Restructuring budget revenues depends on stimulating the productive sectors

Restructuring budget revenues depends on stimulating the productive sectors


Samir Al-Nasiri


 25/04/2021





 In light of the current circumstance and in the midst of the popular movement, the economic and financial crises, the challenges of falling and instability of oil prices, and the repercussions of the Corona pandemic that our beloved country is going through. That the Iraqi economy, through study, analysis, capabilities, and available factors, can overcome imbalances, deviations, and poor performance in the economic structure and achieve balanced and varied economic and structural reforms of the economy, with the premise of exceeding the objective and subjective economic conditions in the country.


 And to stimulate, encourage and support the private sector in accordance with the vision of the private sector development strategy (2014-2030), which is based on the provisions of Article 25 of the Constitution, which states (the development of a vibrant and prosperous national private sector that is locally initiated, regionally competitive and globally integrated with the aim of achieving economic diversity, sustainable development and job creation. ) With the necessary and appropriate step. And the need to leave the rentier economy based on 93% of oil revenues and to develop other vital economic sectors, agricultural, industrial, and tourism through, restructuring state-owned industries and a gradual shift towards the private sector, and encouraging partnerships with local and foreign investors as well as reviewing the legislative environment for the work.

 Industry and the provision of infrastructure to secure the requirements of the work environment, and the expansion of the establishment of industrial zones.

 The promotion of agricultural production and livestock, the provision of effective supplies and treatments for fields and farms, maintenance of irrigation and drainage projects, support for agricultural products intended for export, improvement of seed quality and state guarantee of prices, as well as support for small and medium enterprises and the granting of soft loans, ensure the availability of the elements of resilience and economic advancement.

With my assertion that the country's suffering from its stifling economic and financial crises for the above reasons has not gone through it since the 1990s and the imposition of the economic blockade at the time resulting from the lack of sincere and real intentions for economic reform, loss of methodology and structural defects in the economy, as well as mismanagement of public money and the failure to approve the general budget for the year 2o2o and the delay in approving the 2021 budget, not to mention the disposal of the country's money without rational economic and financial planning.

He pointed out that the reports issued by the World Bank, the most recent of which is the recent report on the advancement of the Iraqi economy from fragility, indicate that Iraq and some oil-producing countries will suffer from oil rents and the fluctuation of their prices, down and up, which will fail all countries' development plans for the coming years without taking the initiative to develop their other resources and diversify their sources.

 Revenues . And since the country has the elements of resilience and economic advancement, which is represented by the fact that it has the fourth oil reserves in the world in addition to a workforce estimated at more than 10 million people capable of work, and experts in economics and money possessing academic and executive experiences, it can overcome the crisis and exit well, by providing A suitable work environment and an encouraging investment climate to attract private capital and contribute to economic development. And stimulating the productive sectors in agriculture, industry and tourism, and reviewing the structure and presentation of the public budget.

 It is imperative to point out here to the deficiency of the legislative environment for managing the economy and the laws that regulate economic work, which calls for reconsideration and making fundamental adjustments for all of them in line with the new situation of managing the economy, to reduce the unemployment cases that rose to more than 30 percent and the poverty rate that exceeded 30 percent, which are two negative indicators.

 They indicate the aggravation of the Iraqi economy crisis.



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