Al-Rikabi: The lack of financial independence makes Iraq vulnerable to external blackmail.
Al-Rikabi: The lack of financial independence makes Iraq vulnerable to external blackmail.
2-25-2026
Information/Special..
MP Adel Al-Rikabi confirmed that any country’s lack of financial and economic independence makes it vulnerable to political pressure and blackmail, while pointing out that Iraq still suffers from a real problem in the independence of its economic decision.
Al-Rikabi told Al-Maalouma News Agency, “Any country that does not fully control its financial decisions will be vulnerable to blackmail, because the economy is the basis of national sovereignty.” He added, “Successive governments have not dealt seriously with the issue of financial independence, despite their awareness of the magnitude of the challenges facing Iraq in this regard.”
He added that “the Iraqi economy is still under pressure from external restrictions, which has affected the nature of sovereign decision-making and made it restricted in some sensitive matters,” noting that “most of Iraq’s oil revenues are managed through external mechanisms, with the proceeds being deposited in the US Federal Reserve.”
He explained that “this mechanism, although it was put in place as part of protecting Iraqi funds in a previous stage, today it needs a comprehensive review to ensure the strengthening of financial sovereignty and reducing dependence on foreign entities,” calling for “diversifying sources of national income, activating productive sectors such as agriculture and industry, and building a strong banking system that keeps pace with international changes.”
Al-Rikabi pointed out that “the almost total dependence on oil makes the economy vulnerable to the fluctuations of global markets and international decisions,” stressing that “real financial reform begins with restructuring revenue management, enhancing transparency, and building independent reserves that support the stability of the currency and the economy.”
He concluded by saying that “restoring economic decision-making is the first step towards restoring full sovereignty, and that the next phase requires a clear political will to implement fundamental reforms that will protect Iraq from any future pressure or blackmail.”
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