Economics
Iraq to cut 2016 spending, take on billions in foreign debt
Iraq, pressured by lower-than-expected oil prices, will cut non-oil spending in its 2016 budget by 15% and take on several billion dollars in international debt, it said in a memo which the International Monetary Fund (IMF) released. OPEC's second-largest producer, which relies on oil exports for nearly all its revenue, has sought donor support amid a collapse in global crude prices and a costly war against ISIS militants that has displaced more than 3.4mn people.
Source: http://www.zawya.com/mena/en/story/TR20160714nL8N19Z4YPX8/
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