The head of Al Nasr Coalition, Dr. Haider Al-Abadi, hosted an elite group of economists and financial affairs specialists, today, Wednesday, as part of his series of weekly meetings with the elites of Iraqi society.
The meeting began by reading Surat Al-Fatihah for the souls of the martyrs of the Israeli violations in Gaza and discussing the impact of this situation on the region's security, political, and economic stability.
At the local level, Dr. Al-Abadi indicated that the current financial situation is good and has no problem, but spending must be controlled strategically. It is only possible to open many large areas for spending by considering the possibility of a decline in oil prices, which are constantly losing value despite their rise for temporary reasons such as wars.
Regarding the dollar exchange rate, Dr. Al-Abadi described the platform’s work as correct and added: "But there are unclear and bureaucratic procedures followed by official institutions and the market alike, and this confuses financial movement and distorts the currency difference, which pushes the black market and raises living requirements, especially with the presence of large amounts of money from corruption sources, which constitutes an obstacle for the middle and poor classes regarding real estate prices".
The attendees discussed the economic and financial issues from many aspects, the first of which was what they described as legislative failures and delays in paying attention to the relevant laws, leading to the importance of financial management infrastructure that avoids deficit and debt.
They also warned of the financial demands of some political parties on investors because this hinders investment, especially by large companies that Iraq needs. They pointed out the need to activate the private sector, develop a unique strategy for oil and energy projects, and create a sovereign fund for all of Iraq.