On Monday, Iraqi Prime Minister Mustafa Al-Kadhimi announced a plan for economic reform and revenue diversification to meet challenges caused by rising expenditures and fluctuating incomes.
This came in a statement issued by Al-Kazemi’s office on the sidelines of his presidency of a meeting of the government’s Supreme Committee for Reform.
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Al-Kazemi stated, according to the statement, that “the reform plan will provide a solution to the chronic economic management crisis, which is represented by complete dependence on oil and the lack of diversification of income sources. We want to prove to the Iraqis that we are serious about reform.”
He explained that his government strongly aspires to “restore the country’s economy to its strength after five years after the situation reached very low levels as a result of rampant corruption.”
This plan would properly rebuild the Iraqi economy.”
He added: “The damage to the Iraqi economy is very large, and for this reason, it is impossible to implement the reform plan in a short time.
And whoever promises that is delusional. Our goal is to advance the state, not the current government. Governments go and the state remains.”
Over the past 18 years, the Iraqi economy has suffered damage to all its joints.
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It caused a decline in the sectors of agriculture, industry, and trade, and the country became dependent mainly on oil revenues.
Iraq is suffering from a stifling financial crisis due to the decline in oil revenues due to the outbreak of the “Corona” virus.
Iraq is the second-largest producer of crude in the Organization of “OPEC” after Saudi Arabia, with a daily average of 4.6 million barrels in normal conditions, and depends on crude to provide more than 92 percent of its revenues.
