This week we saw Iraq take another step toward economic reform and private sector revival as Prime Minister Al-Sudani officially launched the country’s Permanent Council for Private Sector Development on the 7^th April.

Speaking at the launch, the Prime Minister made it clear that the new council is more than just symbolic. It’s goal is to become a driving force behind legislation, reform, and opportunity for businesspeople and entrepreneurs across Iraq.

“This is a partnership we deserve after decades of state-dependence,” - Al-Sudani

Al-Sudani has also called on the council to identify outdated or obstructive laws holding back enterprise and to help push through reforms that will allow the private sector to thrive.

Is this a Department of Government Efficiency (DOGE) for Iraq?!

A key focus of the council will be supporting young people, business owners, and small-to-medium enterprises (SMEs), all vital building blocks for future major projects. The Prime Minister also looks to protecting and promoting national production in the face of low-quality goods through Iraq’s borders mostly from China.

Some Recent info on Iraq’s financials the past year.

The Iraqi government approved a budget of 211.9 trillion Iraqi dinars (approximately $162.9 billion)

Out of this total, 156 trillion dinars have been allocated for various expenditures.?

A significant portion, 90 trillion dinars, is dedicated to salaries and pensions.

The budget allocated 55 trillion dinars for investment projects, with 13 trillion dinars specifically allocated for oil licensing rounds.

Over the past two years, Iraq has made good progress in financial inclusion. The percentage of adults with access to formal financial services has surged from 10% to over 40% which has been acknowledged by international institutions like the World Bank and the International Monetary Fund and is why Al Zaeem are so keen to support those coming to Iraq to invest!

There have also been advances in electronic payments with The Central Bank of Iraq (CBI) working to transition external transfers from an electronic platform to direct operations by Iraqi banks through their international correspondent banks to enhances efficiency and align Iraq with global standards, there are also plans to expand the acceptance of Iraqi bank cards internationally.

Despite many challenges, the government does appear to have the will to succeed and as the council gets to work, it could mark the beginning of a new era—one where private ambition and public support work together to rebuild an economy held back by bureaucracy, corruption and instability.