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- SATURDAY, 05-28-2022,PM 2:17
- TAYSEER AL-ASSADI
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Iraqi Finance Minister Ali Abdul-Amir Allawi confirmed that the compass of the Iraqi economy is heading towards development with deliberate steps, after oil sales achieved a financial surplus, and indicated that, "Iraq will have a surplus of the difference in selling oil in the range of 20 billion dollars."
Allawi stressed that, "in light of the current financial abundance, it is unlikely to resort to borrowing," according to the Iraqi News Agency, "conscious."
Economists stressed that Iraq needs to invest the financial surplus in the completion of large development projects, but with a delay in approving the budget for 2022, the investment of this money remains suspended.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: "The important investment accelerators are linked to the budget law for the year 2022, through the new investment spending doors and new investment programs, and not by spending 1/12 of the actual current expenditures in the year 2021," according to the agency.
He continued, "The average oil revenue for the year 2022 will increase by no less than 60% of the revenues of oil exports for the year 2021, which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars," noting that "Iraq has been placed at the forefront His priorities, which seek to enter the prospects of development and accelerated development, are to transcend the stage of the rentier economy or the mono-economy, as crude oil still constitutes the largest weight in the components of the gross domestic product.
Saleh explained that "the five-year and ten-year economic and social development plans are the ones that determine the sectoral and overall growth rates in order to bring about a fundamental change in the contribution of the vital productive sectors other than the crude oil sector to the gross domestic product, which is what is called diversifying the production structure of the overall economy."
He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline in demand." On the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”
He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in exchange for a decrease in the demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."
For his part, the economic expert, Nabil Jaafar, said: "There is a new wave of rising crude oil prices, and it is possible to invest this to break the financial constraint that prevents real economic development, and invest large sums that can be allocated to activate the investment side and establish some strategic projects that generate goods and services. affecting the achievement of a qualitative leap for the Iraqi economy,” according to the agency.
He pointed out, "The importance of working to establish a sovereign fund and a financial and economic buffer, because the rise in oil prices will not continue, and we will face in the coming years factors of a decline in prices, so this fund is important to maintain to ensure the future for future generations."
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