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Recent violence has damaged Iraqi economy

The ISIS violence costs Iraq $25 billion

11.07.2014

Mewan Dolamari
BasNews, Baghdad


The current conflicts in Nineveh and Salahaddin provinces have damaged Iraq by US $25 billion. The conflict has led to the halt of crude oil exportation from Baiji Oil Refinery and trading with most other countries has been stopped.

The Former Decision-maker of Economics Committee in Iraqi Parliament Mahma Khalil stated that the recent conflicts and military operations of Iraqi Army in Nineveh have stopped many local industries and closure of borders by the neighboring countries has stopped the trade exchange with those countries.

Khalil pointed out that due to that, Baiji oil refinery has been halted and oil no longer gets exported to other countries. Besides that, the halt of the Baiji oil refinery has resulted in a fuel crisis in different cities in Iraq and the Kurdistan Region.

The economic damage of Iraq does not include electricity, but as the Ministry of Electricity states it has damaged the electricity as well as harming some projects and decreasing the power of electricity.

The Spokesman of Electricity Ministry Mus’ab  Mudaris stated that the electricity has been decreased and there were many projects to be conducted by the foreign companies soon, but the instability and conflict in Iraq made them withdraw from their projects.

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