Sudani’s Advisor: Economic Reform Law will help Iraqi economy to diversify

Mudhar Mohammed Saleh, an advisor to Prime Minister Mohammed Shia’ Al-Sudani on financial affairs, said in an interview with the state news agency that the implementation of the Economic Reform Law will optimize the use of available material and human resources. The law, which aligns with the government’s vision of reform and restructuring of the national economy, is on its way to being legislated by the Council of Representatives.

Saleh explained that the government’s program, approved by the Council of Representatives in October 2022, initiates a reformative vision based on a partnership principle between the state and the private sector in financing, investment, and production. This approach starts from using natural resources and transforming industries to digital services, thereby generating high-value-added supply chains that enhance growth in the gross domestic product.

He further clarified that the Economic Reform Law project is in harmony with the principles of the “National Strategy for the Development of the Private Sector” and the new formation of the Private Sector Council chaired by Prime Minister Mohammed Shia’ Al-Sudani. Both the law and the strategy are central in building the foundations of a “social market” through the partnership vision between the state and the private sector.

Saleh stated that the implementation of the Economic Reform Law, once legislated, will depart from the rentier singularity that has plagued the Iraqi economy. It aims to diversify income sources in the national economy, moving away from a singular economy reliant on liberal capital profits that have been devoid of real investment or sustainable development initiatives for decades.

He concluded by saying that the implementation of the Economic Reform Law will ensure an optimal use of all available resources (material and human) and will guarantee a level of prosperity produced by sustainable growth in a diverse economic climate, assuring development.