💻💰 Iraq’s Financial Reform: Digitalization & Non-Oil Revenue Drive Growth 💰💻
Highlights designed to engage readers — with emojis, hashtags, and your social links.
🔥 KEY TAKEAWAYS
🏛️ Disciplined Fiscal Policy
Iraq is pursuing a careful, balanced approach to public spending and deficit management, boosting private-sector confidence and reducing economic uncertainty.
⚡ Sector Investment Shifts
While oil, gas, and renewable energy remain strong, investors are increasingly turning to:
🏗️ Construction
💊
Pharmaceuticals
📈 Fiscal policy positively impacts large projects, but it’s even more effective for SMEs thanks to combined fiscal and monetary incentives.
🏦 Riyada Bank: Supporting SMEs & Youth
Key financial reform: Riyada Bank, a mixed bank focused on:
✅ Financing small & medium projects
✅ Mobilizing 60% of the unemployed workforce
✅ Offering long-term, easy loans under Central Bank oversight
Also includes youth initiatives
supporting individual & group projects supervised by the PM.
📊 Balancing Discipline & Growth
Success depends on maintaining:
⚖️ Macroeconomic stability
⚖️ Space for growth and investment
Too much discipline stifles activity; too much spending deepens the deficit.
💡 Boosting Non-Oil Revenue & Digitalization
Financial reform programs aim to:
💰 Expand customs & tax collection
📜 Modernize legislation
💻 Digitize public finance to reduce waste and improve efficiency
🏢 Enhance business environment to encourage private sector investment
📊 Link public spending to performance and economic feasibility
🌟 Bottom Line
The government is combining:
🔹 Fiscal discipline
🔹 Developmental stimulus
🔹 Digitalization
🔹 Non-oil revenue growth
🔹 Private-sector confidence
…to create sustainable, long-term economic growth in Iraq.
✨ HASHTAGS
#IraqEconomy #FinancialReform #FiscalPolicy #RiyadaBank #SMEs #YouthInitiative #NonOilRevenue #Digitalization #EconomicGrowth #MiddleEastFinance 💼💡
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Government advisor: Digitalization and increasing non-oil revenues are fundamental to financial reform.
The economic advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the Iraqi government is following a disciplined financial policy that relies on sound management of the deficit and rationalization of public spending, which has strengthened the confidence of the private sector and reduced the level of uncertainty that was one of the most prominent obstacles to local investment.
Saleh told Al-Furat News that: “The impact of fiscal policy on the volume of local investments varies according to the nature of the sectors. While the energy sectors, especially oil, gas and renewable energies, have the largest share of investment flows due to their attractiveness and profitability, recent years have witnessed a clear shift towards investment in the construction and pharmaceutical industries, as local and foreign investors have begun to pay attention to the growing opportunities in these sectors.”
He added, "The impact of fiscal policy is varied; it is positive for large investment projects through relative financial stability, but it is more influential and effective with regard to small and medium-sized enterprises, as a joint incentive and financing approach has been adopted between fiscal and monetary policy."
Saleh pointed out that "the most prominent tools of this approach is the establishment of Riyada Bank as a mixed bank specializing in financing small and medium projects with the aim of mobilizing nearly sixty percent of the unemployed workforce through long-term, easy loans, as it is being established with the contribution of private Iraqi banks and with the direct supervision and support of the Central Bank."
He continued, "In addition to cooperation with specialized international organizations, this was accompanied by extensive initiatives to provide loans to young people and support individual and group projects under the direct supervision of the Prime Minister within the Youth Initiative."
Saleh explained that “the success of fiscal policy in reducing the deficit depends on achieving a delicate balance between sustaining macroeconomic stability and providing space for growth and investment. A disciplinary policy without a developmental vision may curb economic activity, while uncontrolled expansionary spending leads to a deepening of the deficit gap.”
He added, "Based on this, financial reform programs work to increase non-oil revenues by expanding customs and tax collection, modernizing legislation, and enhancing public financial digitization to reduce leakage and waste, raise collection efficiency, improve the business environment to encourage the private sector to expand and invest, and raise the efficiency of public spending by adopting performance evaluation standards and linking projects to economic feasibility."
Saleh concluded his statement by emphasizing that “the success of the current fiscal policy is based on combining fiscal discipline to ensure macroeconomic stability and developmental stimulus to expand the production base and encourage local investment. Digitalization, improving non-oil revenues, and enhancing private sector confidence are key pillars for strengthening public finances and achieving more sustainable economic growth in the short, medium, and long term.” link