Basim al-Gharabi, a member of Iraq’s Parliamentary Finance Committee, has warned that the country could face an economic crisis in the near future if urgent steps are not taken to strengthen public revenues and reduce dependence on oil.
Al-Gharabi said Iraq’s continued reliance on oil income leaves the economy exposed to global market fluctuations and financial shocks. He stressed the need to speed up efforts to diversify national income sources and increase non-oil revenues.
He also cautioned against relying heavily on domestic and foreign borrowing to deal with financial challenges, saying that additional debt could create greater financial pressures on the government in the years ahead.
According to Al-Gharabi, Iraq needs sustainable economic solutions rather than temporary measures. He called for serious economic reforms, stronger support for productive sectors, greater encouragement of investment, and renewed focus on developing industry and agriculture.
He explained that strengthening these sectors would help reduce the country’s dependence on oil, which remains the main source of government revenue.
Al-Gharabi also urged the government to develop long-term economic strategies aimed at diversifying income sources, improving the economy’s ability to withstand financial crises, and achieving greater economic stability regardless of changes in global oil prices.
