One-two punch of new virus, falling oil prices threaten Iraq

BAGHDAD — The economic fallout from the coronavirus coupled with a sudden drop in oil prices is threatening to catapult Iraq into an unprecedented crisis.

Revenues from tourists who traveled to holy sites in Iraq accounted for nearly 8% of the country's GDP, according to figures from the World Travel and Tourism Council. But as the global pandemic takes hold of the country, religious tourism has ground to a halt and Gharib's hotel doors — like others in Karbala and the nearby city of Najaf — are shuttered.

But Iraqi officials appear to be slow to heed these calls amid a deepening political crisis as rival blocs sparred for weeks over the naming of the next prime minister, precipitating a void in the country's top leadership. On Tuesday, former governor of Najaf, Adnan al-Zurfi, was named premier-designate but it remained to be seen whether political blocs will approve his Cabinet line-up.

Decision-making is further hampered by the fact that government orders to contain the virus will impact the ability of parliament to pass legislation. Iraq relies on oil exports to fund over 90% of state revenue. The proposed 2020 budget projected revenues at $56 per barrel but political deadlock has delayed its passing, casting more uncertainty over Iraq's economic future.

The movement of goods has decreased by at least 30%, said Iraq's Transport Minister Abdullah Laibi. Crucial imports of goods from neighboring countries Turkey and Iran are down by two-thirds.

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