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- TUESDAY, 02-13-2024, PM 12:43
- KARAR AL-ASSADI
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The economic file in Iraq still constitutes one of the most complex and ambiguous files at the same time, as Iraq relies heavily on oil as the sole source of the general budget, despite warnings, causing the country to turn every time to cover the deficit through borrowing from abroad or within, to the effect Oil and global crises.
During the past years, Iraq was unable to develop the economic sectors despite the financial savings, in order to use them for operational expenses without investment, in addition to its dependence on the government sector, which put great pressure on the state’s general budget because it goes in its entirety as employees’ salaries.
In a surprising move, Prime Minister Muhammad Shiaa Al-Sudani announced not to rely on the budget, oil prices, and government jobs, and to move towards the private sector.
This came during his reception with a number of investors and businessmen who own medium-sized projects, according to the Sudanese media office, which stated that the meeting witnessed a review of the most important projects being implemented, the obstacles and problems facing employers and ways to address them.
During the meeting, Al-Sudani pointed out that “the government is moving towards supporting the private sector and supporting small companies,” noting “activation measures taken for the first time, including the sovereign guarantees provided by the government for projects implemented by the private sector.”
The statement quoted the Prime Minister as saying, “These steps come from the government’s vision of the state’s work that it cannot be managed only through government institutions and the public sector, relying on the budget and oil prices, and on government jobs, but rather there must be a societal understanding of the sector.” Private, and experimenting with small projects and developing them.”
The statement added, "The meeting touched on the challenges facing economic and financial reform in several files, as the implementation of the electronic payment system faces many obstacles, and there are also attempts to circumvent tax reform, company registration, and customs procedures, and all of them are being addressed, stressing that the government is also continuing its procedures." in reforming the banking sector.
The statement continued, "Al-Sudani spoke about contracts for new residential city projects, explaining that they aim to solve the housing crisis and revitalize industry at the same time, as the construction sector serves this trend, which increases the local production capacity in these industries."
The independent “Future Iraq” Foundation concerned with economic affairs published last November that Iraq is the country with the largest number of government employees relative to the total workforce, indicating that the percentage of workers in the government sector in Iraq reached 37% among a group of countries included in the study, as it is considered The government sector has the most pressure on the state’s general budget, as it goes entirely as salaries to employees, without any real production equivalent to these high expenses as a result of not creating an investment environment that contributes to encouraging the private sector and providing job opportunities through it, which increases the pressure on the public sector.
It is noteworthy that the Ministry of Planning announced last December that the private sector contributes about 37 percent of the gross domestic product and provides half of the country’s workforce, which requires giving the sector the full opportunity to strengthen its presence in various aspects of the economy.
Last June, the House of Representatives voted on the federal budget law for the years 2023, 2024, and 2025, which is the largest in the country’s history after discussions that lasted for five days. The value of the current year’s budget amounts to 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars). With a total deficit of 63 trillion dinars ($48.3 billion), it is the highest and more than double the deficit recorded in the last budget for the year 2021, when it reached 19.7 billion. This is what observers consider to be an alarm bell that will surprise the current government in the event of a decline in oil prices.
Prime Minister Mohamed Al-Sudani confirmed last July that the government is obligated to implement the tripartite budget law, pointing out that his government will review the parliamentary amendments made to it and the extent of their conformity with government objectives.
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