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Finance Minister Ali Allawi said today, Thursday, that Iraq came out of the difficult economic situation safely, noting that the process of changing the exchange rate of the dollar against the dinar was not easy.
The Minister of Finance stated, during an interview with a number of media outlets, that “Iraq’s financial policy during a year and a half passed through five exceptional circumstances, and we entered the beginning of the government’s work without any financial safety valve,” noting that “the Iraqi economy has changed since 2019 and the obligations of the previous government.”
He added, "The Corona crisis led to the collapse of oil prices and increased unemployment," noting that "we worked as a government policy to control expenditures that were reflected in state revenues, and the process of changing the exchange rate was not easy."
Allawi explained, "Our fiscal and monetary policy is reformist and must be continued," noting that "we have started correct reform work, starting with banks and customs, and our fiscal policy aims to balance oil and maximize other resources, and our policy is stability in the exchange rate and we will defend it."
He pointed out that "there is coordination with the Central Bank and cooperation is necessary between the fiscal and monetary policies," stressing that "Iraq came out of the difficult economic situation safely.
And the Minister of Finance continued, "Our recent visit to the World Bank did not ask for any loan, and the Iraqi financial situation is better."
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