Ministry of Finance praises the “White Paper”

Shafaq News / Ali Allawi the finance minister praised, on Monday, the "white paper", saying it restores "balance" to the Iraqi economy.

"The reform paper is the impetus to reform the economy and create opportunities for citizens to live a decent life." The minister said.

He pointed out that "mismanagement and the reliance on oil revenues is what deteriorate the economy, so we are currently seeking to activate agriculture, industry, tourism, investment and others sectors” stressing “the necessity for more cooperation between the executive and legislative authorities. "

Despite much criticism by officials and specialists, who considered the white paper one of main reasons for the high exchange rate of the dollar against the Iraqi dinar, the Cabinet had recently approved it.

The paper is composed of five axes to achieve reforms in the financial, economic, basic services, and the laws fields.

The current government is heavily criticized for not securing sufficient funds to pay the salaries of state employees, which may expose it to tremendous pressure in the coming months.

Iraq is suffering from an acute financial crisis, as a result of the decline in oil prices on the global markets since 95% of its budget relies on oil revenues.