Economic Developments – Baghdad
On Wednesday, Finance Minister Taif Sami emphasized the necessity of modernizing financial systems to align with global economic trends.
In a recent statement from the ministry, it was noted that “Minister Taif Sami took part in the International Monetary Fund meetings held in Amman, Jordan, reinforcing regional economic collaboration as part of periodic consultations with the Fund.”
During these discussions, Minister Sami outlined “several key strategic areas, including the implementation of the 2024 budget.” Plans for executing this budget were reviewed, focusing on expenditure control and improving the efficiency of financial resource allocation to meet the country’s economic objectives.
The statement elaborated on strategies to enhance public finances by increasing investment opportunities and steering social spending toward critical sectors, along with bolstering non-oil revenue streams to lessen reliance on oil revenues.
Further discussions during the meetings focused on banking reforms and underscored the significance of updating financial systems to reflect global economic dynamics. Projections for the economic landscape in 2025 were also on the agenda, alongside strategies aimed at boosting non-oil revenues, tax reforms, and the adoption of a unified accounting system.
Minister Sami remarked that “these discussions represent the Ministry’s ongoing commitment to reinforcing financial stability and implementing structural reforms that ensure national economic growth.”
She highlighted “the critical importance of close collaboration with regional and international development partners,” stressing that “cooperation with the International Monetary Fund is foundational for developing financial policies that address current challenges.”
The ministry’s statement further indicated that “these meetings mark a strategic advancement in reforming the financial and banking sectors in Iraq, aimed at fostering financial stability and supporting economic expansion.”
It was asserted that “these conferences are anticipated to yield new financial policies concentrating on diversifying public revenue sources, enhancing the banking system, and refining spending efficiency in harmony with global economic shifts, thereby augmenting the resilience of the Iraqi economy against financial challenges.”
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