Financial adviser: Iraq needs an economic structure based on revenue diversification

Financial adviser: Iraq needs an economic structure based on revenue diversification

23-12-2017 09:07 AM

Financial adviser - Iraq needs an economic structure based on revenue diversificationBaghdad News –

The financial adviser to the Prime Minister confirmed the appearance of Mohammed Saleh, that the Iraqi economy has moved from intense centralization to the market state, after the state’s dependence on oil wealth mainly to build a state of justice. The average income of the government employee was twice the average per capita income of the output, which led to the loss of the development agenda and the absence of a developmental vision. This means that the current market is fragile because it seeks quick profit. Which is integrated into globalization.

“All this has led to the flight of capital and talent, which has stabilized the momentum of production outside the country,” Saleh said at a symposium organized by the Institute for Progress in Development Policy in memory of the late founder Mahdi Al Hafiz. He pointed out that «the return of the momentum of production to the country requires the existence of specific conditions, is to achieve the social market and create a participatory state does not consider the market as attached to it, there are 6 million workers in the private sector can rise to 10 million in the case of a clear vision .

He added that «the goal of achieving justice by the state of employment was increasing as oil revenues increased, the salaries doubled and can no longer be returned to its former after the decline in oil prices, and the risk is that the private sector to keep pace with the public sector to increase wages and this is not possible , Which led to the reluctance to work and to go to the public sector ».

“Unemployment has not fallen below 10 percent because of the dangerous syndrome between the public and private sectors. The state’s direction today is to create and finance the social market. This is an important source for the Iraqi economy through economic diversification away from oil.”

“The Iraqi policy was characterized by clear tracks, and the international relations depend on Iraq’s relations with influential international trends, primarily the United States, and the West-East conflict, which has a negative impact on Iraq,” said former Foreign Ministry agent Mohammad al-Hajj. He added that «Iraq inherited from the previous regime many problems, especially the seventh chapter, which caused serious repercussions», pointing out that «the navigation agreement in the port of Khor Abdullah port division to two parts between Iraq and Kuwait, and the Iraqi section is not suitable for ships and even small boats, The Kuwaiti section includes the deep corridor established in the 1930s by the British government in preparation for the construction of the port of Umm Qasr.

“The waterway between the two countries has been neglected since 1980, and it is required to return it to what it was a year ago. The negotiator, if not supported by his government, will fail and thus lose the sovereignty of the country,” he said.