The Ministry of Finance acknowledges the difficulty of balancing Iraq's oil and non-oil resource
Shafaq News/ Iraqi Finance Minister Ali Abdul Amir Allawi stated on Thursday the difficulty of balancing oil and non-oil resources in the short term in order to improve the economic reality in the country.
Allawi said in a press conference held today at the Ministry's headquarters and attended by Shafak News Agency's correspondent, "We have started reforming financial institutions, starting with banks and the Tax Authority, to create tools for managing the local economy without changing these institutions, but rather reforming them."
"We are trying to strike a balance between oil and non-oil resources, and this is difficult in the short term and requires measures to reform institutions and stimulate the entire economy," he added.
Regarding the exchange rate of the dollar against the dinar, the minister said: The exchange rate of the dollar should have been changed years ago,
which reflected something useful for reforming the economic system in Iraq.
He believed that the exchange rate reflects many issues and its rise is beneficial for some economic sectors.
Allawi also revealed the completion of the preparation of the 2022 budget, saying that next year's budget will be presented within 3 weeks to the Council of Ministers.
He continued by saying that Iraq's financial policy during the year and a half passed through five exceptional circumstances, as we entered the beginning of the government's work without any financial safety valve, adding that the Iraqi economy has changed since 2019 and the obligations of the previous government.
The minister also stressed the Corona crisis, which led to the collapse of oil prices and increased unemployment, adding, "We worked as a government policy to control expenditures that were reflected in state revenues."
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