Iraq to continue economic, financial reforms

An aerial view of the Iraqi capital, Baghdad. Baghdad (IraqiNews.com) – Iraqi Finance Minister Faleh Sari reaffirmed on Wednesday Iraq’s commitment to continuing economic and financial reforms, diversifying revenue sources, and strengthening the role of the private sector. According to Sari, these measures aim to bolster economic stability and enhance the country’s capacity to deal with regional challenges. The Iraqi minister’s remarks took place during his speech at the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, held in Bangkok, Thailand, according to a statement released by the Finance Ministry. Sari emphasized that the government is addressing the economic consequences of the crisis in the Strait of Hormuz by reprioritizing expenditures, increasing non-oil revenues, and maintaining the state’s essential obligations while pursuing structural reforms. According to Sari, overcoming current challenges requires a transition toward a more diversified and sustainable economy. “Iraq Vision 2050” represents a strategic plan for reducing dependency on oil, broadening production, empowering the private sector, and achieving inclusive and sustainable economic growth, according to Sari. The minister noted that the reform package includes enhancing public financial management, automating customs and tax operations, boosting the business and investment climate, upgrading the banking sector, and increasing electronic payment systems. According to Sari, the partnership with the IMF and the World Bank Group supports the economic and financial reform program. The minister highlighted the value of leveraging the technical and institutional expertise provided by these institutions to strengthen the sustainability of public finances and facilitate the implementation of Iraq’s development priorities.