Abu Dhabi:The Iraqi Foundation Coalition has expressed its support for the government’s financial measures aimed at stabilizing the country’s economy and preventing financial collapse. It emphasized the need for effective market oversight to alleviate the effects of the exchange rate adjustment on citizens.

According to National Iraqi News Agency, the Coalition issued a statement endorsing the government’s economic strategies, which are designed to curb currency speculation and illegal financial activities. These measures were deemed necessary to avoid a financial crisis that could have severe repercussions for various segments of society.

The Coalition acknowledged that the decision to adjust the exchange rate was difficult but necessary. It argued that this approach would cause the least harm compared to other potential solutions, which might have adversely affected public sector employees, retirees, social welfare recipients, and other groups.

It further urged national forces to support the government’s efforts to address the crisis, which has been exacerbated by factors such as the closure of the Strait of Hormuz and oil export disruptions. The Coalition called for cooperation with the Prime Minister to implement serious initiatives, including the establishment of a “Generations Fund” for project financing, combating financial corruption, ensuring salary payments, and delivering essential food supplies to those in need.

The Coalition also highlighted the importance of market oversight to reduce the impact of the exchange rate changes on the population, stressing the need for comprehensive and coordinated efforts to resolve the ongoing economic challenges.