The story: On Jan. 11, the Iraqi Council of Representatives met to discuss a second draft of the new federal budget for 2021 - the largest ever in its history. The proposed budget is set at 164 trillion Iraqi dinars ($112B), more than the country's 2016 and 2017 federal budgets combined. What is also historic is the deficit, which is projected at about 71 trillion Iraqi dinars ($49B) - prompting some experts to question the soundness of the government’s financial acumen.  

The coverage: Facing a severe economic crisis worsened by a drop in oil prices due to the Covid-19 pandemic, Iraq's financial woes have attracted international media attention in recent months...