Bangkok:Finance Minister Falih al-Sari has stated that Iraq’s Vision 2050 outlines a strategic direction to lessen the country’s reliance on oil, diversify revenue sources, and expand its productive base for sustainable economic growth.

According to National Iraqi News Agency, al-Sari participated in the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand. During these meetings, he emphasized Iraq’s commitment to economic and fiscal reforms, focusing on revenue diversification and strengthening the private sector’s role to enhance economic stability amid regional challenges.

Al-Sari pointed out the significant economic impacts of disruptions in the Strait of Hormuz on oil exports and public revenues. He noted that the Iraqi government is addressing these pressures by reprioritizing public expenditure, boosting non-oil revenues, and continuing structural reforms to maintain the state’s core obligations.

The minister highlighted the need for a diversified and sustainable economy, explaining that Iraq’s Vision 2050 seeks to empower the private sector and deliver inclusive growth. Key pillars of the reform agenda include improving financial management, digitizing tax procedures, enhancing the investment climate, and modernizing the banking sector. Support for industrial and agricultural sectors, as well as small and medium enterprises, is also prioritized to stimulate economic activity and create jobs for the youth.

Al-Sari emphasized the importance of collaboration with the IMF and the World Bank Group, acknowledging the value of their technical expertise and institutional support in advancing Iraq’s fiscal sustainability and development goals.