Closure of Strait of Hormuz has direct impact on Iraq’s economy, finance minister says
Iraq’s finance minister says the Strait of Hormuz closure has directly affected the economy, as the ministry works to boost non-oil revenues and reforms.
Iraq's finance minister has stated that the closure of the Strait of Hormuz has had a direct impact on the country's economy, as the ministry works to increase non-oil revenues and continue reforms. In a statement released by the Iraqi News Agency, Finance Minister Falih Saray discussed the challenges faced by the ministry in overcoming the current situation caused by the strait's closure.
The ministry is focusing on boosting non-oil revenues and implementing financial management tools to improve the efficiency of public spending, according to the statement. Saray also affirmed Iraq's commitment to reform, emphasizing the country's progress towards adopting its first-ever program and performance-based budget. British Ambassador to Iraq Irfan Siddiq reiterated the UK's support for Iraq, confirming that the United Kingdom is prepared to provide technical and advisory expertise to strengthen Iraqi institutions and further develop bilateral cooperation between the two nations.
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