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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    World Bank: The doors of the world may be closed in the face of Iraqi oil

    Rocky
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    • Post n°1

    World Bank: The doors of the world may be closed in the face of Iraqi oil Empty World Bank: The doors of the world may be closed in the face of Iraqi oil

    Post by Rocky Wed 22 Jun 2022, 5:44 am

    World Bank: The doors of the world may be closed in the face of Iraqi oil

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    Economy News-Baghdad
    The World Bank warned of the risks of climate impacts on Iraq, from an economic point of view, and while it called for "structural" reforms and for the formation of an Iraqi government, the doors of the world will be closed to Iraqi oil if this economic approach continues.
    The Bank's Special Representative in Iraq, Ramzi Numan, said in an interview that "economic reform must coincide and harmonize with looking at the climatic effects in the country."
    He added that Iraq is an oil country par excellence and depends on oil for its economy, while the world has begun "to place restrictions on crude oil," stressing that "if these restrictions are placed on oil and on oil exports, Iraq must take (reform) steps, otherwise global markets will become closed to Iraqi oil.
     
    He explained, that Iraq is on the verge of "a crisis that may be the most dangerous", which is the crisis of climatic impacts, "and how can the Iraqi economy adapt to these climatic effects in accordance with the development plans set by the government, and how the process of gradual transition towards a clean economy will be with the financial consequences that follow." economic and human capital levels.
    Noman pointed to the climatic changes that Iraq is going through, stressing that they "affected the quality and quality of available water, which negatively affected agricultural lands, increased desertification rates, and prompted the migration of citizens from the countryside to the city."
    The World Bank official said that the climate also had an "impact on food security" in the country, as food and agricultural production declined, which had consequences "currently caused by the rise in commodity prices at the global level and also because of the Ukraine crisis, which was considered one of the most important sources of food in the world." ".
    Noman pointed out that the World Bank sees that Iraq is currently going through a period of growth, after reaching 11 percent in 2021, compared to a recession in 2020 due to low oil prices and a decrease in economic activity due to Covid-19, noting that "while things are going better with Increasing oil revenues, the structural crises that afflicted the Iraqi economy previously are still present, and therefore the risks remain for the economy even with the rise in oil revenues.
    He stressed the importance of "looking at reforms at this stage and that the government should look at reform in an integrated manner", taking into account the importance of "addressing the social crises that may arise as a result of some of these steps, and it is necessary to work on approaching them in a way that prevents the occurrence of the most vulnerable groups by increasing poverty and increasing The unemployment".
    He continued, "Iraq has gone through multiple crises as a result of low oil prices," stressing that "the World Bank has repeatedly spoken about the importance of economic diversification and the importance of looking at non-oil sectors that can be invested in to increase growth, create job opportunities and open the way for investment, especially private sector investments. ".
    Noman pointed to a decline in services, an increase in poverty rates, and an increase in regional differences between the different governorates, stressing that "in a society 60 percent of it is under thirty years old and there is a population increase, it is very important to take into account the availability of resources."
    He added that "the increase in the population at a time when food is in short supply as a result of low agricultural work and the high prices of food commodities in the world and their shortage in some places puts us in front of a dilemma that manifests itself seriously, which is the issue of food security, and this is a national danger."
    He added: "Iraq is facing a reality that is reflected in the fact that the largest percentage of spending is on salaries and pensions, in the absence of the investment aspect that allows creating job opportunities."
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