Planning acknowledges the "failure" of its strategy to support the private sector

Spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, «Economy News»
 
09/29/2020

Economy News - Baghdad

The Ministry of Planning acknowledged the failure of its strategy aimed at developing the Iraqi private sector and its participation in the processes of economic development, noting that the poor political, security and economic conditions caused the failure of the strategy.

The ministry's spokesman, Abdul Zahra Al-Hindawi, said in televised statements that were followed by Al-Iqtisad News, that the Ministry of Planning had launched a strategy for developing the private sector between 2017 and 2030, but it did not succeed due to the general conditions surrounding the country.

He added: The first real support step for the private sector began in the year 2019 after the formation of a council to develop the Iraqi private sector, which was formed from the private sector itself.

Al-Hindawi pointed out that the unemployment rate in Iraq reached 15% in the year 2020 as a result of the spread of the Corona epidemic and the financial and economic crisis, indicating that "the highest unemployment rate was in Anbar Governorate, at 32%."

He confirmed that there are about 4.5 million unemployed people in Iraq. This is matched by job slack in the government sector, as approximately 200,000 students graduate annually amid a government deficit by providing them with job opportunities and salaries.

The spokesman for the Ministry of Planning pointed to the completion of the best program for the advancement of the private sector, as he put it, which is the "National Project for Youth Employment", which was transferred to the Ministry of Labor for its implementation, which provides 100,000 job opportunities for youth.

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