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Iraq: A need for economic reform

Oct 17, 2020 (MENAFN via COMTEX) --

(MENAFN) Thursday, October 15th: Iraq's finance minister stated that Iraq is at a very high risk of collapsing economically, due to a liquidity crisis, and now there is an urgent need for political drastic reforms to save the country.

"There is more will now than there was five months ago," Finance Minister Ali Allawi announced to the Associated Press (AP).

Adding: "Now, I think there is recognition that unless oil prices go up miraculously, this is something we have to cope with and manage."

The government has over relied on oil, which made the search for another income very difficult. Low oil prices have reduced the country's funds in the crude-exporting sector by almost half.

The situation keeps getting worse monthly, and now the future is jeopardized, and the government is unsure of how they will make the upcoming payments for local wages, external debts, and necessary imports like food and medicine.

Iraq's already unstable economy, is now more fragile, due to financial pressures promoted by rising oil prices, and the coronavirus pandemic.

However, a "white page" for economic reform has been published by Prime Minister Mustafa Al-Kadhimi, and he claimed that if followed, it will lead to a drastic renovation of the entire system within three to five years.

"It is a paper designed to create a strategic and policy framework for a new Iraqi economy," commented Allawi.

Ending it on a high note; "in the end of this period of change and reform ... we are supposed to have a restructured and more dynamic economy, that is the point of it."

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