iraq relies 95 percent on crude oil to generate revenues but oil prices have fallen by 70 percent since mid-2014, reaching less than $35 a barrel instead of $120.
Iraq is also battling Daesh militants, who are drawing closer to the capital.
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