for settling scores or launching attacks he saidhis first weeks in office are likely to be monopolized by the severe economic crisis in the wake of falling oil prices prices have hovered between 2030 per barrel about half of what was projected to finance the 2020 budget and barely enough for the crudedependent country to pay public sector wages oil sales make up nearly 90 of state revenuesin april the country made just 143 billion in oil sales and is expected to be further constrained as opec production cuts take hold the world bank has predicted without adequate reforms iraqs economy will contract by just under 10 this yearthe vacuum in leadership has left the country without an approved budget law which in turn has limited its ability to borrow from foreign agencies alkadhimis first order of business will likely be passing a budgetofficials in abdulmahdis caretaker government had mulled over an array of cuts to scale down social benefits to public sector employees but it remains to be seen if alkadhimi will adopt these proposals which would cut urgent spending by 30alkadhimi will also lead iraq as negotiations are set to take place with the us in june relations suffered after a washingtondirected strike killed top iranian general qassim soleimani in january the talks will cover among other things the presence of the usled coalitionthe issuance of the latest us sanctions waiver for 30 days enabling iraq to continue purchasing vital iranian gas to meet energy needs was also linked to a new government being formed the current waiver runs out may 26secretary of state mike pompeo welcomes alkadhimis new government state department spokesperson morgan ortagus said in a statement it said pompeo spoke with the new premier and discussed the need for implementing firms dealing with the coronavirus and fighting corruptionpompeo and alkadhimi also discussed the upcoming usiraq strategic dialogue and how they look forward to working together to provide the iraqi people the prosperity and security they deserve the statement said