An economist stresses the need to invest surplus money from oil revenues in profitable projects

Saturday 23 April 2022 09:27
 
Baghdad / NINA / - The economic expert, Malath Al-Amin, stressed the need for the government to invest the surplus funds from oil revenues in projects that generate profits and contribute to providing thousands of job opportunities.

Al-Amin said in a statement to the National Iraqi News Agency ( NINA ): “As a result of the Russian-Ukrainian crisis and the European countries’ fear of the difficulty of obtaining an alternative to gas and oil, oil prices rose in the global market and exceeded $100 per barrel,” noting: “This matter includes Iraqi oil as well.” It will contribute to increasing financial revenues in exchange for oil exports."

He added, "The currency used to export oil is the US dollar, and with the rise in the price of a barrel, Iraq's dollar revenues will also increase, which will enhance the strength of the Iraqi dinar against the dollar."

He pointed out: "During the past week, Iraq invested more than 23 billion dollars in US treasury bonds, and this investment would enhance the strength of the national currency against the US dollar."

The economic expert added, "The Russian-Ukrainian crisis may end and oil prices will return to their previous levels, which requires the government to invest this surplus money in projects that generate profits and contribute to providing thousands of job opportunities."

With the outbreak of the Russian-Ukrainian war, oil prices rose significantly, as Brent crude recorded today 111.70 dollars, and the US West Texas Intermediate crude closed at 102.07 dollars per barrel./End 8

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