The Iraqi government has offered to barter oil for weapons as the country is in need of arms due to the ongoing war with IS militants as well as is facing a budget constraint.
Paying for oil with weapons and arms is the latest move by the government to save hard cash and meet a massive budget deficit caused by plummeting oil prices, according to the local daily Azzaman.
“Since Iraq is facing a financial crisis, there are proposals from various parties on the necessity of paying for weapons with oil,” an Oil Ministry’s official was quoted as saying by the local daily.
However, the official did not specify whether the government has signed arms deals, but it is believed that the ministry has drawn plans to barter oil for weapons.
“With oil prices falling and deficit widening it is necessary to barter oil for weapons purchases from other countries,” the head of the parliamentary Commission on Defense and Security Hakim al-Zamili said.
Iraq pays billions of dollars to cover for weapons, the need for which has surged since Islamic State militants invaded northern and western parts of Iraq, occupying major towns.
“We need to revise and reconsider our arms deals because they have been based on false priorities,” Zamili added.
After reports of ISIS possessing drones, a lesser known terrorist group, the Takfiri has been using drones to spy on the Syrian Army. The Syrian army shot down a spy drone of the Takfiri terrorists in the Northern province of Aleppo on Monday, FARS News reported today
The US and the UK will be launching cyber attacks against one another to test mutual defenses following last weeks hacking of social media accounts of the US militarys central command (CENTCOM) allegedly by ISIS sympathizers. Both the nations are looking to increase sharing of information about threats and to work out how to best protect them and create a system that lets hostile states and organization know they shouldn't attack, UK Prime Minister David Cameron said in an interview published by the BBC on Friday
Airstrikes carried out by the US on ISIS positions using the A-10 Warthog aircraft killed and wounded a number of terrorists near the village of Sultan Abdullah near Moshul in Iraq at dawn yesterday, Iraqi News reported. Quoting an unnamed source who witnessed the action, the report said that the aircraft carried out four airstrikes sparking panic in the ranks of ISIS after flying close to the ground
Iran and Iraq on Tuesday signed an MoU to broaden defense cooperation to fight ISIL militants. According to the MoU signed by Iranian Defense Minister Brigadier General Hossein Dehqan and his visiting Iraqi counterpart Khalid al-Obeidi in Tehran, Iran will continues training of Iraqi units
Russia has delivered four Mi-28 attack helicopters to Iraq to counter Islamic State (IS), Russian Military Source was quoted as saying by Interfax Sunday. The helicopters were part of earlier contracts Iraq signed worth around $4
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