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Iraq's economic slowdown is expected to affect government spending, although strategic projects will be exempt, Prime Minister's Financial Adviser Mudher Mohammed Saleh told Zawya Projects.
Saleh said the slowdown posed challenges beyond weaker economic growth and commercial activity, affecting investment, employment opportunities and confidence in the economy.
He said Iraq faced an estimated monthly financial gap of $9.5 billion due to declining oil exports.
Against this backdrop, Saleh proposed a five-year national strategy to develop Iraq's capital market and mobilise domestic savings for investment in productive sectors.
He said the Iraqi Securities Commission could play a key role in strengthening market infrastructure, improving transparency, protecting investors and encouraging institutional investment.
"The key question is how the commission can use its regulatory powers to mobilise capital and direct it towards investment and production by revitalising the stock market," he said.
A more active securities market could help stimulate investment, production and employment while supporting economic diversification, he added.
"We propose preparing a national strategy to develop the capital market over the next five years," Saleh said, adding that the proposal would be submitted to a conference for adoption under the auspices of the Prime Minister's Office.
He stressed that the objective was not merely to increase share prices but to establish a market capable of channelling savings into productive investment and job creation.
Saleh said developing the securities market could help strengthen the economy's ability to withstand periods of slower growth and reduced oil revenues.
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