To get out of the mantle of oil .. Iraq reveals the details of an economic reform program and the date of its implementation

by **claud39** Sat Jun 12, 2021 12:54 pm

To get out of the mantle of oil .. Iraq reveals the details of an economic reform program and the date of its implementation

June 12, 2021

To get out of the mantle of oil .. Iraq reveals the details of an economic reform program and the date of its implementation 1024

Mubasher: The appearance of Muhammad Salih, the financial advisor to the Iraqi Prime Minister, Mustafa Al-Kazemi, revealed the details of the first economic reform program for Iraq and the date of its launch.

And Mazhar Muhammad Salih confirmed, in statements to the Iraqi News Agency "INA", today, Saturday, that he has an opportunity to make Iraq independent of oil dependence.

Saleh stated that Iraq has an opportunity that extends for ten years before entering the world and penetrating the roots of the Fourth Industrial Revolution and the start of various renewable energy alternatives so that its production costs are less than the cost of producing crude oil.

And he indicated that the improvement in oil prices in the foreseeable future, and achieving good incomes for the country, could reduce cases of severe need and revive some aspects of the economy, but Iraq is bound by a ten-year development plan that establishes the employment of oil revenues in investments that absorb growing manpower without losing job opportunities. in the future.

He pointed out the need to take into account the violent impact that may result from the goal set to reach zero emissions by the year 2050, according to the sources of the International Energy Organization.

Saleh explained that this is a call for a new economic development contract, during which the economy gradually separates from the dominance of oil to achieve independence from dangerous rentier fluctuations, and establishes a real diversification of the national economy.

And he continued, "And so comes the selection of the year 2022, to launch the first economic reform program, in response to the post-legislative elections stage and a foundational step to lay the parameters of a renewed economic development for Iraq."

Saleh stated that OPEC's share of oil production will rise to more than half of the world's total production, as oil and gas supplies will be limited to smaller, fewer countries, and that the annual per capita income from oil sales may fall by about 75 percent during the next two decades.

He stressed, "Every revenue dollar that exceeds the urgent social and humanitarian needs must go to productive and income-generating employment."

He pointed out that his country faces the opportunity of a decade, starting from now until the early thirties of the current twenty-first century, in the transition towards productive investment in three advanced areas:

Extensive agriculture with high cash returns, with the development of infrastructure projects related to water regulation, irrigation, and agro-industry, i.e., manufacturing agricultural inputs and products on a large scale.

- Mineral and geological investment to provide additional financing leverage and support for oil, especially in phosphates, silicon, sulfur and others.

Working to radically change the digital infrastructure for all aspects of life without losing the country's backbone, which is electricity and strategic transportation.

Salih noted the necessity of structuring the national market and reorganizing its institutions, i.e. creating (the organized market) to play the role of partnership with its financial, technical and leadership surpluses in drawing and implementing Iraq's economic image independent of oil dependence, especially in the main real sectors and tourism.

Al-Kazemi’s advisor called for the years 2022-2032 to be the first development decade for Iraq after four decades of nothing in a young nation whose half of the population is between the age of 19 years down, which complicates the problems of work and support at the same time, “which is the bottleneck that should be exited ".

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