Iraq plans to increase non-oil budget revenues, says finance minister

A cargo ship moored at the port of Umm Qasr, south of Iraq's southern city of Basra. Iraq wants to quicken economic diversification. (AFP)

• Dinar devaluation was a necessity says minister
• No plans to tap international debt markets

RIYADH: Iraq plans to implement tax reforms to maximize its revenues from non-oil resources, Asharq Business reported, citing Finance Minister Ali Allawi
Oil revenues currently account for 96 percent of the country’s budget.
The minister said that the recent devaluation of the dinar was crucial to the structure of the economy and that the negative effects of the move would gradually diminish.
He added that a full float of the currency may occur in the future, but that the Central Bank would in the meantime maintain the current exchange rate level for as long as possible.
Iraqi foreign debt amounts to some $60 billion, Allawi said.
The government is not currently considering tapping the global debt market, he said. Instead the country would look to international financial institutions.
He noted that some $150 billion had been looted from state coffers by previous regimes.