MP proposes exit from rentier economy
MP proposes exit from rentier economy
8-29-2026
Information/Special…
MP Mohammed al-Bayati stressed on Saturday the necessity of developing a roadmap to raise non-oil revenues to at least 30%, in order to create a balance and move away from a rentier economy.
Al-Bayati explained to Al-Maalouma that “Iraq relies on crude oil exports for up to 90% of its state treasury revenue to cover salaries and other operational and investment expenses,” noting that “reliance on a rentier economy carries significant risks, something we have been warning about for years.”
He added that “there is a need to develop a roadmap that guarantees raising non-oil revenues to 30% of treasury revenues, through flexible mechanisms that ensure maximizing revenues, whether from border crossings or services, thus creating a balance and addressing the sharp declines in oil prices or the limitations on exports due to tensions in the Middle East.”
He pointed out that “all oil-producing countries have adopted the principle of diversifying their economies for years to reduce the risks of declining oil prices or the instability in the region resulting from security disturbances and other factors. Therefore, there must be an alternative plan to create a resilient economy in Iraq.”
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