Iraq Targets 46% Non-Oil Revenue Share by 2035 Under Reform Plan

BAGHDAD, Iraq — Iraq's government aims to increase non-oil revenues to 46 percent of total income by 2035, according to Muthahhar Muhammed Salih, the prime minister's economy advisor. Salih said the "Iraq 2035" program was launched by the prime minister on May 23, 2026, and combines public finance reform with efforts to revive a social market economy. The plan also targets raising the private sector's contribution to gross domestic product from 37 percent to 53 percent by 2035. The Market Development Council will regulate the investment environment and provide financial support to private sector projects in industry, agriculture, logistics and digital economy, Salih said. The International Monetary Fund warned in a report published last week that Iraq will be among the economies most affected by regional instability in 2026. Disruptions to oil export routes caused by conflict in the Strait of Hormuz have heightened concerns about Iraq's dependence on oil revenues.