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Low oil prices stifle the Iraqi economy

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Low oil prices stifle the Iraqi economy Empty Low oil prices stifle the Iraqi economy

Post by RamblerNash Sat Apr 29, 2017 12:21 pm

Low oil prices stifle the Iraqi economy

First Published: 2017-04-29

The Iraqi Minister of Planning acknowledges the contraction of the economy in his country due to the oil price crisis, stressing the start of preparing a new development plan.

Low oil prices stifle the Iraqi economy _247341_Basra-oil

Oil is the pillar of the economy in Iraq


IRAQ (Reuters) - Iraq's economy remains deflated by continuing low oil prices on world markets, the government's planning minister said on Saturday.

"The decline in oil prices has led to a downturn in the economy of our country, and our next stage should be the stage of construction and the promotion of economic reality," Salman Jumaili said during a speech at the conference to prepare the five-year development plan in Erbil.

The role of the private sector in Iraq has declined over the past years as a result of the government's lack of interest in providing the necessary means to sustain the work of private sector companies, which have closed hundreds of them and displaced workers.

"The military victory over the organization of the Islamic state and the liberation of the land is not enough, but we have to rebuild our liberated cities," Jumaili said.

"The start of the preparation of a new development plan is to stimulate the private sector and strengthen administrative decentralization in the country."

Last March, the International Monetary Fund predicted that the Iraqi economy would remain "dimmed" in 2017 as a result of a 15 percent reduction in oil production.

In May 2016, Iraq and the International Monetary Fund concluded an agreement after several days of meetings in the Jordanian capital to provide Iraq with a $ 5.3 billion financial loan with an interest rate of 1.5 percent. Iraq has received an initial premium of $ 634 million in July.

Iraq depends on oil imports to finance 95 percent of the budget. It produces about 2.5 million barrels per day, with plans to increase production to 4 million barrels per day.

The central bank's reserves of foreign currency fell to $ 49 billion after last year's $ 53 billion as a result of continued low oil prices on world markets, the bank announced in February.

The Iraqi government resorted to raising sales taxes on imported goods in order to boost financial revenues to reduce the size of the financial crisis experienced by the country due to low oil prices in world markets.

Economists say that Iraq will not emerge from the economic crisis if it remains dependent solely on oil, and that it should do more religious tourism and dismantle the control of Iran. In Kurdistan, it is necessary to activate tourism and factories, such as pharmaceutical industries and others.

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Low oil prices stifle the Iraqi economy Empty Re: Low oil prices stifle the Iraqi economy

Post by FloridaJohnny Sat Apr 29, 2017 6:48 pm

It's either the rest of the world propping up Iraq's cash reserves or nothing. Oil is a consumable, it has nothing to do with the RV. No cash reserves, no RV. It's not gold, it's not oil. It's cash reserves "on loan" from the rest of the world. Iraq must soon decide if it wants to become the Las Vegas of the Middle East or not. Perhaps they want to remain a sand pit with a few defective bridges and call it a day. Maybe they are mulling it over and deciding if they want to mortgage their country if they want to modernize. They know they can't do it alone. Maybe they won't. Decisions decisions Iraq....tick tock tick tock....IMO of course. There, I'm now a guru.

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