BEIRUT and ABU DHABI — The sharp decline in oil prices is limiting Iraq’s ability to expand its security services and threatening plans to hire tens of thousands of new police officers this year, says Jawad al-Bulani, interior minister. This comes at a time of heightened threats to Iraq’s fragile stability as Iraq heads towards parliamentary elections in December and as the US prepares to withdraw its combat troops by August next year. ‘Inevitably this [fall in oil prices] will affect our plans, Mr Bulani told the FT. Iraq earns 94 per cent of its revenues from oil and, with oil prices now around $50 a barrel, down from a peak of $147 last July, it will this year have much less money to spend this year. The government in Baghdad is already facing a budget deficit of $20bn this year and has cut this year’s spending by $4.2bn, or 7 per cent, in an attempt to limit the damage. ‘We did have plans [to hire more police] but it has been stopped for financial reasons, Mr Bulani said. ‘So we are trying to develop an alternative plan and we are looking for new ideas, […]