Iraqi Finance Minister Faleh Sari confirmed on Sunday that the closure of the Strait of Hormuz has had a direct impact on the Iraqi economy. He indicated that the ministry is working to overcome the current circumstances by boosting non-oil revenues and continuing its reform program.
In a statement, the Ministry of Finance said that the minister discussed economic and financial cooperation between Iraq and British Ambassador to Iraq, Irfan Siddiq.
The minister affirmed that Iraq is moving towards approving its first performance-based budget in its history, based on a new methodology for managing public spending that links resource allocation to objectives, programs, and results, thereby enhancing the efficiency of public funds utilization, according to the Iraqi News Agency (INA).
Iraqi Finance Minister: Closing the Strait of Hormuz has had direct repercussions on Iraq's economy
