Baghdad: The Head of the Parliamentary Finance Committee, Atwan Al-Atwani, emphasized the pressing need for Iraq to seek alternative and sustainable sources of revenue due to the continuous fluctuations in oil prices and their significant impact on the national budget.
According to National Iraqi News Agency, a statement from the committee highlighted that the Parliamentary Finance Committee, under the leadership of Al-Atwani, conducted an extensive two-day workshop. The event aimed at exploring strategies to enhance revenue streams, was organized in collaboration with the International Partners Foundation and included contributions from experts, consultants, university professors, and relevant official entities.
The committee's statement elaborated on the workshop's agenda, which centered around proposed amendments to the Federal Revenue Authority Law. Various perspectives and proposals were discussed, with an emphasis on activating the Authority's role and expanding its powers, particularly in evaluating and collecting state revenues. The goal is to safeguard public funds and promote sustainable development.
Al-Atwani remarked that the workshop is integral to efforts aimed at bolstering the state's financial sustainability, offering a genuine opportunity to develop practical and actionable recommendations that align with shared objectives. He acknowledged the invaluable collaboration with the International Partners Foundation, which he believes significantly enhances these efforts through their support and expertise in this crucial area.
He further noted that exchanging knowledge with prominent international institutions enriches discussions and aids in devising innovative solutions. Al-Atwani underscored that while the journey toward a sustainable economy may present numerous challenges, it is also laden with opportunities. The Parliamentary Finance Committee anticipates that the workshop will be a pivotal step toward constructing a more stable and prosperous economic future.
Al-Atwani highlighted that Iraq's long-standing reliance on oil revenues has rendered its financial situation fragile, undermining the country's ability to achieve sustainable development goals. He asserted that moving beyond this "single dependence" is essential, stressing that economic diversification is now a strategic necessity. This approach aims to build a multifaceted economy grounded in diverse production and service sectors capable of generating wealth and creating added value.
He concluded by pointing out that the persistent fluctuations in oil prices necessitate the search for alternative revenue sources to fund development projects and improve services, thus safeguarding the economy from external shocks and expanding the foundation for economic growth.