January 22, 2015 / 4:32 PM / 3 years ago

Iraqi PM says oil price drop 'disastrous', may affect ability to fight Islamic State

LONDON, Jan 22 (Reuters) - Iraqi Prime Minister Haider al-Abadi said on Thursday the drop in the global oil price was disastrous for his country’s finances and could hurt its ability to fight Islamic State militants.

“Oil prices have dropped to about 40 percent of their level last year. Iraq’s economy and budget relies 85 percent on oil and this has been disastrous for us,” he told a news conference in London after a meeting of the U.S.-led anti-IS coalition.

“We don’t want to see a reverse of our military ... due to our fiscal and budget problems.” (Reporting by Warren Strobel and William James; Editing by Andrew Osborn)

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