Iraq’s economy needs urgent reform to avoid ‘hitting a wall’

The country has lost $450bn in public funds to corruption since 2004, according to Transparency InternationalIraq's finance minister Ali Allawi speaks during an interview at his residence in Baghdad, June 22 2020. Picture: AHMAD AL-RUBAYE / AFPIraq's economy could reach irreversible lows within the next year unless urgent reform measures are adopted, finance minister Ali Allawi warned in an exclusive interview on Monday.

When he took over the finance ministry in May, Allawi told AFP, he was “shocked” to find so little liquidity. To navigate these dangers, Allawi said he would propose a full reform plan to parliament within three months, including austerity measures that could last two years. “If oil prices stay at this level for a year, and our expenses stay the same, without a doubt we're going to hit a wall,” Allawi sad.

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