Allawi: Iraq suffers from chronic and costly crises, deepened by fluctuations in international oil prices

Finance Minister Ali Abdel Amir Allawi, "Al-Iqtisad News"
 
03/26/2022

Economy News - Baghdad

During his participation in the Doha Forum for Dialogue 2022, Iraqi Finance Minister Ali Abdul-Amir Allawi stressed that Iraqi society suffers from chronic and costly crises deepened by fluctuations in international oil prices.

A statement issued by the media office of the Ministry of Finance, received by Al-Iqtisad News, stated that Allawi participated in the activities of the Doha Forum for International Dialogue held in the State of Qatar in its 20th session, which will continue for the period from 26 to 27 March 2022.

It is noteworthy that the forum, which carried the slogan "Transformation into a New Era", aims to launch a dialogue on the critical challenges facing the world, and to promote the exchange of ideas and policy-making and to provide applicable recommendations.

Allawi said that the goal of reaching a world free of crises, violations and wars "is not easy to achieve, unless there are good intentions, international will and equal dialogue to resolve differences and reduce conflicts in order to silence the voice of war and destruction."

He added, "Health recovery is no longer worrisome after suffering severely from the effects of the Corona pandemic, but rather the multiplicity of armed conflict foci and its expansion is what worries the world."

According to Allawi, "There is no doubt that the establishment of security and stability and the settlement of differences between the Arab countries and their regional and international surroundings add to the world the factors of recovery, peace and prosperity. It is the hoped-for role of reviving the factors of history and geography in spreading incentives for dialogue as an objective and moral alternative to conflict."

Iraqi society suffers from “chronic and costly crises deepened by fluctuations in oil prices in the global market, due to the impact of the Corona pandemic and terrorism,” according to Allawi, who pointed out that the decline in Iraqi oil revenues and terrorism “were a source of concern at all governmental, political and popular levels, and it is a legitimate concern in the context of the deterioration.” history of the global economy.

The national need needed a financial strategy consisting of two things, according to Allawi, who clarified that "the first is short related to borrowing for the purposes of meeting urgent needs, and the second is long-term, represented by the white paper for economic and financial reform to avoid expected fluctuations and achieve reassurance of a decent life, and create new economic partnerships for all levels".

According to Allawi, the importance of the white paper is embodied in "rebalancing the Iraqi economy and putting it on a path that allows the state to take appropriate steps in the future to develop it into a dynamic, diversified economy that creates opportunities for Iraqis to live a decent life by proposing a set of comprehensive reforms and policies, and protecting the weak and fragile groups in society that are most affected." For some aspects of reform by increasing social protection allocations, supporting the food basket and small and medium enterprises, and activating health measures to counter the effects of the pandemic.

The reform paper took into account "the repercussions of rising global food prices on the life of Iraqi society, which is the result of measures beyond its control regarding the high costs of production, transportation, shipping and marketing," according to the minister.

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