Economist The government's tendency to diversify Iraq's financial imports is "a good late step"

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Economist The government's tendency to diversify Iraq's financial imports is "a good late step"

Post  Admin on Sat Aug 12, 2017 10:23 am

Saturday, 12 August 2017 - 11:14 AM

The government is moving towards diversifying the country's revenues and reducing its dependence on oil exports by providing the annual general budget from 95% to 85% a good step, but it is too late after Iraq's huge budgets have been lost for more than a decade.

Al-Amin said in a press statement that "the planning and enactment of laws and issuing orders and controls and support of non-oil productive sectors was a method called by observers and economic experts since 2005 so far, now that the weakness of procedures and the absence of rational plans caused waste budgets in previous years in investment projects is useless "The investment of agriculture in Iraq and its development using modern methods of irrigation, agriculture, improved seeds, land reform and support for workers in the sector result in excellent revenues, which may constitute 20% of the general budget, especially if directed Agricultural production to export the surplus of it after the self-sufficiency and reduce the import of agricultural products with the development of food industries and industries that depend on agricultural products as raw materials such as cotton and wool, leather and others.

"The neglect of the private industrial sector during the past years encouraged the import and exit of the national currency to the countries of import. The controls and procedures during the past years did not encourage the owners of sewing factories to recycle their machines, The past has been replaced by the import of all the needs of the market from neighboring countries as well as for the electrical and electronic industries and others.

He pointed out that "supporting the private and public industrial sector and re-positioning may achieve 10% of the revenues of the public budget and opens wide opportunities for work to eliminate unemployment rampant in the country, adding that the tourism sector, whether archeological, religious or recreational could constitute a large figure exceeding 15% Imports of the banana if used in a scientific manner, and as is the case with countries that have the advantages of Iraq from the presence of religious shrines, monuments and tourist areas.

He added that the government should accelerate the implementation of plans to involve the rest of the economic sectors producing income through investments and enact laws to issue controls and support workers in these sectors, because oil prices may deteriorate in the coming years due to market fluctuations and increase production of rock oil, Clean energy reduces the dependence of industrialized countries on oil as a major source of energy.

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