Bangkok:Finance Minister Falih Sari has announced that “Iraq Vision 2050” marks a strategic initiative aimed at reducing the country’s reliance on oil. This announcement was made during his participation in the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand.

According to Iraqi News Agency, Sari emphasized Iraq’s commitment to continuing economic and financial reforms, focusing on diversifying revenue sources and enhancing the role of the private sector. He noted that these efforts are crucial for supporting economic stability and improving the country’s ability to tackle regional challenges.

During his address, Sari discussed the economic impact of shipping disruptions in the Strait of Hormuz on oil exports, public revenues, and trade flows. He highlighted the government’s strategy to manage these pressures by reprioritizing spending, boosting non-oil revenues, and maintaining essential state commitments while pursuing structural reforms.

Sari stressed the need for Iraq to transition toward a more diversified and sustainable economy to overcome current challenges. “Iraq Vision 2050” aims to reduce oil dependency, expand the productive base, empower the private sector, and achieve inclusive and sustainable economic growth.

The Finance Minister also reviewed key reform areas, including public finance management, digitization of customs and tax procedures, improvement of the business and investment environment, modernization of the banking sector, and expansion of electronic payment systems. These reforms are designed to support the industrial and agricultural sectors, as well as small and medium-sized enterprises (SMEs), fostering economic revitalization and job creation, particularly for the youth.

Sari underscored the importance of Iraq’s partnership with the IMF and the World Bank Group. He noted that the collaboration with these institutions is vital for supporting the economic and financial reform program and leveraging their technical and institutional expertise to enhance public finance sustainability and implement Iraq’s development priorities.