Baghdad: Prime Minister Mohammed Shia al-Sudani underscored the vital importance of establishing a genuine partnership between the government and the private sector. A statement from his media office highlighted that the Prime Minister inaugurated the Permanent Council for Private Sector Development in Iraq today, Monday.

According to National Iraqi News Agency, the Prime Minister expressed his support for the Council’s launch, emphasizing its role in achieving national objectives. He urged the Council to identify and address obstructive laws to facilitate swift legislative amendments. Al-Sudani also highlighted the significance of empowering youth, entrepreneurs, and small to medium enterprises as a foundation for larger projects.

Al-Sudani pointed out that linking public and private sectors institutionally will mitigate risks and reduce service delivery delays. He reiterated the need for a well-deserved partnership after years of reliance on a rentier state model and stressed the Council’s focus on protec
ting and promoting national production.

The Prime Minister detailed the financial overview, stating that for 2024, the total expenditure was 156 trillion dinars from a 213 trillion dinar budget, with 90 trillion allocated for salaries. He noted a 40 trillion dinar operating budget and a 26 trillion dinar investment budget, including 13 trillion for licensing rounds.

Al-Sudani remarked on the progress in financial inclusion, which rose to 40% from 10% two years prior, though it still lags behind desired levels. He noted advancements in electronic payments and the presence of correspondent banks ensuring global payment reliability.

Regarding banking sanctions, he clarified they were based on past practices, with current banking procedures under international audit scrutiny. He emphasized the Council’s role in fostering entrepreneurship, creating job opportunities, and enhancing labor absorption.

The Prime Minister also addressed the need to protect local products from market dumping, a factor deterring Iraq
i manufacturers from meeting domestic demand. He concluded by highlighting the challenge of managing border crossings to prevent the entry of substandard goods into the Iraqi market.