Mazhar Muhammad Salih: The Russian war on Ukraine is a “historic opportunity for Iraq” that must be seized

Mazhar Muhammad Salih: The Russian war on Ukraine is a “historic opportunity for Iraq” that must be seized

03-05-2022 09:22 AM

Mazhar Muhammad Salih - The Russian war on Ukraine is a historic opportunity for Iraq that must be seizedToday, Saturday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, considered that the Russian war on Ukraine is a “historic opportunity” that the Iraqi government must seize.
Saleh expected, in a press statement, that the price of a barrel of oil would be changed in the 2022 budget, from 50 dollars per barrel to 70. He
added, “The Russian-Ukrainian war opened the opportunity for Iraq to develop its industrial and agricultural sectors,” noting that “Iraq has two opportunities, the first of which is to benefit from The positive returns of the rise in oil prices in developing his investment, and the second is that the gas and grain crisis should push us to develop our own capabilities.”
Saleh added that “the war today in the world is not far from Iraq, and it has positive effects that are in the financial interest of Iraq, due to the rise in oil revenues, in addition to the fact that OPEC may lift restrictions on the export of oil due to a shortage of energy,” adding that “in return, there are effects Negative in Iraq, which relies on imports to secure its food, especially grains, which rose by 30 percent,” considering this war a “historic opportunity. It is equivalent to these effects, but the benefits will be greater if the administrative, financial, and economic matters are properly studied.” Saleh expected that the price of a barrel of oil in the budget of this year 2022 will change and may reach 70, according to government estimates, calling for encouraging agriculture in order to secure grain and reduce imports.

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