Government Adviser: Non-Oil GDP Growth in 2024 Reaches Unprecedented Levels

 
Baghdad – INA
 
The Financial Adviser to the Prime Minister Muthar Mohammad Saleh emphasized on Saturday that the growth rate of non-oil GDP in 2024 has achieved unprecedented levels. He further asserted that the government’s economic program has been successful in managing financial diversification within the national budget and the broader economy, while noting that the prudent approach of fiscal policy has been key to stabilizing the general budget’s liquidity and the macroeconomic environment.
 
In his statement to the Iraqi News Agency (INA), Saleh remarked, “The surge in non-oil GDP growth has been supported by a critical role played by monetary policy in regulating the monetary sector, in alignment with the Central Bank Law No. 56 of 2004.” 

He added, “This monetary policy has remained robust and continues to function in close coordination with fiscal policy, complementing the government’s economy, which still constitutes 65% of the GDP and controls 98% of foreign currency inflows.”
 
Saleh further highlighted that the financial sector has contributed significantly, particularly through the strategic use of governmental borrowing instruments and the accumulation of foreign reserves from oil revenues, which have formed the foundation for the monetary base and subsequently bolstered the money supply in the country.

In a related issue, the financial adviser forecasted that the steady approach of fiscal policy would persist into 2025, with ongoing deepening of collaboration with the Central Bank’s monetary policy to ensure the continued management of budget liquidity and macroeconomic stability. He emphasized that this approach has been instrumental in reinforcing the success of Iraq’s economic policy in 2024, despite the complex global and regional challenges faced.
 
In conclusion, Saleh affirmed that the Central Bank functions as the government’s financial agent, overseeing the central management of both external and domestic public finances, while also coordinating government payments and managing public liquidity according to precise accounting standards and technical procedures. He reiterated that the methodologies employed by Iraq’s financial institutions are in line with global best practices, aimed at achieving the country’s strategic economic objectives.