Parliamentary Finance: Iraq needs to restructure its economy

[yota691]

Parliamentary Finance: Iraq needs to restructure its economy

Last updated: July 4 2020 - 1:49 PM

 Baghdad / Iraq News Network - The Finance Committee of the Iraqi Parliament, Ahmed Al-Saffar, saw today, Saturday, that the Iraqi economy needs to be completely restructured, noting that government and parliament measures are temporary solutions. The decision of the Finance Committee, Ahmed Al-Saffar, said in a press interview, that "The solutions proposed by the Ministry of Finance, the government, and even parliament, regarding internal and external borrowing, are immediate solutions that solve the crisis for a month or two," noting that "Iraq needs a complete restructuring of the Iraqi economy and financial and economic policies." He added, "We must get rid of the single rentier economy." The side, in the sense that the sources of the economy are diversified and the productive sectors that produce goods and services are energized, to raise from the gross domestic product, namely: agriculture, industry, commerce, tourism, transportation, and infrastructure.He pointed out, "We must use the agricultural sector correctly and scientifically, and with all the requirements of a healthy agricultural sector in Iraq from fertile land and water suitable for cultivation and manpower, we need a plan." He pointed out that "in 2003, the agricultural areas exploited amounted to 48 million acres, and Iraq was Almost has reached the point of almost self-sufficiency, now the areas currently cultivated range from 12 to 14 million acres only, "confirming" and as a result of that reliance was placed on importing everything in Iraq. "He explained that" in turn the import leads to a deficit in the trade balance Iraqi and the hard currency exit from Iraq at a time when there are alternatives to import. ”He added that“ the agricultural sector is the other in Iraq is weak, so we need a sector that relies on agriculture, and also resort to food industries, led to the consumption of large amounts of Iraqi hard currency and go Abroad".He pointed out that "in the year 2003, the exploited agricultural areas were up to 48 million dunums, and Iraq had almost reached a level of semi-self-sufficiency, now the cultivated areas currently range from 12 to 14 million dunums only," stressing, "and as a result, reliance was placed on import In everything in Iraq. ”He explained that“ in turn the import leads to a deficit in the Iraqi trade balance and the exit of the hard currency from Iraq at a time when there are alternatives to import. ”He added that“ the agricultural sector is also weak in Iraq, so we need a sector that depends on Agricultural, and also resort to food industries, led to the consumption of large amounts of Iraqi hard currency and go abroad.He pointed out that "in the year 2003, the exploited agricultural areas were up to 48 million dunums, and Iraq had almost reached a level of semi-self-sufficiency, now the cultivated areas currently range from 12 to 14 million dunums only," stressing, "and as a result, reliance was placed on import In everything in Iraq. ”He explained that“ in turn the import leads to a deficit in the Iraqi trade balance and the exit of the hard currency from Iraq at a time when there are alternatives to import. ”He added that“ the agricultural sector is also weak in Iraq, so we need a sector that depends on Agricultural, and also resort to food industries, led to the consumption of large amounts of Iraqi hard currency and go abroad.He explained that "in turn the import leads to a deficit in the Iraqi trade balance and the exit of the hard currency from Iraq at a time when there are alternatives to import." He added that "the agricultural sector is also weak in Iraq, so we need a sector that relies on agriculture, and also resort to food industries , Led to the consumption of large sums of Iraqi hard currency and go abroad.He explained that "in turn the import leads to a deficit in the Iraqi trade balance and the exit of the hard currency from Iraq at a time when there are alternatives to import." He added that "the agricultural sector is also weak in Iraq, so we need a sector that relies on agriculture, and also resort to food industries , Led to the consumption of large sums of Iraqi hard currency and go abroad.He stressed that "the adoption of simple technology with simple capital, through which we can build medium-sized factories (medium industry), which is called the economy, link the two sectors together, the industry benefits agriculture and agriculture benefits the industry and leads to an integrated production that covers the Iraqi market and exports them abroad." And that "the issue needs a comprehensive economic plan, from allocating funds to move all economic sectors and all the requirements that exist, and we only lack the factor of management and regulation." He added that "the money that comes out because of the import is large, as the central bank sometimes sells an average of 200 million dollars a day in exchange for imports." He continued, "The import leads to the loss of hard currency abroad and the deficit of the trade balance, and the realization of benefit to the countries from which it is imported, increasing the unemployment rate and weakening the national product."

[Chill5805]

This is from the horses mouth, saying they need to do something in the next couple months. This is probably the best thing I’ve read since I got into this in 2004.

[TexasMike1958]

How about this......It's time for Iraq to ReValue its economy.

[Gypsygirl11]

I wish they would quit yapping their gums and do something! Come on people, not like we haven't heard this before.

[3n1]

 

 

1 hour ago, yota691 said:

Ahmed Al-Saffar, saw today, Saturday, that the Iraqi economy needs to be completely restructured,

 

thanks yota , hey now there's a new revelation , better 15 years late than never 🤣 they will always have corruption every country does but iraq is in the top ten in the world,  as long as they do nothing to fix it nothing will be different ... all the best dv'ers

https://worldpopulationreview.com/country-rankings/most-corrupt-countries

[WheresmyRV?]

Now they are finally realizing this??