Growing oil revenues requires effective management

by **Rocky** Sat 09 Aug 2014, 4:19 am

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Growing oil revenues requires effective management

by Rocky Sat 09 Aug 2014, 4:19 am

Growing oil revenues requires effective management

8/9/2014 0:00
BAGHDAD - morning - Mustafa al-Hashemi
under the annual increases growing in fiscal revenue accruing from the oil resources of Iraq highlights the importance of converting part of the fiscal revenue to assets invested in human capital or assets of foreign financial income-generating future for future generations.
In this regard adviser said Institute Iraqi economic reform, Dr. Ahmed al-Husseini should be the end, the core economies rich in natural resources, including Iraq is to convert a portion of its financial resources if the ratio (10 to 15 percent) and derived from the production and export of natural resource stainless Out to the assets invested in human capital or financial assets Foreign income-generating future for generations to come and support the process of sustainable development.
adding that he expected that the rise in oil revenues to 134 060 850 billion dinars through this year, adding that the strategy of the federal budget from 2014 to 2016 expects to increase production and export of Iraqi crude oil of 2.9 million barrels per day to 3 million barrels per day by 2014 and 3.85 million barrels per day by 2015 and 4.65 million barrels per day by 2016.
experts believe and specialists in economic affairs that the problem is not in achieving high revenues, but lies in the management of allocations and the distribution of wealth equitably among the people According to the Financial Administration Act and the public debt.
his part, said the official spokesman of the Ministry of Planning and Development Cooperation Abdul-Zahra al-Hindawi said productive capacities and export of the oil sector has risen as a result of the implementation of what was signed contracts with foreign companies.
said in a statement (morning) that he expected to The average annual rate of increase for the production of 17.9 percent and an average annual rate of increase in exports of 26.2 percent during the plan years 2013 to 2017 is equivalent to 812.263 trillion dinars, pointing out that oil revenues constitute a gain of 95 percent, while non-oil revenues constitute up to 5 percent.

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