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The government is moving on non-oil sources and prohibiting the export of wheat
Economy News _ Baghdad
On Wednesday, a group of relevant ministries in the Iraqi government held a meeting on food security in the country in light of the sharp decline in crude oil prices in global markets.
"We will achieve the provision of nutritional needs, economic diversification, employment opportunities, and societal and security, all of these points addressed by today's meeting," stressing Minister of Planning Nuri al-Dulaimi at a joint press conference held with the Minister of Agriculture, stressing the need to boost local production.
He stressed that the outbreak of Corona virus caused great harm in the economic fields in the country, adding, "We will work to develop and support the public and private sector to avoid the damage of low oil prices."
For his part, the Minister of Agriculture said that the Ministry will work to increase domestic production of crops and agricultural products, adding that the wheat crop for this year is abundant and it has been decided to prevent its export to abroad.
Iraq’s economy is classified as a rentier economy, as it depends more than 90% of its imports on its oil and gas exports. Economists have previously warned against pursuing this policy, but successive governments have ruled the country after 2003 and have not been able to find appropriate solutions to multiple resources.
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