According to Thaghab, the solution lies in “creating an environment that can attract global investments with a lot of capital and advanced technologies. Global corporations are aware of Iraq's economic capabilities and plentiful natural resources."
He added, "The country is deemed rich, and this is one of the most important elements that guarantee the rights of international companies, especially as the volume of work in Iraq is very large and accommodates a lot of specialized and internationally classified companies."
Because of that, Thaghab believes “Iraq is capable of gradually achieving economic development," especially if it paves the way for investment projects in the industrial, agricultural and tourism sectors, which will "pump billions of dollars into the federal budget.”
Mazhar Mohammed Saleh, financial adviser to the prime minister, confirmed Nov. 3 to the media that the 2017 budget is in line with International Monetary Fund requests to develop non-oil resources and other sources of income.
The new budget is also expected to reduce expenses through a project that in some ways resembles a pension or severance pay incentive. Under the program, public employees who have worked at least five years in their jobs can take paid "leave" for five years, but there is no guarantee that their jobs will still be there for them after that period.
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