Pessimistic expectations of an economist regarding monetary reserves and external debt over the next two years

Monday 12, April 2021 10:30
 
Baghdad / NINA / The expert in economic affairs, Raad Twaij, suggested that the Iraqi economy declined during the next two years, indicating that the monetary reserve will decrease to 40.8 billion dollars in 2022 and 30.2 billion dollars in 2023, and the government debt will increase compared to the domestic product by 8.89 billion dollars. In 2022.

Twig said in a statement to the Iraqi National News Agency ( NINA ) that "the financial crisis that struck the world and Iraq in particular, due to the Corona virus and the drop in oil prices, will negatively affect Iraq, as the central bank’s cash reserves decline and the foreign debt rises, but in the event that oil prices rise to $ 90." This will limit these expectations, "noting:" These expectations may be valid in one case, which is exposure to a new oil shock and a drop in oil prices. "

The economic expert stressed "the necessity of following the method of balanced development, that is, working on more investment in the agricultural and industrial sectors in a systematic and planned manner, and moving away from arbitrariness and randomness in managing the Iraqi economy."

Twig suggested: "15% of the oil surpluses are to be transferred to finance a real balanced development at the level of industry, agriculture and education as human development, and the results of that development must be rapid and fruitful to achieve sustainable development that achieves parity for present and future generations."

He continued: "The rise in oil prices and the reform of the economic sector deserve to turn expectations into reverse and optimistic expectations. "/ End 8

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