National Alliance warns of cash crisis facing Iraq in three years

The report issued by the International Center for Development Studies , based in London warned last month from Iraq’s bankruptcy in three years because of the budget deficit , which now threatens the Iraqi oil sector clearly.

Chalabi said at a news conference attended by some members of Mwaten bloc , attended by " Shafaq News " that " our observations on the budget include the contradiction between the budget and the text of the law as well as address the huge deficit that reaches 60 trillion dinars."

He added that "if things continue the same , the country will face a cash crisis in 2017 ."

For his part, the head of Mwaten ( citizen) bloc, Bayan Jabr said that , " I've made a study to the Parliament Speaker that refers to the real deficit not schematic ."

He said that the real deficit will reflect negatively on the cash position of the country in 2015 and 2016 and accordingly Iraq will enter in a serious crisis .

The issue of the budget has sparked significant differences between the political forces represented in the parliament , in particular between the State of Law coalition led by Prime Minister , Nuri al-Maliki and Kurdistan Alliance , which accuses Baghdad of taking the region's share of the budget and put condition to meet its demand in order to attend the sessions.

A parliamentary source revealed on Sunday , the postponement of the parliamentary session scheduled for today to next Tuesday for lack of a quorum , as it was scheduled for the parliament to read the general budget bill for a second reading in preparation for approval in the next few days .