Experts are calling for maximizing financial resources away from oil

by **Rocky** Wed 04 Jan 2023, 5:38 am

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Experts are calling for maximizing financial resources away from oil

by Rocky Wed 04 Jan 2023, 5:38 am

Experts are calling for maximizing financial resources away from oil

Iraq 01/04/2023
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Baghdad: Hoda Al-Azzawi

Observers and specialists in economic and financial affairs unanimously agree that Iraq lacks a clear economic policy that would enable it to draw long-term or even medium-term plans in building the state and advancing it and resolving the living crises of citizens, and because the Total dependence on oil as a basic resource for spending amounts amounting to 85 percent or more of the size of the country. In the general budget, experts and specialists call on the government to pay attention to maximizing the state's resources from other parties and fields as a proactive move to support the budget for fear of fluctuation in oil prices and the consequent impact on all aspects of life in the country.
A member of the Parliamentary Finance Committee, Representative Rebwar Arrahman, said in an interview with “Al-Sabah”: “One of the most important challenges and tasks facing the executive authority is the pursuit of diversifying sources of income,” noting that “a A state that relies on one source of income is considered a failed state. From an economic point of view, therefore, the executive authority must pay attention to maximizing resources through the revenues of border crossings and customs and organizing the tax process, so that there is a diversified income capable of facing any economic challenges if revenues decrease.
oil.”
He pointed out that "Iraq is one of the countries equipped to maximize its resources, especially with regard to its possession of sacred and archaeological sites through which the government can provide services and develop them to be an important source for diversifying economic resources," noting that "the interest in the agricultural sector, whether in the central or southern regions and even in the Kurdistan region can be an important source for diversifying the economy, especially since Iraq can export its agricultural products of fruits and vegetables to European countries via Turkey, by paying attention to roads and facilitating the transportation of crops to farmers.”
For his part, the independent politician, Omar Al-Nasser, indicated in an interview with "Al-Sabah": "In all countries of the world there is a continuous update of economic plans that draw smart strategies that contribute to maximizing the resources of Those countries, and this is due to the weak presence of their natural resources, so they are taxes, for example, are the most important part that these governments depend on when setting budgets.
He explained that "if we look at the size of the wealth and the visible and invisible resources that Iraq can benefit from for the purpose of making it a budget that is equivalent to oil imports, we will find that we can build from it (from those resources) 3 countries if we want to speak in the form of exaggeration," noting that "the adoption of our economy On one revenue source, which is oil, it keeps the economic situation fragile and standing on unstable sandy ground, without paying attention to the rest of the other joints that are suspended for political reasons par excellence.
And he indicated that "the diversification of national income is one of the arms of sober economic policy, and it is like a weapon that rises to the power of lethal weapons," explaining that "this is by creating additional resources from within the completed projects." , whether from taxes, imports of border crossings, or the imposition of (transit) fees.” Air or land on goods and people, and perhaps work to impose the value-added tax, whose imports accrue to the state for the construction of infrastructure, without relying on the state's general budget, which in turn is exposed to the shocks of the rise and fall of global oil prices.
In turn, the analyst on economic affairs, Nabil Jabbar Al-Tamimi, said in an interview with "Al-Sabah": that "concerns still exist today about the ability of the Iraqi economy to be sustainable in light of the continuation of the economy built and reliant on oil rents as a financial basis," explaining that "which oil feeds the economy of the Iraqi state and the spending of its government and institutions by more than 94 percent, while today it constitutes more than 50 percent of the Iraqi gross domestic product (GDP) and gives an indication of the extent to which the Iraqi economy depends on oil in light of its fluctuating prices,And fears increase if we assume that governments continue to unlock the doors of their operational spending from through continuous employment policies and policies to support the cost of services.
Al-Tamimi stressed that "it is better to stimulate the industrial and service sectors that the state currently monopolizes in the public sector and increase its resources through this sector, or for the government to abandon part of these sectors and give the private sector an opportunity." to expand in such sectors and for the state to be satisfied with collecting fees and taxes from them.” The index of Iraq's gross domestic product (GDP), and its rise, may be the appropriate indicator for measuring the extent of the improvement and growth of the Iraqi economy.

Edited by: Muhammad Al-Ansari
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Experts are calling for maximizing financial resources away from oil

Experts are calling for maximizing financial resources away from oil

Experts are calling for maximizing financial resources away from oil

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