Adviser to the Prime Minister: Iraq will not be subjected to a ‘collapse’ as happened in Lebanon… We have oil

Adviser to the Prime Minister: Iraq will not be subjected to a ‘collapse’ as happened in Lebanon… We have oil

2021.07.29 – 08:45

Adviser to the Prime Minister - Iraq will not be subjected to a collapse as happened in Lebanon... We have oilBaghdad – people

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, ruled out, on Thursday, the collapse of the economic situation in Iraq, similar to what Lebanon is going through today.

Saleh said, to the official newspaper, and followed by “Nass” (July 29, 2021), that “the economic situation in Iraq is good and it is unlikely that we will reach the bank and tourism collapse that Lebanon has reached, because Iraq has a strong financial leverage, which is oil revenues.”

Saleh added, “Despite the reliance on the rentier economy, but the Iraqi resources are sustainable for life, although there are future risks, but the oil sector leads to the cohesion of the economy,” noting that the country’s monthly revenues from oil sales amount to “6 billion dollars, as well as Other revenue, and the government spends it all.”

He explained, “Iraq will not fall into economic collapses, for the central bank accounts are strong at the present time and began to rise, and efficiency indicators are also strong,” noting that “the devaluation of the dinar exchange rate affected the economic situation, since most of the materials are imported due to the cessation of the industry, which was reflected on the ability to Purchasing, but there are things in return that remained constant, such as government services.”

He continued, “The economic situation is improving, although there is an impact on a segment of citizens, and it requires treatment policies to support the poor and disadvantaged classes,” returning “the ration card is a key basis in this direction.”

And Saleh indicated, “There is work to improve the ration card and its regularity, as well as to expand the social welfare programme.”