Iraq’s former finance minister said that Islamic State is on the verge of bankruptcy and is now running out of money and struggling to pay its fighters.
During the terrorist group’s heyday, IS would get almost $4.3 million out of their huge web of criminal enterprises around the world to finance their network.
Now with the group in retreat and losing more money than it is gaining from their networks, many of their unpaid fighters are slowly abandoning their posts and leaving flat out broke and fearing for their lives.
Oil extortion was the terror group’s biggest source of funding, however they also extorted money from the locals of the area they control.
Former Iraqi Finance Minister Hosyar Zebari has estimated the group to be making $3-$5 million daily.
He stated: “They were taxing every business – they were taxing every shop, every pharmacy, every activity – not to mention the money they stole from the Iraqi banks.”