ERBIL, Kurdistan Region of Iraq - Iraqi Finance Minister Falih al-Sari on Monday asked the parliament to allow him to appear before the lawmakers and discuss the current financial challenges the country is experiencing.

Iraq has been facing a worsening financial crisis since the start of the US-Israeli war with Iran, with the closure of the Strait of Hormuz massively cutting off Iraq’s main source of income: oil exports.

The continuation of the war has sparked fears that the current measures the Iraqi government has implemented to make up for the decreased income cannot be seen as viable long-term solutions and that Baghdad will face difficulties paying civil servant salaries over the next few months.

Sari has submitted a formal request to parliament speaker Haibat al-Halbousi to appear before the next parliamentary session to “present the current financial and economic situation in the country and to outline the most significant challenges facing public finances in light of current regional developments,” according to a statement from the finance ministry.

“The minister emphasized that this request stems from the ministry's commitment to providing the people's representatives with an accurate picture of the financial and economic reality, as well as the measures the ministry is taking to ensure the fulfillment of the state's fundamental obligations and the continued implementation of financial and administrative reform programs,” the statement added.

Iraq pocketed $2.3 billion from oil exports for the months of May and June combined. The country needs over $5.3 billion for monthly salaries alone.

In mid-July, the Iraqi parliament’s finance committee said it has completed a draft for a domestic and foreign borrowing bill to curb the economic crisis.

In a televised interview in June, Iraqi Foreign Minister Fuad Hussein said that Baghdad has resorted to printing cash 25 percent more than its actual financial capacity amid a drop in revenues due to the Iran war, warning that a financial catastrophe awaits Iraq if the conflict continues until the end of the year.

The Central Bank of Iraq (CBI) has reportedly pumped around 43 trillion dinars (~$32.8 billion) into the market by printing more banknotes, reaching into its reserves, and retrieving embezzled funds.