A former Iraqi finance minister has said that Daesh, a group that once sustained itself through extortion and oil smuggling, can now barely pay their fighters after being nearly pushed out of their stronghold in northern Iraq.

Hoshyar Zebar said the militants are nearly bankrupt since their former revenue streams are no longer available, telling Sky News, “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.”

Zebar added, “They were a very, very rich organisation. Now, I think they are on the retreat and they are broke. Also they are losing ground, so this battle in Mosul is decisive to end their caliphate — to end their so-called Islamic State.”

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