A good aspect of the obelisk: the white paper calls for sustainable development and minimizing economic shocks

A good aspect of the obelisk: the white paper calls for sustainable development and minimizing economic shocks
3rd March, 2021
Advisor to the Prime Minister Mazhar Muhammad Salih said on Wednesday, March 3, 2021 that Iraq is entering the stage of economic recovery after high oil prices and economic reforms.
Saleh told Al-Masalla that Iraq is on the verge of economic recovery because there is a tangible agricultural boom that will achieve a growth in non-oil GDP in 2021 by more than 4%, which is about one and a half times higher than the population growth. Energy in the world is a positive indicator that strengthens the country's public financial capacity.

Saleh calls for laying a foundation for sustainable development and minimizing economic shocks. He pointed out that the international community supporting Iraq through the International Financial Alliance team, which was established months ago, expressed its desire to support the established principles for the sustainability of growth in the national economy, [size=32]as expressed in the white paper recently approved by the Council of Ministers by establishing a blueprint and an institutional entity for economic reform, which is the [size=48]linchpin of this sustainability. Developmental.[/size][/size]
He added that the formation of the Supreme Committee for Reform, which will have decisive and fundamental executive decisions to promote productive, investment and operational activity in the public and private sectors, will be supported by a large international presence represented by international multilateral financial institutions and the Group of Seven major industrialized countries.
The Prime Minister’s Adviser for Financial Affairs stated that the government will benefit from the high oil prices in strengthening the country's financial leverage.
Salih said that the breakeven point or balance in the budget requires that the average annual price of a barrel of oil exported abroad be at least 75-80 dollars per barrel, indicating that at that time the deficit gap will be closed completely, and the sources of borrowing to meet the budget deficit are mostly automatically canceled.
He added that the government benefits from the current high oil prices, which have reached more than what was written in the budget, especially with the country heading to closure again, stressing that this will lead to strengthening the country's financial leverage to face the problems of social need.




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