Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues, 20 JUNE

 Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues

 June 12, 2024  Baghdad/Iraq Observer   Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed that although Iraq possesses all the elements that enable it to  advance its economy and   liberate itself from oil power in the field of revenues,  it lacks unity of decision and vision in the field of directing the economy to its correct destination.

Al-Kadhimi told Iraq Observer,  “There is a major imbalance in the Iraqi economy.

If we continue to rely on oil as the country’s sole resource, as approximately 90% of the country’s revenues are derived from it, then this dependence is not guaranteed, given that the oil wealth is not stable in price in global markets, in addition to “The wise countries are moving towards non-oil revenues.” He added,   “There are already steps taken by the government,  but they are not at the level of ambition to increase revenues, including encouraging internal industry and agriculture.

 Also, the fact that the border crossings remain without control, especially those in the Kurdistan region, is one of the most prominent reasons behind the faltering of the internal industry, as the national product remains without protection from the government.”. He continued,

"The increase in non-oil revenues, customs, border crossings, taxes, and all services provided by the Ministry of Electricity and other service ministries must be offset by these huge amounts spent on the ministries, revenues that strengthen the state's balance and treasury in light of the annual budget, in addition to initiatives to support the private sector and investment that... “It would attract and absorb large numbers of labor.” He pointed out that

  “Iraq has the qualifications to start with non-oil revenues,

 but the system that the economy has followed since 2003 and

     what was imposed by the occupation and the

     destruction of the infrastructure of most factories and the

     failure to solve the problem of electrical energy until now

is considered the main obstacle to the launch of the private sector in the various fields that support The Iraqi economy is important and essential revenues.” He concluded by saying,

 “An example of this is what happened currently in self-sufficiency in wheat, and

the wheat crop has now reached 6 million tons of production for this year, but

in return it cost the government approximately more than a trillion dinars, considering that the government took the initiative to buy a ton at a rate of 150 thousand dinars in support of farmers, while in   If it is imported, it reaches the governorates at a price of 400 thousand dinars.

 Therefore, the issue of reforming the Iraqi economy requires a

      government decision,

     parliamentary support, and

     support from the political blocs, in addition to

     understanding from the popular bases.  

https://observeriraq.net/المالية-النيابية-العراق-بحاجة-الى-الت/