Iraq Exits List of Highest-Inflation
Minister of Trade, Atheer Al-Ghurairi, confirmed on Sunday that Iraq has exited the list of countries with the highest inflation thanks to government policies, while noting that the country has sufficient food reserves to cover more than eight months.
In a speech delivered at the Iraq Investment Forum, attended by an Iraqi News Agency (INA) correspondent, Al-Ghurairi stated: “The current government has established a genuine approach to transforming the market into a fully competitive one, based on supporting the private sector.”
He pointed out that “the private sector has been supported through significant measures, foremost among them the initiatives taken by the Ministry of Trade, which has worked in line with the state’s overall economic policy rather than merely as a ministry for ration distribution. The Ministry focused on setting clear priorities, with food security at the forefront.”
He continued: “When the current government assumed its responsibilities, Iraq was among the countries with the highest food price inflation. However, it has now exited this list thanks to government efforts.”
The Minister of Trade explained that “the management of the food basket program was carried out in partnership with the private sector, allowing flexibility in dealing with market fluctuations and regional and international conditions.” He added: “As a result of these policies, Iraq now possesses sufficient food reserves to cover more than eight months, with self-sufficiency exceeding one year in wheat and flour.”
He noted that “the Ministry has focused on price control and marketing management according to market needs, thereby creating space for the private sector to operate without harming citizens or placing additional burdens on the middle and lower classes.”
It is noteworthy that Prime Minister Mohammed Shia’ Al-Sudani sponsored the Iraq Investment Forum yesterday, Saturday, which is being held over two days in Baghdad and includes the presentation of more than 160 promising investment opportunities across various sectors.
