Parliamentary economics warns of “significant risks” to the economy by relying on Iraq’s oil resources

A member of the parliamentary economics warns of “significant risks” to the economy by relying on Iraq’s oil resources

Thursday, 19  December 2013 08:35

Parliamentary economics warns of significant risks to the economy by relying on Iraq's oil resources[Baghdad – where]

A member of the Committee on the economy and investment representative Ibrahim stirrup “The committee is seeking that there will be a diversified economy substitute for oil due to the presence of a significant risk to the Iraqi economy.”

The Ministry of Planning suggested in 29 of last September’s economic growth fell to 8.2%, or about 2.3% from the rate recorded last year 2012.

The stirrup told all of Iraq [where] that “the Iraqi economy and, unfortunately, depends mainly on oil, but we are seeking through the development plan set by the Ministry of Planning to have a diversified economy and the adoption of the country’s economy on the industry, agriculture and the private sector.”

He explained, “it should be competing with the world economy,” noting that “we are planning to have a diverse Iraqi economy because there are great risks by relying on a single supplier of oil and activating the investment side, industry and agriculture in order to develop the national economy.”

The Iraqi government has announced in the month of September, 19 of the last five-year plan to diversify the economy and develop the industrial sector, rather than relying on the proceeds of crude oil only, and focus on the industry.

The plan, which covers the period from 2013 to 2017 to invest about 357 billion dollars in development projects across the country, and a focus on five sectors are construction, services, agriculture, education, transportation, energy, and will come about 79 percent of these investments from the government, and the rest of the private sector, and oil will remain the largest source of revenue in that period, and experts predict that the total oil revenues of $ 662 billion in the next five years. ended 2.