International financial alliance forms to help Iraq
Several countries are forming an economic alliance to help Iraq in its financial crisis.
![1212056405 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](/sites/default/files/styles/article_hero_medium/public/almpics/2020/11/GettyImages-1212056405.jpg/GettyImages-1212056405.jpg?h=a5ae579a&itok=rcofxB35)
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.