Ministry of Planning: The private sector contributes 43% of the GDP

[size=52]Ministry of Planning: The private sector contributes 43% of the GDP[/size]

[size=45]The Ministry of Planning reported that the private sector contributes about 43% of the country's gross domestic product, stressing Iraq's need for a banking sector capable of financing private sector projects, and a new policy for mechanisms for granting loans to the sector.[/size]
[size=45]Ministry spokesman Abdul-Zahra Al-Hindawi said in a press statement, "The Ministry of Planning is holding a workshop in Erbil in cooperation with the United Nations Development Program and also in cooperation with the US Agency for Development, in the presence of representatives of the private sector and government agencies."[/size]
[size=45]He explained that "this workshop will be held over four days, during which the results of the special survey carried out by the ministry on small and medium enterprises in Baghdad, Basra and Nineveh will be reviewed, and the results of this survey will be reviewed, and as a result the role of the private sector in supporting these enterprises, which represent a very important area of ​​\u200b\u200bspace. Economic activity in Iraq.[/size]
[size=45]Last year, the government of Iraqi Prime Minister Mustafa Al-Kazemi announced the preparation of a new package of laws aimed at developing the work of the private sector, to be a major nerve in the strategy of reducing poverty and unemployment in the country, and the public sector's participation in responsibility.[/size]
[size=45]Al-Hindawi expressed his hope that this workshop would produce “recommendations, ideas and visions that would support these institutions, which represent a large area economically and could be a contributing and effective factor in supporting economic activity in Iraq by enabling them to grant loans to these institutions, and many measures aimed at supporting and enabling The private sector in Iraq. A spokesman for the Ministry of Planning noted that “the contribution of the private sector to the gross domestic product reaches about 43%, which is a large percentage, but it needs more activation and empowerment,” stressing “the need for the private sector to have a role in large and strategic projects, and this requires finding a group of Laws, regulations and policies that enable and support the private sector.[/size]
[size=45]Al-Hindawi stressed the need for “a banking sector capable of financing private sector projects, in addition to the need for a new policy for mechanisms for granting loans to the private sector, according to facilities and procedures that could attract investment and support the private sector in Iraq.”[/size]
[size=45]Although Iraq owns about 227 factories and factories belonging to the public sector companies in Iraq, the number of workers in them does not exceed 140 people only, according to the Ministry of Industry and Minerals. The President of the Republic, Barham Salih, had warned more than once against the consequences of relying on oil as an orphan resource in consolidating the national income, as a result of the technological changes taking place in the world that push for the entry of alternative energy and the weak global demand for black wealth during the next two decades.[/size]
[size=45]Iraq entered the middle of 2020, a stifling financial crisis that forced it to borrow more than once to secure the salaries of state employees, as a result of the drop in oil prices and the global closure conditions imposed by the repercussions of the Corona pandemic[/size]
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