A Deputy Reveals Three Risks Threatening The Iraqi Economy, 18 NOV

 A Deputy Reveals Three Risks Threatening The Iraqi Economy, 18 NOV

Information / Baghdad   Representative Ali Al-Lami warned, on Saturday, of Iraq's continued dependence on the sale of oil to finance its expenses, indicating that the continued penetration of corruption will lead to a major economic collapse in the country.

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Al-Lami said in an interview with “Al-Ma’louma” that “Iraq’s economy has been facing serious complications for years that must be paid attention to,” calling for “the adoption of a road map that leads to reducing the risks of any international crises, especially with regard to oil prices, which represent more than 90% of treasury revenues.” ".

He added, "There are three risks that threaten the national economy: the corruption that has permeated state institutions and its large dependence on the sale of oil despite price fluctuations from time to time, in addition to the presence of 25 unofficial outlets in the Kurdistan region, which represent the largest smuggling front in the country."

He pointed out that "the danger of the unofficial outlets in the region is that they represent black loopholes because they are illegal and cause the livelihoods of six sectors, including agriculture and industry, to be directly robbed by flooding the markets with materials, which means huge losses for national production, which requires an urgent reconsideration that contributes to ending the issue of the outlets." "And push Baghdad to control it and force it to work in accordance with official instructions and conditions."

Iraq relies almost entirely on the sale of oil to secure public treasury revenues for spending and paying salaries. LINK