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Shafaq News / On Monday, Minister of Finance, Ali Allawi considered that addressing economic challenges is not an easy task, pointing out that the reform paper adopted by the government under the name of the “white paper” aims to restore “balance” to the Iraqi economy.
The Council of Ministers recently approved in one of its sessions what it called the white paper for economic and financial reform in Iraq.
But the paper has been criticized by officials and specialists, as they considered that it was one of the reasons for the high exchange rate of the dollar against the Iraqi dinar in the past few days.
Allawi said, in a statement to his office received by Shafaq News: “Addressing important economic challenges is not easy, and the current crisis is not emerging today and is not related to this government and its procedures, because it needs real and radical reform and long-term plans to overcome them,” stressing the necessity of integration in work between the authorities to achieve what we seek.
The Minister of Finance stated that “the reform paper adopted by the current government aims to restore balance to the Iraqi economy, putting it on a path that allows the state to take appropriate steps in the future to develop it into a diversified dynamic economy that creates opportunities for citizens to live a decent life.”
Allawi stressed that “the current stage should witness more cooperation between the executive and legislative authorities in a way that serves the interest of the country and the citizen, pointing to his keenness to hold continuous meetings with the parliamentary committees and representatives, as this communication reflects positively on the progress of the situation in Iraq.”
The Minister of Finance pointed out that “mismanagement and absolute dependence on oil revenues is what brought us to the situation we are currently witnessing, and we seek to address it by working to activate the sectors of agriculture, industry, tourism, investment and others to maximize the country’s imports.”
Iraq has been suffering from a stifling financial crisis since the beginning of this year, as a result of the decline in oil prices on the global markets, as revenues from selling crude cover more than 95 percent of state expenditures.