Iraqi Prime Minister Mustafa Al-Kadhimi annoucned that the executive and administrative machinations for the economic reform plan has have been set in motion.

Al-Kadhimi said in his statement that it is his ambition to reform the country's economy after it sunk to low levels because of rampant corruption. He added that this plan may properly rebuild Iraq's economy, achieving sustained development for the country. 

"We want to prove to the Iraqi people that we are serious about conducting reforms," he said, explaining why its target is complete reform in a 5-year period.

The reform plan is expected to provide solutions for Iraq's complete dependency on oil and its lack of income diversity. Al-Kadhimi emphasized the significant damage inflicted on Iraq's economy and said that due to this damage, the reform plan cannot be implemented quickly and is long-term.