Iraqi finance minister seeks Gulf funds to stave off fiscal collapse

Iraqi finance minister seeks Gulf funds to stave off fiscal collapse

BAGHDAD - Iraq's new finance minister was in Saudi Arabia on Saturday seeking emergency funds to stave off an impending financial crisis brought on by collapsing oil prices.. Iraq is facing a liquidity crisis following the collapse of crude oil prices from more than $50 per barrel last year to around $20 per barrel in recent months.. Prime Minister Mustafa Kadhemi last week pledged that May salaries would be paid with officials telling AFP they would likely have to resort to internal borrowing.. Ahead of Allawi's trip, an Iraqi government source told AFP the minister would also travel to Kuwait and the United Arab Emirates "to gather financial support for Iraq".. The 300-kilometre (200-mile) line would run from Kuwait to Iraq's southern port of Faw and be financed by the GCC -- Kuwait, Saudi Arabia, the UAE, Qatar, Oman and Bahrain -- according to the electricity ministry..