Shafaq News/ A growing demand for direct pay-outs fromIraq’s oil revenues has sparked lawsuits and warnings from economists, with oneexpert cautioning that such a move could push the country to the brink ofbankruptcy within a year.
Economic expert Nabil Al-Marsoumi estimated Iraq’s 2024 oilrevenues at $90 billion, while non-oil revenues stand at just $13 billion,barely enough to cover government spending on electricity, gas, and foodrations.
He warned that using oil revenues for direct cash paymentswould deplete central bank reserves, forcing the government to borrow or printmoney to cover salaries and social benefits, which cost $70 billion annually.
This, he cautioned, would trigger hyperinflation, send theIraqi dinar into freefall, and push the economy into crisis within a year. Evendistributing half of the oil revenues, he argued, would only delay the collapseby two years.
His remarks come as dozens of Iraqis file lawsuits inappellate courts, citing Article 111 of the constitution, which asserts that"oil and gas belong to all the people of Iraq in all regions and governorates."
Legal experts argue that managing national wealth throughpublic services, rather than direct cash pay-outs, is a more common globalapproach and raises complex legal questions in this case.
Supporters of the lawsuits see them as a response to growingfrustration over how successive governments have managed Iraq’s resources. Someare considering joining the legal action if it gains momentum.