Prime Minister’s Advisor: Three-pronged plan to secure salaries amid global challenges
The Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed on Tuesday that the current policy guarantees the continuation of salaries and social welfare grants. While identifying three main sources to ensure the sustainability of salaries and social spending, he indicated that Iraq is capable of facing global financial and economic shocks efficiently and effectively. The advisor told the official news agency that “the sustainability of monthly expenditures for salaries, wages, pensions, and social welfare allowances, in light of the current economic challenges and global fluctuations due to geopolitical risks, is a top priority, and depends on three main sources of revenue that guarantee the protection of the living and social stability of citizens on a regular monthly basis.”
He explained that “the first source is maximizing non-oil revenues, as ensuring the liquidity of collecting these revenues is achieved by intensifying approved electronic payment methods, which enhances the state’s own financial resources and reduces total dependence on oil revenues.”
Saleh added that “the second source is expanding the base of crude oil and petroleum product exports. This policy includes using traditional export channels whenever possible, including land and sea transport through neighboring countries, according to current global oil prices, which have seen an increase of nearly 70% compared to their levels before the outbreak of tensions in the Gulf and Middle East region.” He pointed out that “this export expansion contributes, in light of high crude oil prices, to boosting the revenues needed to cover social spending and ensure the stability of the local market.”
He also explained that “the third source of revenue is to follow a pattern of targeted quantitative easing policies, with monetary and fiscal coordination, where coordination between monetary and fiscal policy is intensified, and this coordination is supported by efficient foreign exchange reserves, to ensure the stability of the national economy and the sustainability of public social spending, including the payment of salaries, pensions and social welfare allowances without any interruption.”
Saleh concluded by saying: “The continuation of these integrated policies guarantees the protection of monthly job income, enhances economic and social stability in the country, and makes Iraq capable of facing global financial and economic shocks efficiently and effectively.”
Burathanews.com