Shafaq News/ Iraq's Minister of Finance, Ali Abdul-Amir Allawi, on Thursday said the country needs a "true revolution" if it seeks to break out of the rentier cycle.

Allawi's remarks came in a speech he delivered before the 2022 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF).

"The emancipation of the Iraqi economy and rectification of the economic and monetary policies requires a true revolution to alter its structure and convert from a rentier economy basically relying on oil to a diverse economy," he said.

Allawi said that the private sector shall claim its role in the economic cycle to achieve sustainable development.

" If we seek to invest in the resources of our country, we shall address worn-out institutional laws and adapt the economy to the post-oil era."