Prime Minister's Advisor: Banking sector reform and private sector support are the two pillars for economic diversification
Mudher Mohammed Salih, the Prime Minister's Advisor for Economic Affairs, confirmed that the Iraqi government is moving forward with the implementation of a fundamental reform package to reduce the national economy's dependence on global oil price fluctuations.
Salih explained that the transition from a "rentier economy" to a diversified economy requires institutional work that includes:
Maximizing non-oil revenues: Through the development of tax and customs administrations, combating evasion, and expanding electronic payment systems.
Reforming the banking sector: Restructuring government banks and providing a financial environment that supports small and medium-sized enterprises (SMEs).
Activating the private sector: Removing bureaucratic obstacles to empower the industrial, agricultural, and tourism sectors.
Investing in gas: Accelerating the investment of associated gas to reduce imports and direct it toward petrochemical industries.
Learn about the Iraqi government's plans to diversify the economy, reform the banking system, and support the private sector in order to reduce reliance on oil revenues.
