Iraqi Finance Minister Tayef Sami recently engaged in discussions with the International Monetary Fund (IMF) to deliberate on financial and banking reforms aimed at bolstering the Iraqi economy. These discussions took place during the regular meetings convened in Amman, the capital of Jordan.
According to a statement from the Iraqi Ministry of Finance issued today, the agenda included a focus on executing the 2024 budget. The talks encompassed reviewing expense control mechanisms and enhancing the efficiency of financial resource distribution, aligning with the state’s economic objectives.
In line with these discussions, the two parties considered strategies to improve public finances, emphasizing investment support and directing social spending to essential sectors. Moreover, there was a concerted effort to bolster non-oil revenues and reduce reliance on oil income.
The meetings also addressed the imperative of banking reforms, highlighting the necessity of updating financial systems to adapt to global economic changes.
Anticipated economic expectations for 2025 were also reviewed, along with potential approaches for increasing non-oil revenues. Key among these strategies is the development of the tax system and the implementation of a unified accounting system.
During the meetings, Sami underscored that these discussions are integral to the Ministry’s efforts toward enhancing financial stability and achieving structural reforms that fortify the national economy. He noted the critical importance of coordination with international partners, positioning cooperation with the IMF as a pivotal element in shaping financial policies to address current challenges.
