The Economic Adviser to the Iraqi Prime Minister, Muhammad Saleh said in an interview that Iraq still has a secure position as described in the global scale of public debt and borrowing. He added that it was due to the economic reform strategy of Iraqi government. He said that the main objective of Iraqi government is to manage an exhaustive and progressive reform to overcome the inequality issues in the country. There would be some perfect measures and decisions in order to support Iraqi private sector. It would move the economy & rehabilitation of the state owned enterprises to eliminate or reduce the current economic & financial crisis. He said that Iraqi government has planned to involve the international community in order to support the projects in Iraq regarding the rehabilitation and reconstruction process in the country. He added that better interaction with countries in the region had provided much better support in the war against terrorism and various other challenges.
Muhammad Saleh also said that the agreement of OPEC to cut global output was a positive & perfect step. It reflected a significant amount of good impact on the Iraqi economic and financial situation. It first improvement was regarding external variables & impacts on the international market. It significantly contributed in the improvement of current year’s Iraqi federal budget status by reducing the oil supply and an increase in the demand; it raised oil prices in the international oil market. He said that Iraqi contribution in the cut production is estimated at 200,000 barrels crude oil according to the agreement essential for the global economic growth. Saleh further added that reduction in the crude oil production with the OPEC agreement would lead to a significant amount of rise in the sale prices of crude oil in the global market. He added that the suggested price in the Iraqi federal budget 2017 was at 42 U.S dollars per barrel and now it has been reaching at 50 U.S dollars per barrels after the implementation of OPEC agreement.