Baghdad (IraqiNews.com) – Iraqi Finance Minister Faleh Sari confirmed that the closure of the Strait of Hormuz has had a direct impact on his country’s economy, citing the relationship between trade, oil flows, and developments in the region.
Sari indicated that the Ministry of Finance is committed to tackling the current situation by increasing non-oil revenue, developing financial management tools, and advancing the reform process.
The Iraqi minister made the remarks during his meeting with the British Ambassador to Iraq, Irfan Siddiq, where the two sides discussed economic and financial cooperation between Iraq and Britain, according to a statement cited by the state-run Iraqi News Agency (INA).
Sari stressed that Iraq is taking steps to establish its first performance-based budget in history, which relies on a new approach to manage public expenditure.
The new approach aims to improve the efficiency of public finances by tying resources granted to government bodies to the plans and outcomes they must achieve, according to Sari.
Siddiq confirmed his country’s support for Iraq, stating that the United Kingdom is ready to continue providing technical and advising assistance in the economic and financial areas.
According to the Iraqi Finance Ministry, Britain’s assistance to Iraq aims to enhance several institutions and foster economic and financial cooperation between the nations.