Iraq plans economic overhaul amid oil price drop
The Iraqi Prime Minister's Advisor confirmed that falling oil prices present an opportunity to restructure the Iraqi economy in a more balanced way. The current challenge lies in depending the budget heavily on oil revenues. He called for adopting a financial reform program that includes rationalizing government spending, enhancing tax collection, and developing non-oil sectors such as agriculture, industry, and tourism. The reform also involves the limited use of internal borrowing as a temporary tool, with a focus on increasing non-oil revenues and reducing reliance on oil as the main source of public income.
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