Finance Minister Confirms Strait of Hormuz Closure Impact on Iraqi Economy, Pledges Non-Oil Revenue Boost

Finance Minister Faleh Sariy confirmed on Sunday that the closure of the Strait of Hormuz has directly impacted the Iraqi economy, and the ministry is committed to enhancing non-oil revenues. This came during discussions held by the Minister with the British Ambassador to Iraq, Irfan Siddiq, to address economic and financial cooperation. Sariy explained that Iraq is in the process of approving its first program-based budget, adopting a new methodology that links resource allocation to objectives and results, thereby enhancing the efficiency of public fund utilization. He affirmed that the closure of the Strait of Hormuz has left direct effects on the Iraqi economy, given the reliance of trade movement and oil flows on regional developments. The Minister emphasized the ministry's commitment to overcoming current circumstances by developing financial management tools and continuing the path of reform. For his part, the British Ambassador reiterated his country's support for Iraq, confirming the United Kingdom's readiness to provide technical and advisory expertise in economic and financial fields, contributing to strengthening the capacities of Iraqi institutions and fostering bilateral cooperation.