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International financial alliance forms to help Iraq

Several countries are forming an economic alliance to help Iraq in its financial crisis.
A man counts a pile of US Dollar bank notes in the Iraqi capital Baghdad on May 4, 2020, during the novel coronavirus pandemic crisis. - With its financial outlook darkening by the day, Iraq is considering slashing its massive public payroll -- an unpopular move likely to renew protests.
OPEC's second-largest producer has been hit hard by the double-whammy of collapsed crude prices and the COVID-19 pandemic, which have hacked at its revenues from oil sales. (Photo by AHMAD AL-RUBAYE / AFP) (Photo by AHMAD A

Following months of struggle between the Iraqi government and the parliament, the latter approved Nov. 12 the deficit law that allows Iraq to borrow 12 trillion dinars ($10 billion), which would only provide Iraq with three months to pay the salaries of public servants.

The Iraqi government at the same time is looking for other sources of money.

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