Iraq PM Calls for Investing in High Oil Prices to Support Economic Reform

Iraq PM Calls for Investing in High Oil Prices to Support Economic Reform

Students gather in a schoolyard in Sulaymaniyah in the Kurdistan Region on Sunday, which marked the first day they were opened after a closure forced by the COVID-19 pandemic. (AFP)

Iraq's Prime Minister Mustafa al-Kadhimi underscored the importance of investing in high oil prices to help ease economic burdens on the people.

During a meeting with the parliament's finance committee on Sunday, Kadhimi said the draft budget submitted by the government aims to achieve economic and financial reform and support vital sectors to help address the majority of problems suffered by the country's economy for decades.

According to a statement by his media office, the premier stressed the need to activate automation mechanisms, digital trading and the Federal Service Council's role, in line with the economic reform plan.

He further highlighted the significance of the fair distribution of wealth among all Iraqi regions, in line with the constitution.

He said the country was facing several challenges, adding: "We have been working hard to reform the current situation and put the country's economy on the right track, in implementation of the government's agenda that was passed by the House of Representatives.“

The financial committee has held more than 300 meetings within a month with several ministers and