For many countries, the ongoing oil price depression has brought about a new era of impending economic implosion. Yet no one seems to suffer as much as Iraq nowadays – a country with no appropriate government, battle-bled from its fight against the Islamic State and torn apart by internal conflicts. With a median age of 21 years, the challenge for Iraq as a federal state within its current borders is all the more complicated as the government has little to offer to large swaths of young people, tired of nepotism and red-tape. Iraq could mitigate risks by handing out cash – it has none, it could tap into its reserves – again, very little (some $62 billion), effectively, Baghdad’s only survival strategy is to wait and pray for better times. Just when Iraq hoped to rebuild the country – its 2020 budget has been the largest in history and […]