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Claims to exploit the financial abundance to diversify sources of income
Economical 2023/05/30
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Baghdad: the mainstay of the emirate
Specialists in economic affairs urged the need to work seriously to diversify the sources of financial resources, and activate the productive sectors that can enhance the country’s revenues, stressing the importance of exploiting the financial abundance achieved from the sale of oil to support economic and human development, and reviving the industrial, agricultural and tourism sectors, which can contribute to Increasing the absorption of unemployment, eradicating poverty and moving the market.
According to the Ministry of Oil, the total exports of crude oil for the month of April reached (98) million (634) thousand and (947) barrels, with revenues amounting to (7.796) billion dollars, and that the average daily quantities exported amounted to (3) million and (288) One thousand barrels per day, at a price per barrel of more than (79.04) dollars.
According to the visions of many specialists, the "unilateral economy" represents a real obstacle to development projects, in addition to being a major cause of disrupting many important productive sectors, which prompted specialists to demand the exploitation of the financial increase achieved from the sale of oil in the establishment of development, urban, industrial, tourism and agricultural projects. and service.
Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein, believes that "the strategic importance enjoyed by oil in the field of financial and economic relations qualifies it to be one of the most important facilities that control international and regional policies, and that the oil-producing and exporting country, including Iraq, faces a special challenge in how to manage its economies." Not because of the high volatility in oil prices, but also because oil is a depleted commodity.
Dr. Hussein warned that "the instability of oil revenues generates a number of complications in fiscal policy in the short and long term, and it is linked to a number of fundamental issues, including the relative importance of the oil sector in the national economy, the volume of crude oil needs, the development of the oil industry, and the stage of development of other non-oil sectors." ".
The Dean of the Faculty of Business Economics at Al-Nahrain University believes that "the biggest challenge in the country is how to manage the oil wealth wisely and without wasting and squandering the revenues achieved, especially since oil is a fluctuating commodity in prices and oil revenues are volatile in direction, so the focus must be focused first on the long term and that the key The challenge for fiscal policy is the decision on how to allocate and manage resources for successive generations, and this challenge must turn into a concern for the fairness of diversification.
for resources.”
Dr. Nagham Hussein pointed out the necessity of "borrowing the concept of continuous income from the well-known economist (Milton Friedman), where the individual often gets additional income higher than his usual income, which makes him act on the basis that he enjoys permanent income and not pressure his consumption spending if there is a decrease in the level of income." This is in an attempt to maintain the consumption pattern to which he is accustomed, even if he is forced to withdraw from his previous savings or by borrowing from others, and this happens in some segments of Iraqi society.
For his part, academic Dr. Rahim Hassouni says: Oil is a vital sector as a result of its large contribution to financing the state’s general budget. Therefore, it is necessary to work according to a clear long-term strategic vision that includes optimal utilization of oil and gas revenues by increasing production and export capacities in proportion to the absorptive capacity of the economy. the National.
Hassouni stressed the need for laws and legislation complementary to the existing laws that regulate the work of foreign investments such as the oil and gas law and the environment law, and then the foreign and local investor can own service activities related to manufacturing industries, thus directing investments and projects towards rehabilitating the oil sector and training its staff and transferring and localizing modern technologies related to this. sector.
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