Al Arabiya Sky News reported that Falah Sari, Iraq’s minister of finance, said the closure of the Strait of Hormuz has had direct impacts on the economy of this country, and the Iraqi government is seeking to strengthen non-oil revenues in order to get through the current conditions.

Sari said Iraq is moving toward increasing non-oil revenues so that the country’s economy becomes less dependent on oil revenues and the consequences of the current conditions are managed. He also announced Iraq’s plan to pass the country’s first “programmatic and performance budget.”