On Saturday, Representative Ali Al-Lami warned about the continued dependence of Iraq on oil sales to finance its expenses. He indicated that the country is at risk of suffering a major economic collapse due to the continuous penetration of corruption.
During an interview, Al-Lami expressed his concerns about the economic challenges that Iraq has been facing for a long time. He emphasized the need for a roadmap to help mitigate the risks of any international crises, particularly related to oil prices. Al-Lami highlighted that the treasury revenues mainly depend on oil, which accounts for more than 90% of them.
He stated that the national economy faces three significant risks during his speech:
- The widespread corruption that has infiltrated state institutions.
- The economy’s heavy reliance on the sale of oil despite fluctuations in its price.Third
- The presence of 25 unofficial outlets in the Kurdistan region, which make up the largest smuggling front in the country.
He stated that the unofficial outlets in the region are a serious problem because they are illegal and create black markets. This causes direct harm to six sectors, including agriculture and industry, as they flood the markets with materials and result in huge losses for national production. Urgent action is required to address these outlets. Baghdad must take steps to control them and ensure they operate according to official instructions and conditions.
Iraq heavily depends on oil sales to secure the majority of its public treasury revenues, which are utilized for spending and paying salaries.
