Minister of Industry: Iraq is not a rich country and the electricity problem will not be solved even

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[size=52]Minister of Industry: Iraq is not a rich country and the electricity problem will not be solved even after 1000 years[/size]

[size=45]The Minister of Industry and Minerals, Khaled Battal, referred to Iraq’s economy due to its dependence on oil, while stating that the electricity problem in the country will not be solved even after 1000 years as long as Iraq continues on the path it is on now.[/size]
[size=45]Battal said in an interview within the activities of the Sulaymaniyah International Forum, “Iraq is not a rich country, but rather a moderately rich country. Yes, we have oil and we have some minerals, but our share of oil extraction and export is limited to a global system, so Iraq is not rich.”[/size]
[size=45]He added, "If we look to the future, there is controversy and discussion about the future of the use of oil, and the necessity of switching to the use of alternative and clean energies, and for this we need critical minerals that are also not available in Iraq."[/size]
[size=45]Battal pointed out, “The Iraqi economy depends on the price of oil. If it rises, governments find prosperity to some extent, and if it decreases, we get into problems, and these matters have repercussions. I said earlier that Iraq’s problem is social, not economic.”[/size]
[size=45]He explained, “There were days when the government was reluctant to provide salaries, but it was hiring graduates. In the years 2019, 2020, and 2021, this problem may not appear today, but it may appear after 5 years, when the retirement fund may be unable to pay, or “Perhaps the price of oil may fall to 20 or 40 dollars, and this happened years ago.”[/size]
[size=45]The Minister of Industry continued, “The people are growing by approximately 2.3 percent, and we have one million and 250 thousand children entering the first grade of primary school annually, and this number is on the rise. Whenever we try to solve the problem of schools and double-shifting, we will face problems, and as for electricity, we will not be able to solve the problem of electricity even after 1,000 years as long as we We are moving on the path we are on now. You need to increase production. We also have the problem of transportation and distribution, and we have to calculate the annual increase in consumption and losses, so we need to reduce consumption, increase production, and collect bill payments from citizens.”[/size]
[size=45]Regarding the 2024 budget, Battal said: “We do not reveal a secret if we say a deficit of 80 trillion in the draft budget, and we are hesitant to send it to the House of Representatives, so we are in a security and economic situation, and the price of a barrel is approximately 80 dollars, but we have a deficit of this amount.”[/size]
[size=45]He pointed out, “I think that part of the solution is to go towards the private sector and work to obtain investment. For those who follow the investment affairs in Iraq, there is a clear investment movement in certain sectors in Iraq, including real estate, which led to a decline in the prices of building units in Baghdad. As a result of my work in the Ministry of Industry, I receive large requests in the industrial sector, and next week at the latest we will sign contracts for sulfur fields worth $650 million, and the second $350 million, in Al-Mishraq and Al-Lazzakah.[/size]
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