Iraqi residents who live near the capital Baghdad are bracing for a rising price tag when their luxury hotel will cost more to rent than the average monthly salary.
The city is a hotbed of insurgency, and a large chunk of the city’s population is currently trapped in an ongoing battle to wrest control of the country from the Islamic State.
But, for the past three years, the Iraqi government has been struggling to raise revenue to fund essential services, including water, electricity, and healthcare.
According to a report from Iraq News Now, a local news channel, the government has resorted to borrowing money from international banks to fund the city, and it is planning to increase its annual interest rate to 40 percent.
This, of course, would likely mean that many of the residents of the Iraqi capital would be paying more than they’re currently making.
While the government’s efforts to raise revenues for the upcoming budget are welcome news, the cost of living in Baghdad is rising at an alarming rate.
According the United Nations Office for the Coordination of Humanitarian Affairs, the city has become the most expensive city in the world, surpassing Dubai.
Dubuque is an old, rundown city on the outskirts of Baghdad.
Built in the late 19th century, it has been a major hub for traders and investors from Europe, Asia, and the United States.
Dubus is one of the most vibrant neighborhoods in the capital, with bars, restaurants, and entertainment venues.
It is also home to the city government, the police, and even a few of the military.
The city is home to a population of approximately 100,000 people.
While residents of Baghdad may be in a dire financial situation, they are not alone.
As we reported in October, the U.N. Refugee Agency estimates that more than 1.2 million Iraqis have fled the country, making it the world’s largest refugee crisis.