A member of parliament warns of impending inflation in the Iraqi economy and calls on the government to implement emergency plans.
MP Bassem Al-Gharabi warned on Tuesday of an impending wave of inflation looming over the Iraqi economy due to the financial mismanagement pursued by successive governments, calling on the new Prime Minister to adopt urgent plans to avert the crisis.
Al-Gharabi told Al-Maalouma that “the country’s almost total dependence on oil revenues and the fluctuation of their prices in global markets has caused clear confusion in the formulation of federal budgets in Iraq,” noting that “this one-sided rent has produced successive and cumulative economic crises over the past years.”
He added that “the current stage requires serious government action to change the prevailing financial philosophy and diversify national income sources,” stressing “the necessity for the new prime minister to formulate a flexible economic strategy to protect citizens’ purchasing power and prevent the country from sliding into inflation.”
Almaalomah.me