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


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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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    Oil, Food and Development

    Rocky
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    • Post n°1

    Oil, Food and Development Empty Oil, Food and Development

    Post by Rocky Thu 07 Apr 2022, 6:05 am

     Oil, Food and Development

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    Abdul-Zahra Al-Hindawi*

    Very quickly, oil prices witnessed wide jumps in their rates, affected by the repercussions of the Russian-Ukrainian war, as well as benefiting from the increase in global demand after the state of recovery from the Corona pandemic and the return of various productive sectors, especially the transportation sector, to movement, and trying to economic activities, to compensate for the heavy losses that I have experienced during the past two years.
    And because the misfortunes of a people have benefits, the oil-producing countries were the biggest beneficiaries of the huge rise in prices, because they, too, were exposed during the pandemic period to serious damage, and life almost stopped in them, especially those that do not have effective non-oil economic sectors, Such as Iraq, which depends, at a rate that may reach more than 60% of its domestic product, on oil, and at a rate of more than 90% in its annual budget, which was absent in 2020 and is still absent until today, as we approach the half of 2022,
    What I want to say after this long introduction, that we are in front of a great opportunity that we can invest in the interest of development in Iraq, which has suffered both for decades as a result of the absence or lack of financial allocations on the investment side, as the priority is to secure the heavy-weight operational requirements, in spending, Which amounts to about 83% of the total spending in the country, so the deterioration of the state of development requires reconsidering the spending and financing paths, and the possibility of making maximum use of the rise in oil prices, and transferring those increases that achieved unprecedented numbers, towards financing projects, according to appropriate mechanisms , governed by strict controls, and the indicators appear to be good regarding the possibility of continuing the rise in oil prices, or at least maintaining the rates they have reached, which crossed the $110 per barrel barrier. Thus, Iraq’s revenues announced by the Ministry of Oil during the month of March alone amounted to more than 11 billion dollars. , a ceiling that Iraq has not reached, since the start of selling oilIn 1972, even the size of the cash reserve with the Central Bank improved remarkably during the current year, reaching more than 100 billion dollars, which gives complete reassurance to the ability of the Iraqi economy to overcome its chronic crises, primarily rentier and unilateral, and here, we are talking about investment returns Oil to support development, it is necessary to stand in the “food security” area, which is the cornerstone of development progress, and this area requires paying exceptional attention to the agricultural sector and manufacturing industries, taking into account the serious repercussions of the Russian war, which caused food prices to rise, which generated a scarcity Global food looks scary.
    * Spokesperson for the Ministry of Planning.
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