MP Mona al-Obeidi said on Thursday that Parliament is moving seriously toward drafting a new budget built on a clear economic vision, one that reduces Iraq’s heavy dependence on oil.
Speaking to dinaropinions.com, al-Obeidi explained that the current state budget relies almost entirely on oil revenues, leaving the Iraqi economy fragile and highly exposed to swings in global oil prices.
She said lawmakers want to change that reality by pushing for budget provisions that strengthen non-oil income. This includes activating key sectors like agriculture, industry, and tourism, which she believes can provide more stable and sustainable sources of revenue.
According to al-Obeidi, diversifying income is no longer a choice — it’s an urgent necessity. “If we want to protect the national economy from external shocks, we have to move away from total oil dependence,” she said.
She added that Parliament is backing these efforts as part of a broader push to finally break the long-standing cycle of reliance on oil and build a more balanced and resilient economy.
