{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Plunging oil prices and increasing cost of Islamic State group conflict hurt Iraq\u0026#39;s economy' data-url='/boclips/videos/5c54c4f7d8eafeecae16ca4c' data-video-url='/boclips/videos/5c54c4f7d8eafeecae16ca4c' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPlunging oil prices and increasing cost of Islamic State group conflict hurt Iraq\u0026#39;s economy\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003ePlunging oil prices and the soaring costs of Iraq's war against the Islamic State group are hurting Iraq's economy and will prompt government spending cuts, including in defence, the country's finance minister said on Wednesday. Hoshyar...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003ePlunging oil prices and the soaring costs of Iraq's war against the Islamic State group are hurting Iraq's economy and will prompt government spending cuts, including in defence, the country's finance minister said on Wednesday. \u003cbr/\u003eHoshyar Zebari said that Iraq's proposed 2015 budget of 155 trillion dinars (130 billion US dollars) forecasts a deficit of 47 trillion dinars (41 (b) billion US dollars). \u003cbr/\u003eHe said he was trying to lower that to no more than 30 trillion dinars (26 (b) billion US dollars) through major spending cuts and economic reforms.\u003cbr/\u003e\"The war on ISIS (Islamic State group), the requirements of defence, of the volunteers, of the salaries, of the equipment, of military contracts - all these are major burdens,\" Zebari said.\u003cbr/\u003e\"So really we need to cut on spending ... to tighten our belt. But (we) believe that this will be a temporary thing,\" he said. \u003cbr/\u003eThe budget is based on an oil price of 70 US dollars a barrel. At least 22 percent of the budget has been allocated for defence and intelligence spending, he said.\u003cbr/\u003eIraq is facing its biggest security crisis since US troops pulled out of the country in late 2011 after the Islamic State group seized a third of the country. \u003cbr/\u003eSince then, the price of Brent crude oil has plummeted 39 percent, a major crisis for the oil-producing OPEC country.\u003cbr/\u003eIraq's economy is forecast to shrink by 2.75 percent in 2014, according to the International Monetary Fund. \u003cbr/\u003eThat's its first contraction since 2003.\u003cbr/\u003e\"The drops in the oil prices has hurt us a great deal,\" Zebari said.\u003cbr/\u003eHe said the Finance Ministry will implement a number of economic reforms to cut back on spending, including \"reforms to raise internal revenues from taxations, a new tax system (and) new custom tariffs.\"\u003cbr/\u003eHe added the government is also considering imposing a value-added tax on some sales, as well as issuing government bonds to lower its deficit.\u003cbr/\u003e\"We are not broke,\" he said. \"We will manage this economic crisis with some tightening.\"\u003cbr/\u003eBaghdad, Iraq - 3 December, 2014\u003cbr/\u003e1. Iraq's Finance Minister Hoshyar Zebari arriving for interview\u003cbr/\u003e2. SOUNDBITE (English) Hoshyar Zebari, Iraq's Finance Minister: \u003cbr/\u003e\"The drops in the oil prices has hurt us a great deal. The war on ISIS (The Islamic State group) - the requirements of defence, of the volunteers, of the salaries, of the equipment, of military contracts - all these are major burdens, let's say. We believe that 2015 also will be a difficult year. So really we need to cut on spending, let's say. To tighten our belt, ok. But (we) believe that this will be a temporary thing, this will not be a permanent economic difficulties, Iraq is resourceful, it has a reserve at the Central Bank, let's say, it's very resourceful in terms of oil production, it can increase both in the south and the north; so we are not broke.\" \u003cbr/\u003e3. Cutaway of Iraqi flag \u003cbr/\u003e4. SOUNDBITE (English) Hoshyar Zebari, Iraq's Finance Minister: \u003cbr/\u003e\"The deficit is large, is 47 trillion (dinars), ok, and now we are cutting it back, let's say, from all the ministries, all the big ministries that are taking the bulk of the budget - the defence ministries, security ministries, electricity, oil, ok, trade, these are the big ones.\" \u003cbr/\u003e5. Cutaway of Zebari\u003cbr/\u003e6. SOUNDBITE (English) Hoshyar Zebari, Iraq's Finance Minister: \u003cbr/\u003e\"Iraq was not able to reduce its (oil) production, because instead we are pushing for more production, so, literally, really, our position was a bit difficult. The other major producers, especially the Saudis and the Gulf, decided to... not to reduce the production, so there was this plunge, let's say, and sharp drop off of the oil prices, and the only way really to make (up) this deficit and this impact on us is also to go and try to increase the oil production as a way to substitute for this shortage - that will depend on our capacity, on the new deal with the KRG (Kurdistan Regional Government), and all the expectations, the oil prices will be fluctuating, but they would be between 60, 65 to 70 (US dollars per barrel), this is the... all expectations. We based our budget on 70 (US dollars per barrel).\" \u003cbr/\u003e7. 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