Al-Alaq announces Iraq’s tendency to reduce dependence on oil revenues to 15% of the budget

Al-Alaq announces Iraq’s tendency to reduce dependence on oil revenues to 15% of the budget

2017-12-09 at 14:48 (Baghdad time)

Al-Alaq announces Iraqs tendency to reduce dependence on oil revenues to 15 percent of the budgetBaghdad Mawazine News
The governor of the Central Bank Ali al-Alak, to reduce Iraq rely on oil revenues to 15% of the budget after 30 years from now in 2047.
Al-Alak said in a speech during the third annual conference of the bank under the slogan “The role of the Central Bank in achieving financial and economic stability” on Saturday that “there are real indicators for the achievement of alternatives other than oil will be relied upon.”
“We will reduce dependence on oil revenues gradually and we will reduce this gap by 2.5% annually and for 30 years, so that the dependence on oil revenues by not more than 15% after 30 years.”
He explained that “Iraq will witness the largest investment during the coming period, but that is coupled with the provision of the appropriate investment environment.” He pointed out that “to rely on one supplier of budget revenues will be subject to constant fluctuations and this is what Iraq will seek to achieve by reducing dependence on oil as a single resource for the budget.”
The third annual conference of the Central Bank of Iraq was launched in the capital Baghdad with a large Arab and international presence.
“The Central Bank of Iraq held this morning its third annual conference in Baghdad under the slogan (towards achieving sustainable financial and economic stability).”
The source added that “the conference witnessed a large Arab and international presence, including Kuwait, Lebanon, Egypt, Jordan and Tunisia as well as representatives of the Bank and the International Monetary Fund.”

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