Iraq's private sector set to catch up economically with international community, says PM's Advisor
Shafaq News/ On Tuesday, Mohamed Al-Daraji, the Technical Advisor to the Iraqi Prime Minister, stated that Iraq's external loans have exceeded $8 billion, emphasizing the government's efforts to alleviate pressure on the dinar exchange rate by diversifying transactions in other currencies.
During his participation in a panel discussion titled “Making Iraq Investable: Challenges and Opportunities” on the sidelines of the Middle East Research Institute (MERI) forum held in Erbil, the capital of the Kurdistan Region, Al-Daraji noted that Iraq's loans amounted to $8.7 billion, a small figure compared to the country's substantial revenues.
"We have the opportunities and capacity to take loans; however, our focus is on attracting traders and businessmen to invest," he clarified.
Al-Daraji further noted that the Iraqi Parliament's recently approved Sovereign Loan Law for financing industrial projects will help develop the industry and activate the private sector, anticipating that “within ten years, the private sector will economically catch up with the international community and build a reputation strong enough for global banks to finance its projects.”
"We will reduce the outflow of petrodollars and lessen pressure on the dinar to control the exchange rate by diversifying transactions in various currencies, including the euro," he confirmed.
