The Governor of the Central Bank of Iraq (CBI), Ali al-Alak, revealed on Thursday, May 21, 2026, that the national budget deficit has shifted from a mere projected figure into an actual, chronic deficit. He warned that this persistent shortfall exposes a deep structural flaw in the national economy driven by an absolute reliance on oil revenues. Al-Alak indicated that Iraq may soon resort to external borrowing to cover this deficit and fund developmental requirements, noting that the lending capacities of state-owned commercial banks have reached their maximum limits. [...]