Iraq approved a development plan depends on oil revenues to diversify the economy

Iraq approved a development plan depends on oil revenues to diversify the economy




Iraqi Deputy Prime Minister for Energy Affairs Hussain al-Shahristani


The Iraqi government announced a five-year plan to diversify the economy away from dependence on oil and the development of the industrial sector, in a move that could enable Iraq, if implemented, to recover from the effects of war and international economic sanctions, which lasted for decades.

The plan, covering the period from 2013 to 2017 to invest about 357 billion dollars in development projects across the country focused on the construction and services sectors, agriculture, education, transport and communications and energy.

He revealed Iraqi Deputy Prime Minister for Energy Affairs Hussain al-Shahristani told Reuters that "the government has taken a decision to focus on the resources of non-oil, and that the new plan will focus on the industry," adding that "about 79 percent of these investments from the government and the rest from the private sector."

Iraq also seeks through this plan to increase the agricultural production in order to reduce its dependence on grain imports.
In this context, explained the technical agent for the Iraqi Ministry of Planning Sami when the plan aims to produce about 6 million tonnes of wheat in 2017, which will cover domestic consumption and raise the average barley production of 820 thousand tons in 2011 to 1.2 million tons in 2017.

Matthew added that the plan also intending to increase the total Iraqi production rate of 13% per year on average and reducing the poverty rate from 19% in 2012 to 16% in 2017, referring to the government also sought to narrow the economic gaps between rural and urban areas.

Oil revenues to fund the plan
This will continue to oil the largest source of government revenue in that period, within the expectations that the total 662 billion dollars in five years, while aspiring Baghdad to raise oil production from 3.2 million barrels per day in 2012 to 9.5 million barrels per day in 2017, and the promotion of exports of 2.6 million barrels a day to six million barrels per day in 2017, assuming that the average price of a barrel of oil is $ 85 over five years.
The face of the plan announced by Iraq this week, significant obstacles, including the escalation of sectarian violence and political infighting within the coalition government, as well as logistical problems affect oil production.

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According to this plan if you go by it, indicates a slow grow with infustructure and nondependence on oil but, we all know oil will play the big roll so this information is with out that...
;)