On the expectations of the Iraqi economy’s decline ... Al-Kazemi’s advisor talks about solutions

by **claud39** Thu Apr 08, 2021 10:00 am

On the expectations of the Iraqi economy’s decline ... Al-Kazemi’s advisor talks about

2021-04-08

solutions

Shafaq News / The financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh revealed, on Thursday, the reasons for the expected decline of the Iraqi economy by the World Bank and the International Monetary Fund, while noting that the best solution is the advancement of the agricultural sector.

Saleh said in an interview with Shafaq News, "The International Monetary Fund and the World Bank expect the Iraqi economy to decline in the coming years because they assume that the situation continues in Iraq, as there is an expansion in spending and a decline in non-oil revenues and that dependence on oil is increasing," indicating that "the latter" It is considered a dangerous matter, especially as the cycle of oil assets fluctuates between ups and downs. Consequently, debts are increasing and crises are increasing, which is a major problem. "

He added, "The population of Iraq is increasing annually and multiplying, therefore, without effective and strong economic reform, its meaning remains dependence on oil and dependence dangerous, especially since oil for the next ten years may be effective in the lives of countries' economies, but as a priority it appears to diminish and thus reliability is difficult."

Saleh pointed out that "Iraq has a way to solve these problems, which is to reform the economic situation in a continuous and balanced manner," noting that "reforming the economic situation must be taken into consideration unemployment in Iraq, whose solution is one of the most important priorities, given that the citizen needs work to live, not necessarily." That it should be through government employment, but through activities that guarantee people, even if it is in the private sector, and this requires enormous legislative power. "

He added, "There are other solutions, which are to properly launch development through a partnership between the state and the private sector in principle, in order to achieve sustainable development that guarantees the right of future generations, not to transfer the current burdens on the next generation, but rather to transfer to them prosperity, prosperity, infrastructure and work prospects, not the opposite and this goal Required".

Saleh stressed, "The best solution is the advancement of the agricultural sector. This does not mean neglecting industry and other activities, but agriculture is the strategic alternative to oil, especially that Iraq has enormous potentials to invest its lands as there are 23 million dunams of agricultural land, of which we use 11 dunums per season."

He added that "this requires a great strategy in the field of water and a great strategy in the field of agricultural land management," explaining that agriculture will rid you of dependence on oil as the only resource for the public budget, provide food security, provide job opportunities, and turn Iraq into an advanced agricultural country.

Saleh explained that "the developed countries at the present time have not abandoned agriculture despite the strength of the United States industrially, because the greatness of their economy also lies in agriculture, and the same is the case for New Zealand and Canada, where the latter is still considered an agricultural country, especially in the cultivation of grains despite its progress in other activities."

Saleh stressed the importance of following methods that would "revive the real sector in Iraq, create job opportunities, and get rid of the chaos of dependence on importing foodstuffs from abroad by working and genuinely investing the land in a so-called" green revolution "similar to what Mexico and other countries have followed in the field Reviving lands and developing agriculture. "

It is noteworthy that the International Monetary Fund had predicted last February that Iraq's hard currency reserves would drop to 40.8 billion dollars in 2022 and 33.2 billion in 2023 and that government debt would rise compared to the GDP by 89.8% in 2022.

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