Al-Zaydi’s advisor: The Iraqi economy is hostage to oil, and liberating it begins with activating other sectors.
Al-Zaydi’s advisor: The Iraqi economy is hostage to oil, and liberating it begins with activating other sectors.
9-6-2026
Information/Special
The Prime Minister’s financial advisor, Mazhar Muhammad Saleh, confirmed on Saturday that the Iraqi economy depends almost entirely on oil export revenues, explaining that the movement of oil revenues is directly reflected in the Iraqi balance of payments, whether in cases of surplus or deficit.
Saleh told Al-Maalomah that “any shocks or crises that the global economy is exposed to from the outside directly affect the Iraqi economy, given the high level of dependence on oil as a main source of public revenues.”
He added that “one of the main ways to avoid the repercussions of global economic crises is to diversify the economy and sources of financial revenues,” stressing “the need to gradually move towards a more diversified economy that is less dependent on oil.”
Saleh pointed out that “Iraq should, during the next ten years, work to raise the percentage of non-oil revenues to constitute about 45 percent of the total budget revenues, which will enhance financial stability and reduce the economy’s sensitivity to fluctuations in oil prices.”
He emphasized that “supporting the general budget requires diversifying funding and revenue sources, along with strengthening productive sectors, especially agriculture and industry, in order to contribute to building a more sustainable economy capable of withstanding crises.”
almaalomah.me
