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The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Saturday, that the government’s vision is based on the sustainability of financing investment projects away from oil.
Saleh told the Iraqi News Agency (INA), followed by Al-Iqtisad News: “The draft economic reform law, the draft of which the Council of Ministers had previously discussed in the past months, represents the government’s vision that was formulated by the ministerial platform, which is based on the principle of partnership between the state and the private sector, in a way that achieves a major shift in financing. Investment projects, with high financing sustainability, in which the private sector contributes with their income and financial surpluses, away from the restrictions imposed by fluctuations in the oil asset cycle and dependence on the unilaterality of the oil resource in financing development.”
He added, "The Economic Reform Law serves as the philosophical foundation for the Iraq Fund for Development, and it is one of the important executive arms of the Economic Reform Law and represents the essence of the partnership between the state economy and the market economy," pointing out that "the national strategy for developing the private sector that was previously approved and its importance in raising the contribution of market activity In the gross domestic product, it will reach more than 50% of the gross domestic product within a decade instead of its current situation, in which the private sector still contributes less than 37% to the formation of that national product.
Saleh explained that “economic diversification and abandoning the unilateralism of the rentier economy require a reform law in which the leadership of the productive national market is integrated into the process of economic construction of Iraq, side by side with the role of the state in development and with effective partnerships required by the future economic advancement in Iraq, which was sparked by Iraq’s strategic economic programme, which is path of development.
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