Al-Kadhimi: Unilateral dependence on oil affected the economy

Tuesday 20th October 2020 - 18:40

Al-Kadhimi: Unilateral dependence on oil affected the economy

INA - Baghdad

Prime Minister Mustafa Al-Kadhimi affirmed on Tuesday, that unilateral dependence on oil exports has affected negatively on the economy, indicating the determination to overcome many wrong financial policies.

This came during a meeting between PM Al-Kadhimi and a number of German company heads in Berlin, on his second leg of his current European tour, according to a statement by the media office of the Prime Minister received by the Iraqi News Agency (INA).

Al-Kadhimi explained the level of challenges facing the Iraqi economy following the Corona pandemic and the decline in oil export revenues, as well as the Iraqi government's relentless efforts to transform this crisis into a starting point and success that will “advance the reality of the Iraqi economy”

"Unilateral dependence on oil exports has left its negative effects on the economy, but we are determined to overcome many wrong financial policies, and that benefiting from the successful experiences of others, especially the German experience, will contribute to consolidating this goal," he added.

"The Iraqi government is working with focus and race against time, to implement financial and administrative reforms, and the white paper presented by the government comes to chart a realistic path that contributes to overcome crises and achieves development by making use of youth energies in various fields," said Al-Kadhimi.