“From now on, Iraq can manage the legal and technical aspects of its financial resources itself — along with everything relating to deposits and foreign real estate holdings — and dispose of its own affairs," he said. “Other countries will no longer hesitate to invest in Iraq, and foreign firms will be encouraged, as Iraq is an oil-rich country and also has major gas reserves and swathes of agricultural land that could be very profitable.”
Iraqi writer and analyst Wathiq al-Jabari, a member of the Tanmiya Center, told Al-Monitor that the resolution will have “positive social effects."
“All efforts to freeze Iraqi funds in international banks have ended, which will enhance Iraq’s financial standing and its creditworthiness,” he said.
The decision to lift sanctions coincided with Abadi’s announcement Dec. 9 that the fight against the Islamic State was over and security and stability had returned to Iraq.
He also played up the country’s investment climate now that it can once again work with international firms and banks. With its vast oil reserves, Iraq can look forward to an economic revival, providing the government is able to bring stability and work fast to stamp out violence and terrorism.